sales_and_leases

Torseillo Organization Acquires 40,000 SF Office Building in New Jersey

by Amy Works May 20, 2016

MANALAPAN, N.J. — Torseillo Organization has acquired Justin Corporate Center I, a two-story office building located at 198 Route 9 N. in Manalapan. KABR Group sold the 40,000-square-foot property for an undisclosed price. Constructed in 1985, the property recently underwent a renovation to improve its lobby, public areas, parking lot and HVAC system, and add a conference room. At the time of sale, the property was 94 percent occupied by 12 professional tenants in the financial services, healthcare and publishing fields. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Andrew Schwartz and Ryan Larkin of Cushman & Wakefield represented the seller and procured the buyer.

May 20, 2016

Illinois Midwest Retail

The Boulder Group Brokers $6.9M Sale of Building Net Leased to Bank of America

by Christina Cannon May 20, 2016

GLENVIEW, ILL. — The Boulder Group has arranged the sale of a building net leased to Bank of America for $6.9 million. The property is located at 1400 Waukegan Road in Glenview, approximately 20 miles northwest of Chicago. Other retailers in the immediate area include Walgreens, Trader Joe’s, Jewel-Osco, Ace Hardware, Staples and Starbucks. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate development company, in the transaction. The buyer was a local 1031 exchange investor. The Bank of America ground lease has over 13 years remaining and expires in December 2029. The ground lease features 10 percent rental escalations every five years throughout the primary term and renewal option periods.

May 20, 2016

Industrial Midwest Wisconsin

The Dickman Company Arranges 31,890 SF Industrial Lease in Milwaukee Suburb

by Christina Cannon May 20, 2016

WEST ALLIS, WIS. — The Dickman Company Inc./CORFAC International has arranged a 31,890-square-foot industrial lease in West Allis, approximately seven miles west of Milwaukee. NexGen Building Supply will occupy the space at 1707 S. 101st St. The landlord is Univar USA Inc. Zach Noble and Cale Berg of The Dickman Company brokered the transaction.

May 20, 2016

Nevada Office Western

DaVita HealthCare Partners Leases Medical Office Facility in Nevada

by Nellie Day May 20, 2016

PAHRUMP, NEV. — DaVita HealthCare Partners has leased a new ground-up, built-to-suit medical office facility in Pahrump. The 57,000-square-foot facility is situated on a 7.2-acre site about 60 miles west of Las Vegas. The group will occupy the space once it opens next year. Details of the long-term lease were not disclosed, though the lease is valued “in the tens of millions of dollars,” according to MDL Group/CORFAC International. The firm’s Hayim Mizrachi, Jarrad Katz and Galit Kimerling executed the lease transaction between DaVita, the land owner, Thousandaire Inc., and the developer, Dakem & Associates. Aimee Burford and Bill Oakley of Bank of Nevada, a division of Western Alliance Bank, funded the development.

May 20, 2016

California Retail Western

Little Saigon Shopping Center in Westminster Sells for $18M

by Nellie Day May 20, 2016

WESTMINSTER, CALIF. — Marcus & Millichap has arranged the sale of Little Saigon Shopping Center, an 85,133-square-foot leasehold community shopping center located in Westminster’s Little Saigon community. A local partnership sold the asset for $18 million, or $211 per square foot, with a cap rate of 6.26 percent. Wells Fargo anchors the center. Ron Duong of Marcus & Millichap’s Newport Beach, Calif., office represented the seller.

May 20, 2016

California Retail Western

Vintage Real Estate Signs New Forever 21 Concept to SouthBay Pavilion in Carson

by Nellie Day May 20, 2016

CARSON, CALIF. — Vintage Real Estate has signed F21 RED, Forever 21’s latest store concept, at SouthBay Pavilion located at 20700 Avalon Blvd. in Carson. Slated to open in spring 2017, the new concept offers a larger selection of the retailer’s most popular lines, including Forever 21, Forever 21 Men, Forever 21 Plus and Forever 21 Kids, at lower prices. Currently 98 percent leased, IKEA, JCPenney, Sears and Target anchor SouthBay. Additional tenants include Olive Garden, Pieology, Buffalo Wild Wings, Cinemark, Sephora, Old Navy, rue21, Wing Stop and Payless Super Store. Edge Realty Partners represented Forever 21 in the deal.

May 20, 2016

Multifamily Southeast Tennessee

Steadfast Apartment REIT Buys Multifamily Community in Metro Nashville for $110M

by John Nelson May 20, 2016

BRENTWOOD, TENN. — Steadfast Apartment REIT has acquired Landings of Brentwood, a 724-unit apartment community located in the Nashville suburb of Brentwood. The REIT purchased the garden-style property for $110 million, making it the fourth acquisition in Tennessee for the company. Steadfast now owns 32 properties in 11 states for an aggregate purchase price of $1.38 billion. Originally constructed in three phases between 1986 and 1989, the 117-acre Landings of Brentwood has 41 buildings offering one- and two-bedroom floorplans that average 959 square feet with average in-place rents of $1,136. The property is currently 96 percent occupied. Each unit features walk-in closets, washer and dryer units, extra storage, personal balconies or patios and wood-burning fireplaces in select apartment homes. Community amenities include two swimming pools with sun decks, a catch-and-release fishing pond, two tennis courts, sand volleyball court, outdoor kitchen/grill area, dog park, car care center, playground and a resident business center. Steadfast Apartment REIT plans to implement a capital improvement program at Landings of Brentwood to modernize apartment interiors and common areas, including new appliances, updated cabinetry and floors, new countertops and hardware and upgraded lighting. Exterior improvements will encompass overall upgrades to the pools, fitness center, clubhouse, landscaping …

May 20, 2016

Vantage-at-Shavano-Park-san-antonio-texas

Multifamily Texas

IPA Arranges Sale of Multifamily Property in San Antonio

by Haisten Willis May 19, 2016

SAN ANTONIO — Institutional Property Advisors (IPA) has arranged the sale of Vantage at Shavano Park, a 288-unit multifamily asset in northwest San Antonio. Will Balthrope, Drew Kile and Jordan Featherston of IPA represented the seller and procured the buyer. The community is located on 16.4 acres at 17203 Northwest Highway near The Rim, a 3 million-square-foot outdoor retail center. Built in 2014, Vantage at Shavano Park includes amenities such as a clubhouse, business center, fitness center, three dog parks and a swimming pool. Apartments feature nine-foot ceilings, black appliances, dark oak wood cabinetry and washers and dryers.

May 19, 2016

Illinois Midwest Office

Chicago Post Office Sells for $130M, Buyers Plan $500M Redevelopment Project

by Christina Cannon May 19, 2016

CHICAGO — International Property Developers North America (IPDNA) has sold Chicago’s Old Post Office and adjacent sites to 601W Cos. for $130 million. The new owners have unveiled plans for a five-year, $500 million redevelopment of the sprawling building. The conversion will turn the 2.7 million-square-foot building into office space and will add a three-acre rooftop park, outdoor cafes, event space, a fitness center, basketball and paddle tennis courts and a quarter-mile running track. The redevelopment, to be conducted in three phases, is slated for completion in 2018. HFF represented 601W Cos. in the transaction, and Savills represented IPDNA.

May 19, 2016

Illinois Midwest Retail

Cushman & Wakefield Brokers $15M Sale of Fabyan Randall Plaza in Batavia, Illinois

by Christina Cannon May 19, 2016

BATAVIA, ILL. — Cushman & Wakefield has arranged the $15 million sale of Fabyan Randall Plaza, a 91,415-square-foot shopping center located in the Chicago suburb of Batavia. The center is anchored by Trader Joe’s and Walgreens, and is home to tenants including Smashburger, Sports Clips, Edward Jones and Papa John’s. Evan Halkias, Michael Marks and Nick Kanich of Cushman & Wakefield’s Retail Investment Advisory Group represented the seller, InvenTrust Properties. The buyer was Dallas-based Netco Investments Inc.

May 19, 2016

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