sales_and_leases

Metropolitan Capital Advisors Arranges $1M Loan for Restaurant in Waco

by Haisten Willis April 29, 2016

WACO, TEXAS — Metropolitan Capital Advisors has arranged a $1 million fixed-rate senior mortgage for a 4,384-square-foot restaurant in Waco. Twisted Root Burger Co. occupies 100 percent of the building, which fronts I-35 adjacent to Baylor University. The loan includes a 4.3 percent interest rate with a 25-year amortization schedule. The sponsor recently executed a 15-year triple net lease for the property with Twisted Root Burger Co. Twisted Root is the first of three restaurant concepts created by Jason Boso and Quincy Hart. Their flagship location in Dallas opened in late 2005 in the Deep Ellum District. Boso and Hart later appeared on Diners, Drive-Ins, and Dives with Guy Fieri, and they’ve since opened 11 other stores over the last eight years.

April 29, 2016

Illinois Midwest Multifamily

Interra Realty Brokers $2.5M Sale of 24-Unit Apartment Building in Chicago

by Christina Cannon April 29, 2016

CHICAGO — Interra Realty has brokered the $2.5 million sale of a multifamily property in Chicago’s Rogers Park neighborhood. The 24-unit property, located at 7526 N. Seeley Ave., features one- and two-bedroom units. Recent renovations include new porches, a new HVAC system, granite countertops, stainless steel appliances, hardwood floors and all new copper plumbing and electric wiring. A group of local investors sold the property to an undisclosed buyer. Interra Realty was the sole broker in the transaction.

April 29, 2016

California Retail Western

Lee & Associates Brokers $2.1M Sale of 5,470 SF Property in San Diego

by Nellie Day April 29, 2016

SAN DIEGO — Lee & Associates – North San Diego County has arranged the sale of a vacant retail building located at 8776 Lake Murray Blvd. in San Diego. Student Success Programs, a local charter school, acquired the 5,470-square-foot building for $2.1 million. The freestanding building is part of the Navajo Shopping Center in the La Mesa neighborhood of San Diego. Bo Havlik of Lee & Associates – North San Diego County represented the seller, a private investor, while Russ Merrill of The Merrill Group represented the buyer.

April 29, 2016

California Retail Western

Faris Lee Negotiates $1.9M Sale of NNN-Leased Restaurant Property in Vallejo

by Nellie Day April 29, 2016

VALLEJO, CALIF. — Faris Lee Investments has arranged the sale of a freestanding, single-tenant restaurant property located at 1195 Admiral Callaghan Lane in Vallejo. Kam Property Holding LLC acquired the 2,240-square-foot property from River Rock LLC for $1.9 million, or $848 per square foot. The property is triple-net leased to Chipotle Mexican Grill, with less than 10 years remaining on its lease. Christopher DePierro and Jeff Conover of Faris Lee Investments represented the seller.

April 29, 2016

Florida Multifamily Southeast

Marcus & Millichap Brokers $41M Sale of Multifamily Portfolio in Tampa Bay Area

by John Nelson April 29, 2016

TAMPA, FLA. — Marcus & Millichap has arranged the $41 million sale of a five-property, 735-unit apartment portfolio in the Tampa Bay area. The properties include the 176-unit Palms at Cedar Trace, 212-unit Palms at Sand Lake and the 130-unit Palms at Ashley Oak in Tampa; the 125-unit Palms at Palisades in Brandon; and the 92-unit Palms at Cortez in Bradenton. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and procured the buyer.

April 29, 2016

New Jersey Northeast Office

National Business Parks Acquires 87,000 SF Office Property in New Jersey for $20M

by Amy Works April 29, 2016

MORRISTOWN, N.J. — National Business Parks has acquired a boutique office building located at 10 Madison Ave. in Morristown. Morristown Holdings LLC, a limited liability company managed by WhiteStar Advisors, sold the property for $20 million. At the time of acquisition, the 87,000-square-foot building was fully occupied by nine tenants, including Morgan Stanley, AXA Equitable, Northwestern Mutual and Valley National Bank. Built in 1980, the four-story building was renovated in 2005. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer and Andrew Schwartz of Cushman & Wakefield’s Metropolitan Area Capital Markets Group brokered the transaction.

April 29, 2016

Colorado Multifamily Student Housing Western

Core Spaces Acquires 665-Bed Student Housing Community Near Colorado State University

by Nellie Day April 28, 2016

FORT COLLINS, COLO. — Chicago-based development and management firm Core Spaces has acquired a 665-bed student housing community located one block away from the Colorado State University campus in Fort Collins. The purchase was the first for Core Spaces since the firm established its acquisitions platform in September 2015. The company will renovate and rebrand the three-year-old asset. During renovations, the fitness center will be relocated and increased in size by 2,500 square feet while adding equipment, free weights, stand-up tanning facilities, a yoga room and sauna. Improvements to the outdoor courtyards will take place, as well as the addition of a hot tub, sand volleyball court, fire pits, barbecue grills, and gaming and gathering areas. The community’s computer lab will also be expanded during renovations with the addition of new computers, printers, four group study areas and individual study nooks. Other improvements to the facility will include improvements to the lobby, reception area and offices and the addition of a 313-space parking garage. The community is currently fully occupied and already 85 percent pre-leased for the 2016-17 school year. Renovations are scheduled for completion by the start of the fall semester.

April 28, 2016

Illinois Midwest Mixed-Use

CBRE Arranges $8.5M Sale of Three Mixed-Use Properties in Chicago

by Christina Cannon April 28, 2016

CHICAGO — CBRE has arranged the sale of three assets in Chicago in separate transactions totaling $8.5 million. New York-based Jenel Management Corp. purchased the mixed-use buildings and has plans to demolish all three properties and build a new retail and residential development. Joe and Annie Doppes sold a 9,885-square-foot property and a 4,800-square-foot lot at 1437-36 N. Wells St. The building was comprised of 5,660 square feet of commercial space and three residential units. Jenel also purchased a 5,000-square-foot retail property and 2,400-square-foot lot, located at 1435 N. Wells St., from Metro Park. The last property, situated at 1443 N. Wells St., is a 4,927-square-foot property with a 2,400-square-foot lot that was acquired from an undisclosed seller. Keely Polczynski, James Otto and Michael Gendell of CBRE brokered the transactions.

April 28, 2016

Industrial Midwest Ohio

NGKF Brokers $4.5M Sale of 147,000 SF Industrial Property Near Cleveland

by Christina Cannon April 28, 2016

WESTLAKE, OHIO — Newmark Grubb Knight Frank (NGKF) has brokered the purchase of an industrial property in Westlake, approximately 15 miles southwest of Cleveland, for $4.5 million. The property, located at 1006-1008 Crocker Road, features 23,000 square feet of office space and 147,000 square feet of warehouse and manufacturing space. The facility, situated on 18.7 acres, also includes a retention pond and running trails. Chris Haas, president and CEO of All Pro Trucking/All Pro Freight Systems, purchased the facility under 1006-1008 Crocker Road LLC. Bonne Bell, which was formerly headquartered in the building, was the seller. Mike Petrigan of NGKF represented the buyer in the transaction, and Kevin Kelly of Cushman & Wakefield/CRESCO represented the seller.

April 28, 2016

Industrial North Carolina Office Southeast

Cushman & Wakefield Arranges Largest Industrial/Office Sale in Triangle Year-to-Date

by John Nelson April 28, 2016

MORRISVILLE AND RALEIGH, N.C. — Cushman & Wakefield has arranged the largest industrial/office sale in the Triangle region year-to-date, according to Real Capital Analytics. The sale included EastRidge at Perimeter Park in Morrisville and Spring Forest Business Center in Raleigh. The properties span 11 single-story buildings totaling 634,617 square feet. The sales price was not disclosed. The portfolio was 83 percent leased at the time of sale to 24 tenants including IXIA, Adreima, LabCorp, Ascom North America and Allstate. David Finger and Sara Owen of Cushman & Wakefield represented the seller in the transaction. The buyer, Somerset Properties, will retain Hillman Duncan and Dennis Hurley of Cushman & Wakefield to lease the two properties.

April 28, 2016

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