sales_and_leases

Marcus & Millichap Arranges $9.4M Sale of Two Multifamily Properties

by Amy Works April 18, 2016

WEST HARTFORD, CONN. — Marcus & Millichap has arranged the sale of two apartment properties — Park Place West and West Wynd — in West Hartford for $9.4 million. Park Place West, located at 158 Newington, features 63 units in a mix of studios, one-, two- and three-bedroom layouts, and West Wynd, located at 51 Caya Ave., features 49 one- and two-bedroom flats. Victor Nolleti, Eric Pentore and Steve Witten of Marcus & Millichap represented the seller, a limited liability company, in the transaction.

April 18, 2016

Florida Multifamily Southeast

Index Investment, Eastwind Development Sell Apartment Community in Florida for $24M

by John Nelson April 18, 2016

LANTANA, FLA. — Bridgewater Lake Osborne LLC, an entity owned by Index Investment Group and Eastwind Development, has sold Bridgewater at Lake Osborne, a 108-unit apartment community in Lantanta. BLO Investors LLC purchased the asset for $24 million. Fronting Lake Osborne on a 9.6-acre lot, the apartment community was delivered in May 2014. The community features two- and three-bedroom units with rents starting at $1,579. The property features a boat ramp, resort-style pool, sunset pavilion and a children’s playground.

April 18, 2016

Illinois Midwest Retail

Mid-America Brokers $19.9M Sale of 103,836 SF Shopping Center in Chicago Suburb

by Christina Cannon April 18, 2016

OAK BROOK, ILL. — Mid-America Real Estate Corp. has brokered the sale of a 103,836-square-foot retail property in Oak Brook, approximately 20 miles west of Chicago, for $19.9 million. Oak Brook Court is located at the intersection of Kingery Highway and 16th Street. Binny’s Beverage Depot, Office Max and The Great Escape anchor the shopping center. Rick Drogosz and Ben Wineman of Mid-America were the sole brokers in the transaction and represented the seller, an institutional advisor.

April 18, 2016

Midwest Multifamily Ohio

Reichle Klein Group Brokers $6.3M Sale of 201-Unit Apartment Complex in Toledo

by Christina Cannon April 18, 2016

TOLEDO, OHIO — Reichle Klein Group has brokered the $6.3 million sale of a 201-unit apartment property in Toledo. Beacon Place, located at 426 Beacon St., is comprised of 26 buildings situated on 16.5 acres. 401 E. Woodruff LLC sold the property to an undisclosed California-based investor. Tony Plath and Harlan Reichle of Reichle Klein Group represented the seller in the transaction.

April 18, 2016

Florida Hospitality Southeast Top Stories

Noble Investment Group Agrees to Buy Five-Hotel Ashford Portfolio for $142M

by Nellie Day April 18, 2016

LAKE BUENA VISTA, FLA. — Noble Investment Group has agreed to buy a five-hotel portfolio in Orlando, Atlanta and New Jersey for $142 million. The portfolio includes a total of 1,396 rooms. The acquisition includes three Marriott-managed properties in the Orlando suburb of Lake Buena Vista: the 312-room Courtyard Lake Buena Vista, the 388-room Fairfield Inn Lake Buena Vista and the 400-room Springhill Suites Lake Buena Vista. The remaining two properties, both operated by Remington Lodging, are the 146-room Courtyard Edison in Edison, N.J., and the 150-room Residence Inn Buckhead in Atlanta. The hotels achieved an average RevPAR (revenue per available room) of $84, with a 79 percent occupancy rate and ADR (average daily rate) of $106 over a 12-month basis. The portfolio has an existing debt balance of about $98 million. The seller, Ashford Hospitality Trust, expects the net proceeds from the disposition to be about $37 million after debt repayment and transaction costs. Ashford will use the proceeds for general corporate purposes, including net debt reduction, stock buybacks or the acquisition of other full-service hotels. The transaction is scheduled to close during the current quarter. “We are pleased to announce this sale as it provides a positive first step …

April 18, 2016

Illinois Industrial Midwest

Westmount Realty Capital, Partners Group Acquire 19-Property Industrial Portfolio in Chicagoland

by Christina Cannon April 15, 2016

CHICAGO — A joint venture between Westmount Realty Capital LLC and Partners Group has acquired an industrial portfolio in the greater Chicago area for an undisclosed amount. The portfolio consists of 19 multi-tenant, light industrial facilities totaling approximately 1.5 million square feet. The portfolio is 86 percent occupied. The seller in the transaction was a large, institutional owner of industrial real estate. Within the portfolio, 14 properties are located near Chicago’s O’Hare International Airport. The other five assets are located in Romeoville, Gurnee and Wheeling. Westmount will provide property management services, and Cawley Chicago will provide the leasing services.

April 15, 2016

Illinois Industrial Midwest

Owen Wagner & Co. Sells 19,400 SF Industrial Property in West Chicago

by Christina Cannon April 15, 2016

WEST CHICAGO, ILL. — Owen Wagner & Co. has sold a 19,400-square-foot industrial property in West Chicago. Contract Flooring Service of Glendale Heights purchased the suburban property, located at 1185 Atlanta Drive about 35 miles west of Chicago, for an undisclosed price. Contract Flooring Service plans to use the freestanding building as the site of its new headquarters. Andrea Hauger of Owen Wagener & Co. represented the company in the disposition.

April 15, 2016

Florida Hospitality Southeast

EL Group, InSite Group Purchase Sagamore Hotel in Miami Beach for $63M

by John Nelson April 15, 2016

MIAMI BEACH, FLA. — A joint venture between New York-based EL Group and Fort Lauderdale-based InSite Group purchased the Sagamore Hotel, a historic 93-room hotel in Miami Beach’s South Beach neighborhood. The venture purchased the asset for $63 million, according to The Real Deal. The property is situated on Collins Avenue and 16th Street near Lincoln Road. The two-building hotel features indoor/outdoor function space, a swimming pool, pool bar and a full-service restaurant. The beach building, which features two-story suites, was added during a property restoration in 2001. EL Group and InSite Group plan to fully renovate the property and add new food and beverage options.

April 15, 2016

California Multifamily Western

The Bahamas Apartment Building in Covina Sells for $7M

by Nellie Day April 15, 2016

COVINA, CALIF. — A limited liability company has purchased The Bahamas, a 40-unit apartment property in Covina, for $7 million. The two-building community is located at 514 E. Cypress St. and 826 North Barranca Ave. The buildings were constructed in 1961 and 1963. Mark Sanfilippo and Reza Ghaffari of Marcus & Millichap represented the buyer. Sanfilippo also represented the seller, a private investor, in this transaction.

April 15, 2016

Midwest Restaurant Retail Wisconsin

Marcus & Millichap Arranges $2M Sale of Building Net Leased to Arby’s in Wisconsin

by Christina Cannon April 14, 2016

SUPERIOR, WIS. — Marcus & Millichap has arranged the $2 million sale of a 3,290-square-foot building net leased to Arby’s in Superior, the northwest corner of the state. A limited liability company sold the asset, located at 3821 Tower Ave., to an undisclosed buyer. Sean Doyle, Matthew Hazelton, Cory Villaume and AJ Prins of Marcus & Millichap listed the property on behalf of the seller.

April 14, 2016

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