sales_and_leases

NAI Wisinski Negotiates Sale of 9,000 SF Office Building Near Grand Rapids

by Christina Cannon April 1, 2016

KENTWOOD, MICH. — NAI Wisinski of West Michigan has negotiated the sale of a 9,000-square-foot building in Kentwood, approximately 10 miles southeast of Grand Rapids, for an undisclosed price. Mattson Financial Services LLC purchased the property from Chulam Malin. Mattson Financial Services will be relocating from its current facility at 1507 Plainfield Ave. in Grand Rapids following the renovation of the building, to be completed this spring. Mattson Financial Services specializes in financial planning, investment management and tax planning. Cameron Timmer of NAI Wisinski represented Mattson Financial Services. Jason Makowski and Mary Anne Wisinski of NAI Wisinski represented the seller.

April 1, 2016

Midwest Ohio Retail

Namdar Realty Group Acquires 6,600 SF Retail Property in Cleveland

by Christina Cannon April 1, 2016

CLEVELAND — Namdar Realty Group has acquired a 6,600-square-foot retail property in Cleveland for an undisclosed price. KeyBank currently occupies the one-story building located at 5900 St. Claire Ave. CRESCO Real Estate represented the seller, a private investment fund, in the off-market transaction. The KeyBank branch renewed its lease six months prior to the transaction. Joel Gorjian of Namdar Realty Group represented the company in the deal.

April 1, 2016

Arizona Multifamily Western

Virtú Investments Buys The Fairways Apartments in Chandler for $47M

by Nellie Day March 31, 2016

CHANDLER, ARIZ. — Virtú Investments has purchased The Fairways, a 352-unit apartment community in Chandler, for $47 million. The Class A community is located at 777 W. Chandler Blvd. The Fairways is 95 percent occupied. The community was built in two phases in 1986 and 1996, overlooking the historic San Marcos Golf Resort. Cindy Cooke and Brad Cooke of Colliers’ Phoenix office represented the seller, BAZV Fairways LLC, in this transaction.

March 31, 2016

California Industrial Western

RAF Pacifica Group Acquires Six-Property Industrial Portfolio in San Diego

by Nellie Day March 31, 2016

SAN DIEGO — RAF Pacifica Group has purchased a 16-building industrial portfolio in San Diego. The price was not disclosed, though the firm secured a $19.6 million loan at 50 percent leverage for the acquisition. The 277,040-square-foot portfolio is fully leased. It contains six projects with a total of 87 tenants. The projects include Carroll Way Industrial Park, Rancho Pacifica Business Center, Sorrento Mesa Commerce Center, Enterprise Business Center, and Oceanside Business Park I & II. Oceanside Business Park I & II was purchased from a private owner, while the remainder were acquired from a private international real estate investment firm. James Ruiz and Lori Wendel of Keystone Mortgage Corp. provided acquisition financing. Randy LaChance of Voit, Bob Willingham of Kidder Mathews, along with John Witherall, Josh McFadyen and Joe Crotty of Colliers International, executed the transaction.

March 31, 2016

Indiana Midwest Multifamily

CBRE Brokers Sale of 240-Unit Multifamily Property in Indianapolis

by Christina Cannon March 31, 2016

INDIANAPOLIS — CBRE has arranged the sale of The Park at Eagle Creek, a 240-unit apartment community on the west side of Indianapolis. CBRE acted on behalf of Meridian Realty Investments, the asset manager for the property’s ownership group. Block Funds and Block Multifamily Group purchased the property for an undisclosed price. The Park at Eagle Creek was 91 percent occupied at the time of sale. Units at the property have an average size of 973 square feet.

March 31, 2016

New Jersey Northeast Office

Rubenstein Partners, Vision Real Estate Partners Acquire Warren Corporate Center in New Jersey for $136M

by Amy Works March 30, 2016

WARREN, N.J. — Rubenstein Partners and Vision Real Estate Partners have acquired Warren Corporate Center, an office development in Warren. Northwestern Mutual Real Estate sold the 820,000-square-foot office property for $136 million. Situated on 176 acres, the five-building property is 81 percent occupied by Citibank. The property was originally developed in 1996 as the headquarters of Lucent Technologies. Jeffrey Dunne, Kevin Welsh, Brian Schulz and Jeremy Neuer of CBRE represented the seller and procured the buyer in the transaction. In addition to arranging the acquisition, Jim Gunning and Donna Falzarano of CBRE arranged a $123 million term loan, a portion of which is available for future capital and tenant improvements and leasing commissions.

March 30, 2016

Georgia Multifamily Southeast

CBRE Arranges $64M Sale of Apartment Community in North Atlanta Suburb

by John Nelson March 30, 2016

KENNESAW, GA. — CBRE has brokered the $64 million sale of Mountain Park Estates, a 450-unit apartment community in Kennesaw, a northern suburb of Atlanta in Cobb County. White Oak Partners purchased the asset from Arenda Capital Management. White Oak plans to renovate the property with new flooring, lighting, hardware, granite countertops and stainless steel appliances. The apartment community is located directly across the street from a Whole Foods Market set to open later this year. Shea Campbell and Kevin Geiger of CBRE’s Southeast Multifamily Group represented Arenda Capital Management in the sale. Multifamily research firm Axiometrics reports that Kennesaw’s multifamily market has a 1 percent vacancy rate in its Class A subsector and as a whole the market will generate 22.9 percent in total rent growth over the next five years.

March 30, 2016

Michigan Midwest Retail

Mid-America Arranges Sale of 130,424 SF Retail Center in Metro Detroit

by Christina Cannon March 30, 2016

CLAWSON, MICH. — Mid-America Real Estate Corp. has arranged the sale of Clawson Center, a 130,424-square-foot grocery-anchored shopping center located in the northern Detroit suburb of Clawson, for an undisclosed price. Tenants at the center include Aldi, Dollar Tree, O’Reilly Auto Parts, Rite Aid and Staples. The shopping center was 80 percent occupied at the time of sale. Ben Wineman and Daniel Stern of Mid-America represented the seller, Kimco Realty, in the transaction. Viking Partners was the buyer.

March 30, 2016

Indiana Midwest Multifamily

RESOURCE Commercial Real Estate Brokers Sale of 77-Unit Apartment Property in Indianapolis

by Christina Cannon March 30, 2016

INDIANAPOLIS — RESOURCE Commercial Real Estate has arranged the sale of Eastgate Terrace Apartments, a 77-unit multifamily property in Indianapolis. Renero LLC purchased the asset from Madison Elizabeth Investments LLC for an undisclosed price. Built in 1961, Eastgate Terrace Apartments consists of seven buildings totaling 55,528 rentable square feet in a mixture of one- and two-bedroom units. The buildings sit on 3.6 acres and feature a picnic area, courtyard, laundry facility and covered parking. Michael Wernke of RESOURCE Commercial Real Estate brokered the deal.

March 30, 2016

Healthcare Illinois Midwest

MedProperties Acquires 28,334 SF Surgery Center in Southwest Chicago Suburb

by Christina Cannon March 30, 2016

MOKENA, ILL. — MedProperties Holdings LLC has acquired a 28,334-square-foot surgery center in Mokena, approximately 40 miles southwest of Chicago, for an undisclosed price. The Center for Minimally Invasive Surgery (CMIS) is situated on 3.5 acres at 19110 Darvin Drive. Surgical Care Affiliates Inc. was the seller. The facility consists of a 14,000-square-foot surgery center with four operating rooms, a 5,350-square-foot recovery center with five overnight stay rooms and medical office space. The building was constructed in 2002 and the recovery center and office space was added in 2008. Erik Tellefson of Capital One, arranged debt financing for the acquisition.

March 30, 2016

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