sales_and_leases

Meridian Capital Group Secures $46.5M in Acquisition Financing for 125-Unit Multifamily Portfolio in NYC

by Amy Works March 18, 2016

NEW YORK CITY — Meridian Capital Group has arranged $46.5 million in acquisition financing for Sugar Hill Capital Partners for the purchase of six contiguous multifamily properties located at 471-476 Central Park West in New York. The three-year loan, which was provided by a mortgage REIT, features a floating rate and interest-only payment for the full term. The semi-vacant multifamily properties total 125 units. Ronnie Levine and Shamir Seidman of Meridian Capital Group negotiated the financing for the borrower.

March 18, 2016

Nevada Retail Western

CityCenter Holdings, Invesco, Simon Property Group Agree to Buy The Shops at Crystals in Las Vegas for $1.1B

by Jeff Shaw March 18, 2016

LAS VEGAS — A joint venture between CityCenter Holdings LLC, Invesco Real Estate (NYSE: IVZ) and Simon Property Group (NYSE: SPG) has agreed to acquire The Shops at Crystals in Las Vegas from an undisclosed seller for approximately $1.1 billion. CityCenter Holdings LLC is itself a joint venture between MGM Resorts International (NYSE: MGM) and Infinity World Development Corp. The Shop at Crystals is located at the entryway of City Center in the heart of the Las Vegas Strip. City Center is a mixed-use development that includes ARIA Resort & Casino, a 4,004-room casino resort; Mandarin Oriental Las Vegas, a 392-room boutique hotel with 225 luxury condominium residences; Crystals, a retail and entertainment district consisting of approximately 355,000 square feet of leasable retail space; Vdara Hotel and Spa, a 1,495-room luxury hotel-condominium; and the Veer Towers, which contain 669 luxury condominium residences. The transaction to acquire the 324,000-square-foot shopping center is expected to close in the second quarter of this year. “This transaction demonstrates the strength in Las Vegas as a premier destination for visitors around the world,” says Jim Murren, chairman and CEO of MGM Resorts International. “We believe that Invesco Real Estate and Simon Property Group are the …

March 18, 2016

Retail Washington Western

Vestar Acquires James Center in Metro Seattle for $31.4M

by Nellie Day March 18, 2016

TACOMA, WASH. — Vestar has acquired James Center, a 140,240-square-foot shopping center located in Tacoma, for $31.4 million. The center is located at 6901 S. 19th St. directly across from Tacoma Community College. Tenants at James Center include Fred Meyer, Rite Aid, Starbucks Coffee, Subway, Verizon, Menchie’s, U.S. Bank, IHOP, FedEx, Kinko’s and Ivar’s. Over the past 12 months, Vestar has acquired five retail centers valued at $670 million throughout the Western U.S.

March 18, 2016

California Retail Western

HFF Secures $22.75M Refinancing for Retail Center on U.S./Mexico Border

by Nellie Day March 18, 2016

SAN YSIDRO, CALIF. — HFF has secured a $22.75 million refinancing for The Plaza at the Border, a 98,120-square-foot retail center located along the U.S./Mexico border in San Ysidro. Aldon Cole and Tim Wright of HFF worked on behalf of the borrower, The Shamrock Group LLC, to place the three-year, floating-rate loan with NorthStar Real Estate Income II Inc. Tenants at the center include T.J. Maxx, Ross Dress for Less, Vitamin Shoppe, Fashion Q, Rue 21 and Ulta Beauty.

March 18, 2016

Illinois Midwest Multifamily

Marcus & Millichap Arranges $1M Sale of Four-Unit Apartment Building in Chicago

by Christina Cannon March 18, 2016

CHICAGO — Marcus & Millichap has arranged the sale of a four-unit apartment property in Chicago for $1 million. A local partnership purchased the asset, located at 2014 W. Cortez St. in the Ukrainian Village historic district, from another undisclosed partnership. The property consists of a two-bedroom/two-bathroom duplex unit, a top floor three-bedroom/two-bathroom unit and two separate two-bedroom/one-bathroom units. Kyle Stengle and Joseph Bergman of Marcus & Millichap listed the property on behalf of the seller and secured the buyer.

March 18, 2016

Multifamily Southeast Virginia

Passco Cos. Acquires The Shelby in Metro D.C. for $69.5M

by John Nelson March 18, 2016

ALEXANDRIA, VA. — Passco Cos. LLC has purchased The Shelby, a 240-unit, Class A apartment community located at 6200 N. Kings Highway in Alexandria, for $69.5 million. Built in 2014, the property features 100 pieces of original art from more than 40 locally commissioned artists. A little more than 57 percent of The Shelby’s current residents are under the age of 30, according to Passco Cos. Chris Black of KeyBank Real Estate Capital arranged acquisition financing through Fannie Mae on behalf of Passco. Ryan Ogden of ARA Newmark represented both Passco and the seller, Insight Properties.

March 18, 2016

Office Washington Western

Equus Purchases Pair of Office Buildings in Redmond’s Quadrant Willows for $25.6M

by Nellie Day March 17, 2016

REDMOND, WASH. — Equus Capital Partners has acquired a pair of office buildings within the Quadrant Willows business park in Redmond $25.6 million. The acquisition includes Building C and Building E, totalling 129,972 square feet. The buildings are located at 11121 & 11241 Willows Road NE. They were built in 1998 and 2000, respectively. Both structures underwent renovations in 2007. Joe Lynch, Andy Miller, Bob Conrad and Dan Harden of Kidder Mathews represented the seller, Steelwave, in this transaction.

March 17, 2016

Colorado Industrial Western

Garrison Business Park in Lakewood Sells for $7.5M

by Nellie Day March 17, 2016

LAKEWOOD, COLO. — CAM Lakewood LLC has purchased Garrison Business Park, a 49,000-square-foot flex-industrial property in Lakewood, for $7.5 million. The property is located at 9195-9197 W. 6th Ave., about seven miles outside of downtown Denver. The fully leased property is occupied by tenants like Pinkard Construction and Golder Associates. The seller, Pathfinder Partners, purchased the property in December 2012 from a CMBS special servicer’s real estate-owned (REO) department.

March 17, 2016

Colorado Industrial Western

Sovran Self Storage Acquires Extra Space Storage in Denver

by Nellie Day March 17, 2016

DENVER — Sovran Self Storage Inc. has purchased the 521-unit Extra Space Storage self-storage facility in the Denver submarket of Thornton for an undisclosed sum. The sales price equates to $203 per square foot, the highest price paid per square foot for a self-storage facility in Colorado, according to Marcus & Millichap, which represented both the buyer and seller, TRC Companies, in this transaction. The facility is located at 9000 Gale Blvd., about 10 miles north of downtown Denver. It was built in 2011. Adam Schlosser and Chico LeClaire led the Marcus & Millichap team.

March 17, 2016

Colorado Multifamily Western

Jackson Square Buys Arapahoe Club Apartments in Denver

by Nellie Day March 17, 2016

DENVER — Jackson Square Properties has acquired the 185-unit Arapahoe Club apartment community for an undisclosed sum. The community is located at 2800 S. Syracuse Way. It was built in 1994. The Class B property is situated near the Denver Technological Corridor, the area’s largest employment hub with more than 423,000 workers. ARA Newmark represented the seller, the Reliant Group, in this transaction.

March 17, 2016

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