sales_and_leases

Franklin Street Brokers $9M Sale of Shopping Center in Metro Miami

by John Nelson February 19, 2016

HOMESTEAD, FLA. — Franklin Street has brokered the $9 million sale of Dixie Center, a grocery-anchored shopping center located at 30200-30394 Old Dixie Highway in Homestead, a city in Miami-Dade County. Built in 1985, the shopping center was 93 percent leased at the time of sale to tenants such as Winn-Dixie and Family Dollar. The sale includes three outparcels totaling 2.7 acres. The buyer, a private investor from Canada, financed the acquisition with a CMBS loan, which was sourced by FM Capital. Pete Crane, Greg Matus and Robert Granda of Franklin Street represented the seller, Palm Beach Gardens, Fla.-based Noble Properties. Franklin Street’s Insurance Services team arranged insurance for the buyer, which has retained Franklin Street to lease and manage the shopping center.

February 19, 2016

California Retail Western

Retail Center Totaling 71,490 SF in Chula Vista Sells for $8M

by Nellie Day February 18, 2016

CHULA VISTA, CALIF. — Interstate 5 Center LLC has acquired a 71,490-square-foot retail center located at 1008 Industrial Blvd. in Chula Vista for $8 million. Toys ‘R’ Us occupies 42,540 square feet at the center, while two buildings totaling 28,950 square feet currently remain vacant. Chris Amble and Brian Chambers of Wells Fargo Bank arranged financing for the transaction. A redevelopment and lease-up is currently planned for the site.

February 18, 2016

Colorado Retail Western

OliverMcMillan, Invesco Acquire Clayton Lane in Denver

by Nellie Day February 18, 2016

DENVER — OliverMcMillan, in partnership with Invesco Real Estate, has acquired Clayton Lane, a mixed-use property located in Denver’s Cherry Creek North, for an undisclosed price. Whole Foods Market and Crate & Barrel anchor Clayton Lane, which features over 182,000 square feet of retail across six separate buildings. The property also features underground parking.

February 18, 2016

Multifamily Nevada Seniors Housing Western

Chicago Pacific Founders Acquires 78-Unit Seniors Housing Community in Nevada

by Nellie Day February 18, 2016

PAHRUMP, NEV. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired Inspirations Senior Living, a 78-unit seniors housing community in Pahrump, approximately 60 miles west of Las Vegas. The seller and purchase price were not disclosed. Inspirations provides independent living, assisted living and memory care services in a two-story building. The community will retain its name as part of the deal. This is CPF’s second acquisition in Nevada, and seventh total community. Grace Management will take over operations. CPF is a Chicago- and San Francisco-based healthcare private equity investment firm.

February 18, 2016

Florida Hospitality Southeast

Marriott Vacation Club Buys The Edgewater Hotel in South Beach for $23.5M

by John Nelson February 18, 2016

MIAMI BEACH, FLA. — Marriott Vacation Club, a brand segment of Marriott Vacations Worldwide, has purchased The Edgewater Hotel in Miami Beach’s South Beach neighborhood for $23.5 million. The company will rebrand the hotel as Marriott Vacation Club, South Beach and adopt the property into the Marriott Vacation Club Destinations Exchange Program. Located on the 1400 block on the north end of Ocean Drive, the hotel is within walking distance of South Beach and Lincoln Road, Miami’s high street retail destination. The hotel was originally built in 1936 and offers 49 studios and suites. The hotel will undergo renovations through 2016.

February 18, 2016

Multifamily Texas

Castle Lanterra Purchases 350-Unit Apartment Community in Austin

by Haisten Willis February 18, 2016

AUSTIN, TEXAS — Castle Lanterra Properties (CLP) has acquired Villas Tech Ridge, a 350-unit apartment community in Austin. CLP’s managing director Austin Alexander has relocated to Austin to oversee the company’s operations in the market. Villas Tech Ridge is located just off I-35 and offers a mix of one-, two- and three-bedroom units. Built in 2008, the property was developed as part of the Austin Energy Green Builder Program, an environmentally driven program that requires special consideration for “green” and energy-saving opportunities. Units include open floor plans with nine-foot or vaulted ceilings along with granite countertops, mahogany cabinets, ceramic tile and vinyl plank flooring. The property features a pool with cabana, clubhouse, fitness center and pet park.

February 18, 2016

Multifamily New York Northeast

Besen & Associates Negotiates $19.2M Sale of Multifamily Building in the Bronx

by Amy Works February 18, 2016

NEW YORK CITY — Besen & Associates has arranged the sale of a residential building located at 3873 Orloff Ave. in the Van Cortlandt Village neighborhood of the Bronx. A private investor sold the asset to an undisclosed buyer for $19.2 million, or $203 per square foot. Built in 1964, the 93,767-square-foot property features 90 apartments and a 56-car garage. Additionally, the building is serviced by two elevators. Amit Doshi and Lynda Blumberg of Besen & Associates handled the transaction.

February 18, 2016

Illinois Midwest Office

Transwestern Arranges 47,038 SF Lease in Chicago for Coyne College

by Christina Cannon February 18, 2016

CHICAGO — Transwestern has arranged a 47,038-square-foot lease for Coyne College in Chicago’s Loop. The college will occupy the entire fourth floor at One North State, a 680,000-square-foot office tower, starting this June. Coyne College, which provides career training in allied health and construction trades, will move to the new location from its current campus at 330 N. Green St. John Marquardt, Cece Conway, Phil Utigard and William Briggs of Transwestern represented Coyne College in the lease transaction. Michael Lirtzman, Jeff Dowdell and Katie Steele of Transwestern represented the building’s owner, FD Stonewater LLC.

February 18, 2016

Indiana Midwest

BayView Advisors Negotiates Sale of 245,664 SF Self-Storage Portfolio in Indiana

by Christina Cannon February 18, 2016

AVON AND INDIANAPOLIS, IND. — BayView Advisors has negotiated the sale of a three-property, self-storage portfolio in Indiana for an undisclosed price. National Storage Affiliates Trust acquired the properties from Kentucky Avenue Self Storage Inc., Avon Self Storage Lockers Inc. and Avon Self Storage Spot Inc. The 245,664-square-foot portfolio consists of 160 climate-controlled units, 1,335 non-climate controlled units, 112 alarmed units and 111 spaces for boat and vehicle parking. SecureCare will manage the properties, which are located at 71 Vista Parkway in Avon; 9303 US Highway 36 in Avon; and 4115 Heiney Road, Indianapolis. Jay Crotty and Ryan Clark of BayView Advisors represented the sellers in the transaction.

February 18, 2016

Illinois Industrial Midwest

Paine Wetzel Brokers Sale of 106,892 SF Industrial Property in Glen Ellyn, Illinois

by Christina Cannon February 18, 2016

GLEN ELLYN, ILL. — Paine Wetzel TCN Worldwide has brokered the sale of a 106,892-square-foot industrial property in Glen Ellyn, approximately 28 miles west of Chicago. M&R Printing Equipment sold the asset, located at 1N372 Main St., to LifeStorage. The asking price for the property was $3.7 million, but the final purchase price was undisclosed. LifeStorage plans to convert the manufacturing building into self-storage units. Jeff Blake of Paine Wetzel TCN Worldwide represented the seller in the transaction. Sean Henrick of Cushman & Wakefield represented the buyer.

February 18, 2016

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