sales_and_leases

New York Life, Encore Office Acquire 5005 LBJ Tower in Dallas for $95M

by Haisten Willis February 11, 2016

DALLAS — New York Life Real Estate Investors and Encore Office LLC have acquired 5005 LBJ Tower, formerly known as Occidental Tower, for $95 million, according to the Dallas Business Journal. The 24-story, 549,170-square-foot office building is located at the northwest corner of the Dallas North Tollway and the newly re-constructed LBJ Freeway in Dallas. Occidental Tower Corp., a subsidiary of Dallas-based Occidental Chemical Corp. (OxyChem) had owned the Class A asset since 1992. The property is 94 percent leased to tenants including Susan G. Komen Foundation, Encore Enterprises and OxyChem, which will remain as a tenant in the building. The top five floors of the property will become available in August. The new ownership team intends to complete a multi-million dollar lobby renovation and make improvements to the overall campus. Renovations are expected to start within a few months and will include upgrades to the building’s amenities. Plans include a new conference facility, tenant lounge and fitness center. Stream Realty Partners will manage and lease the asset. J.J. Leonard, Sara Terry and Chase Lopez of Stream’s office division in Dallas will lead the leasing efforts for the property.

February 11, 2016

Joint Venture Acquires Apartment Community in Atlanta from Amli Residential for $73.5M

by John Nelson February 11, 2016

ATLANTA — A joint venture between PCCP LLC, Irinda Capital Management LLC and Lyon Living has purchased AMLI at North Briarcliff in Atlanta for $73.5 million. The joint venture purchased the 537-unit, Class A property from Amli Residential. The community is located at 2500 Shallowford Road on a 20.7-acre lot. Built in two phases in 2002 and 2006, the property features 58 studio, 244 one-bedroom, 232 two-bedroom and three three-bedroom apartment residences. Community amenities include gated access, a clubhouse/leasing center, on-site car wash, three swimming pools and two fitness centers. The new ownership plans to upgrade the property’s exterior lighting, redesign the clubhouse and double the size of the primary fitness center.

February 11, 2016

Illinois Midwest Retail

MB Real Estate Negotiates $6.8M Sale of Retail Property in Suburban Chicago

by Christina Cannon February 11, 2016

ELK GROVE VILLAGE, ILL. — MB Real Estate has brokered the sale of a 24,910-square-foot retail property in Elk Grove Village, approximately 25 miles northwest of Chicago. A private family purchased Strawberry Hill Plaza for $6.8 million as part of a 1031 exchange. Located at 601-633 Meacham Road, the shopping center was built in 1986 and is situated on 3.1 acres. The building is a single-story, multi-tenant center that has parking for 172 vehicles. Tenants at Strawberry Hill Plaza include Subway, The Great American Bagel and Merlin Muffler. McDonald’s and Taco Bell are both situated on outparcels to the shopping center. David Kimball and Jay Beadle of MB Real Estate represented the buyer in the transaction. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the undisclosed seller, which had owned the property since its construction in 1986.

February 11, 2016

Nevada Retail Western

AW Family Trust Buys Silverado Auto Plaza in Las Vegas for $8.9M

by Nellie Day February 11, 2016

LAS VEGAS — AW Family Trust has purchased the 21,639-square-foot Silverado Auto Plaza building in Las Vegas for $8.9 million. The plaza is located at 1280, 1310 and 1340 E. Silverado Ranch Blvd. Virtus Commercial’s Chris Emanuel and John Blommer represented the seller.

February 11, 2016

Colorado Multifamily Western

Denver Apartment Building Sells for $2.7M

by Nellie Day February 11, 2016

DENVER — A 20-unit apartment building in Denver has sold to an unnamed buyer for $2.7 million. The community is located at 4353-4373 Clay St. Kevin Calame and Matt Lewallen of Pinnacle Real Estate Advisors represented both the buyer and seller in this transaction.

February 11, 2016

California Industrial Western

Teledyne Instruments Expands, Renews Industrial Space in San Diego

by Nellie Day February 11, 2016

SAN DIEGO — Teledyne Instruments has signed a 10-year lease for two industrial buildings in the San Diego submarket of Scripps Ranch. The lease is for two buildings that total 124,828 square feet. The new lease allowed the measurement device provider to renew its lease at 9855 Carroll Canyon Road, while expanding into the neighboring 9970 Carroll Canyon Road. Craig Estey of Cushman and Wakefield represented Teledyne. CBRE’s Bill Dolan and Chris Pascale represented the landlord, Gateway Colorado Properties, in this transaction.

February 11, 2016

Northeast Office Pennsylvania

NGKF Brokers $98.4M Sale of 298,482 SF Office Building in Pennsylvania

by Amy Works February 10, 2016

WEST CONSHOHOCKEN, PA. — Newmark Grubb Knight Frank (NGKF) Capital Markets has arranged the sale of an office building located at 300 Four Falls in West Conshohocken. A tenants-in-common ownership group sold the seven-story glass and granite tower building to Maguire Hayden Real Estate Co. for $98.4 million. The 298,482-square-foot tower, which sits atop a six-story concrete parking deck, was 97 percent occupied at the time of sale. Mike Margolis, Taylor King, Dave Dolan and Brett Segal of NGKF represented the seller in the transaction.

February 10, 2016

Office Texas

CBRE Capital Markets Sells Arbor Square Office Asset in Austin

by Haisten Willis February 10, 2016

AUSTIN, TEXAS — CBRE Capital Markets’ Investment Properties division has sold Arbor Square, a 50,836-square-foot, multi-tenant office park in Austin. Los Angeles-based Entrada Partners purchased the asset from California-based AMC Investments for an undisclosed price. Arbor Square I & II consists of two storefront-style office buildings. Arbor Square is located at 12885 Research Blvd., adjacent to Lakeline Mall in the northwest Austin submarket. The Class B asset was developed in 1984 and renovated in 2007. It was 90.2 percent occupied at closing.

February 10, 2016

Florida Southeast

Marcus & Millichap Brokers $17.9M Sale of Self Storage Facility in South Florida

by John Nelson February 10, 2016

BOYNTON BEACH, FLA. — Marcus & Millichap has brokered the $17.9 million sale of U.S. 1 A/C Self Storage, a 74,679-square-foot self storage facility located at 3101 S. Federal Highway in Boynton Beach. The sale price of $240 per square foot is one of the highest prices per square foot ever recorded for a Florida self storage property, according to Marcus & Millichap. U.S. 1 A/C Self Storage was built on less than two acres in 2004 with 957 climate-controlled units. At the time of the sale, there were 838 climate-controlled units and 101 wine storage units. The units range in size from 4 to 400 square feet. Michael Mele and Luke Elliott of Marcus & Millichap’s Tampa office represented the sellers, local private investors. Mele and Elliott also procured the buyer, Strategic Storage Trust II Inc., a public non-traded REIT.

February 10, 2016

Illinois Industrial Midwest

Cushman & Wakefield Negotiates $27.8M Sale of Industrial Property in Joliet, Illinois

by Christina Cannon February 10, 2016

JOLIET, ILL. — Cushman & Wakefield has negotiated the sale of a 575,000-square-foot industrial property in Joliet for $27.8 million. Molto Properties sold the asset to Midwest Warehouse, which plans on occupying 366,000 square feet of the facility. Located at 3451 S. Chicago St., the building was vacant at the time of sale. The property, which is situated on 30 acres, features 32-foot clear heights, ESFR sprinklers, T-5 lighting, ample parking and a fully fenced and secured yard. Jason West and Sean Henrick of Cushman & Wakefield represented Molto Properties in the transaction. Tim Thompson of HSA Commercial Real Estate represented Midwest Warehouse.

February 10, 2016

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