sales_and_leases

The Boulder Group Completes $9.5M Sale of Property Leased to LA Fitness in Chicago

by Christina Cannon February 10, 2016

CHICAGO — The Boulder Group has completed the sale of a single-tenant, net-leased retail property in Chicago for $9.5 million. The property, leased to LA Fitness, is located at 6107 N. Broadway St. The seller, Crossroads Development, renovated the two-story, 22,000-square-foot building in 2014. The 1031 exchange buyer in the transaction is a high-net-worth individual based on the West Coast. The property will retain its current management group and includes on-site parking. According to CoStar Group, the 5.6 percent cap rate represents the lowest cap rate ever recorded for the sale of a single-tenant LA Fitness property. The lease for LA Fitness expires in June 2029 and features 10 percent rental escalations every five years. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction.

February 10, 2016

Arizona Office Western

NorthMarq Arranges $93M Refinancing for Office Park in Chandler

by Nellie Day February 10, 2016

CHANDLER, ARIZ. — NorthMarq Capital has arranged a $93 million refinancing for a 523,673-square-foot office park in Chandler. The Class A park is located at the intersection of highways 101 and 202. The property contains six office buildings within a master-planned business park that also features office, hospitality and restaurant properties. The office park is fully leased to tenants like Healthways, Infineon Technologies and Infusion Software. The loan features a 10-year term with three years interest-only payments, followed by a 30-year amortization schedule. Eric Flyckt of NorthMarq Capital’s San Diego office arranged the financing through the firm’s relationship with Citi Group. Douglas Allred Company owns the property.

February 10, 2016

Multifamily Washington Western

Meadows at Cascade Park Apartments in Vancouver Sells for $35.2M

by Nellie Day February 10, 2016

VANCOUVER, WASH. — The 198-unit Meadows at Cascade Park Apartments in Vancouver has sold to a California-based firm for $35.2 million. The community is located at 13314 SE 19th St. The sale represented a price per unit of $164,141, or $163 per square foot. This is one of the three highest sales per square foot that Vancouver has experienced in the past 12 months, according to HFO Investment Real Estate, which represented the seller. A Canadian investment firm with numerous Portland/Vancouver-area holdings sold the asset. The value-add acquisition allowed the buyer to enter the Washington market.

February 10, 2016

Industrial Nevada Western

LogistiCenter at Cheyenne in Las Vegas Achieves Full Capacity

by Nellie Day February 10, 2016

LAS VEGAS — LogistiCenter at Cheyenne, a 381,804-square-foot distribution facility in North Las Vegas, has achieved full occupancy. The facility is located at 4025 E. Cheyenne Ave. Priority Wire & Cable leased the remaining 223,000 square feet. The supplier of wire and cable for wholesale distributors will use the space for distribution. Priority will relocate from a 180,000-square-foot distribution center in Las Vegas to the new facility this May. A joint venture between Dermody Properties and Hillwood Investment Properties developed LogistiCenter at Cheyenne. Susan Borst and Dan Doherty of Colliers International represented the JV in the lease transaction.

February 10, 2016

lipstick-building-885-third-avenue-manhattan-new-york-city

Multifamily New York Northeast Office Top Stories

SL Green Completes Sale of Two New York Assets for $508M

by Haisten Willis February 10, 2016

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG), New York City’s largest commercial property owner, has completed the sale of two properties with a total value of $508 million. The first sale is the leased fee interest in 885 Third Ave. in Manhattan, also known as “The Lipstick Building,” for a gross sales price of $453 million, or $713 per square foot. The deal was originally announced in October. A partnership between Ceruzzi Properties and Shanhai Municipal Investment USA is the buyer, according to the Commercial Observer, a New York-based publication covering commercial real estate transactions. SL Green acquired the leased fee interest in 885 Third Ave. in a joint venture in 2007 at a gross asset valuation of $317 million and fully consolidated its position in 2010 at a valuation of $352 million. As part of the transaction, SL Green will retain a preferred equity position. The sale, executed at a capitalization rate of 3.8 percent, will generate net proceeds to SL Green of approximately $45 million. The second sale is the company’s 90 percent stake in the residential condominium at 248-252 Bedford Ave., a 72-unit multifamily building in Williamsburg, Brooklyn, at a gross asset valuation of $55 …

February 10, 2016

California Office Western

Cypress Office Properties Acquires Willow Creek Corporate Center in San Diego for $19.7M

by Nellie Day February 9, 2016

SAN DIEGO — Cypress Office Properties has purchased the 114,355-square-foot Willow Creek Corporate Center in the San Diego submarket of Scripps Ranch for $19.7 million. The center is located at 10089 Willow Creek Road. Willow Creek is situated within the master-planned Scripps Ranch Business Park. It sits just east of Interstate 15, near State Routes 52, 56 and 163. The property is minutes from more than 1 million square feet of retail amenities and abundant housing options. JLL’s Bob Prendergast and Lynn LaChapelle represented the seller, LBA Realty, in this transaction.

February 9, 2016

California Office Western

Stockdale Capital Partners Buys Medical Office Building in Los Angeles

by Nellie Day February 9, 2016

LOS ANGELES — Stockdale Capital Partners has acquired a 140,054-square-foot medical office building in Los Angeles for an undisclosed sum. The building is located at 2100 W. 3rd St. The space was built in two phases between 1991 and 2007. It includes medical office, laboratory and general office space. Notable tenants at the property include UCLA, Children’s Hospital Los Angeles, ViraCor-IBT Laboratories and the House Ear Clinic. Bob Safai, Matt Case and Brad Schlaak of Madison Partners represented the seller, a joint venture between Watt Investment Partners and Rockpoint Group, in this transaction.

February 9, 2016

Arizona Retail Western

Colliers International Arranges $9.7M Sale of Mountain Park Plaza in Phoenix

by Nellie Day February 9, 2016

PHOENIX — Colliers International has arranged the $9.7 million sale of Mountain Park Plaza, an 87,672-square-foot shopping center located in Phoenix. Mindy Korth and Kirk Kuller of Colliers represented the seller, Issaquah, Wash.-based Western America Commercial, in the transaction. The buyer was Fairfield, N.J.-based Lamar Cos. Tenants at the 95-percent-occupied center include anchor Fry’s Food and Drug, Nationwide Vision and Sally Beauty Supply. Three pads occupied by a Fry’s Food Stores fueling station, Taco Bell and Kidz Connextion Dental Center were not included in the sale.

February 9, 2016

Madison-Chestnut-Northwoods-Middletown-CT

Connecticut Multifamily Northeast

IPA Brokers $92.5M Sale of Two-Property Multifamily Portfolio in Connecticut

by Amy Works February 9, 2016

MIDDLETOWN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a two-property multifamily portfolio located in the Westlake District of Middletown. The 650-unit portfolio sold for $92.5 million, or $142,000 per unit. The portfolio includes Madison Chestnut Hill, which was built in 1986 and features 314 apartments, and the 336-unit Madison Northwoods, which was also built in 1986. Both properties offer a variety of community amenities, including clubhouses, billiards rooms, libraries, tennis courts, swimming pools and fitness centers. Victor Nolletti, Steve Witten, Still Hunter and Eric Pentore of IPA represented the seller, Chestnut Hill and Northwoods Apartments Associates LLC, and procured the buyer, Gateway Realty Holdings LTD.

February 9, 2016

Florida Retail Southeast

Colliers Brokers $16.1M Sale of Shopping Center in St. Petersburg

by John Nelson February 9, 2016

ST. PETERSBURG, FLA. — Colliers International has arranged the $16.1 million sale of Shoppes at the Royale, a 46,020-square-foot shopping center located at 1400-1500 66th St. North in St. Petersburg’s Tyrone neighborhood. Built in 2008, the property is fully leased to tenants such as Pei Wei Asian Diner, Massage Envy, Orangetheory Fitness and Verizon Wireless. In 2012, Atlanta-based Halpern Enterprises purchased the shopping center out of foreclosure at 52 percent occupancy. Halpern Enterprises sold the property to Sarall II LLC, a private investor that owns shopping centers in Sarasota and Fort Myers. Michael Milano, Ronald Schultz and Ben McLeish of Colliers International’s Tampa Bay office represented Halpern in the transaction. McLeish previously leased the property on behalf of Halpern.

February 9, 2016

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