sales_and_leases

The Boulder Group Arranges $6M Sale of Net-Leased Walgreens in Missouri

by Christina Cannon February 2, 2016

RAYTOWN, MO. — The Boulder Group has arranged the $6 million sale of a single-tenant, net-leased Walgreens property located at 9300 E. Gregory Blvd. in Raytown. The 13,905-square-foot Walgreens is located within the Kansas City MSA. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a high-net-worth individual based in the Midwest, in the sale of the property to a Northeast-based real estate investor. There are 14 years remaining on the Walgreens lease, which expires in January 2030.

February 2, 2016

Georgia Office Southeast

Avison Young Brokers $30.1M Sale of 303,000 SF Office Building in Metro Atlanta

by John Nelson February 2, 2016

KENNESAW, GA. — Avison Young has arranged the $30.1 million sale of Chastain Center, a 303,000-square-foot office building located on Chastain Boulevard in Kennesaw’s Town Center submarket. Matt Tritschler, Steve Morgan and Stephanie Marion of Avison Young represented the seller, Parthenon Realty, in the transaction. The buyer was TerraCap Management LLC. Built in 1987, Chastain Center was 67 percent leased at the time of sale to tenants such as Aaron’s Inc., Applied Global Technologies, First Arkansas Bank & Trust/Card Assets and Markem-Imaje.

February 2, 2016

Office Texas

CBRE Capital Markets Brokers Sale of Office Property in Austin

by Jeff Shaw February 1, 2016

AUSTIN, TEXAS — CBRE Capital Markets has brokered the sale of Donley Plaza, a 69,547-square-foot office asset in Austin. Nashville-based OakPoint Real Estate and local partner Haverwood Management purchased the asset from a California-based partnership. Donley Plaza marks the fifth office acquisition in Austin for the OakPoint/Haverwood duo. Donley Plaza, located at 2201 Donley Drive in north-central Austin, was 65 percent occupied at the time of closing. The building was constructed in 1983 and renovated in 2013. The buyer has an opportunity to lease one full floor of the building in a location just east of the Domain, a mixed-use community. OakPoint and Haverwood are partnering with a local architecture firm to redevelop Donley Plaza for creative and tech-oriented users. Additionally, the new ownership group is in the early planning stages for a build-to-suit on the adjacent vacant site, which is being marketing to large corporate users seeking value office space in and around the North Austin/Domain submarket.

February 1, 2016

Multifamily Texas

Greysteel Arranges Sale of The Brazos on Hulen in Fort Worth

by Jeff Shaw February 1, 2016

FORT WORTH, TEXAS — Greysteel has arranged the sale of The Brazos on Hulen, a 100-unit multifamily community in Fort Worth. Greysteel’s Boyan Radic, Doug Banerjee, Andrew Mueller and Ryan Hill represented the seller, Classic Asset Acquisition 3, in the sale of The Brazos on Hulen to Tyler Associates. The property includes 28 one-bedroom units, 56 two-bedroom/two-bathroom units, eight three-bedroom/two-bathroom units and eight three-bedroom/three-bathroom units.

February 1, 2016

Multifamily Texas

M&M Arranges Sale of 36-Unit Apartment Building in Dallas

by Jeff Shaw February 1, 2016

DALLAS — Marcus & Millichap has arranged the sale of Illinois Gardens Apartments, a 36-unit apartment property located in Dallas. John Barker and Mark Allen of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a limited liability company. Illinois Gardens Apartments is located at 3333 E. Illinois Ave. in Dallas. Illinois Gardens is a two-story apartment community constructed of brick with wood siding. Unit amenities include walk-in closets and mini blinds. Common area amenities include an on-site laundry facility, interior courtyards and gated entry. Recent capital improvements include new pitched roofs, exterior wood replacement, cabinets, electrical outlets, flooring and both interior and exterior paint.

February 1, 2016

Office Texas

Texas Bank Financial Buys Fort Worth Office Building

by Jeff Shaw February 1, 2016

FORT WORTH, TEXAS — Texas Bank Financial has acquired a 47,830-square-foot, multi-tenant office building in southwest Fort Worth as the new headquarters location for its mortgage company. Executive Place, a two-story building located at 4521 S. Hulen St. near I-20, was 100 percent leased at the time of sale. The new owner’s first order of business will be to undertake a series of upgrades aimed at heightening curb appeal, including accentuating the exterior. In the fourth quarter of 2016, Texas Bank Mortgage Co. will move its 45-employee headquarters team into 18,000 square feet on the second floor from leased office space about two miles to the south. Gary Walker of Arlington-based Coldwell Banker Commercial Alliance DFW represented the buyer.

February 1, 2016

Florida Multifamily Southeast

Bell Partners Acquires Apartment Community in Boca Raton

by John Nelson February 1, 2016

BOCA RATON, FLA. — Bell Partners Inc. has purchased Archstone Boca Town Center, a garden-style apartment community adjacent to Town Center Mall in Boca Raton. The Greensboro, N.C.-based apartment investor has renamed the project Bell Boca Town Center. Bell Partners will also manage the 252-unit apartment community, which was 96 percent occupied at the time of sale. Set in one-, two- and three-bedroom floor plans, the property’s unit interiors feature stainless steel appliances, microwaves, glass-top stoves, breakfast bars, dark espresso finish cabinetry, walk-in closets, washers and dryers and private balconies or patios. Community amenities include an on-site leasing office, clubhouse, fitness center, two tennis courts, resort-style pool, grilling area and Wi-Fi access in the common spaces.

February 1, 2016

Illinois Industrial Midwest

Transwestern Arranges 292,000 SF Industrial Lease Renewal in Aurora, Illinois

by Christina Cannon February 1, 2016

AURORA, ILL. — Transwestern has arranged a 292,000-square-foot lease renewal for an industrial space in Aurora, approximately 40 miles west of Chicago. Rockpoint Logistics will continue to occupy nearly half of the 607,752-square-foot facility located at 901 Bilter Road. Completed in 2005, the asset is one of eight buildings situated inside the Liberty Business Center. Liberty Property Trust, the building’s owner, was self-represented. David Friedland of Transwestern represented Rockpoint Logistics in the transaction.

February 1, 2016

California Office Western

Meridian Buys Medical Office Building in Pasadena for $37.5M

by Nellie Day February 1, 2016

PASADENA, CALIF. — Meridian has purchased a 115,000-square-foot medical office complex in Pasadena for $37.5 million. The complex is located at 50 Bellefontaine St. near Huntington Memorial Hospital. The 2.8-acre property contains a 52,000-square-foot building, a 63,000-square-foot building and an adjacent subterranean parking garage. Meridian plans to invest an additional $5 million to modernize and upgrade the space. John Erickson and Brent Weirick of Colliers represented Meridian in the deal. Fred Cordova, Ryan Eddy and Michael Puleo of Kennedy Wilson Brokerage Group, along with William Boyd, Linda Lee and Scott Unger of Charles Dunn, represented the seller, Cotton Medical Center.

February 1, 2016

California Retail Western

Colliers Negotiates $15.6M Sale of Single-Tenant Retail Property in Thousand Oaks

by Nellie Day February 1, 2016

THOUSAND OAKS, CALIF. — Colliers International has brokered the sale of a single-tenant retail property located at 550 N. Ventu Park Road in Thousand Oaks. NewMark Merrill Cos. sold the property to a Los Angeles-based private investor for $15.6 million. The property is triple-net leased to Walgreens with 19 years left on the term. Eric Carlton and Jereme Snyder of Colliers represented the seller in the transaction.

February 1, 2016

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