sales_and_leases

HFF Arranges $78M Sale of Richmond Tower in Downtown Richmond

by John Nelson January 12, 2016

RICHMOND, VA. — HFF has brokered the $78 million sale of Richmond Tower, a 207,000-square-foot office tower located at 200 S. 10th St. in downtown Richmond. Completed in 2010, the 15-story property was 98 percent leased at the time of sale. Law firm Williams Mullen occupies roughly 82 percent of the office tower, which is situated adjacent to Kanawha Plaza and a few blocks from the Virginia State Capitol. Stephen Conley, Dek Potts, Jim Meisel, Andrew Weir and Matt Nicholson of HFF represented the seller, Armada Hoffler Properties Inc., in the transaction. Adam Vaisman of Butters Construction and Development and Richard Ostrovsky of MEK Management Services Inc. advised the buyer, Kireland South 10th Street LLC. Cary Abod of HFF’s debt placement team arranged $52 million in fixed-rate acquisition on behalf of the buyer.

January 12, 2016

Midwest Ohio Retail

CBRE Brokers $2.4M Sale of 85,498 SF Retail Property in Cincinnati

by Christina Cannon January 12, 2016

CINCINNATI — CBRE has brokered the $2.4 million sale of an 85,498-square-foot retail property in Cincinnati. Crossings of Colerain LLC acquired the property from an undisclosed seller. The Crossings of Colerain is located at the intersection of Colerain Avenue and Ronald Reagan Cross County Highway. The retail property was largely vacant at the time of sale, and the buyer plans to backfill the vacant spaces with new retail tenants. Current tenants include Wing Eyecare and ImmediaDent. Hank Davis of CBRE brokered the transaction.

January 12, 2016

California Retail Western

Passco Acquires Day Creek Village in California for $15.8M

by Nellie Day January 11, 2016

RANCHO CUCAMONGA, CALIF. — Passco Companies LLC has acquired Day Creek Village, a 25,002-square-foot shopping center located in Rancho Cucamonga, for $15.8 million. Tenants at the fully occupied center include Starbucks Coffee, Wells Fargo, Super Cuts, Subway and Orange Theory Fitness. Ralph’s grocery store shadow-anchors the property. CJ Osbrink and Gleb Lvovich of HFF represented Passco and the seller, Day Creek Village LLC, in the off-market transaction.

January 11, 2016

Multifamily Southeast Virginia

Marcus & Millichap Brokers $23M Sale of Apartment Community in Metro Richmond

by John Nelson January 11, 2016

CHESTER, VA. — Marcus & Millichap has brokered the $23 million sale of Ashton Creek, a 232-unit apartment community located at 4201 Creek Way in Chester, a suburb of Richmond. Community amenities include a pool, clubhouse, fitness center and tennis and volleyball courts. Christopher Chadwick, Ian Ruel, Dawson Rinder and Josh Feldman of Marcus & Millichap’s Washington, D.C., office represented the seller, a private investor, in the transaction. The seller held the asset for 10 years, according to Chadwick. The Marcus & Millichap team also procured the buyer, a REIT. Bryn Merrey is Marcus & Millichap’s broker of record in Virginia.

January 11, 2016

Industrial Northeast Pennsylvania

Alliance HSP Buys Industrial Portfolio Totaling 566,000 SF in Pennsylvania

by Amy Works January 11, 2016

YORK, PA. — Alliance HSP has acquired two industrial properties located at 2925 E. Market St. and 789 Kings Mill Road in York. D&D Distribution sold the assets, which total 566,000 square feet, for an undisclosed price. As part of the transaction, Alliance HSP entered into a full-building, three-year leaseback with D&D Distribution for the 180,000-square-foot property at 789 Kings Mill Road and a long-term lease totaling 250,000 square feet with Stauffer’s Biscuit Co. at the 386,000-square-foot building at 2925 E. Market St. Alliance HSP has started a capital improvement plan at 2925 E. Market St. The improvements, including a new roof, enhanced loading docks and improved truck circulation, are slated for completion in April. Gerry Blinebury of Cushman & Wakefield represented D&D Distribution in the transactions.

January 11, 2016

Midwest Office Ohio

Rubenstein Partners Sells Seven-Building Office Portfolio Near Cleveland for $30M

by Christina Cannon January 11, 2016

FAIRLAWN, OHIO — Rubenstein Partners LP, along with an affiliate of Mark Munsell, has sold a seven-building office portfolio in Fairlawn, approximately 30 miles south of Cleveland, for $30 million. Embassy Park Akron LP, an affiliate of Group RMC, acquired the Class A portfolio. The properties are known collectively as the Embassy Parkway Portfolio. John Dellagnese & Associates built the seven assets, which total 400,000 square feet. The portfolio was approximately 80 percent occupied at the time of sale. Russell Rogers and Thomas Gustafson of Colliers International brokered the deal. Colliers International also brokered the transaction in 2012 when Rubenstein Partners acquired the portfolio.

January 11, 2016

Michigan Midwest Retail

Namdar Realty Group Acquires 160,500 SF Shopping Center Near Ann Arbor

by Christina Cannon January 11, 2016

YPSILANTI, MICH. — Namdar Realty Group has acquired a 160,500-square-foot retail center in Ypsilanti, approximately eight miles southeast of Ann Arbor, for an undisclosed price. Gault Village Marketplace is a one-story shopping center that includes tenants such as Family Dollar, Advance America, Measurement Incorporated, New Image Beauty, China One and Gault Village Cleaners. Namdar plans on upgrading the property and targeting new tenants. Gault Village Marketplace is located at 1005-1075 Emerick St. The property is situated on 13.2 acres and includes 1,200 parking spaces. Joel J. Gorjian of Namdar completed the acquisition on behalf of the company. The seller in the transaction was a private investor.

January 11, 2016

Midwest Minnesota Mixed-Use

Marcus & Millichap Brokers $5.8M Sale of Mixed-Use Property in Minneapolis

by Christina Cannon January 11, 2016

MINNEAPOLIS — Marcus & Millichap has brokered the sale of a mixed-use property in Minneapolis for $5.8 million. The Alden consists of 68 apartment units and two levels of office space that total 10,000 square feet. The property, located at 1201 Hawthorne Ave. W., was originally built in 1925 as a hotel. The building was renovated in 1990 and now features 52 studio apartments ranging from 235 square feet to 418 square feet and 16 one-bedroom units ranging from 457 square feet to 657 square feet. Mox Gunderson and Dan Linnell of Marcus & Millichap secured and represented the buyer, an undisclosed partnership that plans on updating the building. The duo, along with Marcus & Millichap’s Josh Talberg, also listed the property on behalf of the seller, an undisclosed partnership.

January 11, 2016

Iowa Midwest Multifamily Seniors Housing

SLIB Brokers $3.1M Sale of Skilled Nursing and Independent Living Communities in Iowa

by Christina Cannon January 11, 2016

SIOUX CITY, IOWA — Senior Living Investment Brokerage has arranged the sale of Countryside Nursing & Rehab, a 222-bed skilled nursing facility, and Four Seasons Countryside Estates, an independent living community, for a combined $3.1 million. The two properties are located a half mile from each other in Sioux City, near the Nebraska border. The buyer was Ide Management Group, an Indiana-based owner-operator expanding its footprint in Iowa. The seller was a public REIT looking to divest the non-core asset. Countryside Nursing & Rehab is 68,457 square feet and sits on 8.5 acres. It was originally built in 1965 and most recently renovated in 2003. Four Seasons Countryside Estates includes 45,553 square feet of space and sits on 5.4 acres. It was built in 1936 and renovated in 1986. Ide will invest in updates to the skilled nursing portion of the portfolio to help improve a low occupancy rate of 35 percent. Ryan Saul and Jeff Binder led the SLIB team in the deal.

January 11, 2016

Georgia Office Southeast

Shorenstein Properties Acquires 1.3 Million SF Bank of America Plaza in Atlanta

by Christina Cannon January 8, 2016

ATLANTA — Shorenstein Properties LLC, acting on behalf of Shorenstein Realty Investors Eleven, has acquired the 1.3-million-square-foot Bank of America tower in Atlanta. According to the Atlanta Business Chronicle, the plaza was appraised at $236.5 million and that someone close to the deal indicated a $220 million purchase price. CWCapital, which acquired the building in 2012 after BentleyForbes lost the tower to foreclosure, was the seller. The 55-story building is currently the 11th tallest building in the United States. Built in 1992, the Bank of America Plaza is located at 600 Peachtree St. NE. The building is currently 45 percent leased and provides over 1,200 parking spaces and floor plates that range from 20,000 to 25,000 square feet. The 1,023-foot building was designed by Kevin Roche John Dinkeloo and Associates. Amenities include a conference center, 4,000-square-foot auditorium, bank with ATMs, Gallery Café and a 17,000-square-foot health club and spa. Shorenstein plans to make investments to the lobby and amenity areas, as well as cosmetic improvements and upgrades throughout the building.

January 8, 2016

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