sales_and_leases

JLL Named Listing Agent for Two Industrial Properties Totaling 924,530 SF in an Indianapolis Suburb

by Christina Cannon December 21, 2015

PLAINFIELD, IND. — JLL is the exclusive leasing entity for two new speculative industrial buildings in Plainfield, a southwestern suburb of Indianapolis. Airwest 12 and Airwest 14 are Class A properties that total 924,530 square feet. The two buildings are located at 2301 and 2201 Reeves Road. Airwest 12 is 448,305 square feet, and Airwest 14 is 476,225 square feet. The facilities feature 48-foot-by-50-foot bays, approximately 50 docks with room for expansion and ample delivery and employee parking. Each building is also divisible by 200,000 square feet. Jake Sturman and Chip Barnes of JLL will represent the owner, Northwestern Mutual.

December 21, 2015

Colorado Industrial Western

MIG Real Estate Buys Dry Creek Business Park in Centennial

by Nellie Day December 18, 2015

CENTENNIAL, COLO. — MIG Real Estate has purchased Dry Creek Business Park, a 244,028-square-foot flex business park in Centennial, for an undisclosed sum. The 15-building park is located at 7300-7348 South Alton Way within the Denver Tech Center. The property was 92 percent leased at the time of sale. The area is known for a range of employers, including aerospace and energy companies. This is MIG’s 11th investment in Metro Denver. It also recently purchased Iliff Business Park; two hospitality properties; six multifamily communities; and a flex product that fronts Interstate 225. MIG Real Estate represented itself in the transaction. Brad Calbert and T.J. Smith of Colliers International represented the seller.

December 18, 2015

California Retail Western

Progressive Real Estate Brokers $3.1M Sale of Tustin Village Center

by Nellie Day December 18, 2015

TUSTIN, CALIF. — Progressive Real Estate Partners has arranged the sale of Tustin Village Center, a retail center located at 15761 Tustin Village Way in Tustin. The 15,367-square-foot center, which was recently built, sold for $3.1 million in an all-cash transaction. The 100 percent vacant multi-tenant center was sold in rough shell condition allowing the buyer the opportunity to complete improvements to its requirements and lease up the center. Victor Buendia and Brad Umansky of Progressive Real Estate Partners represented the seller, a Santa Ana, Calif.-based private investor, while Dennis Zhang of CBRE represented the buyer, an Alhambra, Calif-.based private investor, in the transaction.

December 18, 2015

North Carolina Retail Southeast

CBL & Associates Properties Sells Renaissance Center in Durham for $129.2M

by John Nelson December 18, 2015

DURHAM, N.C. — CBL & Associates Properties Inc., a shopping center owner and developer based in Chattanooga, Tenn., and its 50/50 joint venture partner have sold Renaissance Center, a 363,000-square-foot community shopping center in Durham. The joint venture sold Renaissance Center to an unnamed institutional investor for $129.2 million. The property’s tenant roster includes REI, Best Buy, Chili’s, David’s Bridal, Old Navy, Nordstrom Rack, Moe’s Southwest Grill, Ruth’s Chris Steak House, Starbucks and The Melting Pot. The transaction is scheduled to close during the first quarter of 2016, subject to the assumption of a $16 million loan secured by the property’s Phase II and defeasance of a $31.6 million loan secured by the property’s Phase I.

December 18, 2015

Loans Office Texas

CBRE Arranges $58.5M Acquisition Loan for Signature Exchange in Dallas

by Haisten Willis December 18, 2015

DALLAS — CBRE Capital Markets has arranged acquisition financing for Signature Exchange, two Class A office buildings in north Dallas. CBRE worked on behalf of America’s Capital Partners to obtain the financing. Signature Exchange was constructed in 1982 and went through a renovation in 2013. It is now 92 percent occupied. The property is located two miles north of I-635 on the west side of Preston Road. Greg Greene, Scott Lewis and Taylor Pearce of CBRE’s Dallas office secured the financing on behalf of the borrower. Gary Carr, Robert Hill, John Alvarado and Eric Mackey of CBRE’s Dallas Office investment group represented the seller, CBRE Global Investors.

December 18, 2015

New York Northeast Office

Eastern Consolidated Arranges $43.5M Sale of 70,000 SF Office Building in NYC

by Amy Works December 18, 2015

NEW YORK CITY — Eastern Consolidated has brokered the sale of a 70,000-square-foot office building located at 22-24 W. 38th St. in Midtown. Dalan Management acquired the asset for $43.5 million. The 12-story property features ground-floor retail space. Ron Solarz and Nataliya Stemakh of Eastern Consolidated represented the seller, 22 West 38th Street Associates LLC, while Ben Tapper, also of Eastern Consolidated, represented the buyer in the transaction. Gary Meese of Eastern Consolidated served as analyst for the deal.

December 18, 2015

Multifamily New York Northeast

Icon Realty Management Sells Two East Village Apartment Buildings for $20M

by Amy Works December 17, 2015

NEW YORK CITY — Icon Realty Management has sold two six-story, fully renovated apartment buildings in the East Village to a South Carolina-based investor for $20 million, or $1 million per unit. Located at 326-328 E. Fourth St., the properties feature two two-bedroom units, 15 three-bedroom units, one four-bedroom unit and two five bedroom apartments. Each apartment features hardwood floors, stainless steel appliances, oak-paneled walls, Carrera marble countertops, recessed lighting, marble bathrooms and exposed brick. Additionally, all units have self-contained heating and air conditioning systems and in-unit washers/dryers. Peter Von Der Ahe, Joe Koicim, David Lloyd and Corey Isdaner of Marcus & Millichap’s Manhattan office represented the seller, while Von Der Ahe, Koicim, Isdaner and Sean Lefkovits, also of Marcus & Millichap, procured the buyer in the transaction.

December 17, 2015

Industrial Oregon Western

Watumull Properties Buys Manufacturing Facility in Portland for $7.5M

by Nellie Day December 17, 2015

PORTLAND, ORE. — Watumull Properties Corp. has purchased a 205,303-square-foot manufacturing facility in Portland for $7.5 million. The property is located at 3901 SE Naef Road in the Milwaukie suburb. The seller was Blount International Inc., an outdoor equipment manufacturer. Steven Klein, Peter Stalick and Jeff Kiersey of Kidder Mathews represented Watumull. The Kidder Mathews team will also handle leasing at the facility.

December 17, 2015

Arizona Industrial Western

ASU Foundation of Tempe Acquires Flex Warehouse in Phoenix for $3.2M

by Nellie Day December 17, 2015

PHOENIX — The ASU Foundation of Tempe has purchased a 51,145-square-foot flex industrial warehouse in Phoenix for $3.2 million. The warehouse is located at 4525 E. McDowell Road. The foundation plans to upgrade and rehabilitate the property. Rich Sica of Daum Phoenix represented both the buyer and seller, AMK Properties, in this transaction.

December 17, 2015

Healthcare Office Texas

I3 Interests, Atlas Close on Medical Office Portfolio in Houston

by Haisten Willis December 17, 2015

HOUSTON — i3 Interests and Atlas Real Estate Partners have closed a 202,978-square-foot acquisition of a three-building portfolio located on the campus of the Tenet Health Systems-operated Northwest Medical Center in Houston. Scott Carter of Transwestern represented the seller. Texas Capital Bank provided financing. The company plans to update the portfolio’s lobbies, landscaping, corridors, bathrooms, elevators and internal building components that will be followed by a rebranding campaign. Transwestern will provide both leasing and property management services.

December 17, 2015

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