INDIANAPOLIS — CBRE Group Inc. has arranged the sale of a 156-unit apartment complex in Indianapolis for an undisclosed price. Engel Realty, an apartment operator based in Birmingham, Ala., purchased the property from Hills Properties. Located just over a mile from Eagle Creek Park, Eagle Chase was built in 1995 and is 97 percent occupied. Units at Eagle Creek average 1,119 square feet. The Central Midwest multifamily team of CBRE represented the seller in the transaction.
CARMICHAEL, CALIF. — Auctus Capital Partners has acquired Chateau at Carmichael Park, a 99-unit independent living, assisted living and memory care community in the Sacramento suburb of Carmichael, for an undisclosed sum. Cushman & Wakefield Senior Housing Capital Markets arranged the first mortgage acquisition financing for Auctus, a private real estate firm based in San Diego. Owens Financial, a San Francisco-based lender, provided the loan. Chateau at Carmichael Park is a two-story community that was built in 1975. Auctus plans to make physical improvements to both the interior and exterior of the building. Integral Senior Living will operate the community. The non-recourse financing capitalized both the acquisition as well as the planned capital improvements to the community. Aaron Rosenzweig, a senior director from Cushman & Wakefield, arranged the transaction.
PHOENIX — A private investor has purchased the 288-unit Mountainside luxury apartments in Phoenix for an undisclosed sum. The complex is located at 3625 East Ray Road, within the master-planned Mountain Park Ranch community. It is situated within the urban village of Ahwatukee. Mountainside was developed by Fairfield Residential in 1996. Steve Gebing and Cliff David of Marcus & Millichap represented both the buyer and seller, Cornerstone Real Estate Advisers, in this transaction. Cornerstone was acting on behalf of an institutional investor.
LAGRANGE, GA. — On behalf of KEP LaGrange LLC, The Kalikow Group and EYC Cos. have sold Woodland Trail, a 236-unit, garden-style apartment community in LaGrange, for $22.8 million. Built in 2009, the apartment complex is located on a 20-acre site on North Davis Road, roughly 10 miles from Kia Motors Corp.’s $1.2 billion auto manufacturing facility that opened in 2011. Woodland Trail features one-, two- and three-bedroom units that include maple cabinets and granite countertops in the kitchen, nine-foot ceilings and walk-in closets. Community amenities include a fitness center and playroom, business center, swimming pool, screen porch terrace for poolside dining and a four-acre woodland preserve with nature trails.
NORTHBROOK, ILL. — Avison Young has brokered the sale of a 63,305-square-foot showroom and warehouse in Northbrook, approximately 25 miles northwest of Chicago. The asking price for the property was $4.6 million, but the final sales price was not disclosed. Underwriter Laboratories acquired the property located a 750 Anthony Trail from Damar Natural Stone, which previously occupied the building. The asset is situated on a 4.2-acre site in the Sky Harbor Industrial Park. The building includes 12,000 square feet of office space, 34-foot clear heights and 72-foot deep loading docks. Brett Kroner, Keith Puritz and Eric Fischer of Avison Young represented the seller in the transaction. Al Caruana and Britt Casey of Cushman & Wakefield represented the buyer.
SCHAUMBURG, ILL. — Baum Realty Group LLC has brokered the sale of a single-tenant retail property net leased to McDonald’s in Schaumburg, a northwestern suburb of Chicago, for $4.2 million. The property, located at 955 E. Golf Road, set a record low capitalization rate under 4 percent for a property net leased to McDonald’s in the Midwest and one of the lowest in the country for a deal size over $4 million. Patrick Forkin, Brad Teitelbaum and Allen Joffe of Baum Realty represented the undisclosed seller in the transaction, a national tenant-in-common group with over 45 investors. Baum Realty Group procured the buyer, a private East Coast investor, prior to construction of the McDonald’s restaurant. The new 20-year ground lease features rent increases every five years.
LUFKIN, TEXAS — Marcus & Millichap has arranged the sale of Fox Run, an 89-unit apartment property located in Lufkin. Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a partnership. Fluellen and Hoover also procured the buyer, an individual/personal trust. Fox Run is located at 300 S. John Redditt Drive, just northwest of Woodland Heights Medical Center. Constructed in 1976, the asset is situated on 2.8 acres. Fox Run consists of five two-story apartment buildings and one laundry/clubroom. The unit mix for Fox Run is 24 efficiency, 33 one-bedroom/one-bath, 20 two-bedroom/one-bath, and 12 two-bedroom/two-bath units. Floor plans range in size from 525 to 998 square feet. At the time of listing, Fox Run’s reported occupancy was 97 percent.
BUELLTON, CALIF. — CBRE Group has arranged six leases at Crossroads at Buellton Village, a 52,628-square-foot shopping center currently under construction in Buellton. The Habit inked a deal for 2,000 square feet; Chipotle Mexican Grill signed a lease for 1,900 square feet; Supercuts leased 850 square feet; a national coffee chain signed for 1,610 square feet; a telecommunications corporation inked a deal for 1,800 square feet; and a home improvement supply store leased 39,632 square feet of space at the center. With three remaining spaces available, ranging from 1,000 square feet to 6,883 square feet, the center is slated to open in first quarter 2016. Larry Tanji, Scott Siegel and Lisa Engel of CBRE represented the developer, Buellton Village Center LLC, in the lease transactions.
TUCSON, ARIZ. — PGA TOUR Superstore will open its first experiential Tucson, Ariz., retail store in early 2016 at the Tucson Fiesta Shopping Center. PGA TOUR Superstore has three existing Arizona stores in Chandler, North Scottsdale and Scottsdale. Its new Tucson location will be the largest golf retail store in the area. The new 25,000-square-foot PGA TOUR Superstore in Tucson will have multiple swing simulators, practice hitting bays, a large putting green and an in-house club making and repair facility to provide an interactive experience to golf enthusiasts. PGA TOUR Superstore is owned and operated by Roswell, Ga.-based Golf & Tennis Pro Shop Inc., whose controlling owner and chairman is Arthur Blank, retired co-founder of The Home Depot.
WASHINGTON, D.C. — Cushman & Wakefield has brokered the $107.9 million sale of a 218,923-square-foot office building located at 1575 Eye St. in Washington, D.C. The property is located one block from the White House and adjacent to the McPherson Square Metrorail Station, Hay Adams, St. Regis, Capital Hilton and Hyatt Place. Two federal agencies anchor the office building: the Department of Veterans Affairs and the Federal Aviation Administration. The property’s amenities include a conference center, rooftop terrace, fitness center, parking garage and a deli. Bill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy of Cushman & Wakefield represented the seller, 1575 Eye Street Associates LP, in the transaction. The seller is majority-owned by the American Society of Association Executive, an anchor tenant and investor of the office building since it was delivered in 1979. Carr Properties, which manages the selling partnership, has been retained by the new owner to manage the office building.
