sales_and_leases

Gelt Buys 564-Unit Apartment Community in Denver for $74M

by Nellie Day December 2, 2015

DENVER — Gelt Inc. has purchased a 564-unit apartment community in Denver for $74 million from TruAmerica Multifamily. The community is located at its namesake, 3300 Tamarac Drive. The complex was built in 1977. It is situated at the intersection of interstates 25 and 225, near the northern border of the Denver South Business Corridor. This submarket is home to seven of the nine Fortune 500 Companies in the state. This was Gelt’s largest apartment property purchase to date in terms of both the quantity of units and price. It was also its first acquisition in Colorado. Gelt has acquired a total of 1,192 units this year, valued at more than $140 million. The firm hopes to acquire 2,000 additional units in 2016 within high-growth, infill locations throughout the Western U.S. CBRE’s Brian Eisendrath and Ross Moore arranged a $55.6 million acquisition loan Gelt. The 10-year, fixed-rate financing features a five years of interest-only payments. Gelt will continue a renovation program in progress at the community, in addition to executing further capital improvements on the units’ interiors and common areas. This was TruAmerica Multifamily’s first sale. The company acquired the asset in partnership with DVO Real Estate and RCG Longview. It invested about $2.4 billion …

December 2, 2015

California Office Western

Ocean West, Singerman Buy Long Beach Office Building for $35.2M

by Nellie Day December 2, 2015

LONG BEACH, CALIF. — A joint venture between Ocean West Capital Partners and Singerman Real Estate has acquired a 210,281-square-foot office complex in Long Beach for $35.2 million. The complex is located at 100 West Broadway Ave. within the Central Business and Pine Avenue entertainment districts. The two-tower, six-story property is currently 70.2 percent occupied. Major tenants include the City of Long Beach, Echo Global and Mental Health Association of America, as well as the newly renovated King’s Fish House and George’s Greek Café on the ground floor. CBRE’s Kevin Shannon, Brad Burton and Ken White represented the seller, Adler Realty Investments, in this transaction.

December 2, 2015

Georgia Mixed-Use Southeast

North American Properties Buys Colony Square in Midtown Atlanta for Nearly $170M

by John Nelson December 2, 2015

ATLANTA — North American Properties (NAP) has closed on a nearly $170 million deal to purchase and redevelop Colony Square, a two-tower mixed-use complex in Midtown Atlanta. The property is located at the intersection of 14th and Peachtree streets and features 700,000 square feet of office space, the W Atlanta-Midtown (not included in the sale),140,000 square feet of retail space and a 2,000-stall, covered parking garage. NAP and its capital partner purchased the project from Tishman Speyer and Rialto Capital Management, according to the Atlanta Business Chronicle.

December 2, 2015

Iowa Midwest Multifamily Student Housing

Pierce Buys Student Housing Community Near Iowa State University for $21.3 Million

by Christina Cannon December 2, 2015

AMES, IOWA — Pierce Education Properties (PEP) LP has purchased South Duff Community Park, an off-campus student housing community serving Iowa State University students in Ames, for $21.3 million. The seller was undisclosed. KeyBank Real Estate Capital provided debt financing of $11.4 million. South Duff Community Park is a 490-bed, 192-unit mixed-use community located just south of the Iowa State campus with studio, one-, two-, three-, four- and five-bedroom units, each with bed-to-bath parity, full-size appliances including washers and dryers in every unit, balconies and open green space with an adjoining 10-acre pet park. PEP plans to add large, flat-screen TVs and designer furniture packages in every unit. PEP will also introduce a shuttle service to and from campus. Community amenities include enclosed garage stalls, a 24-hour fitness center, basketball courts, free tanning salon and high-speed Internet. Iowa State University, which enrolls more than 34,400 students, has experienced a 23 percent growth in enrollment over the past five years.

December 2, 2015

Retail Texas

Sands Investment Group Secures Grocery Store Portfolio Sale Totaling $28.6M

by Haisten Willis December 1, 2015

GROVE, JENKS AND BIXBY, OKLA. — Sands Investment Group (SIG), a net lease firm, has arranged the sale of a portfolio of three grocery stores located in Oklahoma, including a Harps in Grove, a Reasor’s in Jenks and a Reasor’s in Bixby. Dan Hoogesteger and Andrew Chana of SIG’s Santa Monica, Calif., office represented the seller in all three transactions to the buyer, Ladder Capital Finance LLC. The triple net sales include the $5.03 million sale of a 31,500-square-foot Harps grocery store located at 1310 S. Main St. in the Harbor Point Shopping Center in Grove. Sold by WHLR-HPA-1 LLC, the Harps transaction was completed at a cap rate of 7.25 percent. The second transaction was the $12.16 million sale of an 81,000-square-foot Reasor’s grocery store located at 446 S. Elm St. in Jenks. Sold by WHLR JENKS LLC, the Reasor’s sale was completed at a cap rate of 7.5 percent. The final deal was the $10.97 million sale of a 74,889-square-foot Reasor’s grocery store located at 11116 S. Memorial Drive in Bixby. Sold by WHLR-BIXBY COMMONS LLC, the Reasor’s sale was completed at a cap rate of 7 percent. All three grocery stores were built in 2012 and have 17 …

December 1, 2015

California Retail Western

Hanley Investment Group Arranges $5.5M Sale of Hemet Plaza in Hemet

by Nellie Day December 1, 2015

HEMET, CALIF. — Hanley Investment Group has arranged the sale of Hemet Plaza, a shopping center located in Hemet east of Los Angeles. A Santa Ana-based private investor acquired the property for $5.5 million, representing a 6.3 percent cap rate. Situated on four acres, the property is occupied by Big Lots, True Value, Farmers Insurance, Jackson Hewitt Tax Services, Rent-A-Center, Metro PCS and U.S. Postal Service. The six-building center, which was built in 1985, was 71 percent occupied at the time of sale. Pat Kent of Hanley Investment Group represented both the seller, a private investor based in Tucson, Ariz., and the buyer in the transaction.

December 1, 2015

California Retail Western

Avison Young Arranges 7,600 SF Restaurant Lease in Los Angeles

by Nellie Day December 1, 2015

LOS ANGELES — Avison Young has brokered a 10-year lease for 7,600 square feet of restaurant space at 1000 S. Olive St. within the South Park submarket of downtown Los Angeles. PSP Investment Group leased the space to Bar Mikkeller. The tenant is planning a total renovation of the site with a grand opening slated for early fall 2016. Bar Mikkeller, which has locations in Copenhagen, Denmark; San Francisco; Bangkok; Stockholm; Reykjavik, Iceland; Seoul, South Korea; and Tokyo, offers craft beer. Derrick Moore and Amit Parekh of Avison Young represented the landlord and tenant in the transaction.

December 1, 2015

Multifamily New York Northeast

Alpha Realty Arranges $10.5M Sale of Multifamily Property in Brooklyn

by Amy Works December 1, 2015

NEW YORK CITY — Alpha Realty has brokered the sale of a multifamily property located at 36-40 Linden St. in Brooklyn’s Bushwick section. A local private investor sold the property to Manhattan-based buyers for $10.5 million. The four-story building includes 38 apartments. Glenn Raff of Alpha Realty represented the buyers, while Lev Mavashev, also of Alpha Realty, represented the seller in the transaction.

December 1, 2015

Courtyard at Countryside Kohl's Clearwater

Florida Retail Southeast

North American Development Buys Retail Center in Clearwater for $25.5M

by John Nelson December 1, 2015

CLEARWATER, FLA. — An affiliate of North American Development Group has purchased Courtyard at Countryside, a retail center located at 2514-2532 State Road 580 in Clearwater, for $25.5 million. The center was fully leased at the time of sale to tenants such as Kohl’s, Total Wine & More, Panera Bread, EverBank, Salon Lofts, Sport Clips and Tijuana Flats. The center is directly across from Westfield Countryside, a 1.3 million-square-foot mall anchored by Dillard’s, Macy’s, JC Penney, Sears and Whole Foods Market. Michael Milano and Ron Schultz of Colliers International’s Tampa Bay office represented the seller, Skylark Plaza LLC, which developed the property in 2008.

December 1, 2015

Illinois Midwest Multifamily

Marcus & Millichap Brokers $6.5M Sale of Apartment Building in Chicago

by Christina Cannon December 1, 2015

CHICAGO — Marcus & Millichap has brokered the sale of a 19-unit apartment property in Chicago. The building, located at 3161 N. Orchard St., sold for $6.5 million. The three-story asset was fully renovated in 2013. Upgrades included granite countertops, new kitchen cabinets, stainless steel appliances, new bathrooms, plumbing and electric, porches and newly stained hardwood floors. Kyle Stengle listed the property on behalf of the seller and secured the buyer in the transaction. Both parties were limited liability companies.

December 1, 2015

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