sales_and_leases

Interra Realty Arranges Sales of Two Multifamily Properties in Chicago for $3.9M

by Christina Cannon October 8, 2015

CHICAGO — In separate transactions, Interra Realty has arranged the sale of two apartment properties on the north side of Chicago for a total of $3.9 million. A 12-unit property located at 3748 W. School St. in Avondale sold for $2 million, or $170,000 per unit. The 13,300-square-foot building was constructed in 1918 and renovated in 2007. The property was originally slated to be condos. The building has been operating as a rental property for the last eight years. A 19-unit property located at 6971 N. Greenview Ave. in Rogers Park sold to an undisclosed cash buyer for $1.9 million, or $100,000 per unit. The 15,200-square-foot property traded at a cap rate of 5.1 percent and was built in 1930. James Clough and Joe Smazal of Interra represented both undisclosed parties in the transactions.

October 8, 2015

Indiana Midwest Retail

Quantum Brokers $1.9M Sale of 36,800 SF Property in Merrillville, Ind.

by Christina Cannon October 8, 2015

MERRILLVILLE, IND. — Quantum Real Estate Advisors Inc. has brokered the sale of a 36,800-square-foot, multi-tenant retail building located at 5160-5210 E. 81st Ave. in Merrillville, approximately 40 miles southeast of Chicago. The property, Madalyn Plaza, sold for $1.9 million and is comprised of two multi-tenant retail buildings and two warehouse units. The two retail buildings, which total 22,406 square feet, are currently 71 percent occupied. Chad Firsel of Quantum was the sole broker in the transaction.

October 8, 2015

Erwin Square Plaza Durham Duke University

North Carolina Office Southeast

Federal Capital Partners Signs Duke University to 188,000 SF Lease Renewal, Expansion in Durham

by John Nelson October 7, 2015

DURHAM, N.C. — Federal Capital Partners (FCP) has signed Duke University to a lease renewal and expansion totaling 188,000 square feet in Durham. Duke has extended its lease at Erwin Square Plaza, a Class A, 238,792-square-foot office tower located on Main Street in downtown Durham. Duke University and its affiliates currently lease a majority of the building. FCP’s property is also home to restaurants such as Parizade Café, Local 22 and Guasaca. Brad Corsmeier and John Brewer of CBRE|Raleigh represented FCP in the lease transaction. Austin Koon, Jeff Miller and Maggie Clougherty of Davis Moore Advisors represented Duke University.

October 7, 2015

California Hospitality Western

RLJ Lodging Trust Buys Residence Inn by Marriott in Los Altos for $70M

by Nellie Day October 7, 2015

LOS ALTOS, CALIF. — RLJ Lodging Trust has purchased Los Altos Hotel Associates LLC’s interest in the 156-room Residence Inn by Marriott in the Silicon Valley submarket of Los Altos for $70 million. The hotel is located at 4460 El Camino Real. The Residence Inn opened in 2000. It recently underwent a renovation that included upgrades to the public areas and guestrooms. The hotel caters to extended-stay travelers visiting nearby Palo Alto and Stanford University. Major corporate employers in the area include Hewlett Packard, VMware, SAP, Google, Intuit, Stanford University and Hospital and LinkedIn. Scott Griemsmann of Paramount Lodging Advisors represented the seller in this transaction.

October 7, 2015

California Office Western

Creative Office Campus in Costa Mesa Sells for $48M

by Nellie Day October 7, 2015

COSTA MESA, CALIF. — Steelwave & Goldman Sachs has purchased a 180,000-square-foot office campus in Costa Mesa for $48 million. The property is located at 3333 South Susan St. The seller, Emulex Corp., occupies the largest of the three buildings. The remaining two vacant buildings contain a total of 84,000 square feet that will be repositioned as creative office space. The site features 14.2 acres with 3.2 acres that can be used for future development. CBRE’s Paul Jones, Kevin Shannon, Gary Stache, Anthony Delorenzo and Blake Bokosky represented Emulex in the deal.

October 7, 2015

California Industrial Western

Lagunitas Brewing Leases Industrial Facility in Azusa

by Nellie Day October 7, 2015

AZUSA, CALIF. — Lagunitas Brewing Company has leased 254,840 square feet of industrial space in Azusa. The new space will be situated inside a speculative, three-building industrial business park located at 1207 – 1223 10th Street. The site offers easy access to Interstates 210, 605 and 5. The facility will serve as the company’s third production brewery, with an initial capacity of about 420,000 barrels per year. JLL’s Paul Sablock, Nicole Welch and Peter McWilliams represented both the landlord, Xebec, and Lagunitas in this lease transaction.

October 7, 2015

California Multifamily Western

Lincoln Gardens Apartments in Napa Sells for $9M

by Nellie Day October 6, 2015

NAPA, CALIF. — A limited liability company has acquired the 30-unit Lincoln Gardens Apartments in Napa for $9 million. The community is located at 1802 F St. It was built in 2004. Brad Pennington and John Garrett of Marcus & Millichap’s San Francisco office represented both the buyer and seller, another LLC.

October 6, 2015

California Industrial Western

Dedeaux Properties Buys Eight Industrial Properties in Los Angeles

by Nellie Day October 6, 2015

LOS ANGELES — Dedeaux Properties has purchased an eight-property industrial portfolio totaling 121,162 square feet in the Los Angeles submarket of Santa Fe Springs for an undisclosed price. The properties are located near the Milroy Place cul-de-sac. CBRE’s Tom Dorman and Steve Young represented the seller, Adaya Family Trust.

October 6, 2015

Arizona Retail Western

Marcus & Millichap Arranges $5.4M Sale of Walgreens Net-Leased Property

by Nellie Day October 6, 2015

MARANA, ARIZ. — Marcus & Millichap has arranged the $5.4 million sale of a 14,820-square-foot net-leased Walgreens property located in Marana. Jamie Medress and Mark Ruble of Marcus & Millichap worked on behalf of the seller, a developer, and Ryan Shook and Evan Barry of Marcus & Millichap worked on behalf of the buyer, a limited liability company, in the transaction.

October 6, 2015

California Office Western

Molina Healthcare Leases Space at One World Trade Center in Long Beach

by Nellie Day October 6, 2015

LONG BEACH, CALIF. — Molina Healthcare has leased 73,486 square feet of office space at One World Trade Center in Downtown Long Beach. The facility will serve as an expansion for the company’s corporate headquarters, which is located across the street. Damion McKinney and Jamie Keller of McKinney Advisory Group represented Molina in the lease. JLL’s Steve Solomon, Jason Fine and Kristen Bowman, along with CBRE’s Dave Smith represented the landlords, Greenlaw Partners, Walton St. Capital and Stillwater Investment Group.

October 6, 2015

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