sales_and_leases

The Abbey Company Receives $310M to Recapitalize SoCal Portfolio

by Nellie Day September 16, 2015

LOS ANGELES — The Abbey Co. has received a $310 million bridge loan to recapitalize a 34-property Southern California portfolio. The assets securing the loan total about 3 million square feet of office, industrial and retail properties. The properties are situated throughout the Inland Empire, San Diego, Los Angeles and Orange counties. The proceeds were used to refinance two maturing CMBS loans and increase cash flow across the portfolio. David Blitz of Nebo Capital arranged the interest-only loan. Sklar Kirsh acted as the firm’s legal advisors.

September 16, 2015

Arizona Office Western

Physicians Realty Trust Buys Medical Office Portfolio in Phoenix for $141M

by Nellie Day September 16, 2015

PHOENIX — Physicians Realty Trust has acquired the Integrated Medical Services portfolio, which contains four Class A medical office buildings in Phoenix, for $141 million. The acquisition set a new record as the highest price paid for an on-campus, multi-tenant medical office portfolio in Metro Phoenix, according to Newmark Grubb Knight Frank’s (NGKF) Phoenix office, which brokered the sale. The portfolio includes a total of 406,894 square feet, which equated to a price tag of $347 per square foot. The sale includes Paradise Valley IMS, North Mountain IMS Medical Building, Palm Valley Medical Office Building and Avondale IMS. The portfolio is currently 96 percent leased on average. It is anchored by physician practice groups. The properties were built between 2004 and 2009. Physicians Realty Trust represented itself in this transaction. NGKF’s Garth Hogan, Todd Perman, Trisha Talbot and Kathleen Morgan, in collaboration with Global Healthcare Services, represented the unnamed sellers.

September 16, 2015

Loans Multifamily New York Northeast

Meridian Capital Group Arranges $122.8M in Acquisition Financing for Vacant Residential Property

by Amy Works September 16, 2015

NEW YORK CITY — Meridian Capital Group has arranged a $122.8 million acquisition loan for the purchase of a vacant residential property located at 416 W. 52nd St. in the Clinton neighborhood of New York City. The borrower is Gaia Real Estate. The 36-month loan provided by TPG Real Estate Finance features a competitive floating rate and two 12-month options. Constructed in 1940 and gut-renovated in 2015, the 141,350-square-foot property features 156 apartments. All units are completely new and include premium appliances, custom cabinetry, designer fixtures, wood flooring and oversized windows. Building amenities include a furnished rooftop deck, a fitness center and tenant lounge, plus an interior courtyard. The gut renovation included the updating and replacing all aspects of the property from plumbing and electrical wires to refinishing and reconstructing all visible surfaces (floors, walls, ceilings, kitchens and baths). Ronnie Levine and Jeff Berkes of Meridian’s New York City office originated the loan.

September 16, 2015

Multifamily Texas

ARA Newmark Arranges Sale of 436-Unit Apartment Property in Metro Dallas

by Haisten Willis September 15, 2015

GRAND PRAIRIE, TEXAS — ARA Newmark has arranged the sale of Towns of Riverside, a 436-unit, Class A apartment property located in Grand Prairie. Irvine, Calif.-based Bascom Group was the buyer, and the company plans capital improvements on the property. Towns of Riverside was 96.5 percent occupied at the time of sale. ARA Newmark’s Brian O’Boyle, Sr., Brian Murphy and Brian O’Boyle, Jr. led the sales effort on behalf of Irvine, Calif.-based Passco Cos. Jamie Leachman of NGKF Capital Markets arranged debt financing on the deal. Towns of Riverside was constructed in 1999 and its average unit size is 997 square feet. Community amenities include a swimming pool, jogging trail, recreational area with sand volleyball, tennis and basketball courts and a fishing pier.

September 15, 2015

Arizona Hospitality Western

Holiday Inn Express Hotel & Suites in Tempe Sells for $11M

by Nellie Day September 15, 2015

TEMPE, ARIZ. — A 128-room Holiday Inn Express Hotel & Suites in Tempe has sold for $11 million. The buyer and seller were not disclosed. The hotel is located at 1520 W. Baseline Road. It was built in 1997. The hotel sits six miles from Phoenix Sky Harbor International Airport and 20 miles from Scottsdale Airport. Jon Grantham and James Meng of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer.

September 15, 2015

Arizona Retail Western

Cushman & Wakefield Arranges $8M Sale of Rancho Encanto in Phoenix

by Nellie Day September 15, 2015

PHOENIX — Cushman & Wakefield has arranged the $8 million sale of Rancho Encanto, a 70,859-square-foot, grocery-anchored shopping center in Phoenix. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller, Weingarten Nostat Inc., in the transaction. Massco Investments LLC acquired the property, which was 75.3 percent leased at the time of sale to tenants including Smart & Final, UFC Gym/LA Boxing, Springleaf Financial, Tandy Leather, Little Caesar’s Pizza and Southwest Title.

September 15, 2015

Connecticut New York Northeast Office Pennsylvania

Equity Commonwealth Sells 13 Properties for $261M, Expands Share Buyback Program

by Amy Works September 15, 2015

UPSTATE NEW YORK; HARTFORD, CONN.; AND PHILADELPHIA — Equity Commonwealth (NYSE: EQC), a real estate investment trust (REIT) based in Chicago, has sold 13 properties in three separate transactions totaling $261 million. In the first transaction, the company sold an 11-property portfolio of small office assets totaling 2 million square feet in upstate New York for $104.6 million. The company also sold City Place, an 868,000-square-foot office property at 185 Asylum St. in Hartford, Conn., for $113.3 million. The office is the tallest building in Hartford. As of June 30, the property was 98.7 percent leased. In the third transaction, Equity Commonwealth sold an undisclosed property at the corner of North 16th and Race streets in Philadelphia for $43 million. The 609,000-square-foot vacant property is currently vacant. The buyers in all three sales were not disclosed. Concurrent with the dispositions, Equity Commonwealth has doubled its share buyback program from $100 million to $200 million. The company has repurchased 3.4 million shares of its common stock at an average price of $25.76 per share for a total investment of $87.8 million. The company currently has $112.2 million available for share repurchases over the next 12 months. Equity Commonwealth’s stock price closed …

September 15, 2015

Michigan Midwest Multifamily

Commercial Property Advisors Brokers $15.2M Sale of Apartment Complex

by Christina Cannon September 15, 2015

OAK PARK, MICH. — Commercial Property Advisors has brokered the sale of Providence Green Apartments located at 25500 Greenfield Road in Oak Park. Loop on Greenfield LLC bought the 717-unit apartment complex located north of Detroit from Wood Stone Providence Green LLC for $15.2 million. The 526,693-square-foot property was 33 percent occupied at closing and will be renamed The Loop on Greenfield.

September 15, 2015

Indiana Midwest Office

Cushman & Wakefield Arranges Sale of 203,250 SF Office Building

by Christina Cannon September 15, 2015

INDIANAPOLIS — Cushman & Wakefield | Summit Realty Group has arranged the sale of 130 E Washington St., a 203,250-square-foot office building in downtown Indianapolis for $9.2 million. Cushman & Wakefield (C&W)|Summit marketed the property on behalf of the seller, Perennial Washington St. LLC. Onward Investors LLC purchased the asset. The building was formerly known as the Meyer-Kiser Bank Building. Tenants of the property include Arcadis and the national governing bodies of USA Track and Field, Diving, Gymnastics, and Synchronized Swimming. Summit Realty Group has also been retained by new ownership to oversee property management and leasing of the project.

September 15, 2015

Illinois Midwest Retail

Transwestern Brokers Sale of 105,000 SF Retail Center on Behalf of Seller

by Christina Cannon September 15, 2015

OAK LAWN, ILL. — Transwestern has brokered the sale of Stony Creek Promenade, which is located at 4800 W 111th St. in Oak Lawn. MEPT purchased the 105,000-square-foot retail center from the developer, Hamilton Partners, for an undisclosed amount. Janice Sellis and Paul Barile of Transwestern represented the developer in the transaction.

September 15, 2015

Newer Posts

Older Posts