sales_and_leases

ROIC California LLC Acquires Jackson Square Shopping in Hayward for $32.5M

by Nellie Day August 21, 2015

HAYWARD, CALIF. — ROIC California LLC, a subsidiary of Retail Opportunity Investments Corp., has acquired Jackson Square, located at the southwest corner of West Jackson Street and Amador Street in Hayward. Terramar Retail Centers LLC sold the property for $32.5 million. The fully occupied, 114,220-square-foot retail center is anchored by Safeway, CVS and 24 Hour Fitness. Additional in-line tenants include Starbucks Coffee, Chase Bank, Round Table Pizza and Patelco Credit Union. Dan Wald, Eric Kathrein and Justin Sharp of DTZ represented the seller in the transaction.

August 21, 2015

California Multifamily Western

JGrant Apartment Building in Pasadena Sold for $26.2M

by Nellie Day August 21, 2015

PASADENA, CALIF. — An unnamed buyer has acquired the 50-unit JGrant apartment complex in Pasadena for $26.2 million. The community is located at 119 South Los Robles Ave. The developer originally designed JGrant as a luxury condo complex. The buyer plans to lease the individual units, however, due to the “the strength of the multifamily investment market, the desirability of the location, the attractiveness of the debt market and the limited new supply,” according to Berkadia, which executed the transaction. The Berkadia team consisted of Dean Zander, Vince Norris and Mark Ventre.

August 21, 2015

Multifamily Retail Texas

Terra Verde Group, Wheelock Street Capital Acquire Boot Ranch in Central Texas

by Haisten Willis August 21, 2015

FREDERICKSBURG, TEXAS — Terra Verde Group, in a partnership with Wheelock Street Capital, has acquired Boot Ranch, a 2,052-acre master-planned community located in Fredericksburg, from Lehman Brothers. The acquisition includes estate and cabin home sites, a 55,000-square-foot clubhouse and village complex, a 4.5-acre pool and sports campus, an 18-hole golf course, a 34-acre golf practice park and a par-3 course. The new ownership group plans a regional marketing outreach for the property. Additional amenity enhancements are scheduled for 2016.

August 21, 2015

Georgia Office Southeast

Rubenstein Partners Sells Office Campus in Atlanta’s Central Perimeter Submarket

by John Nelson August 21, 2015

ATLANTA — Rubenstein Partners LP has sold Sterling Pointe, a two-building, Class A office campus spanning 351,345 square feet in Atlanta’s Central Perimeter submarket. The buyer, a joint venture between Harbert Management Corp. and The Simpson Organization Inc., purchased the office property for an undisclosed price. Mercedes-Benz USA recently leased 89,910 square feet at Sterling Pointe II for its temporary corporate headquarters. William Yowell, Jay O’Meara and Justin Parsonnet of CBRE represented Rubenstein Partners in the sale. Rubenstein recently sold 3.5 acres of former parking lots on the campus for a new hotel and retail space. A hotel is currently under construction and will deliver in January 2016, and a new Corner Bakery Café and other restaurants will open this fall.

August 21, 2015

Indiana Industrial Midwest

Opus Completes 1.6M SF Distribution Center for ConAgra Foods in Frankfort, Ind.

by Jonathan Mehall August 20, 2015

FRANKFORT, IND. — The Opus Group has completed the construction of a 1.6 million-square-foot distribution center for Omaha-based ConAgra Foods in Frankfort, about 46 miles north of Indianapolis. The center is situated on 288 acres of land and houses over 200 employees. The distribution center features 15,000 square feet of office space, 34-foot clear heights in the warehouse, 125 dock doors, 10 rail doors and more than 850 trailer parking spaces. Shipments to customers from the center began in July. The Opus Group developed, designed and built the property.

August 20, 2015

Illinois Midwest Mixed-Use

Nordic Realty Partners Closes on Purchase of Three-Story, Mixed-Use Property in Chicago

by Jonathan Mehall August 20, 2015

CHICAGO — Nordic Realty Partners LLC has closed on the acquisition of a three-story mixed-use property located at 3824 N. Clark St. in Chicago’s Wrigleyville neighborhood. Nordic Realty Partners originally purchased the property for an undisclosed price. Properties in the Wrigleyville area are becoming more attractive and desirable due to the $575 million 1060 Project underway at Wrigley Field. 1060 Project is a four-year, four-phase renovation plan for Wrigley Field set forth by the Chicago Cubs management. Nordic Realty Partners LLC represented the undisclosed buyer and Beaulieu Real Estate represented the undisclosed seller.

August 20, 2015

Illinois Midwest Multifamily

Marcus & Millichap Brokers Sale of Apartment Building in Ottawa, Ill. for $1.8M

by Jonathan Mehall August 20, 2015

OTTAWA, ILL. — Marcus & Millichap has brokered the sale of a 48-unit apartment property for $1.8 million located at 600-606 E. McKinley Rd. in Ottawa, approximately 80 miles south of Rockford, Ill. Willow Crossing Apartments features mostly two-bedroom units, with individual gas furnaces and water heaters for each unit. The property also includes a lot zoned for a third, 24-unit building. Jim Walsh represented the buyer and seller, both of which were individuals/personal trusts.

August 20, 2015

Arizona Multifamily Student Housing

National Asset Services Arranges Sale of Gateway at Tempe Near Arizona State

by Nellie Day August 20, 2015

TEMPE, Ariz. — National Asset Services (NAS) has arranged the sale of Gateway at Tempe, a student housing property located approximately one mile east of Arizona State University in Tempe. An undisclosed buyer purchased Gateway from a group of 33 tenant-in-common (TIC) co-owners that NAS advised during the transaction process. Built in 1998, Gateway at Tempe was purchased by the TIC group in December 2006 for $55.8 million. NAS assumed asset management responsibilities for the property in 2010. Gateway at Tempe is one of the largest student housing properties in the Arizona State University area, with 918 beds and 288 units. Situated on approximately 19 acres, the garden-style student living community consists of 19 two- and three-story wood-frame residential buildings and a single-story clubhouse/leasing building. The residential buildings contain 289,704 square feet of net rentable area, which equates to an average unit size of 1,006 square feet. The apartment community features a swimming pool, basketball court, two lighted tennis courts, a fire pavilion and a lighted sand volleyball court.

August 20, 2015

Georgia Retail Southeast

Colliers Brokers $30M Sale of Shopping Center in West Georgia

by John Nelson August 20, 2015

COLUMBUS, GA. — Colliers International has brokered the $30 million sale of The Landings, a 277,000-square-foot lifestyle and community shopping center located along Airport Thruway in Columbus, a city in west Georgia near the Alabama/Georgia border. The Landings’ tenant roster includes Kinnucan’s, Outback, Baskin Robbins, I Love Juice Bar, Plato’s Closet, Chicken Salad Chick, McDonald’s, Baldwin Interiors, Taco Bell, Office Depot, Petland, Subway and Fuddrucker’s. Joe Montgomery, Tony D’Ambrosio, Hank Hall and Trevor Ritter of Colliers International’s Atlanta office represented the seller, a subsidiary of the Woodruff Cos., which will continue to provide property management and leasing services for The Landings on-site.

August 20, 2015

New York Northeast Office

Blesso Properties Acquires Development Site in Brooklyn for $32.8M

by Amy Works August 19, 2015

NEW YORK CITY — Blesso Properties has acquired the Broad and Boerum Building, located at 525 Broadway in Brooklyn’s Williamsburg neighborhood. The asset sold for $32.8 million, or $173 per buildable square foot. Formerly a branch of Lincoln Savings Bank, the property consists of a 60,300-square-foot office building and a 13,000-square-foot parking area. The site offers 189,150 buildable square feet. Michael Amirkhanian and Brendan Maddigan of Cushman & Wakefield represented the seller, Broad and Boerum LLC, while Benjamin Shafran of Citicore represented the buyer in the transaction.

August 19, 2015

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