sales_and_leases

Anthem Blue Cross Building in Thousand Oaks Changes Hands

by Nellie Day August 12, 2015

LOS ANGELES — A private Asian investor has purchased a 106,560-square-foot office building in the Los Angeles submarket of Thousand Oaks for $19.1 million. The building is fully occupied by Anthem Blue Cross of California. The property is located at 2000 Corporate Center Drive. Anthem has occupied the building since 1993. There are more than seven years remaining on the lease. CBRE’s Kevin Shannon, Brad Burton, Mike Moll, Ken White, Michael Longo, Tom Dwyer and Michael Slater represented the seller, Gramercy Property Trust.

August 12, 2015

Michigan Midwest Retail

Mid-America Arranges Sale of 99,564 SF Grocery-Anchored Center in West Michigan

by Jeff Shaw August 11, 2015

WAYLAND, MICH. — Mid-America Real Estate Corp. has brokered the sale of Chambers Corners, a 99,564-square-foot, grocery-anchored retail center in Wayland, about 21 miles south of Grand Rapids, Mich. The sales price was undisclosed. A private investment group led by Joel Kiss of Ramapo, N.Y.-based Northeast Capital Group and Jacob Berger of Montreal, Quebec-based Hampton Properties purchased the retail center. The seller was an undisclosed public real estate investment trust. Chambers Corners is located at the southeast corner of U.S. 131 and Superior Street in Wayland, an established bedroom community. The retail center is anchored by Harding’s Friendly Market and Family Farm & Home, and is complemented by tenants including Family Dollar, Sprint and Hungry Howie’s Pizza. Carly Gallagher and Ben Wineman of Mid-America Real Estate Corp., in cooperation with Daniel Stern of Mid-America Real Estate–Michigan Inc., were the exclusive brokers in the transaction on behalf of the public REIT.

August 11, 2015

Midwest Multifamily Ohio

Reichle Klein Group Brokers $4.15M Apartment Sale in Bowling Green, Ohio

by Jeff Shaw August 11, 2015

BOWLING GREEN, OHIO — Reichle Klein Group has brokered the $4.15 million sale of Green Meadow Apartments, a 190-unit apartment complex in Bowling Green, about 25 miles south of Toledo. Located at 214 Napoleon Road, Green Meadows Apartments consists of one- and two-bedroom units. The apartment complex features a centralized laundry facility, 24-hour maintenance service, locked mailboxes and ample parking. Green Meadow Apartments is within walking distance of local drug, automotive, grocery and furniture stores. Walter (Tony) Plath and Harlan Reichle of Reichle Klein Group’s Investment Property Advisors Apartment Group represented the seller, a private investor from Santa Barbara, Calif., in the transaction. The buyer was Park Avenue Realty of Union, N.J.

August 11, 2015

Oakley Industrial Machinery Inc. is a tenant at 1601 Lunt Ave.

Illinois Industrial Midwest

Lee & Associates Arranges 35,791 SF Industrial Lease in Elk Grove, Ill.

by Jeff Shaw August 11, 2015

ELK GROVE VILLAGE, ILL. — Lee & Associates has negotiated a lease for a 35,791-square-foot industrial space located at 1601 Lunt Ave. in Elk Grove Village, approximately 25 miles northwest of Chicago. Chris Nelson, principal at Lee & Associates of Illinois, represented the landlord, Colony Capital. Phil Reif of Paine Wetzel represented the tenant, Oakley Industrial Machinery Inc., a manufacturer of heating element production machinery and terminal pins.

August 11, 2015

Georgia Retail Southeast

Blanchard & Calhoun Brokers $19.5M Sale of Two Publix-Anchored Centers in Metro Atlanta

by John Nelson August 11, 2015

ALPHARETTA AND LOCUST GROVE, GA. — Blanchard & Calhoun Commercial has brokered the $19.5 million sale of two Publix-anchored shopping centers in metro Atlanta. The properties include the 82,905-square-foot Birmingham Village in Alpharetta and the 89,567-square-foot Shoppes at Locust Grove in Locust Grove. Birmingham Village was 78 percent leased and Shoppes at Locust Grove was 71 percent leased at the time of sale. Blanchard & Calhoun represented the buyer, an international REIT, in the transaction. The seller was the original developer of the two shopping centers.

August 11, 2015

California Retail Western

McGrath Family Sells 294,428 SF Retail Portfolio in San Diego for $107.1M

by Nellie Day August 11, 2015

SAN DIEGO — The McGrath Family has completed the disposition of a retail portfolio encompassing 294,428 square feet along Clairemont Mesa Boulevard and Shawline Drive in San Diego’s Kearny Mesa submarket. New York-based Clarion Partners and San Diego-based HP Investors acquired the portfolio on behalf of one of the partnership’s commingled funds for $107.1 million. Situated on 29 acres, the portfolio consists of six single-tenant retail properties and one retail strip center. Tenants at the fully leased portfolio include Walmart, LA Fitness, McDonald’s, Food 4 Less, Starbucks Coffee, Verizon and Chipotle, among others. Randy LaChance and Mark Caston of Voit Real Estate Services represented the seller in the transaction. The buyer was self-represented in the deal.

August 11, 2015

Arizona Retail Western

Capital Forsight Buys Walgreens Building in Tucson for $9.7M

by Nellie Day August 11, 2015

TUCSON, ARIZ. — Capital Forsight has purchased a 15,413-square-foot building in Tucson that is triple-net leased to Walgreens for $9.7 million. The building is located at 7111 East Golf Links Road. It is an outparcel to the 99 Cent Only-anchored Desert Square Shopping Center. Walgreens is corporate-guaranteed and has 23 years remaining on its 25-year initial term. CAPRE Real Estate Investments represented Capital Forsight. Nick Coo, Matt Mousavi and Patrick Luther of Faris Lee Investments represented the seller, Sierra Industrial.

August 11, 2015

California Retail Western

Lee & Associates Arranges $36.7M Sale of Puente Hills East

by Nellie Day August 11, 2015

CITY OF INDUSTRY, CALIF. — Lee & Associates has arranged the sale of Puente Hills East, a 195,063-square-foot shopping center located in City of Industry, for $36.7 million. The Target-anchored center was 100 percent occupied at the time of sale by tenants including Ross Dress for Less, PetSmart, Old Navy, Ulta Beauty, Wells Fargo and Macaroni Grill. Ryan Swanson and Kurt Bruggeman of Lee & Associates represented the buyer, a private investor, and Dixie Walker, Charley Simpson and Andrew Milne of DTZ represented the seller, The James Campbell Company, in the transaction.

August 11, 2015

Loans Northeast Office Pennsylvania

CBRE Group Arranges $49.7M Financing for Public Ledger Building in Philadelphia

by Amy Works August 11, 2015

PHILADELPHIA — CBRE Group Inc. has arranged $49.7 million in acquisition and renovation financing for the Public Ledger Building in Philadelphia. The borrower, Purchase, N.Y.-based Carlyle Development Group, received short-term acquisition financing for a three-year term with two one-year extensions for the purpose of acquiring and improving the property. (The Public Ledger was a daily newspaper in Philadelphia published from 1836 to 1942.) The bridge financing allows the borrower to receive additional proceeds for future lease-up and general building renovations, as well as the flexibility to operate and dispose of the asset as needed. Located at 600 Chestnut St., the 534,004-square-foot property is 65 percent occupied, with The United States of America General Services Administration as the largest tenant. James Gunning, Donna Falzarano and Evan Kleppe of CBRE arranged the financing with a national debt fund.

August 11, 2015

Mixed-Use Multifamily New York Northeast Retail

Cushman & Wakefield Brokers Sale of Two Mixed-Use Properties in Manhattan

by Amy Works August 10, 2015

NEW YORK CITY — Cushman & Wakefield has arranged the sale of two contiguous mixed-use properties at 1703-1705 Second Ave. on Manhattan’s Upper East Side. The two five-story buildings sold for $22.2 million, or $1,498 per square foot, in an all-cash transaction. Previously home to Elaine’s restaurant, the properties, which total 15,350 square feet, feature one store unit and 16 market-rate residential units. The apartment units, which recently underwent renovation, feature stainless steel appliances, new hardwood floors, washers/dryers, new windows and new electric service. Thomas Gammino Jr. of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.

August 10, 2015

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