sales_and_leases

Marcus & Millichap Brokers Sale of 4,050 SF Plot in Chicago Neighborhood Lincoln Park

by Jonathan Mehall August 3, 2015

CHICAGO —Marcus & Millichap brokered the sale of a 4,050-square-foot plot located in Lincoln Park at 738 W. Schubert Ave. in Chicago. The property sold for nearly $1.1 million. The lot is 25 feet wide by 162 feet deep and has RT-4 zoning (three flat, townhouses). The buyer plans on demolishing a vacant building currently on the land. Kyle Stengle of Marcus & Millichap’s Chicago office had the listing to market the property on behalf of the seller, a private investor. Stengle also secured the buyer, a local developer.

August 3, 2015

Arizona Healthcare Western

Phoenix Children’s Hospital Leases Space at Biltmore Commerce Center in Phoenix

by Nellie Day August 3, 2015

PHOENIX — Phoenix Children’s Hospital has leased 27,265 square feet of space at Biltmore Commerce Center in Phoenix. The Class A complex is located at 3200 E. Camelback Road within the Camelback Corridor. The new lease brings the center to nearly 96 percent occupancy. Other notable tenants include HDR Engineering, Lee & Associates, United Way, Greystar, North American Title Company, DeRito Partners and Miller Russell & Associates. Scott Maxwell of CRESA represented the hospital in the transaction. Bill Blake, Craig Coppola, Andrew Cheney and Colton Trauter of Lee & Associates represented the landlord, Lincoln Property Company.

August 3, 2015

California Multifamily Seniors Housing Western

Bascom Acquires Independent Living Community in California for $31.2M

by Nellie Day August 3, 2015

FONTANA, CALIF. — The Bascom Group LLC has acquired Courtyard Senior Apartments, a 344-unit independent living community in Fontana, for $31.2 million ($90,552 per unit). Built in 1989, Courtyard Senior Apartments consists of four three-story buildings on 8.5 acres. Gary Mozer and Katie Rodd of George Smith Partners arranged the debt financing, with One West Bank providing the new loan. Stephen Peters of Melody West was the broker for the sale. This marks Bascom’s 14th recent California acquisition and comes on the heels of the closing earlier this month of The Square Apartments, a 112-unit garden style apartment community in Downey, Calif., for $25.5 million. Bascom is a Irvine, Calif.-based private equity firm specializing in multifamily, commercial, and non-performing loans and real estate related investments and operating companies.

August 3, 2015

Massachusetts Northeast Retail

Bierbrier Development Sells Montello Plaza in Brockton for $18.7M

by Amy Works August 3, 2015

BROCKTON, MASS. — Bierbrier Development has completed the disposition of Montello Plaza, a freestanding retail property located at the intersection of routes 28 and 37 in Brockton. VEREIT, successor to American Realty Capital, acquired the 64,500-square-foot property for $18.7 million. The property is occupied by Stop & Shop. Frank Giso and David Currie of Choate, Hall & Stewart represented Bierbrier Development. VEREIT handled the transaction on behalf of the entity owner, Cole Credit Property Trust IV Inc. Todd Trombley and Robert Horwath of Marcus & Millichap brokered the transaction.

August 3, 2015

Industrial Texas

JLM Arranges Industrial Build-to-Suit Lease in Houston

by Haisten Willis August 3, 2015

HOUSTON — JLM Commercial Advisors has negotiated a build-to-suit lease of an 8.5-acre industrial tract with 21,500 square feet of workshop space and 8,500 square feet of office space. The space will be used for Pipeline Research Council International’s technology development center. The complex is located at 6410 Langfield Road in the Northwest Crossing Industrial Park. The property will be one of the largest independent pipeline testing facilities of its kind in the world. Lane Guinn of JLM Commercial Advisors represented the tenant in the negotiations. Dan Zoch of The Carson Cos. represented the landlord, Carson-VA Industrial.

August 3, 2015

Retail Southeast Tennessee

Ziff Properties Acquires Shopping Center in Metro Memphis for $7.4M

by John Nelson August 3, 2015

COLLIERVILLE, TENN. — Ziff Properties Inc. has purchased The Shops at Collierville, a 60,000-square-foot retail center located in Collierville, a Memphis suburb, for $7.4 million. The property’s tenant roster includes Starbucks Coffee, Medpost Urgent Care, Back Yard Burgers, Pizza Hut, Baskin Robbins and The UPS Store. Sheldon Griffin of Baker Storey McDonald Properties represented Ziff Properties in the transaction.

August 3, 2015

Hospitality Midwest Missouri

The Marcus Corporation Agrees to Sell Historic Hotel Phillips in Kansas City, Mo.

by Jonathan Mehall July 31, 2015

KANSAS CITY, MO. — The Marcus Corporation has agreed to sell the historic Hotel Phillips in Kansas City to an affiliate of Chicago-based Arbor Lodging Partners, a national owner and manager of hotels. Terms of the transaction were not disclosed. The Marcus Corporation has owned and managed the 217-room Hotel Phillips for 14 years. The hotel, which dates back to 1929, offers over 11,000 square feet of meeting and function space, as well as a restaurant and lounge. The official sale and transition of management will take place Sept. 1.

July 31, 2015

Midwest Minnesota Mixed-Use

Fairbridge to Develop 86,764 SF Build-to-Suit Industrial Property in Coon Rapids, Minn.

by Jonathan Mehall July 31, 2015

COON RAPIDS, MINN. — Fairbridge Properties has unveiled plans for the development of an 86,764-square-foot build-to-suite office and industrial building located at 8840 Evergreen Blvd. NW in Coon Rapids, approximately 15 miles north of Minneapolis. The project costs were undisclosed. The project will take place on the same property that is occupied by a 261,805-square-foot building that is 100 percent leased and owned by Fairbridge. Honeywell Aerospace and Boston Scientific are tenants of the existing property. The space is used for research, development and light manufacturing. The new building will be equipped with several 9-by-10-foot insulated loading dock doors and manual dock levelers and dock seals. Construction is scheduled to begin late this year. Dan Friedner and Jay Chmieleski of Colliers International’s Minneapolis-St. Paul office were retained to market the building to prospective tenants.

July 31, 2015

Healthcare Illinois Midwest

Marcus & Millichap Brokers Sale of 6,780 SF Net-Leased Medical Facility in Elmhurst, Ill.

by Jonathan Mehall July 31, 2015

ELMHURST, ILL. — Marcus & Millichap has brokered the sale of a net-leased 6,780-square-foot medical facility in Elmhurst, approximately 20 miles west of Chicago. Elmhurst Memorial Medical sold for $1.98 million, 97 percent of its original listing price, and is located at 429 N. York St. The recent merger of Elmhurst Memorial Healthcare and Edward Hospital & Health Services created one of Illinois’ largest integrated health systems with 50 locations. Combined, the health system’s total revenue equals $1 billion. In addition to the 50 locations, Elmhurst Medical has three hospitals, 7,700 employees and 1,680 staff physicians. Austin Weisenbeck, Sean Sharko and Adrian Mendoza of Marcus & Millichap’s Chicago office had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a private South Dakota-based investor, was also secured by Sharko, Weisenbeck and Mendoza.

July 31, 2015

Industrial Midwest Wisconsin

Dickman Company Brokers Sale of 52,820 SF Industrial Building in Menomonee Falls, Wis.

by Jonathan Mehall July 31, 2015

MENOMONEE FALLS, WIS. — The Dickman Company Inc./CORFAC International has brokered the sale of a 52,820-square-foot building located at Megal Drive in Menomonee Falls, 20 miles northwest of Milwaukee. Terms of the transaction were undisclosed. Jablonka Investments LLP purchased the building from the Jerona LLC. Samuel Dickman Jr., Samuel Dickman and Nick Keys represented the seller. Trent Poole of CBRE represented the buyer in this transaction.

July 31, 2015

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