sales_and_leases

KJ Commercial Represents Buyer in Sale of 13,433 SF Mixed-Use Building in Dearborn, Mich.

by Jonathan Mehall July 31, 2015

DEARBORN, MICH. — KJ Commercial Real Estate Advisors represented Real Estate 1000 LLC in the acquisition of a 13,433-square-foot mixed-use building located at 22085-22091 Michigan Ave. in Dearborn, a western suburb of Detroit. The seller was undisclosed. The property sold for $950,000 and was 100 percent occupied at the time of purchase. Tenants include Bailey’s Sports Grille, Salon West Dearborn, and a Don Yeyo Cigar Factory. Kevin Jappaya of KJ Commercial represented the buyer in the transaction.

July 31, 2015

Boston Properties to Sell Office Property in Washington, D.C. for $318M

by Jonathan Mehall July 31, 2015

WASHINGTON, D.C. — Boston Properties (NYSE: BXP) has entered into a binding agreement for the sale of a Class A office building located at 505 9th St. NW in Washington, D.C. for approximately $318 million, including the assumption of $117 million in mortgage debt. The buyer of the 321,943-square-foot building was undisclosed. Boston Properties developed and built the property in 2007. Boston Properties owns a 50 percent interest in the office building as part of a joint venture. The completion of the sale is expected by the end of the third quarter. 505 9th St. NW is located midway between the White House and the U.S. Capitol and just two blocks from both Pennsylvania Avenue and the Verizon Center. The site is situated in the heart of the Penn Quarter in Washington D.C.’s East End submarket. The property features three levels of below-grade parking, two outdoor/roof top decks, a fitness center and in-building retail amenities, including an entertainment club. The primary tenant is law firm DLA Piper. Other tenants include AARP, law firm Duane Morris LLP and American College of Radiology. Boston Properties reported that its funds from operations (FFO), a closely watched metric among REITs, were $208.7 million in …

July 31, 2015

Office Texas

Boxer Property Negotiates 67,504 SF Office Lease in Houston

by Haisten Willis July 31, 2015

HOUSTON — Boxer Property has concluded lease negotiations on a 67,504-square-foot lease with a financial services company. The property is located in the Northwest Commerce Building at 14405 Walters Road, which is owned and managed by Boxer Property. Brian Hines, Trey Miller and Alex Kakhnovets negotiated the agreement on behalf of Boxer Property. Brokers Rich Pancioli, Peter Livaditis and Ian Murphy represented the tenant on behalf of CBRE. In 2014, the ownership completed a capital investment campaign in the property to upgrade common areas and amenities including renovated lobbies, outdoor and indoor seating areas, Wi-Fi service, tenant conference facilities and bolstered security service

July 31, 2015

California Multifamily Western

RRE Bonita Glen Holdings Buys The Villages at Bonita Glen in Chula Vista

by Nellie Day July 31, 2015

CHULA VISTA, CALIF. — RRE Bonita Glen Holdings has purchased The Villages at Bonita Glen, a 295-unit multifamily community in Chula Vista, for $49.1 million. The community is located at 240, 250, 254 and 260 Bonita Glen Drive and 72 Sandalwood Drive. The Villages was built in two phases in 1970 and 1988. It is fully occupied. Alex Mogharebi of Berkadia executed the transaction. The seller was Granite Investment Group.

July 31, 2015

Multifamily Washington Western

Hamilton Zanze & Co. Buys Lakeside Landing in Tacoma

by Nellie Day July 31, 2015

TACOMA, WASH. — Hamilton Zanze & Co. has purchased the 450-unit Lakeside Landing in Tacoma for an undisclosed sum. The community is located at 1414 South Mildred St., near Washington State Route 16. Lakeside Landing was built in 1969. It features one- and two-bedroom units. The property was 95 percent occupied at the time of sale. Kenny Dudunakis and Jim Jensen of Berkadia executed the sale. The seller was not named.

July 31, 2015

California Retail Western

Smart & Final Extra! in Moreno Valley Sells for $7M

by Nellie Day July 31, 2015

MORENO VALLEY, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a two-tenant retail building occupied by Smart & Final Extra! and Dollar Tree, which sold for just over $7 million. Ed Hanley and Bill Asher of Hanley represented the seller, Brad Becker of Becker Properties. The property was sold to GBF Investment LLC, represented by Bob Bonanomi of CBRE.

July 31, 2015

Mixed-Use Multifamily New York Northeast Office Retail

Cushman & Wakefield Arranges $13.2M Sale of Mixed-Use Property in Manhattan

by Amy Works July 30, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use property located at 23 E. 17th St. in Manhattan’s Ladies’ Mile Historic District. The 10,998-square-foot property sold for $13.2 million, or $1,205 per square foot. Built in 1902, the six-story property consists of two ground-floor retail spaces, one second-floor commercial space and apartment units on the upper floors. Thomas Gammino Jr., John Ciraulo and Craig Waggner of Cushman & Wakefield brokered the transaction. The names of the buyer and seller were not released.

July 30, 2015

Midwest Missouri Mixed-Use

Trammell Crow Breaks Ground on 432,640 SF Distribution Center in Kansas City, Mo.

by Jonathan Mehall July 30, 2015

KANSAS CITY, MO. — Trammell Crow Co. (TCC), in partnership with Clarion Partners, has broken ground on a 432,640-square-foot distribution center on a speculative basis at the KCI Intermodal Business Centre. LogisticsCentre IV will consist of light manufacturing, warehouse and distribution space situated on approximately 26 acres. According to Trammell Crow, demand for industrial space in the Kansas City metro area continues to be driven by a strong automotive manufacturing commitment from General Motors Co. and Ford Motor Co., plus significant investments in rail intermodal facilities. The total cost of the development is projected to exceed $216 million. The project, which is slated for completion in March 2016, is located at the crossroads of I-29 and I-435.

July 30, 2015

Illinois Midwest Multifamily Seniors Housing

Caddis Partners With Pathway Senior Living to Develop Assisted Living Community in Peoria, Ill.

by Jonathan Mehall July 30, 2015

PEORIA, ILL. — Healthcare real estate firm Caddis has partnered with Pathway Senior Living LLC to develop a senior living community in Peoria. Heartis Peoria will be a 94-unit assisted living and memory care facility encompassing 97,000 square feet. Among the amenities at Heartis Peoria will be two interior courtyards, a large dining room and private dining room, an arts and crafts room and a media room. Construction is slated for completion in the fall of 2016. Caddis will own the property and Pathway Senior Living will manage the facility. The architect for the project is Austin, Texas-based KATUS, and the general contractor is McShane Construction Co. LLC, which is headquartered in Rosemont, Ill. Bank of Texas is providing construction financing.

July 30, 2015

Iowa Midwest Multifamily

R&R Completes Development of 127-Unit Luxury Apartment Property in West Des Moines

by Jonathan Mehall July 30, 2015

WEST DES MOINES, IOWA — R&R Realty Group has completed the development of Sierra Pointe Apartments, a luxury community located at 7171 Woodland Ave. in West Des Moines. Sierra Pointe features an on-site saltwater pool, walk-in closets, underground heated parking, plus free Internet access. The 127-unit, three-story building is located in a convenient area near hospitals, churches, medical offices and Jordan Creek Town Center, a regional mall.

July 30, 2015

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