sales_and_leases

Greysteel Arranges Sale of Apartment Complex in Metro Dallas

by Haisten Willis July 29, 2015

IRVING, TEXAS — Greysteel, a Washington, D.C.-based real estate investment services firm, has arranged the sale of Hacienda Serena, a 38-unit garden-style apartment community in Irving. Boyan Radic, Doug Banerjee, Andrew Mueller, and John Marshall Doss of Greysteel served as advisor and agent to Hacienda Serena LLC in the disposition of the multifamily community to I & J – DSI LLC. The recently renovated apartment complex is immediately accessible to public transportation and major commuter thoroughfares such as the Downtown Irving/Heritage Crossing Station of TRE and Highway 183.

July 29, 2015

Opus Group Completes Expansion of 44,000 SF Industrial Building in West Dundee, Ill.

by Jonathan Mehall July 29, 2015

WEST DUNDEE, ILL. — The Opus Group has completed the expansion of a 44,000- square-foot industrial and office facility for King Shan LLC in West Dundee, approximately 45 miles northwest of Chicago. The project was an expansion of King Shan’s existing 35,000-square-foot facility, which Opus constructed in 2010. The expansion more than doubles the company’s industrial space with an additional 42,500 square feet of warehouse space and 1,500 square feet of office space. Other features of the building include a 24-foot clear height, three dock doors and a large conference area. Construction on the building began fall 2014. King Shan manufactures steel wire and metal fabrication products. The company employs about 700 people worldwide.

July 29, 2015

Illinois Midwest Retail

Principle Construction Corp. Completes Construction of Brewery in Hodgkins, Ill.

by Jonathan Mehall July 29, 2015

HODGKINS, ILL. — Principle Construction Corp. has completed construction on a 5,149-square-foot craft brewery for Blue Nose Brewery at 6119 East Ave. in Hodgkins, approximately 18 miles southwest of downtown Chicago. A new 12,320- square-foot multi-tenant retail building houses the brewery. Visitors to the brewery will be able to see fermenting kettles, mash tuns and hot liquor tanks from a 3,000-square-foot viewing room. Principle Construction broke ground on the brewery in April of 2014. Bear Real Estate owns the building and Ben’s Rental & Sales occupies the remaining portion of the building. Costs of the project were not disclosed.

July 29, 2015

Arizona Industrial Western

Bixby Land Co. Acquires Tharco Freeport Distribution Center in Phoenix for $8.1M

by Nellie Day July 28, 2015

PHOENIX — Bixby Land Co. has purchased the Tharco Freeport Distribution Center, a 108,287-square-foot industrial distribution center in Phoenix, for $8.1 million. The institutional-quality center is located at 640 S. 51st Ave. The building is fully leased to Tharco, one of the largest manufacturers and suppliers of unprinted corrugated stock boxes in the U.S. It was built in 1994. DTZ’s Will Strong, Mike Haenel, Andy Markham and Phil Haenel executed the transaction.

July 28, 2015

California Office Western

Miller Global Properties Purchases Ocean Ridge in Carlsbad

by Nellie Day July 28, 2015

CARLSBAD, CALIF. — Miller Global Properties has purchased Ocean Ridge, a 75,000-square-foot office building in Carlsbad, for an undisclosed sum. The building is located at 5796 Armada Drive. It is currently 77 percent occupied. Notable tenants include MorganStanley, Charles Schwab, West Development and Maketa Investment Group. CBRE’s Louay Alsadek, Larry Cambra, Roger Carlson and Hunter Rowe represented both the buyer and seller, an institutional pension fund advisor, in the transaction.

July 28, 2015

Office Texas

Regis Property Management Acquires Office Building in Houston

by Haisten Willis July 28, 2015

HOUSTON — Regis Property Management has acquired 770 S. Post Oak Lane, a mid-rise office building located seven miles from downtown Houston and 24 miles from Houston Intercontinental Airport. The six-story building is located in the Galleria area, surrounded by restaurants, hotels and other amenities. Regis Property Management is an affiliate of Pillar Income Asset Management and manages 34 commercial properties comprising more than 6 million square feet of office, warehouse, industrial and retail space. Regis was selected to manage the property portfolios for three publicly traded companies as well as several affiliated and non-affiliated private companies.

July 28, 2015

Illinois Midwest Mixed-Use

Alter Asset Management Named Property Manager for One11 West Illinois

by Jonathan Mehall July 28, 2015

CHICAGO — Alter Asset Management (AAM) has been contracted to manage One11 West Illinois, a 99 percent leased Class A mixed-use office and retail building in Chicago’s River North neighborhood. The new owner, GLL Real Estate Partners GmbH, a Munich-based real estate fund management group, selected AAM as part of its acquisition of the property. One11 West Illinois is a 227,604-square-foot 10-story building anchored by the regional headquarters of salesforce.com, the global cloud-computing firm, which leases 77 percent of the leasable space. WeWork, a New York-based company that provides shared office space, is the second largest tenant. AAM is headquartered in Lombard, Ill., and maintains fully staffed offices in Chicago, Phoenix, and Atlanta.

July 28, 2015

Midwest Retail Wisconsin

Marcus & Millichap Sells Net Leased Department Store in Eau Claire, Wis. For $12.45M

by Jonathan Mehall July 28, 2015

EAU CLAIRE, WIS. — Marcus & Millichap has brokered the sale of a net leased department store at 955 W. Clairemont Ave. in Eau Claire, 93 miles east of Minneapolis. The sales price was $12.45 million, which at 94,705 square feet, equates to $131 per square foot. The Shopko building was originally built in 1978 and was renovated in 1992. The store sits on approximately 9 acres of land, with a location that benefits from a rent per square foot that is well below market. Headquartered in Green Bay, Wis., Shopko Stores Operating Co. LLC is a $3 billion retailer that operates more than 330 stores in 21 states. Listing agent Glen Kunofsky of Marcus & Millichap’s Manhattan office procured the undisclosed buyer.

July 28, 2015

Michigan Midwest Office

Grand Offices in Novi, Mich. Now 100 Percent Occupied

by Jonathan Mehall July 28, 2015

NOVI, MICH. — The two-story Grand Offices office building located at 44725 Grand River Ave., between Novi and Taft roads, filled its last three vacancies in the second quarter of 2015. Novi is located 30 miles northwest of Detroit. The most recent tenants to join the office are a regional office for O.C. Tanner and Desco Properties, a relocation of a local property management company. Tjader Gerdom and Larry Siedell of Gerdom Realty and Investment represented the landlord in these transactions. It took Grand Offices less than three years to go from 0 percent occupancy to 100 percent occupancy.

July 28, 2015

Florida Hospitality Southeast

Auction.com, HREC Arrange $87M Sale of Hotel Portfolio

by John Nelson July 28, 2015

ORLANDO, FLA. — Auction.com LLC and HREC Investment Advisors have arranged the $87 million sale of a five-property hotel portfolio in Florida, New Jersey and Illinois. The seller was Orlando, Fla.-based Alena Hospitality. The transactions included the $30.1 million sale of the 246-room DoubleTree Orlando East at 12125 High Tech Ave. in Orlando; the $27.9 million sale of a 246-room hotel at 12490 Apopka Vineland Road in Orlando; the $12.6 million sale of a 290-room hotel at 400 W. Livingston St. in downtown Orlando; the $10.5 million sale of a 148-room hotel at 50 Kenny Place in Saddle Brook, N.J.; and the $5.8 million sale of a 272-room hotel at 500 Hamilton Blvd. in Peoria, Ill.

July 28, 2015

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