sales_and_leases

Gerdom Realty Brokers Sale of 94,455 SF Grocery-Anchored Center in SE Michigan

by Jonathan Mehall July 20, 2015

FENTON, MICH. — Gerdom Realty & Investment has brokered the sale of a 94,455-square-foot grocery-anchored shopping center north of downtown Fenton in Southeast Michigan. Located on Leroy Street, the property is anchored by VG’s Food Center. Other tenants on the 9.5-acre site include Rent-A-Center and BoRics. Gerdom Realty has been retained to lease the remaining two vacancies in the center, which is currently 83 percent occupied. Tjader Gerdom and Larry Siedell of Gerdom Realty & Investment represented the seller and procured the buyer, a private investment group.

July 20, 2015

Industrial Texas

SACA Brokers Sale of Industrial Building in San Antonio to H-E-B

by Haisten Willis July 20, 2015

SAN ANTONIO — San Antonio Commercial Advisors (SACA), an independently owned and operated member of the Cushman & Wakefield Alliance, has arranged the sale of 4702 Goldfield Drive, an industrial building in northeast San Antonio. Local grocery chain HEB purchased the asset for an undisclosed price. SACA’s Ed Cross and Zach Dobin represented the seller of the 80,000-square-foot manufacturing facility.

July 20, 2015

Georgia Office Southeast

Carter, PCCP Purchase 10-Story Office Building in Midtown Atlanta

by John Nelson July 20, 2015

ATLANTA — A joint venture between Carter and PCCP LLC has purchased 715 Peachtree, a 10-story office building adjacent to the Fox Theater in Midtown Atlanta. Originally constructed as a regional headquarters for J.C. Penney, the building was most recently occupied by Bank of America. The property has remained vacant since 2012. Carter and PCCP purchased the asset in an off-market transaction from a Washington, D.C.-based investor. The sales price was undisclosed, but the Atlanta Business Chronicle reports that the sales price is expected to be more than $40 million. Carter has retained CBRE to market 715 Peachtree and ASD | SKY for design services. The joint venture is planning to make capital improvements to the property’s façade, lobby and common spaces.

July 20, 2015

Georgia Mixed-Use Southeast

Partnership Acquires Mixed-Use Project in Midtown Atlanta for $10M

by John Nelson July 20, 2015

ATLANTA — A partnership between Dion Meltzer of Meltzer Properties, Chaz Y. Lazarian Esq. of Insignia LLC and Gamma Real Estate has purchased Baltimore Row for $10 million. Baltimore Row is a 125,000-square-foot mixed-use property located between West Peachtree and Spring streets in Midtown Atlanta. Originally built as Atlanta’s first multifamily development in 1885, Baltimore Row is a National Historic Landmark. The property features 100,000 square feet of loft office space and 15 rooftop townhome apartments. The new ownership plans to invest $2.5 million in renovations, which are scheduled for a year-end completion. Lazarian represented the partnership in the transaction, and Del Creviston of Sperry Van Ness represented the seller, Baltimore Row LP. The partnership has selected Cushman & Wakefield as the office leasing agent and property manager for Baltimore Row.

July 20, 2015

California Retail Western

Friars-Riverdale Sells Retail Center in San Diego

by Nellie Day July 20, 2015

SAN DIEGO — Friars-Riverdale Ltd has completed the disposition of Friars-Riverdale Center, a retail center located at 10383-01397 Friars Road in San Diego. Lai Family LP acquired the 32,696-square-foot property for $2.8 million. The property is fully leased to a mix of retail and office tenants. Brian Crepeau and Icela Galaz-Wittkopp of Pacific Coast Commercial represented the seller, while Judy Chou Hsieh of Greater Realty Inc. represented the buyer in the transaction. Renee Marshall of Chicago Title Company provided escrow services, and Ken Cyr, also of Chicago Title Company, provided title services.

July 20, 2015

Loans Midwest Minnesota Multifamily Seniors Housing

Oak Grove Capital Closes on 12 Loans Totaling $70.3M

by Jonathan Mehall July 17, 2015

ST. PAUL, MINN — Oak Grove Capital has closed on 12 loans totaling $70.3 million since late May. The properties ranged from affordable and market-rate housing to senior living communities. The most significant closing for the St. Paul-based firm —an $18.2 million FHA loan modification for TowerLight Senior Living — occurred June 30. The 113-unit senior community complex is located in St. Louis Park, Minn. The loan modification was facilitated by Ken Dayton of Oak Grove Capital. Amenities at TowerLight include an intergenerational child and elderly care program, fitness center, beauty salon, library and game room, gourmet kitchen, reflection room, clubroom, theater and an arts and craft room.

July 17, 2015

Michigan Midwest Multifamily

Cocke Finkelstein Acquires Ramblewood Apartments for $100.4 Million

by Jonathan Mehall July 17, 2015

GRAND RAPIDS, MICH. — Cocke Finkelstein has acquired Ramblewood Apartments in Grand Rapids for $100.4 million. The 1,170-unit complex was built in phases from 1972 to 1985 and sits on two campuses that stretch across 188 tree-covered acres. The property offers wooded grounds and a pond, a community center with year-round indoor pool, a business office center, a 55,000-square-foot tennis and health club facility, and a number of other amenities. The property was 98 percent occupied upon acquisition. CFLane, the apartment management subsidiary of CFI, will manage the community. Berkadia arranged the transaction for the undisclosed seller.

July 17, 2015

Office Texas

DTZ Arranges 88,000 SF Lease Extension in Dallas Office Tower for Law Firm

by Haisten Willis July 17, 2015

DALLAS — Hunton & Williams, a corporate law firm, has signed a long-term lease extension at the downtown Dallas skyscraper known as Fountain Place, according to Goddard Investment Group. The 58-story glass building is located in the Dallas Arts District, a hub of performing arts, dining and entertainment venues. Johnny Johnson and Lauren Napper of DTZ represented the landlord in the transaction. Larry Toon, Elizabeth Cooper, Jeremy McGowan and Brad Selner of JLL represented the tenant in the 88,000-square-foot lease.

July 17, 2015

Georgia Retail Southeast

CBRE Brokers $81.6M Sale of Lowe’s Portfolio in Metro Atlanta

by John Nelson July 17, 2015

ATLANTA — CBRE has arranged the $81.6 million sale of a four-asset portfolio comprising four freestanding, single-tenant Lowe’s Home Improvement stores in the Atlanta metropolitan area totaling approximately 532,735 square feet. Chris Bosworth, John Read, Will Pike, Philip Voorhees, Jimmy Slusher and Brian Pfohl of CBRE represented the seller, IRA Capital LLC, in the transaction. American Realty Capital Properties Inc. purchased the portfolio. Each Lowe’s location has a long-term lease, which was recently extended by 10 years with six, five-year options to extend.

July 17, 2015

Multifamily Washington Western

Heitman Buys Premiere on Pine Apartment Complex in Seattle

by Nellie Day July 17, 2015

SEATTLE — Heitman has purchased the 386-unit Premiere on Pine apartment complex in Seattle for $240 million. The community is located at the intersection of Pine Street and 8th Avenue. Premiere on Pine is within two blocks of Interstate 5 and Westlake Station in the Pike-Pine retail corridor. The 40-story, ultra-luxury apartment tower was completed in 2014. It is certified LEED-Silver. The community features common-area amenities like a fitness center, dog run, theatre room, club room, conference room, two event spaces, and a 3,000-square-foot balcony that wraps around the south and west side of the building. It contains a mix of studio, one-, two- and three-bedroom units. The seller, Holland Partner Group and its finance partner, was represented by HFF’s Matthew Lawton, Ira Virden and Gerry Rohm.

July 17, 2015

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