sales_and_leases

Whispering-Lake-Apartments-Kansas-City-MO

MMA Capital Management Sells 384-Unit Multifamily Property in Kansas City, Mo.

by Amy Works June 24, 2015

KANSAS CITY, MO. — Baltimore-based MMA Capital Management has completed the sale of Whispering Lake Apartments, a 384-unit multifamily property located in Kansas City. El Dorado Hills, Calif.-based L5 Investments purchased the property with an $11.7 million acquisition loan arranged by Grandbridge Real Estate Capital. Developed in 1989, the 384-unit, garden-style multifamily property features one- and two-bedroom units with balconies or patios. On-site amenities include a swimming pool, clubhouse with lake views, newly remodeled fitness center, outdoor grilling area and an 18-acre lake with fishing dock. Brett Meinzer, Michael Sullivan, Grant Kollman, Alex Blagojevich, David Gaines of Marcus & Millichap represented the seller in the transaction. Paul Harbor of Grandbridge originated the 10-year loan, which features a 30-year amortization schedule and three years of interest-only payments. The financing was arranged through Freddie Mac.

June 24, 2015

Multifamily Student Housing Texas

Berkadia Secures $34.1M Loan for Student Housing Complex in College Station

by Haisten Willis June 23, 2015

COLLEGE STATION, TEXAS — Berkadia has originated a $34.1 million loan for Woodlands of College Station, a student housing community in College Station. Jackson Cloak of the firm’s Irvine office secured the financing through Berkadia’s Fannie Mae program. The San Diego-based borrower will use the loan to refinance existing debt on Woodlands of College Station, which is located at 1725 Harvey Mitchell Parkway, approximately two miles south of Texas A&M University. The community, which is 98 percent occupied, consists of 21 buildings and 276 units that offer two-, three- and four-bedroom layouts. Community amenities include study areas, a cyber café, basketball and volleyball courts, fitness center and a resort pool.

June 23, 2015

Arizona Office Western

El Dorado Tech Center in Gilbert Sells for $18.6M

by Nellie Day June 23, 2015

GILBERT, ARIZ. – El Dorado Tech Center, a 180,480-square-foot flex/back-office facility in Gilbert, has sold to a joint venture formed by Everest Holdings and Walton Street Capital for $18.6 million. The facility is located at 2299 W. Obispo Ave. It was built in 1998. GoDaddy has occupied about 118,000 square feet at the facility since 2005. The joint venture is called W-EH El Dorado Holdings JV VII LLC. DTZ’s Mike Haenel, Andy Markham, Will Strong, Paul Boyle, Rick Danis, Marc Tuite and Phil Haenel represented both the buyer and seller in this transaction.

June 23, 2015

California Multifamily Western

Vista Modern Apartment Complex in Sherman Oaks Sells for $16.5M

by Nellie Day June 23, 2015

LOS ANGELES – The 34-unit Vista Modern apartment complex in the Los Angeles submarket of Sherman Oaks has sold to a Japanese construction company for $16.5 million. The community is located at 4632-4646 Vista Del Monte Ave. It was built in 2014. Jeff Louks and Janette Monfared of Marcus & Millichap’s Encino office represented both the buyer and seller in this transaction.

June 23, 2015

Multifamily New York Northeast

HFF Brokers $14.2M Brooklyn Multifamily Sale

by Jaime Lackey June 23, 2015

NEW YORK CITY — HFF has brokered the $14.2 million sale of 2217 Caton Avenue, a 24,214-square-foot mixed-use building in Brooklyn’s Prospect-Lefferts Gardens neighborhood. Caton Acquisition Partners LLC purchased the asset free and clear of existing debt from Second City Real Estate. 2217 Caton Avenue is located at the intersection of Caton and Bedford Avenues, near the Church Avenue subway station. Built as condominiums in 2010, the nine-story property has 29 two-bedroom residential rental units that are 97 percent leased and 2,698 square feet of ground-floor retail space, which is fully occupied by a local daycare center. Rob Rizzi, Jeff Julien, Rob Hinckley and Steven Rutman of HFF marketed the asset on behalf of the seller.

June 23, 2015

Multifamily Southeast Virginia

Capstone Brokers $12.3M Sale of Apartment Community in Richmond

by John Nelson June 23, 2015

RICHMOND, VA. — Capstone Apartment Partners has brokered the $12.3 million sale of Match Point, a 258-unit apartment community located at 5846 Westower Drive in Richmond. Built in 1975, the apartment complex features a swimming pool, tennis courts, picnic areas and grilling stations. Match Point was 92 percent occupied at the time of sale. The buyers, West End Capital and Atlas Real Estate Partners, purchased the asset from Ben White of Commonwealth Realty & Development for roughly $47,674 per unit. Beau McIntosh, Todd Conner and Jared Alcorn of Capstone represented the seller in the transaction.

June 23, 2015

Illinois Midwest Retail

Marcus & Millichap Brokers $7.5M Sale of Retail Property in Chicago

by Amy Works June 23, 2015

CHICAGO — Marcus & Millichap has brokered the sale of a retail property located at 6422 W. Archer Ave. in Chicago. The 8,100-square-foot property sold for $7.5 million. The property is net leased to MB Financial Bank. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, an individual/personal trust, while Steven Siegel, also of Marcus & Millichap, represented the buyer, a limited liability company.

June 23, 2015

Office Texas

Frontier Equity Acquires Office Building in Dallas

by Haisten Willis June 22, 2015

DALLAS — Frontier Equity has acquired The Addison, a recently renovated 206,000-square-foot office property located just south of Belt Line Road in Dallas. The building has been occupied by a few large users since its original construction, and now has roughly 60,000 square feet of space available for rent. It is located near the Addison Walk retail center, which includes a Starbucks Coffee, Kenny’s Wood Fired Grill, Jason’s Deli, Smoothie King and other retailers. In addition, the property has an on-site deli, 24-hour security, a full-service gym and a 536-room Marriott hotel next door. The Addison is privately owned and operated by a joint venture between Artemis Real Estate Partners and Frontier Equity. Holt Lunsford Commercial will handle leasing and management duties for the property on behalf of the ownership.

June 22, 2015

Retail Washington Western

Retail Properties of America Buys Woodinville Plaza Near Redmond

by Nellie Day June 22, 2015

SEATTLE — Retail Properties of America (RPA) has acquired Woodinville Plaza, a 171,000-square-foot shopping center near Redmond, for $35.3 million. The center is located at 14001 – 14235 NE Woodinville Duvall Road in Woodinville, on the eastside of the Puget Sound region. Woodinville Plaza was 91 percent occupied at the time of closing. It is anchored by County Market, a SuperValu concept. Other notable tenants include T.J. Maxx and Rite Aid.

June 22, 2015

California Office Western

Airport Wineville Business Park in Ontario Sells for $4.5M

by Nellie Day June 22, 2015

ONTARIO, CALIF. – Airport Wineville Business Park has sold to Wohl Investment Company for $4.5 million. The 53,937-square-foot park is located at 5140 Airport Dr. and 151-181-201 S. Wineville Ave. It was built between 1988 and 1990. The seller was McLellan Estate Company. It was represented by Patrick Barnes of Colliers and GM Properties’ Jason Jamison and Dustin Wheelan.

June 22, 2015

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