sales_and_leases

Round Table Pizza Building in Vancouver Sells for $2M

by Nellie Day June 2, 2015

VANCOUVER, WASH. – A 5,900-square-foot space in Vancouver that is net leased to Round Table Pizza has sold to an individual/personal trust for $2 million. The space is located at 5016 NE Thurston Way. It is situated adjacent to the Westfield Vancouver Mall. Round Table recently signed a 10-year lease extension and performed a major interior renovation at the property. The pizza chain was represented by Justin Poor of Marcus & Millichap’s Portland office. The seller, a limited liability company, was represented by Michael R. Kapnick of the same firm.

June 2, 2015

Retail Texas

Baker Katz Acquires 105,833 SF Shopping Center in Houston

by Haisten Willis June 1, 2015

HOUSTON — Houston-based Baker Katz has acquired the 105,833-square-foot Federal East Shopping Center located in Houston. The property is located off of I-10, nine miles east of the Central Business District. Baker Katz’s redevelopment plan includes renovating the façade and upgrading the tenant mix. The 33,589-square-foot Fitness Connection and 11,030-square-foot Pappas Meat Co. restaurant anchor the property, along with Avenue Stores, South Texas Dental Associates, H&R Block and other tenants. Construction for Federal East’s renovation is slated to begin later this year.

June 1, 2015

The new owner plans to demolish a portion of the 150,000-square-foot industrial building and renovate the asset in Derby, Conn.

Connecticut Industrial Northeast

Fischer Real Estate Brokers Sale of 150,000 SF Industrial Building in Connecticut

by Amy Works June 1, 2015

DERBY, CONN. — Fischer Real Estate has arranged the sale of an industrial property located at 150 Roosevelt Drive in Derby. An Ohio-based investment group purchased the two-story, 150,000-square-foot property for an undisclosed price. The buyer plans to demolish a portion of the building, renovate the remaining asset and re-introduce the property on a for-lease or for-sale basis. Alan Fischer of Fischer Real Estate represented the buyer and the seller, Derby Cellular Products LLC, in the transaction.

June 1, 2015

Michigan Midwest Office

NAI Farbman Group Buys 275,000 SF Office Property in Michigan

by Amy Works June 1, 2015

FARMINGTON HILLS, MICH. — Southfield, Mich.-based NAI Farbman Group has acquired an office building located at 27777 Inkster Road in Farmington Hills for an undisclosed price. Situated on 35 acres, the property offers 275,000 square feet of Class A office space and ample parking. The former owner, TD Auto Finance, will continue to lease 155,000 square feet of the building.

June 1, 2015

Florida Hospitality Southeast

Carey Watermark Investors I, II Acquire Ritz-Carlton in Miami in JV Agreement

by John Nelson June 1, 2015

MIAMI — Carey Watermark Investors Inc. and Carey Watermark Investors 2 Inc., two non-traded REITs focused on the lodging/hospitality sector, have purchased a majority interest in The Ritz-Carlton Key Biscayne, Miami. The hotel features 302 resort guestrooms and 188 condo-hotel units, 174 of which currently participate in the resort rental program. The REITs purchased their share in the property as part of a joint venture agreement with an affiliate of GB Key Biscayne Holdings LLC, the original developer of the hotel. The hotel was recently renovated to include a new open-style marketplace café known as Key Pantry: Eat.Drink.Shop. The renovations also included upgrades to the lobby and RUMBAR, the hotel’s Havana-style bar/lounge.

June 1, 2015

California Multifamily Western

Jefferson Apartments on the San Francisco Peninsula Sells for $10M

by Nellie Day June 1, 2015

REDWOOD CITY, CALIF. – The 30-unit Jefferson Apartments in the San Francisco Peninsula submarket of Redwood City has sold to an unnamed buyer for $10 million. The community is located at 1331 Jefferson Ave. It was built in 1963. Adam Levin and Robert Johnston of Marcus & Millichap’s Palo Alto office represented both the buyer and seller in this transaction.

June 1, 2015

California Retail Western

Westfield MainPlace Adds 24 Hour Fitness, Round 1 Entertainment as Anchors

by Nellie Day June 1, 2015

SANTA ANA, CALIF. — Westfield MainPlace has added two new retailer to the its ongoing revitalization program. Round 1 Bowling & Amusement and 24 Hour Fitness Santa Ana Super Sport are slated to join the center as anchors and open this week, May 29 and 30, respectively. The 40,000-square-foot Round 1 Bowling & Amusement facility will feature bowling, billiards, arcade games and private karaoke rooms. The 50,000-square-foot 24 Hour Fitness Super Sport Club will feature cardio, strength and functional training equipment, Cycle and Group X classes, a rooftop basketball court, an outdoor pool and balcony, an indoor whirlpool, steam room and sauna, personal and group training services, Kids’ Club and towel service. Additionally, two new restaurants are scheduled to open at the center. Lucille’s Smokehouse Bar-B-Que will open in this summer and Wokcano is slated to open this fall.

June 1, 2015

Arizona Multifamily Western

MC Cos. Receives $49.8M Loan to Acquire Tucson Multifamily Portfolio

by Nellie Day May 29, 2015

TUCSON, ARIZ. — MC Companies has received a $49.8 million loan to acquire FHR Portfolio, an eight-property multifamily portfolio in Tucson. The total sales price was $66.7 million. FHR Portfolio contains a total of 1,576 units throughout a range of studio, one- and two-bedroom floor plans. Some of the properties contain amenities like gyms, clubhouses, swimming pools and laundry facilities. Notable employers in the Tucson area include Davis-Monthan Air Force Base, University of Arizona and Raytheon. The seven-year, floating-rate loan features a 2.32 percent interest rate, two years interest-only, a 75 percent loan-to-value ratio and a 30-year amortization schedule. The loan was originated by Clay Akiwenzie of Berkadia through the firm’s Freddie Mac Program. The seller was Family Housing Resources (FHR). The sale was executed by Berkadia’s Art and Clint Wadlund.

May 29, 2015

Multifamily Utah Western

TruAmerica Enters Utah, Buys Crossing at Daybreak in South Jordan

by Nellie Day May 29, 2015

SOUTH JORDAN, UTAH — TruAmerica Multifamily has entered Utah for the first time by purchasing the 315-unit Crossing at Daybreak apartment complex in South Jordan. The purchase price was not disclosed. Crossing at Daybreak is located at 4950 W. Frogs Leap Drive. It was built in 2011. The community features a mix of one-, two- and three-bedroom apartment homes within the master-planned community of Daybreak. The community is situated just 18 miles south of Salt Lake City. Common-area amenities include a resort-style pool, spa and cabana, resident lounge, game room, fitness center, and picnic and barbecue areas. TruAmerica plans to invest up to $1 million into the property. This investment would go toward light unit interior enhancements, in-unit Wi-Fi, a dog wash station and upgraded landscaping. TruAmerica also received a five-year, interest-only loan with a floating rate of 2.15 percent. The agency debt financing was arranged by Allan Freedman and Ed Zimbler of Berkadia. The firm is currently expanding its holdings across the Western U.S. It has rapidly expanded its presence in Seattle, Denver and throughout California, with additional plans to acquire properties in Portland, Ore., and Las Vegas in the very near future, according to TruAmerica. Campbell also notes …

May 29, 2015

California Retail Western

NoHo Commons Retail Portion in Los Angeles Sells for $43M

by Nellie Day May 29, 2015

LOS ANGELES — JH Real Estate Partners has acquired the 60,930-square-foot retail portion of NoHo Commons in the Los Angeles submarket of North Hollywood for $43 million. The center is located at 5300 Lankershim Blvd. The retail space is almost fully leased. Notable tenants include 24 Hour Fitness, Coffee Bean & Tea Leaf, Daphne’s California Greek, Panera Bread, Panda Express, Wells Fargo, Fish Dish and Big Wangs. NoHo Commons also includes apartment units and lofts that were developed by JH Snyder Co. in 2004. How’s Grocery was the anchor at this time. It was later replaced with 24 Hour Fitness. The property is situated across the street from the Magnolia/Lankershim Red Line Metro Station. JH Real Estate Partners was represented by Jim Fisher, Mike Smith and Cory Stehr of Lee & Associates. The seller, Redrock Noho Retail LLC, was represented by CBRE’s Curtis Palmer. Fisher and Smith also recently assisted the buyer with the $481.2 million disposition of a 14-building Southern California multifamily portfolio. The Noho Commons acquisition is part of JH Real Estate’s ongoing portfolio repositioning that has the firm transitioning into retail holdings.

May 29, 2015

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