sales_and_leases

IPA Negotiates $50M Sale of Two-Property Multifamily Portfolio in Fairfield, California

by Amy Works March 12, 2018

FAIRFIELD, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a two-property multifamily portfolio located in Fairfield. Jackson Square Properties purchased the portfolio from Fairfield Quail Terrace and Fairfield Sheffield Greens for $50 million, or $185,450 per unit. The 268-unit portfolio consists of Avery Park Apartments and Bennington Apartments. Constructed in 1986, both properties feature park-like settings with landscaped greenbelts. Avery Park Apartments and Bennington Apartments offer one- and two-bedroom floor plans with average unit sizes of 884 square feet and 864 square feet, respectively. Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni of IPA represented the sellers in the transaction.

March 12, 2018

Multifamily Texas

IPA Negotiates Sale of 448-Unit Apartment Community in North Dallas

by Taylor Williams March 12, 2018

DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Churchill on the Park, a 448-unit multifamily community located near the Interstate 635/U.S. Highway 75 interchange in north Dallas. The property offers one- and two-bedroom units and amenities such as a resort-style pool, fitness center with classes, access to jogging and biking trails, outdoor cabanas with fireplace and grills and a billiards room. Will Balthrope, Drew Kile and Joey Tumminello of IPA represented the seller, a New York-based pension fund advisor, in the transaction. The IPA team also procured the buyer, TH Real Estate, a global investment firm.

March 12, 2018

Multifamily Texas

Berkadia Arranges Sale of 311-Unit Apartment Community in San Antonio

by Taylor Williams March 12, 2018

SAN ANTONIO — Berkadia has arranged the sale of Legacy Flats, a 311-unit apartment community located in western San Antonio. Developed and built by White-Conlee Builders in 2016, the Class A property consists of one-, two- and three-bedroom units. Amenities include a 4,800-square-foot clubhouse, internet café, fitness center and an outdoor pool and kitchen area. Ryan Epstein, Will Caruth, Mike Miller, Cody Courtney, Wes Breeding and Scott Bray of Berkadia represented the seller, Legacy Flats Ltd., in the sale. Berkadia also represented the buyer, PEM Real Estate Group, an Arizona-based investment and management firm.

March 12, 2018

Retail Texas

SHOP Cos. Brokers Sale of Three Retail Properties Totaling 68,771 SF in DFW

by Taylor Williams March 12, 2018

MCKINNEY, ALLEN AND LITTLE ELM, TEXAS — SHOP Cos. has brokered the sale of three retail properties totaling 68,771 square feet in the Dallas-Fort Worth (DFW) area. The properties are Craig Ranch North Plaza, a 38,265-square-foot retail center in McKinney; McDermott Commons North & BB&T Bank, a 24,389-square-foot center and freestanding pad site in Allen; and Cook Children’s & Frisco Elm Dental, a 6,035-square-foot center in Little Elm. The sellers were not disclosed, but all were based in Texas. An Arkansas-based limited liability company purchased Craig Ranch North Plaza, and a Texas-based limited liability company and a Texas-based limited partnership purchased the Allen and Little Elm properties, respectively. The sales prices were not released.

March 12, 2018

Hospitality Midwest Wisconsin

CBRE Hotels Brokers Sale of 129-Room Quality Inn Near Milwaukee

by Kristin Harlow March 12, 2018

BROOKFIELD, WIS. — CBRE Hotels has brokered the sale of a Quality Inn in Brookfield, a western suburb of Milwaukee. The 129-room hotel is located at 20150 W. Bluemound Road across from The Corners, a $220 million mixed-use redevelopment project by IM Properties and Bradford Real Estate. The hotel is also near Brookfield Square Mall and the Milwaukee County Zoo. Brian Silberman, Scott Miller and Paul DeLucia of CBRE Hotels represented the seller, ABP Real Estate Holdings LLC. Neither the sales price nor the buyer were disclosed.

March 12, 2018

Illinois Midwest Retail

Baum Negotiates Sale of 23,562 SF Retail Center in Chicago

by Kristin Harlow March 12, 2018

CHICAGO — Baum Realty Group LLC has negotiated the sale of a 23,562-square-foot retail center in Chicago for an undisclosed price. The property is located at 4701-4729 N. Pulaski Road. Tenants include a laundromat, dentist and beauty shop. Greg Dietz, Brad Teitelbaum and Danny Spitz of Baum represented the private seller. A local investment group acquired the property in a 1031 exchange.

March 12, 2018

Illinois Midwest Multifamily

Interra Arranges $1.5M Sale of Multifamily Building in Berwyn, Illinois

by Kristin Harlow March 12, 2018

BERWYN, ILL. — Interra Realty has arranged the $1.5 million sale of a 24-unit multifamily building in Berywn, a western suburb of Chicago. The property is located at 1941 Kenilworth Ave. The three-story building, originally constructed in 1917, includes 22 one-bedroom units and two studios. Patrick Kennelly of Interra represented the private buyer, who plans to extensively renovate the building.

March 12, 2018

Industrial Texas

AQUILA Negotiates 107,780 SF Industrial Lease for Goodwill in Austin

by Taylor Williams March 12, 2018

AUSTIN, TEXAS — AQUILA Commercial has negotiated a 107,780-square-foot industrial lease for Goodwill Industries of Central Texas at Heritage Crossing in north Austin. Goodwill will be the sole tenant of Building 5, which is under construction and slated to be delivered in late summer. The location will house a distribution center and retail outlet for Goodwill, which currently occupies 95,270 square feet at Heritage Crossing. Leigh Ellis and Jay Lamy of AQUILA represented Goodwill in the lease negotiations. Sam Owen of Stream Realty Partners represented the undisclosed landlord.

March 12, 2018

California Industrial Western

Guthrie Development Sells Industrial Building in California for $12.5M

by Amy Works March 12, 2018

FULLERTON, CALIF. — Guthrie Development has completed the disposition of an industrial property located at 4200 Bonita Place in Fullerton. An undisclosed owner-user purchased the single-tenant property for $12.5 million. Guthrie originally acquired the 67,950-square-foot building in 2016 and renovated it into a high-end multipurpose industrial building positioned for an owner-user. Zach Niles, Louis Tomaselli and Steve Wagner of JLL represented the seller, while Steve Schloemer of Colliers International and Gordon Henry of HOM Sotheby’s International represented the buyer in the deal.

March 12, 2018

California Industrial Western

Industrial Building in Los Angeles Trades for $44M

by Nellie Day March 9, 2018

LOS ANGELES — Penwood Real Estate Investment Management has acquired a 347,119-square-foot industrial building in the Los Angeles submarket of Thousand Oaks for $44 million. The building is located at 1461 to 1475 Lawrence Drive in the master-planned Conejo Spectrum Business Park. The asset was built in 1962 and renovated in 2000. It is fully occupied by four tenants, including Sensata Technologies, LAC Group, Kanner Corp. and MB2 Raceway. NKF represented the seller, while Penwood represented itself in this transaction.

March 9, 2018

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