sales_and_leases

Onward Investors Sells 85,404 SF Office Building in Maple Grove, Minnesota

by Kristin Harlow January 3, 2018

MAPLE GROVE, MINN. — Onward Investors has sold Wedgewood Commerce Center in Maple Grove, a northwest suburb of Minneapolis, for $8.4 million. Built in 1988, the 85,404-square-foot office building is located at 6900 Wedgwood Road. Onward purchased the property in February 2015 and subsequently renovated vacant office spaces and made significant upgrades to the lobby. Additional upgraded amenities include a bike room that allows tenants to store and service their bikes on site. Major tenants include Henningson & Snoxell, PartnerRe America Insurance Co. and McKinstry Communications. Atlanta-based WCC Partners LP was the buyer.

January 3, 2018

Michigan Midwest Retail

BlackBird East to Open 2,744 SF Retail Store in Grand Rapids, Michigan

by Kristin Harlow January 3, 2018

GRAND RAPIDS, MICH. — BlackBird East will open a retail store in the Gas Light Village district of Grand Rapids. The men and women’s clothing store will occupy 2,744 square feet at 2166 Wealthy St. Renovations are currently being made to transform the space from a gym to the retail shop. BlackBird East anticipates opening by early March 2018. Bill Tyson of NAI Wisinski of West Michigan represented the landlord in the lease transaction. Dave Kwekel of Dave Kwekel Development LLC represented the tenant.

January 3, 2018

Multifamily New York Northeast Student Housing

EMET Capital Management Purchases Student Housing Complex in Brockport, New York

by Amy Works January 3, 2018

BROCKPORT, N.Y. — EMET Capital Management has acquired College Suites at Brockport, a 401-bed student housing community located at 4599 Redman Road in Brockport. Situated on 12 acres, College Suites at Brockport features 114 units in a mix of one-, two-, three- and four-bedroom fully furnished floorplans. On-site amenities include a fitness center, a game room, a business center, a 24-hour group study area and a complimentary shuttle service to campus. The property was completed in 2009. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Michael Oliver, Stephen Simonelli, Jordan Avanzato and Ryan McBride of HFF represented the undisclosed seller and procured the buyer in the transaction.

January 3, 2018

Florida Office Southeast

Cousins Properties Sells Three-Building Office Portfolio in Orlando for $208.1M

by Camren Skelton January 3, 2018

ORLANDO, FLA. — Atlanta-based Cousins Properties has sold a three-building, 1 million-square-foot office portfolio in Orlando for $208.1 million. The portfolio includes Bank of America Center, Citrus Center and One Orlando Centre. The seller was not disclosed, but The Real Deal reports San Diego-based Southwest Value Partners acquired the assets in a single transaction. In addition to the portfolio, Cousins Properties recently sold its 20 percent interest in Courvoisier Center, a 343,000-square-foot office building in Miami’s Brickell Key district, to its joint venture partner for $33.9 million, which included its share of joint venture debt.

January 3, 2018

Multifamily Southeast Tennessee

Cortland Partners Acquires New Apartment Community in Nashville for $69.6M

by Camren Skelton January 3, 2018

NASHVILLE, TENN. — Cortland Partners has acquired Accent Bellevue, a 322-unit apartment community located at 645 Old Hickory Blvd. in Nashville. The sales price was not disclosed, but the Nashville Business Journal reports the newly built asset sold for $69.6 million. The Atlanta-based company acquired the property from developer Bellevue Apartments LP, an entity created by Westplan Investors. Cortland Properties will rename the property Cortland Bellevue. Constructed in 2017, the community includes studio to three-bedroom units and features a fitness center, saltwater pool and nearby green space and parks. Rental rates range from $1,225 to $1,950 per month, according to Apartments.com. The acquisition brings Cortland Partners’ portfolio to more than 40,000 apartment units nationwide and marks the company’s entrance into the Nashville market.

January 3, 2018

Georgia Multifamily Southeast

Passco Buys 320-Unit Multifamily Community Near Downtown Savannah for $62.6M

by Camren Skelton January 3, 2018

SAVANNAH, GA. — Passco Cos. has acquired Mariner Grove, a 320-unit multifamily property located at 2010 E. President St. in Savannah, roughly three miles east of Savannah’s historic downtown district. Robert Stickel and Alex Brown of Cushman & Wakefield arranged the $62.6 million transaction on behalf of the seller, Brand Properties, which developed the property in 2016 in a joint venture with Mariner Group. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing for the newly built asset on behalf of Passco. Other terms of the transaction were not disclosed. The three-story community was designed around a 300-year-old live oak grove, and features a saltwater pool with a sundeck and cabanas, fitness center with a yoga studio and a pet park.

January 3, 2018

Florida Industrial Southeast

Cushman & Wakefield Brokers $40.4M Sale of Industrial Park in Tampa

by Camren Skelton January 3, 2018

TAMPA, FLA. — Cushman & Wakefield has arranged the $40.4 million sale of Tri-County Business Park, a 676,735-square-foot industrial park located at 13300 McCormick Drive in Tampa. Rick Brugge, Mike Davis and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, True North Management Group. A joint venture between Birtcher Anderson and JCR Capital acquired the asset. Tri-County Business Park includes 20 buildings constructed between 1980 and 1988. The buildings feature varying clear heights and both grade-level and dock-high loading. At the time of sale, the property was 75 percent leased to tenants including Leader Tech, Seven Seas Water Corp. and Clextral Inc.

January 3, 2018

Multifamily Texas

Berkadia Brokers Sale of New 248-Unit Multifamily Community in San Antonio

by John Nelson January 3, 2018

SAN ANTONIO — Berkadia has arranged the sale of Chroma, a newly built, 248-unit multifamily community located at 5039 Hamilton Wolfe Road in northwest San Antonio. Built in 2016, Chroma features one- and two-bedroom units with hardwood style flooring, island kitchens, private patios, granite countertops, nine-foot ceilings and washers and dryers. Community amenities include a game room, business center, fitness center with spin room, resort-style pool, dog park, coffee bar, attached and detached garages and outdoor living areas. Rents range from $1,020 to $2,150 per month, according to Apartments.com. Ryan Epstein, Will Caruth, Mike Miller, Chris Ross and Cody Courtney of Berkadia represented the seller, Columbus, Ga.-based Flournoy Development Co., in the transaction.

January 3, 2018

Civic Mixed-Use New York Northeast Retail

TerraCRG Arranges $53M Sale of 165,000 SF Mixed-Use Property in Brooklyn

by Amy Works January 2, 2018

NEW YORK CITY — TerraCRG has brokered the sale of 1501 Pitkin Avenue, a 165,000-square-foot mixed-use building in Brooklyn. POKO Partners sold the property to an undisclosed buyer for $53 million. Built in 1929, the former movie theater has been redeveloped into a mixed-use property featuring retail and educational space. The building features 12,371 square feet of retail space occupied by Pizza Hut, Subway and Dollar Tree, and a 152,404-square-foot charter school that serves 1,000 students. Ofer Cohen, Dan Marks, Matt Cosentino, Fred Bijou and Eric Satanovsky of TerraCRG brokered the deal.

January 2, 2018

Colorado Office Western

Heitman Acquires 309,988 SF Trophy Office Building in Denver

by Nellie Day January 2, 2018

DENVER — Heitman LLC has purchased a 309,988-square-foot trophy office building in Denver for an undisclosed sum. The Class AA tower is located at 1401 Lawrence St. It sits adjacent to Larimer Square and the Four Seasons hotel at the convergence of Denver’s LoDo (lower downtown) neighborhood and the Central Business District. The property features 10-foot finished ceilings with floor-to-ceiling windows, outdoor terraces and balconies, 360-degree views from every floor including unobstructed panoramas of the Rocky Mountains, an exterior glass façade, state-of-the-art building systems, and a seven-story, above-grade parking garage. The asset is 98 percent leased to tenants like CoBiz Financial, Jagged Peak Energy and law firm Polsinelli. CBRE represented the seller, First Gulf Corporation of Toronto, which also developed the property.

January 2, 2018

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