sales_and_leases

Parkway Properties Completes $78M Sale of Office Building in Atlanta

by John Nelson April 9, 2015

ATLANTA — Parkway Properties Inc. has completed the $78 million sale of Two Ravinia, a 390,000-square-foot office building in Atlanta’s Central Perimeter submarket. Parkway had a 30 percent ownership interest in the property, which was owned by Parkway Properties Office Fund II LP. The 17-story office tower was 80.5 percent leased at the time of sale. David Meline, Stewart Calhoun, Samir Idris and Casey Masters of Cushman & Wakefield represented Parkway in the transaction. The buyer, Franklin Street Properties Corp., a publicly traded REIT, plans to invest $4.8 million over the next three to four years to upgrade the office property.

April 9, 2015

California Multifamily Western

Jackson Courtyard Condominiums in Oakland Trades for $15.9M

by Nellie Day April 9, 2015

OAKLAND, CALIF. – The 45-unit Jackson Courtyard Condominiums in Oakland has sold to an unnamed buyer for $15.9 million. The community is located at 14th and Jackson streets in the city’s Lakeside district. It is situated near two Bay Area Rapid Transit (BART) stations. The seller, 685 Scofield LLC, was represented by Kevin Turner of Marcus & Millichap’s Oakland office.

April 9, 2015

Arizona Multifamily Western

Dalan Management Buys Glendale Commons Apartments for $8.9M

by Nellie Day April 9, 2015

GLENDALE, ARIZ. – A partnership through Dalan Management has acquired the 276-unit Glendale Commons Apartments through a trustee sale for $8.9 million. The community is located at 6565 West Bethany Home Road in Glendale. It was built in 1983. Dalan assumed the Fannie Mae loan that was originally placed in 2006. The seller was a partnership through NV Investments. The sale was executed by ABI Multifamily.

April 9, 2015

Connecticut Multifamily Northeast

IPA Arranges $49.9M Sale of Connecticut Multifamily Property

by Amy Works April 8, 2015

MANCHESTER, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of TGM Waterford Commons, an apartment community located at 30 Catherine’s Way in Manchester. Beachwood Residential LLC purchased the 303-unit property from TGM Waterford LLC, an affiliated entity of New York City-based TGM Associates, for $49.9 million, or $165,000 per unit. The 13-building property features 47 one-bedroom/one-bath apartments, 193 two-bedroom/two-bath units and 63 three-bedroom/two-bath units ranging from 690 to 1,350 square feet. Units feature walk-in closets, in-home full-size washer/dryer units and a private patio or balcony area. Community amenities include a clubhouse, heated indoor swimming pool and spa, movie theater, fitness center, sauna and steam room, volleyball court, tennis court, playground, barbecue and picnic area, storage units and carports. Steve Witten and Victor Nolletti of IPA represented the seller in the transaction.

April 8, 2015

Georgia Retail Southeast

Ziff Properties Buys Starbucks-Anchored Shopping Center in Columbus for $6.6M

by John Nelson April 8, 2015

COLUMBUS, GA. — Charleston, S.C.-based Ziff Properties has purchased St. Francis Marketplace, a 62,535-square-foot shopping center located in Columbus, for $6.6 million. The property was 98 percent leased at the time of sale to tenants such as Starbucks Coffee, Planet Fitness, Rent a Center, Peluso’s and The Yogurt Shoppe. The asset, which was constructed in 1971 and renovated in 1994, is located directly across from St. Francis Hospital. Ziff Properties acquired the property from Woodruff Real Estate. Craig Taylor of CBRE’s Atlanta office represented Ziff in the transaction.

April 8, 2015

Colorado Multifamily Western

The ConAm Group Buys PeakView Place Apartments in Denver

by Nellie Day April 8, 2015

DENVER — The ConAm Group has acquired the 296-unit PeakView Place apartments in Denver for an undisclosed sum. The community is located at 9959 E Peakview Ave. in the Englewood submarket. PeakView is situated near Denver’s largest employment center, the 850-acre Denver Technological Center (DTC). ConAm plans to carry out a $5.5-million renovation on the property. This will include construction of a new leasing office, new exterior siding, full interior upgrades, and overall enhancements to the common areas and landscaping. Common-area amenities include a pool and spa, as well as a fitness center. Units include modern floorplans, washers and dryers, central heat/air conditioning and fireplaces.

April 8, 2015

Colorado Multifamily Western

Arvada Apartment Community Trades for $2M

by Nellie Day April 8, 2015

ARVADA, COLO. – A 20-unit apartment complex in the Denver submarket of Arvada has sold to an unnamed buyer for $2 million. The community is located at 5379 Estes Street. It was built in 1960. The property is situated near Olde Town Arvada and the Light Rail. Jeff Johnson with the Johnson Ritter Team at Pinnacle Real Estate Advisors assisted both the buyer and seller in this transaction.

April 8, 2015

Arizona Industrial Western

Phoenix Distribution Building Sells for $5.1M

by Nellie Day April 8, 2015

PHOENIX – A 94,885-square-foot distribution building in Phoenix has sold to Cohen Asset Management for $5.1 million. The building is located at 2021 E. Jones Ave. It is situated southwest of Phoenix Sky Harbor International Airport. Cohen was represented by Matt McDougall of Lee & Associates. The seller, Michael Lewis Company, was represented by DTZ’s Andy Cloud.

April 8, 2015

Office Texas

CBRE Arranges Sale of 1000 Main Office Tower in Houston

by Haisten Willis April 7, 2015

HOUSTON – CBRE has arranged the sale of 1000 Main, a Class A office tower located in the Houston Central Business District. The 36-story office tower includes 836,015 rentable square feet. Union Investment Real Estate purchased the asset, built in 2003, from Invesco Real Estate for an undisclosed price. Metzler Real Estate advised Union Investment, a European asset manager, in the transaction. CBRE’s Russell Ingrum, Bernard Branca and Jared Chua represented the seller. The property was awarded LEED Gold Certification from the U.S. Green Building Council in 2013. Gensler & Associates and Century Development Corp. designed and built the property.

April 7, 2015

Office South Carolina Southeast

DTZ Brokers $39.5M Sale of Three Office Buildings in Metro Charlotte

by John Nelson April 7, 2015

FORT MILL, S.C. — DTZ has brokered the $39.5 million sale of three Class A office buildings in Fort Mill, a suburb of Charlotte. The three office assets are located in Kingsley Park, a corporate office campus. Rob Cochran and Jared Londry of DTZ represented the seller, a joint venture partnership between Childress Klein and The Springs Co. Omaha-based Waitt Co. purchased the buildings for $222 per square foot. Kingsley Park is Waitt Co.’s first real estate investment in the Carolinas.

April 7, 2015

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