sales_and_leases

Crow Holdings Buys Esplanade III Office Building in Phoenix

by Nellie Day March 13, 2015

PHOENIX — Crow Holdings has purchased Esplanade III, a 218,266-square-foot office building in Phoenix, for an undisclosed sum. The Class A property is located at 2415 East Camelback Road. It is part of the Esplanade mixed-use development. Esplanade III was about 95 percent leased at the time of sale. Notable tenants include CBRE, Alliance Residential, Regus, Helios and Major League Baseball’s western headquarters. The ten-story building was developed in 1997. It is situated in the Camelback Corridor. The seller was an institutional client of AEW Capital Management L.P. The transaction was executed by CBRE’s Jim Fijan, Will Mast and Kevin Shannon.

March 13, 2015

Seattle Retail Portfolio Receives $64M in Financing

by Nellie Day March 13, 2015

SEATTLE — A four-property retail portfolio in Seattle has received $64 million in financing. The transaction includes acquisition financing for a 49,000-square-foot shopping center in Bellevue that is anchored by Walgreens and Trader Joe’s. It also allowed the borrower to refinance Mill Creek Town Center, a 182,000-square-foot, grocery-anchored lifestyle center in Mill Creek, as well as two retail properties in Kirkland and Bellevue. The fully amortizing, cross-collateralized loans were arranged by Mike Taylor and Patrick Taylor of Newmark Realty Capital. The loans were placed through a relationship with one of Newmark’s correspondent life insurance companies.

March 13, 2015

Colorado Office Western

Granite Properties Buys High Pointe Tower Near Denver

by Nellie Day March 13, 2015

DENVER — Granite Properties has purchased High Pointe Tower, a 119,834-square-foot office property in the southeastern Denver suburb of Greenwood Village for an undisclosed sum. The property is located at 6430 South Fiddler’s Green Circle. High Pointe Tower was built in 1998. It sits directly across from Granite’s Plaza Tower One property, near Arapahoe Light Rail Station and the 203-room Westin Greenwood Village, which is scheduled to open next year. The building is currently 81 percent occupied by notable tenants like Hartford Insurance, TransUnion and the U.S. General Services Administration. High Pointe Tower is Granite’s third Denver-based acquisition since 2012. It also owns Plaza Tower and Prentice Plaza. The firm was represented in-house by Stephanie Lawrence, Will Hendrickson and Geoff Wescott. The unnamed seller was represented by CBRE’s Geoff Baukol.

March 13, 2015

Multifamily Seniors Housing Utah Western

Courtyard at Jamestown in Provo Receives $24.2M in Financing

by Nellie Day March 13, 2015

PROVO, UTAH — Courtyard at Jamestown, a 132-unit assisted living and dementia care seniors housing community in Provo, has received $24.2 million in acquisition financing. The facility is located at 3352 N. 100 E. The community opened in 1999. It is situated about three miles north of Provo’s Central Business District, just minutes from Utah Valley Regional Medical Center. The borrower was ROC|Seniors Housing Fund Manager. ROC|Seniors is a subsidiary of Bridge Investment Group Partners. The seven-year Freddie Mac loan features a fixed-rate term with an interest-only period. It was structured by Berkeley Point Capital. This is Berkeley Point’s third financing with ROC Seniors over the past year.

March 13, 2015

Westbury Square Huntsville Alabama Stein Mart

Alabama Retail Southeast

Inland Real Estate Buys Shopping Center in Huntsville for $23.4M

by John Nelson March 13, 2015

HUNTSVILLE, ALA. — Inland Real Estate Corp. has purchased Westbury Square, a 115,000-square-foot shopping center in Huntsville, for $23.4 million in cash. The center is located at the intersection of Highway 53 (Memorial Parkway South) and Airport Road. Westbury Square was fully leased at the time of sale to tenants such as Stein Mart, TJ Maxx, Michaels, Jimmy John’s, Moe’s Southwest Grill, Jenny Craig and BB&T. The center is the publicly traded REIT’s fourth acquisition in the Southeast in the past 15 months.

March 13, 2015

Retail Southeast Tennessee

Sterling Organization Acquires Stones River Mall in Metro Nashville

by John Nelson March 12, 2015

MURFREESBORO, TENN. — Sterling Organization has purchased Stones River Mall, a 594,688-square-foot enclosed regional mall in Murfreesboro, a suburb of Nashville. Sterling purchased 497,691 square feet at the mall, which was developed in 1992 and renovated in 2008. The company acquired the asset through its institutional fund: Sterling Value Add Partners II LP. Anchored by Dillard’s, Sears and J.C. Penney, other tenants include Aeropostale, Books-A-Million, Electronic Express, Hancock Fabrics, Chuck E. Cheese’s, PacSun, Bath & Body Works, Shoe Carnival, Versona, Bink’s Outfitters, Hibbett Sports and Victoria’s Secrets. The mall’s outparcel restaurants include TGI Fridays, Olive Garden and Buffalo Wild Wings.

March 12, 2015

Mixed-Use New Jersey Northeast

JV Acquires Mixed-Use Property in Central New Jersey for $6.2M

by Amy Works March 12, 2015

EWING TOWNSHIP, N.J. — A joint venture between Black Oak Associates and Broad Oak Partners has acquired a 98,000-square-foot mixed-use property located at 1600 N. Olden Ave. in Ewing Township. 1600 Olden LLC sold the property for $6.2 million. Family Dollar and the State of New Jersey Department of Motor Vehicles anchor the property, which offers a mix of retail, office and flex space. At the time of sale, the property was 70 percent occupied. The acquisition is the third in Black Oak’s investment fund vehicle, Black Oak IV LP. David Bernhaut of Cushman & Wakefield represented the seller in the transaction.

March 12, 2015

Colorado Multifamily Seniors Housing Student Housing Western

Bethany Rehabilitation Center in Lakewood Sells for $17.9M

by Nellie Day March 12, 2015

LAKEWOOD, COLO. – Bethany Rehabilitation Center, a 56,502-square-foot skilled nursing facility in Lakewood, has sold to CareTrust for $17.9 million. The center is located at 5301 West 1st Ave., about five miles southwest of Denver. The property was built in 1969. It has 170 active beds and is licensed for 50 additional beds. CareTrust entered into a triple-net lease with Eduro Healthcare LLC, which took over operations on Feb. 1. The seller was represented by Mark Myers, Joshua Jandris and Charles Hilding of Institutional Property Advisors. Richard Bird of Marcus & Millichap’s Denver office was the firm’s broker of record in Colorado.

March 12, 2015

California Industrial Western

O’Neill Logistics Leases Industrial Space in Los Angeles

by Nellie Day March 12, 2015

LOS ANGELES – O’Neill Logistics has leased Hathaway Industrial Park, a 288,000-square-foot industrial facility in Los Angeles. The five-year lease is valued at $6.7 million. The space is located at 11811-11831 E. Florence Ave. in the Santa Fe Springs submarket. It was built in 1984. O’Neill Logistics is a third-party logistics company specializing in apparel and consumer goods products. O’Neill was represented by Dillon Dummit and Wayne Lamb of Cresa Orange County. The landlord, Westcore Properties, was represented by Luke McDaniel, Cameron Driscoll and Zac Sakowski of Jones Lang LaSalle.

March 12, 2015

California Multifamily Western

San Diego Apartment Building Sells for $6.2M

by Nellie Day March 12, 2015

SAN DIEGO – An 18-unit apartment building in San Diego has sold to Allen Properties Group 43 for $6.2 million. The community is located at 1941 Columbia Street. Peter Scepanovic and Corey McHenry of Colliers International’s Multifamily Advisory Group represented both the buyer and seller, Westventures LP, in this transaction.

March 12, 2015

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