sales_and_leases

Mid-America Real Estate Corp. Brokers $54M Sale of Shopping Center in Lafayette, Ind.

by Danielle Everson February 12, 2015

LAFAYETTE, IND. — Mid-America Real Estate Corp. has brokered the sale of a 348,531-square-foot shopping center in Lafayette. A real estate investment trust sponsored and managed by Phoenix-based Cole Capital purchased the property for $54 million. Lafayette Pavilions Shopping Center is located at the southwest corner of State Road 26 and Creasy Lane. Gordmans, Hobby Lobby, Gander Mountain and TJ Maxx anchor the shopping center. Rick Drogosz and Ben Wineman of Mid-America, in cooperation with Mid-America Real Estate – Indiana LLC, were the exclusive brokers in the transaction on behalf of the seller, Dallas-based Invesco Real Estate.

February 12, 2015

Multifamily Texas

IPA Arranges Sale of Multifamily Property in Dallas

by Haisten Willis February 12, 2015

DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Bellagio at Bent Tree, 500-unit apartment community fronting Trinity Mills Road in Dallas. Will Balthrope and Drew Kile of IPA represented the seller, National Asset Services Inc. Willmax Capital was the buyer. Bellagio at Bent Tree is located within the North Dallas Platinum Corridor, which includes more than 30 million square feet of office space and six million square feet of shopping and retail. Located at 3901 Accent Drive, the community is one mile from the Dallas North Tollway and 1.5 miles from President George Bush Turnpike. Built in two phases between 1996 and 2000, Bellagio at Bent Tree includes 20 floor plans with 481,682 total rentable square feet and an average unit size of 963 square feet. Community amenities include three swimming pools, a game room with billiards, two clubhouses and an indoor basketball court.

February 12, 2015

Midwest Missouri Multifamily

Dougherty Arranges $3.5M Fannie Mae Loan for Hathaway Village Apartments

by Danielle Everson February 12, 2015

FLORISSANT, MO. — Dougherty Mortgage LLC has arranged a $3.5 million Fannie Mae loan for the refinancing of Hathaway Village Apartments, a 128-unit multifamily property located in Florissant. The 10-year loan includes a 30-year amortization schedule. Dougherty’s Dallas office arranged the loan for borrower, Hathaway Village Partners LLC. The property is close to I-270 and other major highways. Units include fully equipped kitchens, ceiling fans, central heat/air and oversized patios and balconies.

February 12, 2015

Loans Multifamily Northeast Pennsylvania

HFF Arranges Sale, Financing for Acquisition of Riverwalk at Millennium

by Amy Works February 12, 2015

CONSHOHOCKEN, PA. — HFF has arranged the sale of, as well as joint venture equity and acquisition financing for, Riverwalk at Millennium, a multifamily community in Conshohocken. A joint venture between Scully Co. and Long Wharf Real Estate Partners, which was arranged by HFF, purchased the 375-unit community from Riverwalk Realty Co. for an undisclosed price. HFF worked on behalf of the buyer to arrange a 10-year, floating-rate loan through Freddie Mac’s CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus Seller/Servicer program. Situated on 7.9 acres at 309 Washington St., Riverwalk at Millennium features 239 one-bedroom units and 136 two-bedroom units, averaging 923 square feet. Community amenities include a clubhouse with fireplace, billiards and pub room; a resort-style swimming pool with sundeck; river views; a fitness center; and a business center with conference facilities. Mark Thomson, Zac Pierce, Jose Cruz and Kevin O’Hearn of HFF represented the seller in the transaction. Jim Cardranell, Ryan Ade and James Conley of HFF negotiated the financing for the deal.

February 12, 2015

Retail Washington Western

Overlake Shopping Center in Bellevue Sells for $30M

by Nellie Day February 12, 2015

BELLEVUE, WASH. – Overlake Shopping Center, a 49,167-square-foot, grocery-anchored center in Bellevue, has sold to Panos Properties for $30 million. The fully leased property is located at 15555-15585 NE 24th Street. It is anchored by Trader Joe’s, PetSmart and Walgreens, the seller. Walgreens signed a 20-year lease with Panos as part of the sale-leaseback transaction. Panos Properties was represented by Reynolds Haas of Colliers International. Walgreens was represented by Lauren Powell of Powell Development Company in this off-market transaction.

February 12, 2015

California Office Western

Rancho Cucamonga Office Building Sells for $13.4M

by Nellie Day February 12, 2015

RANCHO CUCAMONGA, CALIF. – A 39,600-square-foot office building in Rancho Cucamonga has sold to CFRE Holdings LLC for $13.4 million. The building is located at 8163 Rochester Ave. CFRE was represented by Cathy Jones, Paul Miachika, Jessica Cegavske and Roy Fritz of Sun Commercial Real Estate. The seller, 8163 Rochester Partners LLC, was represented by Isaiah Harf of Stan Johnson Company.

February 12, 2015

Colorado Multifamily Western

The Amherst Apartment Homes in Denver Sells for $5.6M

by Nellie Day February 12, 2015

DENVER – The Amherst Apartment Homes, an 81-unit multifamily property in Denver, has sold to a local buyer for $5.6 million. The community is located at 2775 S. Federal Blvd. It was built in 1973. The property was most recently renovated in 2010. The sale was executed by Josh Newell and Robert Lawson of Pinnacle Real Estate Advisors. The buyer assumed the unnamed seller’s current Fannie Mae loan.

February 12, 2015

California Retail Western

Altadena Crossing Shopping Center Changes Hands

by Nellie Day February 12, 2015

ALTADENA, CALIF. – Altadena Crossing, a 43,108-square-foot shopping center, has sold to a private family trust for an undisclosed sum. The fully leased center is located at 2230-2268 Lincoln Ave. in Altadena, just north of Pasadena. It was built in 2006. Notable tenants include Verizon Wireless, Panda Express, Bank of America, 24 Hour Fitness and Subway. The latter three tenants were not part of the sale. The trust was represented by Martin Agnew and Jessica Kelley of Marcus & Millichap’s Encino office. The seller was not named. The transaction’s financing was arranged by Sharone Sabar of MMCC’s Encino office.

February 12, 2015

Georgia Retail Southeast

CBRE Brokers $7.5M Sale of Shopping Center in Metro Atlanta

by John Nelson February 11, 2015

SUWANEE, GA. — CBRE has brokered the $7.5 million sale of Suwanee Depot, a 68,409-square-foot shopping center in Suwanee, a northern suburb of Atlanta in Gwinnett County. The shopping center is 91 percent leased to a 20,000-square-foot Office Depot, 22,000-square-foot Georgia Fitness, Jackson Hewitt, Lenny’s Subs, Sylvan Learning and a mix of local service and restaurant tenants. Craig Taylor of CBRE’s Atlanta office represented the sellers, Atlanta-based Columbia Properties and New York-based Red Starr. Taylor brokered the sale in conjunction with Auction.com. The buyer was Mahesh Marjani.

February 11, 2015

Multifamily Northeast Pennsylvania

HFF Arranges Sale of 198-Unit Apartment Community in West Chester

by Amy Works February 11, 2015

WEST CHESTER, PA. — HFF has arranged the sale of Halstead, an apartment and townhome community in West Chester. TGM Associates sold the 198-unit property to Metropolitan Management Corp. for an undisclosed price. Situated on 11 acres at 812 Goshen Road, the property consists of six two-story courtyard buildings containing 48 one-bedroom flats, 109 two-bedroom townhomes and 41 three-bedroom townhomes with flat-style units averaging 770 square feet each and townhomes averaging 1,076 square feet. Community amenities include a newly renovated clubhouse, fitness center and bark park. Mark Thomson, Zac Pierce and Jose Cruz of HFF represented the seller in the transaction.

February 11, 2015

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