sales_and_leases

Colvill Secures Two Office Leases Totaling 43,864 SF in Houston

by Taylor Williams December 20, 2017

HOUSTON — Colvill Office Properties has secured two leases totaling 43,864 square feet at Galleria Office Tower 1, a 493,456-square-foot, Class A building in Houston. Accounting firm BKD LLP leased 29,960 square feet and recruiting firm Lucas Associates Inc. leased 14,174 square feet. Brad Beasley and Win Haggard of Colvill Office Properties represented the landlord, a partnership between Azrelli Group and Unilev Capital Corp., in both lease negotiations. Lucian Bukowski and Nicholas Bockhorn of CBRE represented BKD; Bill Boyer and Collin Grimes, also of CBRE, represented Lucas Associates.

December 20, 2017

SVN Trinity Brokers Sale of 40,288 SF Office Building Near Fort Worth

by Taylor Williams December 20, 2017

HURST, TEXAS — SVN Trinity Advisors has brokered the sale of a 40,288-square-foot office building located at 1550 Norwood Drive in Hurst, a northeastern suburb of Fort Worth. Steve Fithian and Clint Montgomery of SVN Trinity represented the seller, AREI LLC, in the transaction. John Fegan of Compass Realty represented the buyer, 1550 Norwood LLC. The multi-tenant building was constructed in 1985.

December 20, 2017

Michigan Midwest Retail

Mid-America Arranges Sale of 273,029 SF Retail Center in Livonia, Michigan

by Kristin Harlow December 20, 2017

LIVONIA, MICH. — Mid-America Real Estate Corp. has arranged the sale of Millennium Park shopping center, a 273,029-square-foot retail center in Livonia, a suburb of Detroit. Grand Sakwa Properties acquired the asset for an undisclosed price. Ben Wineman of Mid-America arranged the transaction on behalf of the seller, Ramco-Gershenson Properties Trust. Millennium Park shopping center is home to tenants including The Home Depot, Marshalls, Michaels, PetSmart and Ulta Beauty. Costco and Meijer anchor the center.

December 20, 2017

Midwest Minnesota Multifamily

Marcus & Millichap Arranges $3M Sale of Apartment Building in Maplewood, Minnesota

by Kristin Harlow December 20, 2017

MAPLEWOOD, MINN. — Marcus & Millichap has arranged the sale of English Manor for $3 million. The 37-unit apartment building is located on English Street in Maplewood, about 20 miles east of Minneapolis. The property features 21 one-bedroom units and 16 two-bedroom units. Evan Miller, Mox Gunderson, Dan Linnell and Josh Talberg of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer. Both were private investors.

December 20, 2017

Florida Office Southeast

Cushman & Wakefield Arranges $42M Sale of Broward County Office Building

by Camren Skelton December 20, 2017

PEMBROKE PINES, FLA. — Cushman & Wakefield has arranged the sale of Pembroke Pointe 880, a 143,535-square-foot office building in Pembroke Pines, a city in Broward County. Public records show the building sold for $42 million. Scott O’Donnell, Mike Davis, Michael Lerner, Dominic Montazemi, Miguel Alcivar, Greg Miller and Rick Brugge of Cushman & Wakefield arranged the transaction on behalf of the seller, Duke Realty. Jason Hochman of Cushman & Wakefield arranged a $22.7 million, long-term acquisition loan on behalf of the buyer, Pembroke Pointe Office LLC, an affiliate of Miami-based Midtown Capital Partners LLC. Pembroke Pointe 880 was constructed in 2015 and features 36,111-square-foot floor plates, a parking ratio of 5.5 per 1,000 square feet and Interstate 75 frontage. In addition, the property is located adjacent to the 400,000-square-foot Shops at Pembroke Gardens, an open-air retail center. At the time of sale, the building was 86 percent leased to tenants including Global Medical Management, Elizabeth Arden, CES Consultants Inc., Boxy Charm, Kronos Inc., Corestaff, Devry Education Group and Evolution Lighting LLC.

December 20, 2017

Maryland Retail Southeast

Neuman Commercial Group Closes $21M Sale of Retail Center in Metro D.C.

by Camren Skelton December 20, 2017

BOWIE, MD. — Neuman Commercial Group LLC has arranged the $21 million sale of The Shoppes at Bowie Town Center, a 104,000-square-foot retail center in Bowie, a suburb 18 miles east of Washington, D.C. Gil Neuman of Neuman Commercial Group arranged the transaction on behalf of the seller, Shoppes at Bowie Town Center LLC, and procured the buyer, J.A.R. New York RLT. The center was 98 percent leased at the time of sale to 12 tenants including Five Below, Party City, Goodwill, Bank of America, A.C. Moore, Music & Arts, David’s Bridal, Sprint and California Tortilla. The Shoppes at Bowie Town Center is a specialty extension of the 578,000-square-foot Bowie Town Center, an open-air shopping center leased to tenants including Safeway, Macy’s, Best Buy, Off Broadway Shoes, LA Fitness, Chipotle Mexican Grill and Barnes & Noble.

December 20, 2017

Alabama Office Southeast

SDM Partners Buys Three-Building Office Portfolio in Metro Birmingham

by Camren Skelton December 20, 2017

HOOVER, ALA. — SDM Partners has acquired Meadow Brook North, a three-building, 365,000-square-foot office portfolio located on Corporate Parkway in Hoover, roughly 11 miles south of Birmingham. Patterson Real Estate Advisory Group arranged acquisition financing for the transaction, which included a joint venture equity partnership with Blue Vista and bridge loans from Hamilton State Bank and State Bank & Trust Co. Other terms of the transaction were not disclosed. The portfolio originally included a fourth building, which SDM negotiated the sale of to a local user that closed simultaneously with SDM. Of the three buildings in SDM’s acquisition, one is fully leased to BlueCross BlueShield of Alabama, one is a multi-tenant building currently 87 percent leased and the third is vacant. Joe Sandner III and Joe Sandner IV of Colliers International will handle the portfolio’s leasing assignment.

December 20, 2017

Arizona Retail Western

Cushman & Wakefield Brokers $25.8M Sale of Sprouts-Anchored Center in Chandler, Arizona

by Nellie Day December 19, 2017

CHANDLER, ARIZ. — Cushman & Wakefield has arranged the $25.8 million sale of The Plant, a newly developed, 56,831-square-foot shopping center in Chandler. Ryan Schubert and Michael Hackett of Cushman & Wakefield arranged the transaction on behalf of the seller, Common Bond Development Group. Sarofim Realty Advisors acquired the asset. Sprouts Farmers Market anchors the center, which was fully leased at the time of sale to tenants including Dairy Queen, Café Rio and Starbucks Coffee.

December 19, 2017

Arizona Multifamily Seniors Housing Western

HFF Arranges Sale of, Financing for, 303-Unit Seniors Housing Community Near Phoenix

by Nellie Day December 19, 2017

SUN CITY WEST, ARIZ. — Holliday Fenoglio Fowler,L.P. (HFF) has arranged the sale of The Heritage Tradition, a 303-unit seniors housing community located within the Del Webb master-planned community of Sun City West, just northwest of Phoenix. Senior Resource Group LLC acquired the property for an undisclosed price, and will also operate the community. The seller was not disclosed. The Heritage Tradition features 227 independent living apartments, 35 independent living cottages and 41 assisted living units. The property was completed in three phases between 2000 and 2006, and has undergone $3.8 million in capital improvements since 2013. In addition to negotiating the sale, HFF arranged a 10-year, fixed-rate acquisition loan through a life insurance company. The HFF investment advisory team included Ryan Maconachy, Chad Lavender and Ryan Fitzpatrick. HFF’s debt placement team consisted of Sarah Anderson.

December 19, 2017

Multifamily Texas

IPA Brokers Sale of Newly Built Apartment Community in Austin

by Taylor Williams December 19, 2017

AUSTIN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Southpark Crossing, a 308-unit multifamily community in Austin. Built in 2017, the property is located near the Southpark Meadows shopping and entertainment center and offers amenities such as a 24-hour fitness center, movie theater and a resort-style pool. Will Balthrope, Drew Kile and Jordan Featherston of IPA represented the seller and procured the buyer, both of whom requested anonymity.

December 19, 2017

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