sales_and_leases

Domain Acquisitions, BH Equities Buy Autumn Ridge Apartments in Phoenix

by Nellie Day November 21, 2014

PHOENIX — A partnership between Domain Acquisitions and BH Equities has acquired the 672-unit Autumn Ridge Apartments in North Phoenix. The Class B community is located at 1944 W. Thunderbird Road. The garden-style complex sits adjacent to Cave Creek Golf Course. It is located between Deer Valley’s employment center and the North I-17 employment corridor, Phoenix’s second-largest employment area. This acquisition marks Domain’s re-entry into the Phoenix market since selling its local portfolio in 2006. BH Management Services will oversee the Autumn Ridge’s property management and construction. The JV plans to spend about $5 million renovating the community. The venture received $30.9 million in financing to acquire and renovate the asset. The loan was arranged by Laura Cathlina and Andy Hill of Berkadia Commercial Mortgage. The seller was Summit Autumn Ridge LLC. The transaction was executed by Cindy and Brad Cooke of Colliers International.

November 21, 2014

New Jersey Northeast Retail

CBRE Brokers Sale of The Pier Shops at Caesars in Atlantic City

by Amy Works November 21, 2014

ATLANTIC CITY, N.J. — CBRE has brokered the sale of The Pier Shops at Caesars in Atlantic City. Tower Investments acquired the luxury shopping destination, which is connected to Caesars Hotel and Casino, for an undisclosed price. Constructed in 2006, the 290,210-square-foot shopping center is located at One Atlantic Ocean and was built on a pier that extends 900 feet from the New Jersey shoreline. Peter Stevens, Kevin McClernon and William Tourtellotte of CBRE represented the seller in the transaction.

November 21, 2014

Illinois Midwest Office

M&M Brokers $8.1M Sale 40,000 SF Office Property in Chicago

by Danielle Everson November 20, 2014

CHICAGO — Marcus & Millichap has brokered the $8.1 million sale of a five-story, 40,000-square foot, timber loft office property in the River North neighborhood of Chicago. The Class-B property is located at 153-157 W. Ohio St. near the intersection of LaSalle Street and Ohio Street. Stephen Lieberman of Marcus & Millichap’s Chicago Downtown office represented the undisclosed seller. A New Jersey-based private investor purchased the property.

November 20, 2014

Indiana Midwest Retail

Friedman Arranges Sale of 39,835 SF Retail Center in Clarksville, Ind.

by Danielle Everson November 20, 2014

CLARKSVILLE, IND. — Friedman Integrated Real Estate Solutions has arranged the sale of Veterans Parkway Plaza, a 39,835-square-foot retail center in Clarksville. The shopping center is located at the intersection of Veterans Parkway and I-65, and serves the Louisville metro area north of the Ohio River. Constructed in 2005 on a three-acre site, the asset is located across the street from a Walmart and Sam’s Club, and is adjacent to a Lowe’s. Barry Swatsenbarg and Richard Deptula of Friedman represented both the undisclosed seller and buyer.

November 20, 2014

Multifamily North Carolina Southeast

ARA Brokers $33.7M Sale of Apartment Community in Triangle Submarket

by John Nelson November 20, 2014

MORRISVILLE, N.C. — ARA has brokered the $33.7 million sale of The Bristol Apartments, a 260-unit multifamily community located in Morrisville in the Triangle submarket. The property is located within Park West Village, a 100-acre mixed-use development that includes a town center district, community center, Super Target, Earth Fare, upscale restaurants and a movie theater. Built in 2014, The Bristol is currently 92 percent occupied. Richmond, Va.-based Weinstein Properties purchased the asset from the developer, Wood Partners, and its undisclosed equity partner. Blake Okland, Dean Smith, John Heimburger and Sean Wood of ARA represented both sellers in the transaction.

November 20, 2014

Texas

NorthStar Income Originates $84M Loan for Office Complex in Metro Dallas

by Haisten Willis November 20, 2014

IRVING, TEXAS — NorthStar Real Estate Income II Inc. has originated an $84 million senior loan secured by a Class A office complex in Irving. NorthStar initially funded $63 million of the senior loan and intends to fund the remaining $21 million over the 36-month loan term. The property was built in 2001 and spans 526,000 rentable square feet of office space across two adjoining buildings.

November 20, 2014

California Retail Western

Walgreens Property in Long Beach Sells for $6.4M

by Nellie Day November 20, 2014

LONG BEACH, CALIF. – A 15,200-square-foot retail property in Long Beach that is net leased to Walgreens has sold to a private West Covina investor for $6.4 million. The building is located at 2627 Pacific Ave. It includes a 24-hour drive-thru. Walgreens has less than 10 years remaining on the initial term. The 1031 exchange buyer was represented by Nick Peukpiboon and Lara Rudolph of Daum Commercial Real Estate Services. The seller, a private investor from Huntington Beach, was represented by Edward B. Hanley, Kevin T. Fryman and Eric P. Wohl of Hanley Investment Group Real Estate Advisors.

November 20, 2014

Multifamily New York Northeast

Ariel Property Advisors Brokers $25.9M East Village Residential Property Sale

by Amy Works November 20, 2014

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a multi-unit condominium building, located 47-53 Third Avenue in New York City’s East Village. Slate Property Group purchased the five-story property for $25.9 million. The 30,662-square-foot property, which was delivered vacant, offers 28 residential units in a mix of 22 two-bedroom units and six one-bedroom units. On-site amenities include a recreational room, large outdoor terrace, laundry room and concierge desk. Victor Sozio, Shimon Shkury, Jesse Deutch, Randy Modell and Howard Raber of Ariel Property Advisors represented the seller, a real estate investment group, and procured the buyer in the deal.

November 20, 2014

Illinois Midwest Retail

Loja Group Acquires Four Chicago Grocery Stores for $95M

by Danielle Everson November 19, 2014

CHICAGO — Loja Real Estate has acquired a portfolio of four Chicago grocery store properties from a former unit of Safeway Inc. for $95 million. The single-tenant grocery store properties were purchased from Dominick’s Finer Foods LLC in a transaction that closed Nov. 13, according to Tom Engberg, CEO of Loja Real Estate. The acquisitions consist of a total of 238,462 square feet of leasable space on 12.4 acres. Mariano’s Fresh Market, which opened earlier this year, anchors three of the properties. A Whole Foods, which is expected to open in the spring of 2015, anchors the other property. Guy Ponticiello of JLL represented Safeway as the investment sale advisor in the transaction.

November 19, 2014

Midwest Nebraska Retail

Mid-America Real Estate Arranges $10.2M Sale of Canfield Plaza in Omaha, Neb.

by Danielle Everson November 19, 2014

OMAHA, NEB. — Mid-America Real Estate Corp. has brokered the $10.2 million sale of Canfield Plaza in Omaha. An undisclosed buyer purchased the 185,094-square-foot shopping center in a 1031 tax-deffered exchange. Canfield Plaza is located at the southwest corner of 84th Street and West Center Road. Canfield’s Sporting Goods and Westlake Ace Hardware anchor the shopping center. Joe Girardi and Carly Gallagher of Mid-America and Brian Kuehl of Investors Realty Inc. represented the seller, a private family trust.

November 19, 2014

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