sales_and_leases

RKF Arranges $32.3M Sale of Mixed-Use Building in SoHo

by Amy Works November 5, 2014

NEW YORK CITY — RKF has arranged the $32.3 million sale of 102 Green Street, a retail/residential property located in Manhattan’s SoHo district. SL Green purchased the property from BLDG Greene Street LLC. The acquisition includes the 9,200-square-foot building and 5,500 square feet of air rights for future commercial development. Galeria Melissa, a high-end designer shoe salon, currently occupies the 2,000-square-foot retail component within the property. The asset also features two residential units on the second and third floors. Jeff Fishman and Ross Berkowitz of RKF represented the seller and procured the buyer. Additionally, Fishman represented BLDG Green Street LCC in its purchase of the property for $11.9 million in June 2012.

November 5, 2014

Alabama Multifamily Southeast

Berkadia Brokers $63.4M Sale of Multifamily Portfolio in Hoover

by John Nelson November 5, 2014

HOOVER, ALA. — Berkadia has brokered the $63.4 million sale of a three-property, 825-unit multifamily portfolio in Hoover known as the “Hoover 3 Portfolio”. The properties — Park at Galleria, Place at Galleria and Renaissance at Galleria — sold for $76,784 per unit. David Oakley, David Etchison and Royce Emerson of Berkadia represented the seller, CLK Properties, in the transaction. The buyer was Chicago-based Intercapital Partners Ltd.

November 5, 2014

Retail Utah Western

South Towne Center Mall, Marketplace in Sandy Sell for $205M

by Nellie Day November 5, 2014

SANDY, UTAH – A partnership between Pacific Retail Capital Partners, Silverpeak Real Estate Partners and the Merchant Banking Division of Goldman Sachs has acquired the 1.3 million-square-foot South Towne Center Mall and adjacent Marketplace in Sandy for $205 million. The 966,000-square-foot South Towne Center Mall is a two-level, enclosed regional mall that contains about 150 shops and restaurants. The mall’s anchors include Macy’s, Dillards, JCPenney and Utah’s largest Forever 21. The 312,000-square-foot Marketplace is anchored by Super Target. The properties are situated about 16 miles south of Salt Lake City. The partnership plans to execute a large-scale mall renovation. Gensler Associates will create the new design. Current plans feature upgrades to the mall’s infrastructure, including lighting, flooring, restrooms, a new children’s play area and a revamped food court with expanded food offerings. Pacific Retail will oversee all operations at South Town Center, including its renovation. The seller was Macerich. The sale is consistent with the company’s strategy of selling non-core assets and redeploying the proceeds into its development pipeline.

November 5, 2014

Colorado Office Western

Ivanhoé, Callahan Acquire Interest in Downtown Denver Portfolio

by Nellie Day November 5, 2014

DENVER – Ivanhoé Cambridge and Callahan Capital Properties have acquired a 40 percent interest in a Denver-based portfolio that includes the US Bank Tower, the Tabor Center and the adjacent Two Tabor development site. The interest was purchased from Canada Pension Plan Investment Board for more than $200 million. The 572,000-square-foot Tabor Center is located at 1200 17th Street. The property includes a 30-story trophy office tower and a 163,000-square-foot, mixed-use property with retail and health club amenities. The 520,000-square-foot US Bank Tower is located at 950 17th Street. The 26-story, Class A tower is just steps from Tabor Center. These acquisitions position Ivanhoé Cambridge as one of the main landlords in Denver’s commercial business district. The firm now has an ownership position that represents about 6 percent of Downtown Denver’s Class A office inventory. This is Ivanhoé’s sixth acquisition with Callahan, bringing the partners’ U.S. office platform investments to more than $2.4 billion. A Callahan affiliate continues to be an equity partner and asset manager for these properties.

November 5, 2014

Colorado Multifamily Western

Advenir Acquires Two Apartment Communities in Denver

by Nellie Day November 5, 2014

DENVER – Advenir has acquired two apartment communities in the Denver submarket of Longmont. The apartments sold for a combined purchased price of about $80 million, according to industry sources. The communities included in the transaction are the 360-unit, 18-building Advenir@Wyndam, formerly Wyndam Apartment Homes, and the 210-unit, 15-building Advenir@Wildwood, formerly Wildwood Apartment Homes. Advenir@Wyndam is located at 2540 Sunset Drive. It was built in 1990 and renovated in 2010. Advenir@Wildwood is located at 3226 Lake Park Way. It was also recently renovated. Advenir has acquired 1,000 apartment units since August in the Greater Denver area, and nearly 3,000 units since late 2011. The firm is actively looking to expand its portfolio. Advenir represented itself in this transaction. The unnamed seller was represented by HFF’s Jordan Robbins. Freddie Mac financing was secured by Eric Tupler and Josh Simon of the same firm.

November 5, 2014

The property includes three lakes and a resort-style pool and spa.

Illinois Midwest Multifamily

Connor Group Buys Luxury Apartment Complex in Chicago Suburb for $61.8M

by Danielle Everson November 4, 2014

NAPERVILLE, ILL. — The Connor Group has acquired a 321-unit luxury apartment community in Naperville for $61.8 million. Glenmuir is located approximately 40 miles west of downtown Chicago. The property includes three lakes and a resort-style pool and spa. Apartment units feature townhome-style entries, fireplaces and gourmet kitchens. The Connor Group purchased the property from Glenmuir Acquisitions LLC. The Connor Group owns more than $1.6 billion in assets. In addition to the Chicago acquisition, it owns and operates communities in Atlanta, Austin, Charlotte, Cincinnati, Columbus, Dallas, Dayton, Nashville and Raleigh-Durham.

November 4, 2014

Loans Multifamily Northeast Pennsylvania

HFF Closes Sale, Arranges Financing for 196-Unit Multifamily Community

by Amy Works November 4, 2014

YARDLEY, PA. — HFF has brokered the sale of Yardley Crossing, a multifamily community located along the Delaware River in Yardley. Additionally, HFF arranged Fannie Mae acquisition financing on behalf of the buyer, Relative Properties. Located at 1800 Kathy Dr., the 196-unit community features two- and three-bedroom townhome-style units and 12 one-bedroom flats. Community amenities include a swimming pool, basketball courts, playground, jogging and bike trails, clubhouse and recreation room. Zac Pierce, Mark Thomson and Jose Cruz of HFF represented the seller, Fairfield Belmondo LLC, in the transaction. Ryan Ade and James Conley led the HFF debt placement team to secure financing for the buyer.

November 4, 2014

Arizona Industrial Western

Chandler Industrial Property Sells for $4.5M

by Nellie Day November 4, 2014

CHANDLER, ARIZ. – A 46,119-square-foot industrial property in Chandler has sold to Bell Steel Inc. for $4.5 million. The asset is located at 1100 N. Hamilton Street. The sale included a 4,000-square-foot office building, a 29,319-square-foot fabrication building, a 10,800-square-foot office/warehouse building and a 2,000-square-foot storage building. Bell Steel was represented by JLL’s Steve Larsen. The seller, TW Steel, was represented by Evan Koplan and Mike Parker of CBRE’s Phoenix office.

November 4, 2014

California Retail Western

Kelly-Moore Paints Property in Hayward Sells for $2.2M

by Nellie Day November 4, 2014

HAYWARD, CALIF. – A 10,000-square-foot retail property in Hayward that is net leased to Kelly-Moore Paints has sold to a private investor for $2.2 million. The property is located at 28722-28724 Mission Blvd. The paint retailer subleases a small portion of the building to a local flooring retailer. The building was constructed in 1970. Kelly-Moore has occupied this space for about 44 years. In 2006, it signed a new lease for an additional 15-year term. The seller, a private investor, was represented by Bryan Webb and Bill Allen of Marcus & Millichap.

November 4, 2014

Indiana Midwest Multifamily

Tikijian Associates Brokers Sale of 152-Unit Apartment Complex in Indianapolis

by Danielle Everson November 4, 2014

INDIANAPOLIS — Tikijian Associates has brokered the sale of a 152-unit apartment community in Indianapolis for an undisclosed sales price. Teal Run Apartments, located at 2302 Windsong Drive, features one- and two-bedroom garden-style apartments. Tikijian Associates represented the seller, Chicago-based JVM Realty, which has owned the property since 2001. An Ohio-based real estate investment company whose holdings include other multifamily properties in Indiana and Ohio purchased the apartment community. The new owner plans to complete extensive renovations at the property. Cincinnati-based Towne Properties will serve as the property manager for the new owner.

November 4, 2014

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