sales_and_leases

Steadfast Apartment REIT Acquires 696 Multifamily Units in Metro Atlanta for $98.5M

by John Nelson October 24, 2014

SUWANNEE, GA. — Steadfast Apartment REIT has acquired 696 apartment units in Suwannee, a suburb in Atlanta’s North Gwinnett submarket, for $98.5 million. Steadfast will jointly operate the apartment residences, which were originally constructed as two standalone properties comprising 354 units and 342 units. The multifamily property will be known as The Residences on McGinnis Ferry, which is currently 97 percent occupied. The average in-place rental rate is $1,068, and the average square footage in each unit is 1,217 square feet. The property’s amenity offerings include two swimming pools, a dog park, playgrounds, children’s activity room, tennis courts, 24-hour fitness center, resident activity center and a walking and bicycle trail.

October 24, 2014

California Mixed-Use Western

Ellis Partners Buys The Pruneyard Mixed-Use Property in Campbell

by Nellie Day October 24, 2014

CAMPBELL, CALIF. – Ellis Partners has acquired The Pruneyard, a 27-acre, mixed-use property in Campbell. Though the sales price was not released, reports put it as high as $300 million. The Pruneyard contains more than 365,000 square feet of office space, more than 250,000 square feet of retail space and a 171-room Doubletree hotel. It is located at the intersection of Campbell and Bascom avenues in Silicon Valley. The property initially opened in 1969. An 18-story office tower was added in 1970, while a second made its debut in 1972. The hotel component, which was formerly known as the Pruneyard Inn, opened in 1989. It was renovated and expanded in 1998. Ellis plans to complete the hotel’s most recent renovation. Seller Equity Office Properties began those renovations in 2013 when the hotel was being converted into the Hilton DoubleTree. Notable retail tenants at The Pruneyard include Marshall’s, Sports Basement, Trader Joe’s and Camera Cinemas.

October 24, 2014

Multifamily Washington Western

Riverside Park, Boxcar Apartments in Washington Receive $52.7M Refinance

by Nellie Day October 24, 2014

SEATTLE – A pair of apartment communities in Washington State has received a total of $52.7 million in refinancing. The communities include the 379-unit Riverside Park Apartments in Puyallup and the 145-unit Boxcar Apartments in Seattle. Riverside Park is located at 3107 E. Main Ave. It received a $32-million refinance. The loan featured a 10-year term and 30-year amortization schedule. Boxcar Apartments is located at 975 John Street. It received a $20-million refinance. The loan contained the same finance structure as the former community. Financing was arranged by Bob Spiro and Chris Pohlad of NorthMarq Capital’s Seattle regional office through the firm’s affiliate AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS lender.

October 24, 2014

Industrial Nevada Western

BKM Capital Partners Buys Three Western-Based Industrial Properties for $42.8M

by Nellie Day October 24, 2014

LAS VEGAS, PHOENIX AND PORTLAND, ORE. – BKM Capital Partners has acquired three industrial parks out West for $42.8 million. The acquisitions were completed on behalf of BKM Industrial Value Fund I LP. The transaction includes the 98,516-square-foot Hayden Island Business Park in Portland for $5.9 million; the 223,009-square-foot Patrick Commerce Center in Las Vegas for $15.1 million; and the 219,410-square-foot Black Canyon Business Park in Phoenix for $13.1 million. These are the first three assets to be included in the commingled fund. BKM Industrial Value Fund LP intends to acquire about $300 million of industrial assets by the end of next year. Irvine, Calif.-based BKM Capital Partners is a fund manager and operator platform targeting value-add, multi-tenant industrial real estate in the Western United States. It was formed in 2013 as the real estate branch of The Niru Group.

October 24, 2014

New Jersey Northeast Office

One Liberty Properties Sells 106,680 SF Office Building for $40M

by Amy Works October 23, 2014

PARSIPPANY, N.J. — One Liberty Properties has sold an office building, located at 45 Waterview Blvd., for $40 million. The 106,680-square-foot building is 100 percent leased on a long-term basis by Royal DSM, a global life science and material science company, for its North American headquarters. Jeffrey Dunne, Kevin Welsh, Brian Schulz and Frank Maresca of CBRE Group’s Institutional Properties team represented the seller and procured the buyer, a fund invested in by an offshore entity and first-time U.S. buyer, in the deal. The fund is managed by JM Capital LLC and advised by Nadlan Advisors LLC.

October 23, 2014

Multifamily Texas

NorthMarq Arranges $12.4M Refinancing of Apartment Complex in Metro Dallas

by Haisten Willis October 23, 2014

LEWISVILLE, TEXAS — NorthMarq Capital has arranged the $12.4 million refinancing of Oak Tree Village Apartments, a 272-unit multifamily property located at 1595 S. Old Orchard Lane in Lewisville. Brent Blake of NorthMarq’s Kansas City office arranged financing on behalf of the unnamed borrower. The 10-year loan was structured with a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.

October 23, 2014

Illinois Midwest

M&M Arranges $1.8M Sale of 3,845 SF Retail Property

by Danielle Everson October 23, 2014

CHICAGO — Marcus & Millichap has arranged the $1.8 million sale of a 3,845-square-foot retail property in Chicago. Starbucks Anchored Retail | Lincoln Park is located at 1700 West Diversey Parkway on the northwest corner of West Diversey Parkway and North Paulina Street. The property is fully occupied with three long-term tenants Starbucks Coffee, No. 1 Nail Salon and Physicians Plus. Austin Weisenbeck, Adrian Mendoza and Sean Sharko of Marcus & Millichap’s Chicago Oak Brook office, and Kyle Stengle of the firm’s Chicago downtown office represented the seller, a limited liability company. Mendoza, Sharko and Weisenbeck also represented the buyer, a private investor.

October 23, 2014

Oregon Retail Western

Logan’s Market to Open at Nolan Town Center in Redmond

by Nellie Day October 23, 2014

REDMOND, ORE. – Logan’s Market has leased 42,000 square feet at Nolan Town Center in Redmond. The Class A shopping center is located at 2276 SW Highland Ave. It was built in 2005. Logan’s will occupy the space of former anchor Ray’s Food Place, which went bankrupt in 2013. NTC went into foreclosure soon thereafter. Though Logan’s Market will be owned and operated as one store, it will also feature TrueValue Hardware. The new location should open this December. The store will join existing tenants like McDonald’s, Starbucks, Great Clips and Country Financial. Logan’s was represented by the Pennbrook Company. Nolan Town Center was represented by court-appointed receiver H. Roger Qualman of NAI Norris, Beggs & Simpson.

October 23, 2014

California Multifamily Western

Sherman Apartments in Los Angeles Sells for $5.2M

by Nellie Day October 23, 2014

LOS ANGELES – The 60-unit Sherman Apartments in Los Angeles has sold to Lion Real Estate Group for $5.2 million. The community is situated in Koreatown, near three of Downtown’s metro stations. It was built in 1926. Lion Real Estate plans to invest about $1 million to redevelop the property and appeal to urban lifestyle professionals. Peter Strauss of Iconic Investments represented both the buyer and seller, a local private investor, in this transaction.

October 23, 2014

Arizona Office Western

Arizona Priority Care Leases Space at Chandler Corporate Center

by Nellie Day October 23, 2014

CHANDLER, ARIZ. – Arizona Priority Care has leased 24,896 square feet at Chandler Corporate Center. The Class A center is located at 585 North Juniper Drive. The medical care provider was represented by Michael Dupuy and Fletcher Perry of Colliers International. The landlord, Garmin International, was represented by Todd Noel and Ryan Timpani of the same firm.

October 23, 2014

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