sales_and_leases

IPC Sells Mariano’s-Occupied Retail Building in Palatine, Illinois for $29M

by Kristin Harlow December 15, 2017

PALATINE, ILL. — Inland Private Capital Corp. (IPC) has sold a 71,324-square-foot retail building occupied by Mariano’s Fresh Market in Palatine, about 30 miles northwest of Chicago, for $29 million. The property sits on 6.5 acres at 545 N. Hicks Road. The building, constructed in 2011, is 100 percent leased to Roundy’s Supermarkets Inc., which is owned by Kroger Co. IPC facilitated the sale of the property on behalf of one of its 1031 exchange investment programs. Christian Williams and Michael Kaider of CBRE represented IPC in the sale. The buyer was a private investor.

December 15, 2017

Illinois Industrial Midwest

Avison Young Brokers Sale of 190,000 SF Industrial Portfolio in Mount Prospect, Illinois

by Kristin Harlow December 15, 2017

MOUNT PROSPECT, ILL. — Avison Young has brokered the sale of a 190,000-square-foot industrial portfolio in Mount Prospect within Chicago’s O’Hare submarket. The sales price was not disclosed. The four-building portfolio is 97 percent leased to tenants such as EPP Corp., Nikuni America and Lapmaster International. The buildings include: 501 Algonquin Road (62,344 square feet), 401-411 West Algonquin Road (15,278 square feet) and 1840-1864 and 1870-1894 South Elmhurst Road (56,182 square feet in each complex). Erik Foster and Mike Wilson of Avison Young represented the seller, Clear Height Properties. The buyer was not disclosed.

December 15, 2017

Midwest Minnesota Office

WeWork Signs 46,000 SF Office Lease in Minneapolis

by Kristin Harlow December 15, 2017

MINNEAPOLIS — WeWork has signed a 46,000-square-foot office lease at MoZaic East in the Uptown neighborhood of Minneapolis. The 198,000-square-foot creative office and retail property is currently under construction, with completion slated for late 2018. This lease represents one-quarter of the total office space available at MoZaic East. WeWork is a shared workspace for entrepreneurs, freelancers, startups and small businesses. WeWork currently has more than 170 locations spread across 56 cities in 18 countries. The company maintains one other location in Minnesota at Capella Tower in downtown Minneapolis. Emily Nicoll of CBRE represented WeWork in the lease transaction. Mark McCary, Larissa Champeau, Brent Karkula and Joe Conzemius of CBRE represented the landlord, Ackerberg.

December 15, 2017

Connecticut Multifamily Northeast

Aria Legacy Group Acquires 58-Unit Apartment Community in Hartford, Connecticut, for $3.7M

by Amy Works December 14, 2017

HARTFORD, CONN. — Aria Legacy Group has purchased Ritz Grande Apartments, a residential community located at 29 Annawan St. in Hartford’s South End, for $3.7 million. This acquisition marks the company’s 16th multifamily investment in the city. The 58-unit complex features a mix of one-, two-, three- and four-bedroom apartments. On-site amenities include laundry facilities, a playground, basketball courts and off-street parking. Taylor Perun and Rich Edwards of Northeast Private Client Group represented the undisclosed seller in the deal. Adelle Ross of Eastern Union Funding arranged acquisition financing with Freddie Mac through CBRE for the buyer.

December 14, 2017

Florida Multifamily Southeast

ARA Newmark Arranges $53.8M Sale of Apartment Community in Broward County

by Camren Skelton December 14, 2017

TAMARAC, FLA. — ARA Newmark has arranged the $53.8 million sale of Hidden Harbour, a 368-unit apartment community in Tamarac, roughly 15 miles northwest of Fort Lauderdale. Hampton Beebe, Avery Klann, Jonathan Senn, Matt Scarola, Dick Donnellan and Marc deBaptiste of ARA Newmark arranged the transaction on behalf of the seller, BH Management. Matthew Williams of NKF Capital Markets arranged a 10-year, $35.1 million acquisition loan on behalf of the buyer, Orstac Investments. The loan features a fixed interest rate of 4.02 percent and 10 years of interest-only payments. Constructed in 1988, Hidden Harbour includes one- and two-bedroom units. Orstac Investments has the option to enhance 218 of the units with updated cabinets, granite countertops, stainless steel appliances and vinyl plank wood flooring. Existing community amenities include two pools with a spa, poolside barbeque area, playground, lighted tennis courts, car care center and a fitness center. At the time of sale, Hidden Harbour was 93 percent occupied.

December 14, 2017

Florida Multifamily Southeast Student Housing

Colliers Brokers $26M Sale of Student Housing Asset Near University of South Florida

by Camren Skelton December 14, 2017

LUTZ, FLA. — Colliers International has arranged the $26 million sale of The Social, a 560-bed student housing community located at 2919 Network Place in Lutz, roughly two miles from the University of South Florida in Tampa. Travis Prince and Sean Baird of Colliers International arranged the transaction. Other terms of the deal were not disclosed. The Social includes two- and four-bedroom floor plans ranging in size from 960 to 1,498 square feet. All apartment units feature a private balcony or patio, full-size washer and dryer and direct access to the Hillsborough Area Regional Transit bus service. Community amenities include a resort-style pool, tanning suite, study room, fitness center, outdoor lounge and a computer lab with free printing.

December 14, 2017

Multifamily Texas

Marcus & Millichap Closes $20M Sale of Three Multifamily Assets Totaling 351 Units in DFW

by Taylor Williams December 14, 2017

FORT WORTH, ARLINGTON AND STEPHENVILLE, TEXAS — Marcus & Millichap has closed the sale of three multifamily properties totaling 351 units in the Dallas-Fort Worth (DFW) area. Catholic Charities of Fort Worth sold the 200-unit Casa apartments in Fort Worth, the 65-unit Nuestro Hogar in Arlington and the 86-unit Casa Brendan apartments in Stephenville. Collectively, the assets fetched a sales price of more than $20 million. Al Silva of Marcus & Millichap represented the seller and secured the institutional buyers.

December 14, 2017

Multifamily Texas

Westmount Acquires 234-Unit Apartment Community in Northwest Houston

by Taylor Williams December 14, 2017

HOUSTON — Westmount Realty Capital has acquired Copper Mill, a 234-unit multifamily community located at 15910 FM 529 in northwest Houston. Built in 1983, the property features one- and two-bedroom units and amenities such as a pool, fitness center, business center and dog park. The property, which was 98 percent occupied at the time of sale, will be rebranded as Westmount at Copper Mill. The seller was not disclosed.

December 14, 2017

Office Texas

Mercedes-Benz Financial Signs 200,000 SF Office Lease at AllianceTexas in Fort Worth

by Taylor Williams December 14, 2017

FORT WORTH, TEXAS — Mercedes-Benz Financial Services USA LLC has signed a 200,000-square-foot office lease at AllianceTexas in Fort Worth. Mercedes-Benz Financial has operated out of AllianceTexas, an 18,000-acre, master-planned community owned by Hillwood, since 2007, and this move increases the overall size of the company’s footprint in Fort Worth. The new, build-to-suit property will serve as the company’s national business operations center and is scheduled to open in 2019.

December 14, 2017

Illinois Industrial Midwest

Cawley Chicago Brokers Sale of 310,775 SF Industrial Building in Chicago

by Kristin Harlow December 14, 2017

CHICAGO — Cawley Chicago has brokered the sale of a 310,775-square-foot industrial building in Chicago for an undisclosed price. High Street Realty Co. purchased the property from Westmount Realty Capital. Located at 4404 West Ann Lurie Place, the property was developed in the mid-1970s and modernized in 2010 by the previous owner, KTR Capital. Three tenants, including Gold Eagle, BT Wholesale and Southwall Insulating Glass, lease the building. The property, situated on 21.7 acres within the Crawford Industrial Park, features a 22-foot clear height, 69 truck docks, two drive-in doors and parking for 130 cars. Westmount acquired the property in 2014. Andrew Maletich of Cawley Chicago represented both parties in the transaction.

December 14, 2017

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