sales_and_leases

HFF Brokers $35.4M Sale of Transit-Oriented Apartment Asset Near Orlando

by Camren Skelton December 6, 2017

LAKE MARY, FLA. — HFF has arranged the $35.4 million sale of Station House, a 200-unit apartment community in Lake Mary, roughly 20 miles north of Orlando. The property is located at 188 E. Crystsal Lake Ave., across the street from a SunRail transit station. Matt Mitchell, Zach Nolan and Tyler Swidler of HFF arranged the transaction on behalf of the seller and developer, Epoch Residential. Robbins Properties Associates acquired the asset. Constructed in 2015, Station House offers one- to three-bedroom units averaging 892 square feet. Community amenities include a swimming pool, grilling stations, fire pit, dog park and dog wash station, fitness center, business center, library and a game room.

December 6, 2017

Multifamily Southeast Virginia

CIM Group Acquires 1,180-Unit Multifamily Community in Metro D.C.

by Camren Skelton December 6, 2017

ALEXANDRIA, VA. — CIM Group has acquired EOS Twenty-One, a 1,180-unit apartment community located at 140 S. Van Dorn St. in Alexandria, roughly eight miles south of Washington, D.C. Other terms of the transaction were not disclosed. Constructed in phases between 1968 and 1972, EOS Twenty-One comprises 14 four-and five-story buildings. Renovations in recent years have updated buildings, units, common areas and amenities. The community features recreation areas, a fitness center, game room, business center, theater room, on-site convenience store, two swimming pools, tennis courts, barbecue areas, playground and a dog park.

December 6, 2017

Florida Loans Retail Southeast

PAC Receives $19M Acquisition Loan for Publix-Anchored Shopping Center in Naples

by Camren Skelton December 6, 2017

NAPLES, FLA. — Preferred Apartment Communities (PAC) has received a $19 million acquisition loan for Crossroads Market, a 126,895-square-foot shopping center in Naples. HFF’s Ed Coco, Nat Scarmazzi and Matt Casey secured the 12-year, non-recourse loan through Nationwide Life Insurance Co. on behalf of PAC. A 55,999-square-foot Publix anchors Crossroads Market, which was 98.1 percent leased at the time of sale to tenants including Walgreens, Crunch Fitness, Giovanni Italian Ristorante, Physicians Regional Health Care, Chase Bank and Subway. PAC acquired the asset through its wholly-owned subsidiary, New Market Properties LLC. Daniel Finkle, Luis Castillo and Eric Williams of HFF arranged the transaction on behalf of the seller, a private real estate fund advised by Crow Holdings Capital — Real Estate. The sales price was not disclosed.

December 6, 2017

Arizona Lee & Associates Retail Western

Lee & Associates Negotiates $11M Sale of Retail Center in Phoenix

by Nellie Day December 6, 2017

PHOENIX — Lee & Associates has arranged the $11 million sale of Pueblo Point Shopping Center, a 54,430-square-foot retail center in Phoenix. Jan Fincham, Patrick Dempsey and Andrew Lundahl of Lee & Associates arranged the transaction on behalf of the seller, Arneil Pueblo LLC, and the buyer, Paradise Valley Ventures LLC. Pueblo Point Shopping Center is home to Smart & Final Extra, Domino’s Pizza, The UPS Store and an Ace Hardware store, which was not included in the sale.

December 6, 2017

Multifamily Texas

Marcus & Millichap Brokers Sale of 372-Unit Apartment Community in Dallas

by Taylor Williams December 5, 2017

DALLAS — Marcus & Millichap has brokered the sale of Tschannen Estates, a 372-unit multifamily community located at 8039 Chariot Drive in east Dallas. Built in 1969, the property consists of 216 one-bedroom units and 156 two-bedroom units ranging in size from 563 to 1,018 square feet. Amenities include four pools, on-site laundry facilities, an outdoor picnic area with grills and a playground. Al Silva, Daniel Burton, Trey McGhin and Peter Flis of Marcus & Millichap represented the seller, a California-based private investor, in the transaction. Dallas-based investment firm Cross Equities purchased the property for an undisclosed price.

December 5, 2017

Industrial Texas

IOV Acquires 44-Acre Industrial Lot in Metro Fort Worth

by Taylor Williams December 5, 2017

SAGINAW, TEXAS — Industrial Outdoor Ventures (IOV), a Chicago-based investment firm, has acquired a 44-acre industrial lot in the northern Fort Worth metro of Saginaw. Located at 1353 Jarvis Road near Alliance Business Park, the property features 1,700 spaces for trucks, trailers, containers and chassis, making it the largest managed truck and trailer parking lot in the country, according to IOV. The company will invest in capital improvements to the property’s lighting, security measures and equipment tracking systems, and rebrand it as “Park My Truck.” Norco Trucking Corp. sold the property to IOV for an undisclosed price.

December 5, 2017

Georgia Multifamily Southeast

Federal Capital Partners Acquires Apartment Community in Metro Atlanta for $45M

by Camren Skelton December 5, 2017

MARIETTA, GA. — Federal Capital Partners (FCP) has acquired Stratford Ridge, a 446-unit apartment community in Marietta, roughly 20 miles north of downtown Atlanta, for $45 million. Kevin Geiger of CBRE represented the undisclosed seller in the transaction. Stratford Ridge includes a mix of one- to four-bedroom floor plans and features a clubhouse, fitness center, playground, pet park, sundeck and pool and an after-school care program. In addition, the property is roughly four miles north of SunTrust Park, home of the Atlanta Braves. FCP will invest in capital improvements to the existing site and buildings, including amenity enhancements and interior unit renovations.

December 5, 2017

Office Southeast Virginia

Meridian Group Purchases 209,669 SF Office Building in Tysons Corner

by Camren Skelton December 5, 2017

TYSONS CORNER, VA. — The Meridian Group has acquired 8280 Greensboro Drive, a 209,669-square-foot office building in Tysons Corner. The sales price was not disclosed, but the Washington Business Journal reports the building is valued at approximately $41.5 million. Bill Collins, Drew Flood and Sean Collins of Cushman & Wakefield represented the undisclosed seller in the transaction, and Marshall Scallan of Cushman & Wakefield represented Meridian in securing its senior structured debt. The nine-story building is located within the Boro District, Meridian Group’s 4.2 million-square-foot mixed-use development. Upon completion, the project will feature 10 office buildings spanning 2 million square feet, apartments, condominiums, retail, restaurants and entertainment. The building on Greensboro Drive features a new conference center, new fitness center, on-site eatery, on-site structured parking, outdoor seating and green space. In addition, the property is LEED Gold-certified and located within a five-minute walk to the Greensboro Metro station. At the time of sale, the building was 83 percent leased.

December 5, 2017

North Carolina Office Southeast

HFF Brokers $22M Sale of Office Asset in Research Triangle Park

by Camren Skelton December 5, 2017

DURHAM, N.C. — HFF has arranged the $22 million sale of Nottingham Hall, a 105,601-square-foot office property in Durham. Ryan Clutter, Scot Humphrey and Chris Lingerfelt of HFF arranged the transaction on behalf of the seller, CapRidge Properties LLC, and procured the buyer, Senior Housing Properties Trust, a seniors housing and healthcare REIT that also invests in office buildings leased to medical tenants. Nottingham Hall is located at 4505 Emperor Blvd., within Imperial Center, a business park in Durham’s Research Triangle Park submarket. Constructed in 2001, the four-story building was fully leased at the time of sale to 13 tenants including its largest, Social and Scientific Systems, a company dedicated to improving public health worldwide. The RMR Group manages the property.

December 5, 2017

Indiana Industrial Midwest

Cawley Chicago Brokers $16.9M Sale of Two Industrial Buildings in Indianapolis

by Kristin Harlow December 5, 2017

INDIANAPOLIS — Cawley Chicago has brokered the sale of two industrial buildings in Indianapolis for $16.9 million. The buildings, totaling 607,231 square feet, are located within the Shadeland I-70 Business Park near I-70 and I-495. The properties were 94 percent occupied by five tenants at the time of sale. The largest tenants, Pratt Visual Solutions and MicroMetl, occupy a combined 89 percent. David Conroy and Timothy Gallagher of Cawley Chicago brokered the transaction. Plymouth Industrial REIT purchased the buildings from First Highland Management & Development Corp. Inc. In completing the transaction and expanding its portfolio, Plymouth structured the acquisition as an UPREIT (umbrella partnership real estate investment trust), a vehicle that enables a company seeking to sell appreciated real estate to defer or completely avoid capital gains tax liability.

December 5, 2017

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