sales_and_leases

PAC Affiliate Purchases 258,000 SF Office Property in San Antonio

by Taylor Williams November 15, 2017

SAN ANTONIO — Preferred Office Properties LLC, an affiliate of publicly traded investment firm Preferred Apartment Communities LLC (PAC), has purchased Westridge at La Cantera, a 258,000-square-foot office development in San Antonio. The Class A property, which is located on the city’s northwest side directly across from the Shops at La Cantera retail center, was 100 percent leased at the time of sale. Allianz Real Estate of America LLC provided a $54.4 million first mortgage loan, which carries a fixed 4.1 percent interest rate, an 11-year term and a 25-year amortization schedule, for the transaction.

November 15, 2017

STRIVE Arranges Sale of 196,006 SF Retail Center in Metro Dallas

by Taylor Williams November 15, 2017

WAXAHACHIE, TEXAS — STRIVE has arranged the sale of Northgate Plaza, a 196,006-square-foot retail center situated on 18.6 acres at 507 U.S. Highway 77 in the southern Dallas metro of Waxahachie. Anchored by Big Lots, the property was 88 percent leased at the time of sale to tenants such as Aaron’s, Verizon Wireless and Schlotzsky’s. Jennifer Pierson of STRIVE represented the seller and procured the buyer, both of whom were private investors based in California.

November 15, 2017

Office Texas

Colliers Brokers Sale of 161,000 SF Office Complex in Dallas

by Taylor Williams November 15, 2017

DALLAS — Colliers International has brokered the sale of Empire Central, a two-building, 161,000-square-foot office complex located at 1430 and 1440 Empire Central Drive in Dallas. John Bowles, Bruce Butler and Susan Gwin Burks of Colliers represented the undisclosed seller in the transaction. Peewit Partners LP purchased the asset for an undisclosed price. The Class B property was built in 1981.

November 15, 2017

Multifamily Texas

DIJ Acquires Two Multifamily Properties in San Antonio Totaling 678 Units

by Taylor Williams November 15, 2017

SAN ANTONIO — DIJ Properties, a Miami-based asset management firm, has acquired two multifamily properties totaling 678 units in San Antonio. The company acquired the 546-unit Wood Hollow Apartments and the 132-unit Sunny Glen Apartments, both of which are located on the 10000 block of Sahara Street on the city’s north side. The company plans to make capital improvements to both properties and create new picnic areas, laundry rooms, pools, playgrounds and fitness centers.

November 15, 2017

Florida Office Southeast

Highline, Sefira Acquire Two-Building Office Portfolio in Broward County for $13M

by Camren Skelton November 15, 2017

WESTON, FLA. — Highline Real Estate Capital, in a joint venture with Sefira Capital, has acquired a two-building, 63,000-square-foot office portfolio in Weston, for $13 million. Situated in South Florida’s Broward County, the portfolio includes the 28,000-square-foot Chase Building located at 1040 Weston Road and the 35,000-square-foot Weston Commerce Center at 1625 N. Commerce Parkway. David Duckworth, John Crotty and Michael Fay of Avison Young arranged the transaction on behalf of the seller, Realty Associates Fund X LP, an affiliate of Boston-based TA Realty. Christian Lee and Amy Julian of CBRE arranged acquisition financing on behalf of Highline and Sefira through BankUnited. Alfie Hamilton and Caitlin Inklebarger of Colliers International will handle the portfolio’s leasing assignment. At the time of sale, the buildings were 90 percent leased.

November 15, 2017

Illinois Midwest Multifamily

Marcus & Millichap Arranges $11.3M Sale of Apartment Building in Libertyville, Illinois

by Kristin Harlow November 15, 2017

LIBERTYVILLE, ILL. — Marcus & Millichap has arranged the sale of Cook Apartments in Libertyville, a northern suburb of Chicago, for $11.3 million. The 86-unit apartment building is located at 201 E. Cook Ave. Built in 1972, the five-story property features a mix of studios, one- and two-bedroom units. The building was fully leased at the time of sale. Andrean Angelov and Ryan Engle of Marcus & Millichap represented the seller, a limited liability company. Scott Harris of Marcus & Millichap represented the buyer, also a limited liability company.

November 15, 2017

Florida Multifamily Southeast

Cushman & Wakefield Arranges $7.1M Sale of Multifamily Community in North Miami

by Camren Skelton November 15, 2017

NORTH MIAMI, FLA. — Cushman & Wakefield has arranged the $7.1 million sale of Holly House, a 57-unit apartment community in North Miami. Calum Weaver and Perry Synanidis of Cushman & Wakefield arranged the transaction on behalf of the seller, Barry University Inc. Holly House Partners LLC, a subsidiary of Freshwater Group, acquired the asset. The three-story community totals 45,496 square feet and was constructed in 1968. Barry University acquired the property in 2009 to serve as student housing. The building was vacated in May 2017. Holly House offers a mix of one- and two-bedroom units with an average size of 796 square feet. Community amenities include a pool, courtyard and a laundry room.

November 15, 2017

Midwest Missouri Office

NGZ Brokers Sale of Historic 32,624 SF Office Building in Kansas City, Missouri

by Kristin Harlow November 15, 2017

KANSAS CITY, MO. — Newmark Grubb Zimmer (NGZ) has brokered the sale of a historic, 32,624-square-foot office building in downtown Kansas City. The sales price was not disclosed. Originally constructed in 1903, the property is located at 908 Broadway Blvd. Google Fiber is the anchor tenant and occupies more than 23,000 square feet. Kansas City-based ER Marketing also occupies a full floor. After a full-floor lease to Coury Hospitality, the property is now fully leased. Michael VanBuskirk and Chris Robertson of NGZ brokered the sale on behalf of the seller, a California-based private investor group. A Colorado-based private investor purchased the property.

November 15, 2017

Massachusetts Northeast Office

Newmark Knight Frank Negotiates $23.5M Sale of Office Building in Boston’s Seaport District

by Amy Works November 14, 2017

BOSTON — Newmark Knight Frank has arranged the sale of an office building located at 55 Seaport Blvd. in Boston’s Seaport District. Boston Global Investors sold the property to a member company of Zurich North America for $23.5 million. Constructed in 2016, the 13,500-square-foot office and retail building is fully leased to Boston Global Investors. Robert Griffin, Edward Maher, Matthew Pullen, Justin Smith, James Tribble, Samantha Hallowell, David Martel and Jonathan Martin of Newmark Knight Frank represented the seller, while Roy Rosenbaum and Sean Bannon of Zurich Alternative Asset Management advised the buyer in the transaction.

November 14, 2017

Arizona Retail Western

HFF Arranges $24.5M Sale, $17.8 M Financing for Retail Center in Tucson

by Nellie Day November 14, 2017

TUCSON, ARIZ. — HFF has arranged the $24.5 million sale of Colonia Verde, a 98,937-square-foot retail center in Tucson. Gleb Lvovich of HFF arranged the transaction on behalf of the seller, Westwood Financial Corp., and Nick Kassab of HFF represented the buyer, ROK Properties Inc. Additionally, Jeremy Womack of HFF secured a 10-year, $17.8 million acquisition loan for the asset through a global financial services firm on behalf of the new owner. Safeway and Walgreens anchor Colonia Verde, which was 99 percent leased at the time of sale to tenants including Ace Hardware, Wells Fargo, Panda Express, Coldstone Creamery and Jamba Juice.

November 14, 2017

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