sales_and_leases

Castle Lanterra Properties Buys 280-Unit Multifamily Community in Westminster, Colorado

by Nellie Day November 14, 2017

WESTMINSTER, COLO. — Castle Lanterra Properties has purchased the 280-unit Sunset Ridge Townhomes in Westminster for an undisclosed sum. The community is located at 8300 Sheridan Blvd. Sunset Ridge was built in 1972. It was 95 percent occupied at the time of sale. Community amenities include an updated clubhouse, Wi-Fi Café, lounge area, fireplace, zero entry swimming pool, barbecue grills, dog park, parking lot and playground. ARA Newmark represented the seller, WillMax Capital Management, in this transaction.

November 14, 2017

Illinois Midwest Office

M & J Wilkow Sells 174,098 SF Office Complex in Lombard, Illinois

by Kristin Harlow November 14, 2017

LOMBARD, ILL. — M & J Wilkow has sold a 174,098-square-foot office complex in Lombard, 20 miles west of Chicago, for an undisclosed price. A joint venture between Red Rock and Lincoln Property Co. purchased the property, which is located at 701 E. 22nd St. M & J Wilkow acquired the office complex in September 2014 with a fund managed by DRA Advisors. The property was 81 percent leased at the time. The company renovated the lobby atrium, corridors and fitness center. The property was 97 percent leased at the time of sale.

November 14, 2017

Midwest Minnesota Retail

Venture Commercial Brokers Sale of 23,184 SF Retail Building in Rogers, Minnesota

by Kristin Harlow November 14, 2017

ROGERS, MINN. — Venture Commercial Real Estate has brokered the sale of a 23,184-square-foot retail building in Rogers, about 25 miles northwest of Minneapolis. The sales price was not disclosed. The property is located on 1.7 acres at 20850 Rogers Drive. Clay Mote and Charlotte Cooper of Venture represented the seller, an investment partnership. The tenant, Northern Tool + Equipment, will continue to operate a store at the property. Realty Income Corp. purchased the asset.

November 14, 2017

Industrial Midwest Ohio

Reichle Klein Group Negotiates $1M Sale of Industrial Flex Building in Toledo, Ohio

by Kristin Harlow November 14, 2017

TOLEDO, OHIO — Reichle Klein Group has negotiated the sale of a 26,560-square-foot industrial flex building in Toledo for $1 million. The property sits on 2.7 acres at 7319 W. Central Ave. The building was formerly home to Star Door & Sash Co. Robert Hawkins of Reichle Klein Group represented the seller, 7319 West Central LLC. Jason Westendorf of Reichle Klein Group represented the undisclosed buyer.

November 14, 2017

Retail Texas

HFF Arranges Sale of 35,530 SF Retail Strip Center in Northwest Houston

by Taylor Williams November 14, 2017

HOUSTON — HFF has arranged the sale of Eldridge Lakes Town Center, a 35,530-square-foot retail strip center in northwest Houston. Built in 2003 and shadow-anchored by Kroger, the property was 93 percent leased at the time of sale to tenants such as State Farm, Subway, Metro PCS, Spectrum Eye Care and Little Caesar’s Pizza. Ryan West and John Indelli of HFF represented the seller, Edifis Group, in the transaction. Houston-based Wu Investments purchased the asset for an undisclosed price.

November 14, 2017

Office Texas

Hartman Secures Three Office Leases Totaling 31,679 SF in Houston

by Taylor Williams November 14, 2017

HOUSTON — Hartman Income REIT has secured three office leases totaling 31,679 square feet at properties it owns in Houston. Property management firm Chaparral Management Co. Inc. signed a 12-month, 7,948 square feet at 14550 Torrey Chase Blvd.; Amegy Bank of Texas renewed a 13,912-square-foot lease at 400 N. Sam Houston Parkway E. for five years; and Greensheet Media leased 9,819 square feet at 2020 N. Loop West for five years. Hartman was represented internally by Rod Hale, Richard Maloof and Kacie Skeen, respectively, in each transaction.

November 14, 2017

Florida Multifamily Southeast

ARA Newmark Arranges $41.5M Sale of Multifamily Community Near Fort Lauderdale

by Camren Skelton November 14, 2017

CORAL SPRINGS, FLA. — ARA Newmark has arranged the $41.5 million sale of ARIUM San Remo, a 180-unit apartment community in Coral Springs, roughly 20 miles northwest of Fort Lauderdale in Broward County. Avery Klann, Hampton Beebe, Jonathan Senn, Matthew Scarola, Dick Donnellan and Marc deBaptiste of ARA Newmark represented the seller, Atlanta-based Carroll Organization, in the transaction. South Florida-based KVR Properties LLC acquired the asset. Constructed in 1995, ARIUM San Remo features two- and three-bedroom townhomes and villas with walk-in closets, screened-in patios and upgrades in approximately 66 percent of the units. Community amenities include a clubhouse, fitness center, pool, picnic area with grills, dog park and a playground. At the time of sale, the property was 96 percent occupied.

November 14, 2017

North Carolina Office Retail Southeast

Ziff Properties Acquires 85,041 SF Office, Retail Center in Asheville, North Carolina

by Camren Skelton November 14, 2017

ASHEVILLE, N.C. — Ziff Properties Inc. has acquired Biltmore Station, an 85,401-square-foot office and retail center in Asheville, roughly one mile from the Biltmore Estate. Alex Quarrier of Berkeley Capital Advisors represented the seller in the transaction. Other terms of the deal were not disclosed. At the time of sale, Biltmore Station was 78 percent leased to a variety of office and retail tenants, including The Biltmore Co., Coram Healthcare, Image Dental Arts, Jimmy Johns, Pour Taproom, PT Solutions, Edward Jones, Virgola Wine Bar, Ichiban Japanese Restaurant and Fhiit Life.

November 14, 2017

California Retail Western

Brixmor Property Group Buys Grocery-Anchored Center in Inland Empire for $31.7M

by Nellie Day November 13, 2017

UPLAND, CALIF. — Brixmor Property Group has acquired Upland Town Square, a 100,350-square-foot shopping center in the Inland Empire community of Upland, for $31.7 million. Dixie Walker and Charley Simpson of Cushman & Wakefield arranged the transaction on behalf of the seller, IRA Capital. Sprouts Farmers Market anchors Upland Town Square, which was 88 percent occupied at the time of sale by 19 retail and restaurant tenants.

November 13, 2017

Lee-Farm-Corporate-Office-Park-Danbury-CT

Connecticut Northeast Office

JV Sells 215,649 SF Office Building in Danbury, Connecticut, for $31.7M

by Amy Works November 13, 2017

DANBURY, CONN. — A joint venture between Quincy, Mass.-based The Grossman Cos. and Southport, Conn.-based Summit Development has completed the disposition of Lee Farm Corporate Office Park in Danbury. CT Property Realty LLC acquired the property for $31.7 million. The five-story building features 215,649 square feet of Class A office space. The joint venture originally purchased the property in 2013.

November 13, 2017

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