sales_and_leases

Miller Capital Advisory Sells 468,127 SF Shopping Center in Peoria, Illinois

by Kristin Harlow November 10, 2017

PEORIA, ILL. — Miller Capital Advisory Inc. has sold The Shoppes at Grand Prairie in Peoria for an undisclosed price. The 468,127-square-foot lifestyle center is situated on 30.3 acres at 5201 W. War Memorial Drive. Completed in 2003, the property includes six multi-tenant buildings and one single-tenant building. The property is 94 percent leased to more than 35 tenants such as Bergner’s, Dick’s Sporting Goods, Marshalls, HomeGoods, DSW, H&M, Old Navy, J. Crew Mercantile, Banana Republic Factory and J. Jill. Amy Sands, Clinton Mitchell, Barry Brown and Claudia Steeb of HFF marketed the property for Miller Capital. An affiliate of Singerman Real Estate LLC purchased the asset.

November 10, 2017

Georgia Multifamily Southeast

Praedium Group Acquires New 298-Unit Apartment Community in Decatur, Georgia

by Camren Skelton November 10, 2017

DECATUR, GA. — New York City-based The Praedium Group has acquired Reserve Decatur, a 298-unit multifamily community in Decatur, roughly eight miles east of downtown Atlanta. Atlantic Realty Partners developed the property. The sales price was not disclosed. Constructed in 2016, Reserve Decatur includes one-, two- and three-bedroom units ranging in size from 620 to 1,555 square feet. Unit interiors feature quartz countertops, nine-foot ceilings, built-in Bluetooth sound systems and green features including low flow plumbing fixtures and energy efficient windows. Community amenities include a clubhouse, cyber café, swimming pool with outdoor kitchen and cabana, rooftop entertainment lounge, dog park and a dog spa.

November 10, 2017

Retail South Carolina Southeast

Ziff Properties Sells Grocery-Anchored Center in Aiken, South Carolina for $7.1M

by Camren Skelton November 10, 2017

AIKEN, S.C. — Ziff Properties Inc. has sold Kalmia Plaza Shopping Center, a 215,262-square-foot retail center in Aiken, for $7.1 million. The Palomar Group represented Ziff Properties in the transaction. A Florida-based private buyer acquired the asset. Food Lion anchors the center, which was 76.6 percent leased at the time of sale to tenants including Ollie’s Bargain Outlet, Hibbett Sports, Rose’s Discount Store, Workout Anytime, Citi Trends, Metro PCS, Check N Go, Little Caesars and Waffle House.

November 10, 2017

Multifamily Texas

Pollack Shores Buys New Apartment Community in Austin from Flournoy Development

by John Nelson November 10, 2017

AUSTIN, TEXAS — Atlanta-based Pollack Shores has purchased Eastside Station, a newly built, 330-unit apartment community in east Austin, in an off-market transaction. Pat Jones of ARA Newmark represented the seller and developer, Columbus, Ga.-based Flournoy Development. The mid-rise property is situated within walking distance of downtown Austin, the University of Texas campus, the 10-acre Plaza Saltillo project, Medical District, Main Street Hub, the future site of the Oracle Cloud Campus and Google’s and Facebook’s new offices. Community amenities include a rooftop lounge, resort-style pool, two-story lifestyle fitness center and a clubroom with a demonstration kitchen, cyber café and business center. Units include nine-foot ceilings, open-concept kitchens, spa-like bathrooms and walk-in closets.

November 10, 2017

California Mixed-Use Office Retail Western

Marcus & Millichap Brokers $9.8M Sale of 21,973 SF Mixed-Use Building in North Hollywood

by Nellie Day November 9, 2017

NORTH HOLLYWOOD, CALIF. — Marcus & Millichap has arranged the sale of Andrew’s Plaza, a mixed-use building located at 11305 Magnolia Blvd. in North Hollywood. Yasam Legacy LLC acquired the property from a limited liability company for $9.8 million. At the time of sale, the 21,973-square-foot property was 96.9 percent occupied by a mix of retail and office tenants. Martin Agnew and Ryan Rothstein-Serling of Marcus & Millichap represented the seller and buyer in the deal.

November 9, 2017

California Multifamily Student Housing Western

Texla Housing Partners Sells Element Sacramento Near CSU Sacramento

by Nellie Day November 9, 2017

SACRAMENTO, CALIF. — Texla Housing Partners has sold the Element Sacramento, which is situated near the campus of California State University, Sacramento. Texla purchased the asset in December 2015 through its VerTex Student Housing Partners JV with Harrison Street Real Estate Capital. Built in 2004, Element Sacramento contains 288 units and 792 beds. It features a mix of one- to four-bedroom units. Over the hold period, Texla’s management arm, VerTex Student Housing Management, executed interior capital improvements that ultimately produced returns of about 57 percent and an equity multiple greater than 2x.

November 9, 2017

Office Texas

HFF Arranges Sale of 207,562 SF Office Building in Houston

by Taylor Williams November 9, 2017

HOUSTON — HFF has arranged the sale of Norfolk Tower, a 207,562-square-foot office building located at 2211 Norfolk St. in Houston. The 11-story tower was 83 percent leased at the time of sale. Dan Miller and Martin Hogan of HFF represented the seller, Boston-based TA Realty, and procured the buyer, Houston-based Nitya Capital. Susan Hill and Kelly Layne of HFF secured an undisclosed amount of acquisition financing for Nitya, which plans to invest in capital improvements and rebrand the building as Nitya Tower.

November 9, 2017

Illinois Industrial Midwest

TriStar Sells Two Industrial Distribution Centers in Edwardsville, Illinois for $64M

by Kristin Harlow November 9, 2017

EDWARDSVILLE, ILL. — TriStar Properties has sold two industrial warehouse and distribution centers at Gateway Commerce Center in Edwardsville, about 25 miles northeast of St. Louis, for $64 million. Dallas-based L&B Realty Advisors purchased the buildings, which total 1.1 million square feet. The properties are 100 percent leased to GEODIS and DB Schenker, which are international third-party logistics firms. TriStar teamed up with PCCP to develop the buildings at Gateway Commerce Center, a 2,300-acre logistics and bulk distribution park. Cushman & Wakefield is the leasing agent for the park.

November 9, 2017

Industrial Michigan Midwest

NKF Brokers Sale of 90,000 SF Industrial Build-to-Suit Site in Romeo, Michigan

by Kristin Harlow November 9, 2017

ROMEO, MICH. — Newmark Knight Frank (NKF) has brokered the sale of a 90,000-square-foot industrial build-to-suit land site in Romeo, about 45 miles north of Detroit. The parties closed on the land and signed a construction agreement. The property is located at 100 Peyerk Court. Lanzen, Inc., a defense contractor, will relocate to the property from its current location at 30980 Groesbeck Highway in Roseville in 2018. Lanzen has occupied 34,000 square feet in Roseville since 1966. The company also has manufacturing facilities in Mancelona and Petoskey, which it will continue to occupy. Mike Davidson of NKF represented both the buyer, Lanzen, and the seller, Kemp and Peyerk LLC. Kemp Building & Development began construction on the property in October with completion scheduled for mid-summer 2018.

November 9, 2017

Healthcare Indiana Midwest

Franciscan Alliance Acquires 35,000 SF Former Hospital in Hobart, Indiana

by Kristin Harlow November 9, 2017

HOBART, IND. — Franciscan Alliance Inc. has acquired a 35,000-square-foot former hospital in Hobart, about 40 miles southeast of Chicago. The purchase price was not disclosed. Most recently known as Hind General Hospital, the single-story building has been vacant since 2014. The property is situated on 17 acres at the corner of 61st and Lake Park avenues. Michael Siwietz and Jeff Bennett of McColly Bennett and Steve Malley of Lee & Associates brokered the sale on behalf of ownership, Hanmi Bank. Ken Catellier of Tonn and Blank Construction Inc. represented Franciscan Alliance, which is a 14-hospital health system that includes clinics, home health services and doctors serving Indiana and Illinois.

November 9, 2017

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