sales_and_leases

Marcus & Millichap Arranges $10.9M Sale of Apartment Building in Duluth, Minnesota

by Kristin Harlow March 6, 2018

DULUTH, MINN. — Marcus & Millichap has arranged the sale of Mount Royal Manor in Duluth for $10.9 million. The 114-unit apartment building is located at 100 Elizabeth St. in northeastern Minnesota along Lake Superior. Originally built in 1951, the property features 13 studios, 76 one-bedroom units and 25 two-bedroom units. Mox Gunderson, Dan Linnell, Josh Talberg and Chris Collins of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured the undisclosed buyer.

March 6, 2018

Multifamily Texas

CBRE Arranges Sale of 478-Unit Apartment Community in College Station

by Taylor Williams March 6, 2018

COLLEGE STATION, TEXAS — CBRE has arranged the sale of The Marc, a 478-unit multifamily community located within a mile of Texas A&M University’s campus in College Station. The property was built in 1969 and 1977 and is comprised of one-, two- and four-bedroom units. Amenities include four pools and shuttle service to campus, as well as tennis, basketball and volleyball courts. Chris Deuillet, Chandler Sims, Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE represented the undisclosed seller in the transaction. Presidium, an investment firm specializing in Class B multifamily assets, acquired the property for an undisclosed price.

March 6, 2018

Illinois Industrial Midwest

Colliers Brokers Sale of 161,591 SF Warehouse in Countryside, Illinois

by Kristin Harlow March 6, 2018

COUNTRYSIDE, ILL. — Colliers International | Chicago has brokered the $6.3 million sale of a 161,591-square-foot warehouse in Countryside, about 20 miles southwest of Chicago. The property is located at 5300 Dansher Road. The warehouse features 19 docks, two drive-in doors and 8,200 square feet of office space. Fred Regnery and Jack Rosenberg of Colliers represented the seller, Value Industrial Partners LLC, in the sales transaction. Combined Warehouse purchased the asset. Colliers also arranged a 50,000-square-foot lease for Veepak, a distributor of health and beauty products, at the property.

March 6, 2018

Midwest Missouri Restaurant Retail

Block & Co. Investment Group Acquires Restaurant Building in Belton, Missouri

by Kristin Harlow March 6, 2018

BELTON, MO. — A local investment group managed by Block & Co. Inc. Realtors has acquired a 6,799-square-foot restaurant building net leased to Jose Pepper’s in Belton, about 20 miles south of Kansas City. The purchase price was not disclosed. The property is located at 1100 E. North Ave. near Interstate 49. The building sits on a 1.7-acre pad site in front of a shopping center with tenants such as Target, Home Depot and Kohl’s. The seller for the 1031 exchange transaction was not disclosed. Jose Pepper’s, a Mexican restaurant, maintains 14 locations throughout greater Kansas City.

March 6, 2018

Massachusetts Northeast Office

NKF Orchestrates $53.1M Sale of Office Building in Metro Boston

by Amy Works March 6, 2018

WESTWOOD, MASS. — NKF Capital Markets has arranged the sale of an office asset located at 101 Station Drive in Westwood. National Development and Charles River Realty Investors sold the property to AEW Capital Management, on behalf of one of its institutional separate account clients, for $53.1 million. At the time of sale, the 208,134-square-foot property was fully occupied by eight tenants, including General Dynamics, Mott MacDonald, The Predictive Index, Boston Children’s Hospital and Honeywell. On-site amenities at the office property include a café, a fitness center, an outdoor fireplace/lounge, a bicycle rental station and a shuttle service to nearby shops, restaurants and an MBTA/Amtrak train station. Robert Griffin, Edward Maher, Matthew Pulled, James Tribble, Samantha Hallowell, Michael Frisoli and Peter Whoriskey of NKF represented the seller in the transaction.

March 6, 2018

Georgia Southeast

Dilweg Cos. Acquires Office Building in Midtown Atlanta for $75M

by Camren Skelton March 6, 2018

ATLANTA — The Dilweg Cos. has acquired Pershing Point, a 409,579-square-foot office building located at 1375 Peachtree St. in Midtown Atlanta. The sales price was not disclosed, but the Atlanta Business Chronicle reports the building sold for $75 million, or $183 per square foot. Will Yowell, Justin Parsonnet, Jay O’Meara and Ryan Reethof of CBRE arranged the transaction on behalf of the seller, CBRE Global Investors. CBRE Global Investors was the asset manager on behalf of the California State Teachers Retirement System, according to the Atlanta Business Chronicle. Dilweg plans to invest more than $10 million to improve the building’s exterior, mechanical systems, common areas and tenant amenities. At the time of sale, Pershing Point was 59 percent leased to tenants such as Kaiser Permanente, Huge, Echo Global and CMGRP. CBRE’s Chris Port and Nicole Goldsmith have been retained to handle the building’s leasing assignment.

March 6, 2018

Florida Multifamily Southeast

TruAmerica Buys Multifamily Community in Central Florida for $50M

by Camren Skelton March 6, 2018

WINTER SPRINGS, FLA. — TruAmerica Multifamily has purchased Astor Park, a 368-unit apartment community in Winter Springs, for $50 million. The community is located at 4545 Willa Creek Drive, roughly 16 miles north of Orlando. The name of the seller was not disclosed. Astor Park was built in two phases between 1987 and 1999 and features a mix of one-, two- and three-bedroom units. TruAmerica plans to invest $4 million to upgrade the property’s exteriors, common areas and unit interiors. Planned renovations will include new stainless steel appliances, stone countertops, new cabinet faces, upgraded lighting and plumbing fixtures, vinyl plank flooring, new landscaping throughout, exterior paint, fitness center upgrades and pool furnishings.

March 6, 2018

North Carolina Office Southeast

HFF Brokers $18.4M Sale of Office Building in Metro Raleigh

by Camren Skelton March 6, 2018

CARY, N.C. — HFF has brokered the $18.4 million sale of 6501 Weston Parkway, a 93,130-square-foot office building in Cary, roughly 12 miles west of Raleigh. Scot Humphrey, Ryan Clutter and Chris Lingerfelt of HFF arranged the transaction on behalf of the seller, a joint venture between Childress Klein Properties and WHI Real Estate Partners, and procured the buyer, Albany Road Real Estate Partners. Originally constructed in 1996, 6501 Weston Parkway was fully renovated in 2016 and was 90.1 percent leased at the time of sale to tenants such as Charter Communications, Zift Solutions and Aerotek.

March 6, 2018

Florida Multifamily Southeast

Marcus & Millichap Arranges $14.3M Sale of Apartment Asset in Miami Beach

by Camren Skelton March 6, 2018

MIAMI BEACH, FLA. — Marcus & Millichap has arranged the $14.3 million sale of Park Terrace, a 32-unit apartment building located at 355 19th St. in Miami Beach. Florida-based Blue Road acquired the asset, according to the South Florida Business Journal. Joseph Thomas, Adam Duncan and Brett McMahon of Marcus & Millichap arranged the transaction on behalf of the undisclosed seller. Park Terrace was originally constructed in 1951 and features a swimming pool and a sundeck. Blue Road plans to convert the property into a boutique hotel, as well as increase the building height and add more rooms.

March 6, 2018

Connecticut Industrial Northeast

NKF Negotiates Sale of 788,000 SF Industrial Portfolio in Connecticut

by Amy Works March 5, 2018

MERIDEN AND CHESHIRE, CONN. — NKF Capital Markets has arranged the sale of a three-asset industrial portfolio in Meriden and Cheshire. A financial institution sold its 100 percent interest in the 788,000-square-foot portfolio to Sky Management Services for an undisclosed price. The portfolio includes a 241,000-square-foot facility located at 160 Corporate Court in Meriden that is fully occupied by Sports Direct; a 338,000-square-foot property located at 550 Research Parkway in Meriden that is leased by Medline Industries; and a four-building, 209,000-square-foot industrial complex located at 611-617 W. Johnson Ave. in Cheshire. Kevin Welsh, Brian Schulz and Jason Emrani of NKF Capital Markets, along with Matt O’Hare of CBRE, represented the seller in the deal. Additionally, Jordy Roeschlaub, Dustin Stolly and Robert Tonnessen of NKF Capital Markets’ Debt & Structured Finance secured acquisition financing for the purchase.

March 5, 2018

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