HFF Closes Sale, Arranges Financing for Watertower Apartments

MINNEAPOLIS - HFF announced today that it has closed the sale of and arranged acquisition financing for Watertower Apartments, a 228-unit, Class A multi-housing property with approximately 10,000 square feet of retail space in suburban Minneapolis, Minnesota. HFF marketed the property exclusively on behalf of the seller. KBS Legacy Partners Apartment REIT, Inc., through an indirect wholly owned subsidiary, purchased the asset for an undisclosed amount. HFF also assisted the buyer in arranging a five-year, 2.46 percent, fixed-rate loan through Allianz of America, Inc. The loan has two years of interest-only payments and will be serviced by HFF. Watertower Apartments is located at 12300 Singletree Lane within close proximity to Interstate 494, Highway 212 and the Eden Prairie Shopping Center in Eden Prairie, about 16 miles from downtown Minneapolis. Completed in 2004, the 95 percent leased property consists of a three-story residential building with a connecting single-story retail building and a four-story residential building that sits atop a two-level parking garage. Units are offered in one-, two- and three-bedroom floorplans averaging 959 square feet each. Residents have access to a fitness center, business center, community room, conference rooms, racquetball court, basketball court, sauna and hot tub and courtyards with grills. The retail portion of the property is leased to the Old Chicago Restaurant. The HFF investment sales team representing the seller was led by executive managing director Matthew Lawton and managing directors Sean Fogarty and Marty O'Connell. The HFF debt placement team representing the buyer was led by managing director Timothy Joyce. Colliers International Completes Sale of Shopping Center CINCINNATI & DAYTON, OH - Colliers International in Greater Cincinnati announces the completed sale of Township Square, a Sam's Club shadow anchored shopping center, for $12.6 million. Colliers International in Ohio investment services served as the exclusive advisor to the seller, Township Square Associated LTD, for the shopping center located in Washington Township, Ohio. Township Square (1045-1165 Miamisburg-Centerville Road) is 49,840 square feet and is 100 percent occupied. Tenants include Arhaus Furniture, Chipotle, PNC, Fedex Office, Piada and First Financial Bank. The seller was represented by Jeff Johnston, CPA, Brokerage Senior Vice President, Chris Prosser, CCIM, Brokerage Senior Vice President, and Steve Timmel, CCIM, Brokerage Senior Vice President, all with Colliers International in Ohio. Colliers International Sells Fifth Third Bank Ground Lease CINCINNATI & DAYTON, OH - Colliers International in Ohio investment services announces the completed sale of an absolute NNN Fifth Third Bank ground lease in Franklin, Ohio for $1,306,500 (1325 E 2nd Street). Ohio investment services served as the exclusive advisor to the sellers RLG Franklin Ltd. and GCG Franklin Ltd. The ground lease was purchased by a private investor. The sellers were represented by Chris Prosser, CCIM, Brokerage Senior Vice President, Jeff Johnston, CPA, Brokerage Senior Vice President, and Steve Timmel, CCIM, Brokerage Senior Vice President, all with Colliers International in Ohio. The 4,100-square-foot property was built in 2006 and sits on 1.31-acres. Triad Real Estate Sells Townhomes WESTERVILLE, OH - Triad Real Estate Partners has announced the sale of the Cooper Colony Townhomes, a 70 Unit Low Income Housing Tax Credit (LIHTC) apartment property in the Columbus suburb of Westerville. The property sold for $3.2 million. The seller, an affordable housing owner and developer located in Minneapolis, was represented by Ryan Tobias, Shaun Buss and Sean Lyons of Triad Real Estate Partners in conjunction with Jay Zollars of Commercial One Realtors. The buyer was a local real estate investment group looking to expand their apartment portfolio in the Columbus market. After receiving multiple offers on the property, the buyer was chosen for their local expertise, in-place management team and proven ability to close. They closed in 75 days with Fannie Mae financing. The property is located 10 miles north of Downtown Columbus and The Ohio State University and was 100% occupied at the time of closing. The new owners will continue to operate the property in compliance with the LIHTC program. MB Real Estate Completes 25,700 SF Lease CHICAGO - MB Real Estate announced that Senior Vice President Pamela Rose completed a 25,763 square foot lease restructure on behalf of M. Holland for their corporate headquarters at 400 Skokie Boulevard in Northbrook, Illinois. Headquartered in the northern suburb, M. Holland is a family-owned distributor of the highest-quality application-specific plastic resins. Rose has completed eight transactions for the firm in the past 25 years. “I've worked with M. Holland throughout my career, so I understand the client, their history, plans for growth and their requirements. I was highly motivated to deliver the best economics with inherent lease flexibility,” said Rose. Rose researched and identified multiple attractive options for M. Holland's headquarters, but after careful consideration, it was ultimately determined to be most advantageous for the client to remain at their existing location. Rose then worked closely with the landlord to complete the restructure 18 months prior to their lease expiration. The resulting deal provided substantial cost savings for M. Holland which is the largest tenant at the office property. Rob Graham of CBRE represented ownership. M. Holland represents the second major suburban headquarters that Rose has recently completed. In 2012 she represented, World Kitchen on a 55,000 square foot transaction that relocated January 7, 2013, to Columbia Centre III, 9525 West Bryn Mawr Ave., in Rosemont, IL. World Kitchen is a leading global housewares company. Tom Saletta of White Oak Realty Partners represented the landlord. Additionally, Rose recently restructured and expanded a 9,500 square foot lease for her long-time client, Linden LLC, in Chicago. Linden, a healthcare and life science private equity firm, expanded and renewed an existing lease at 111 S. Wacker last year. Ownership of 111 S. Wacker was represented by The John Buck Co. Paine/Wetzel/TCN Worldwide Completes Industrial Sale DES PLAINES, IL - Paine/Wetzel/TCN Worldwide announced that Elise Couston, SIOR and Les Spinner, SIOR of the firm have completed an industrial sale transaction on behalf of Chicago Properties LLC. Formusa USA has purchased a 25,010 square foot building located at 2150 Oxford to accommodate the expansion and relocation of the firm's manufacturing operations. Founded in Chicago in 1898, Formusa began as a local importer and has grown into a major corporation with a nationwide customer base. The company sells Italian food specialties under the Marconi label. The company chose the facility primarily because of the excellent O'Hare location and the 6B tax reduction from the city of Des Plaines. Features of the building include: 18' clear ceiling height, 3,500 square feet of office space, three docks and ample parking. Elise Couston, SIOR, Executive Vice President and Les Spinner, SIOR, Executive Vice President of Paine/Wetzel/TCN Worldwide worked on behalf of the seller, Chicago Properties, LLC. Jay Maher and Larry Goldwasser of Cushman & Wakefield worked on behalf of the buyer.