REBusinessOnline

Step Denver Divests of 12,860 SF Industrial Asset in Mile High City for $2.4M

DENVER — Step Denver LLC has completed the disposition of an industrial building located at 2600 W. 62nd Ave. in Denver. ATR Holdings LLC acquired the asset for $2.4 million. The property features 12,860 square feet of industrial space. Todd Silverman and Paul Cattin of NAI Shames Makovsky represented the seller, while Chris Ball of Cushman & Wakefield represented the buyer in the

Acquisitions, Colorado, Industrial, Western

Ryman Hospitality to Purchase Block 21 Mixed-Use Campus in Downtown Austin from Stratus for $275M

AUSTIN, TEXAS — Ryman Hospitality Properties Inc. (NYSE: RHP) has reached an agreement with Stratus Properties Inc. (Nasdaq: STRS) to purchase Block 21, a mixed-use and entertainment development occupying a full city block in downtown Austin. Ryman has agreed to purchase the property from Stratus for $275 million, including a debt assumption of $142 million. Block 21 houses Austin City Limits Live at the Moody Theater, a 2,750-seat venue that hosts America’s longest running music series, …

Acquisitions, Hospitality, Mixed-Use, Texas, Top Stories

Brennan Purchases 165 Acres in Lakeland, Florida for Industrial Development

LAKELAND, FLA. — Chicago-based Brennan Investment Group has purchased 164.9 acres in Lakeland, approximately 31 miles northeast of Tampa, for an undisclosed price. The site plan for a speculative industrial development, to be called CenterState Logistics Park East, has zoning approval for up to 1.5 million square feet. Edward Miller, Dee Seymour, Deborah Mickler and David Wilson of Colliers International’s Central Florida office represented Brennan in the land purchase. The seller …

Acquisitions, Development, Florida, Industrial, Southeast

CBRE Global Purchases 350-Unit Multifamily Property in Charlotte’s South End

CHARLOTTE, N.C. – Los Angeles-based CBRE Global Investors has purchased The Penrose, a 350-unit multifamily property located in the South End neighborhood of Charlotte. The property is located at 327 West Tremont Ave., less than two miles from downtown Charlotte, and includes studio, one- and two-bedroom apartments. The 90-percent occupied complex features a pool, outdoor communal kitchens, athletic club, pet spa, art studio, two resident lounges and an entertainment center. The seller and …

Acquisitions, Multifamily, North Carolina, Southeast

TerraCap Management Sells Office Portfolio in Northern Atlanta Suburb for $46.1M

KENNESAW, GA. — TerraCap Management LLC, a privately held investment firm based out of Estero, Fla., has sold Chastain Center to an undisclosed buyer for $46.1 million after completing capital improvements. The six-building, 303,000-square-foot, single-story office portfolio is located 25 miles northwest of Atlanta in Kennesaw. The office portfolio was 86 percent leased at the time of sale, with over seven years of remaining lease term in place. Tom Shafer and John Hinson of CBRE …

Acquisitions, Georgia, Office, Southeast

JLL Negotiates Sale of 63,231 SF Retail Property in Amarillo

AMARILLO, TEXAS — JLL has negotiated a 63,231-square-foot retail property in Amarillo. The property sits on 5.1 acres and formerly housed a grocer. Michael Meaden of JLL represented the sellers, MAL Enterprises Inc. and Super Market Developers Inc., in the transaction. Zach Ballenger of CBRE represented the buyer, STORE

Acquisitions, Retail, Texas

JRV Heating & Cooling Buys 5,077 SF Office Building in Metro Dallas

ALLEN, TEXAS — JRV Heating & Cooling LLC has purchased a 5,077-square-foot office building located at 720 E. Main St. in Allen, a northeastern suburb of Dallas. The sale includes approximately one acre of land. Scott Axelrod of Henry S. Miller Brokerage represented the seller, Tom Brian DDS, a local dentist office, in the

Acquisitions, Office, Texas

Origin Investments, Randolph Street Acquire 80-Unit Multifamily Asset in Downtown Phoenix

PHOENIX — A joint venture between Chicago-based firms Origin Investments and Randolph Street Realty Capital has purchased Union @ Roosevelt, a multifamily community in downtown Phoenix. The joint venture plans to more than double the size of the five-story property, which features nine studio units, 60 one-bedroom units and 11 two-bedroom units with an average size of 830 square feet. At the time of acquisition, the 80-unit community was 95 percent leased. The asset also includes 9,100 …

Acquisitions, Arizona, Multifamily, Western

Lee & Associates Negotiates Sale of 60,416 SF R&D Building in Southern California

SIMI VALLEY, CALIF. — Lee & Associates-LA North/Ventura has arranged the sale of a research and development building located at 685 E. Cochran St. in Simi Valley. Albert Halami, a private investor, acquired the asset from 685 Cochran Holdings LLC for $11 million, or $183 per square foot. The seller will continue to occupy a portion of the 60,416-square-foot property for its businesses, which include SensoScientific, under a sale-leaseback arrangement. Other tenants at the fully leased …

Acquisitions, California, Industrial, Lee & Associates, Office, Western

CBRE Brokers $9.9M Sale of Moncrieff Business Center Industrial Building in Aurora, Colorado

AURORA, COLO. — CBRE has arranged the sale of Moncrieff Business Center, an industrial building located in Aurora. San Francisco-based Berkeley Partners sold the property to an investor advised by Zurich Alternative Asset Management for $9.9 million. Located at 14603 E. Moncrieff Place within Denver’s Airport submarket, the 101,406-square-foot building features 22-foot clear heights; an ESFR fire protection system; dock-high and oversized drive-in loading; rail doors serviced by Union …

Acquisitions, Colorado, Industrial, Western
Content Partners
Lee & Associates

Conferences
Jan
23
THE Inland Empire Commercial Real Estate Conference 2020
Feb
3
Ancillary Retail 2020
Feb
11
Entertainment Experience Evolution 2020
Apr
7
InterFace Student Housing 2020