DALLAS — RED Development has secured a 68,000-square-foot lease for international law firm Akin Gump at The Union Dallas, an 800,000-square-foot mixed-use development located at the intersection of Field and Cedar Streets in downtown Dallas. The project consists of a 22-story office tower, in which the firm has leased three floors, as well as a 23-story, 309-unit apartment building and a 60,000-square-foot Tom Thumb grocery store. The property, which is scheduled for a 2018 delivery, is now..
MENIFEE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $9 million sale of a single-tenant, 17,185-square-foot, Rite Aid-occupied property located in Menifee. Kevin Fryman of Hanley represented the seller, Parkcrest Construction Inc. Ron Duong of Marcus & Millichap represented the buyer, an undisclosed private investor. Rite Aid has nearly 20 years remaining on its initial lease term, with increases every 10 years.
HUNTSVILLE, ALA. — Berkadia, an investment sales and advisory firm, has finalized the sale of Belmont Hill Apartments, a 181-unit apartment complex located at 240 Martin Road in Huntsville. David Wilson of Berkadia represented the seller, Boston-based Stratford Management Co., in the transaction. HKSK, a Brooklyn-based corporation, purchased the property, which was 82 percent occupied at the time of sale.
POUGHKEEPSIE, N.Y. — Avanath Capital Management has acquired Grand Pointe Park, a 156-unit apartment complex in Poughkeepsie, for $19.3 million. The property is located three miles from Poughkeepsie Station, which provides train service to Grand Central Station in New York City. Major employers in the area include IBM, GlobalFoundries and Health Quest. Grand Pointe Park was 98 percent occupied at acquisition and includes a swimming pool, fitness studio and basketball court. Avanath plans..
DUBLIN, OHIO — CBRE has brokered the sale of the Columbus Office Portfolio, a seven-building office portfolio in Dublin. An affiliate of New York-based Group RMC Corp. purchased the portfolio for $77 million. The portfolio consists of 1.1 million square feet and includes the following properties: Atrium II, Parkwood Place, Emerald III, Blazer I & II, Parkwood II, 5515 Parkcenter Circle and 5555 Parkcenter Circle. The office buildings were constructed between 1991 and 2002. The portfolio..
WAPELLO AND WILTON, IOWA — Pinnacle Real Estate Advisors LLC has arranged the sale of a net leased Dollar General portfolio in Iowa for $1.3 million. The portfolio consists of two properties located at 702 U.S. Highway 61 in Wapello and 1200 W. 5th St. in Wilton. Both buildings were constructed in 2004. Each of the leases feature over seven years remaining on the current term. Zach Wright and Jeff Johnson of Pinnacle represented the seller, a Midwest-based developer. A high-net-worth investor..
NEWARK, N.J. — The Berger Organization has acquired 33 Washington Street, a 450,000-square-foot, 18-story office tower located in downtown Newark. The property was built for Horizon Blue Cross/Blue Shield and is now home to multiple tenants. Located on 1.6 acres across the street from Washington Park, the building is in the James Street Commons Historic District. Nearby attractions include the Newark Museum, John Ballantine House and Newark Public Library. The property sits two blocks from..
CHARLOTTE, N.C. — CBRE has arranged the sale of the Charlotte Industrial Park Portfolio, a 13-property asset totaling 486,512 square feet of Class A office and warehouse space throughout the Charlotte area. Patrick Gildea, Anne Johnson and Bryan Crutcher of CBRE represented the seller, Maryland-based Artemis Real Estate Partners, in the transaction. At the time of sale, the Charlotte Industrial Park Portfolio was 95 percent occupied. Boston-based Albany Road Real Estate purchased the..
FAIRVIEW HEIGHTS, ILL. — Acadia Strategic Opportunity Fund IV has acquired Lincoln Place in Fairview Heights near St. Louis for $35.4 million. The 272,060-square-foot shopping center is located at 5905-6109 North Illinois St. Lincoln Place is nearly fully leased to a mix of national tenants, including Kohl’s, Ross, Old Navy, Marshalls, Famous Footwear, Five Below, Pier 1 Imports, Saint Louis Bread Co. and Mattress Firm, in addition to a separately owned Lowe’s, Chili’s and..
KENNESAW, GA. — Cushman & Wakefield has negotiated an 115,314-square-foot lease extension and expansion on behalf of furniture and electronics retailer Aaron’s Inc. As part of the deal, the retailer now occupies 400 and 500 Chastain Center in Kennesaw, located 27 miles northwest of Atlanta. Kirk Diamond, April Parrish, Erin Smith, Jennifer Leal and Steven Taylor of Cushman & Wakefield represented Aaron’s Inc. in the transaction. The representative of the landlord, TerraCap..