BURBANK, CALIF. — An affiliate of Alta West Partners and OlivePoint Capital have acquired an industrial manufacturing campus at 100-104 E. Graham Place in Burbank for an undisclosed price. Jeff Sause, Alex Olson, Jalynn Borders and Thomas Gonzalez of JLL Capital Markets secured acquisition bridge financing through a debt fund to support the borrowers’ value-add business plan. Situated on 4.8 acres, the fully gated property offers 104,795 square feet of industrial space spread across five buildings. The asset features up to 28-foot clear heights in warehouse and manufacturing spaces, three grade-level doors and four dock-high loading doors. Additionally, the campus offers two vehicle access points and a configuration suited for both single- and multi-tenant scenarios. Haskel International, a wholly owned subsidiary of Ingersoll Rand, anchors the property for its American headquarters. Haskel, a global company in high-pressure fluid and gas handling solutions, has maintained operations at this location for more than 70 years.
Acquisitions
NOVI, MICH. — Robertson Brothers has purchased 1.8 acres of vacant land on 11 Mile Road in Novi. The local developer acquired the site with plans to build a multifamily project. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the undisclosed seller.
ADDISON, ILL. — Lee & Associates of Illinois has negotiated the $1.9 million sale of a 15,524-square-foot warehouse and distribution building in Addison. Jay Farnam and Peter Spear of Lee & Associates represented the buyer, Wahid Properties LLC, which will occupy the facility. Transwestern Real Estate Services represented the seller, Liberty Partners.
TOMBALL, TEXAS — Colliers has brokered the sale of a 29.5-acre commercial development site in Tomball, a northeastern suburb of Houston. The address was not disclosed, but the site is located off Mechanic Street near the downtown area. Tom Condon Jr. of Colliers represented the buyer, the Tomball Economic Development Corp., in the transaction. The seller, Martin Marietta Materials Southwest, was self-represented. Future plans for the site were not announced.
Berkeley Capital Advisors Negotiates $39M Sale of Westport Village Shopping Center in Louisville
by John Nelson
LOUISVILLE, KY. — Berkeley Capital Advisors has negotiated the sale of Westport Village, a 170,249-square-foot shopping center located at 1315 Herr Lane in Louisville. An affiliate of Richmond-based Hackney Real Estate Partners purchased the center from an affiliate of Savannah, Ga.-based Wicker Park Capital Management LLC for $39 million. David Webb, Alex Quarier and Alex McDonald of Berkeley Capital Advisors represented the seller in the transaction. Situated on 13.4 acres roughly 10 miles west of downtown, Westport Village houses 45 tenants, including Apricot Lane Boutique, Bend and Zen Hot Yoga, BoomBozz Pizza & Watch Party, Deka Lash, F45, North Lime Coffee & Donuts, Q’doba Mexican Grill, Steak & Bourbon, StretchLab, The Comfy Cow, The Wedding Studio, Westport Whiskey & Wine and Wild Eggs, among others.
GREENWICH, CONN. — Hawaii-based Trinity Investments has sold a majority interest in the 374-room Hyatt Regency Greenwich hotel in southern coastal Connecticut. The percentage was not disclosed. The building served as a printing press for Condé Nast from 1921 to 1967 before being redeveloped into a hotel. Trinity bought the hotel from Hyatt in late 2022 and subsequently implemented a $35 million capital improvement program. Today, the Hyatt Regency Greenwich features an indoor pool, fitness center, salon and 35,000 square feet of meeting and event space. The buyer was an affiliate of Certares Real Estate Management LLC.
LRC Properties, Alpaca Real Estate Acquire 246,000 SF Industrial Facility in Smyrna, Tennessee
by John Nelson
SMYRNA, TENN. — A joint venture between New York City-based LRC Properties and private equity firm Alpaca Real Estate has acquired a nearly 246,000-square-foot industrial facility located at 802 Swan Drive in Smyrna, about 16 miles southeast of Nashville International Airport. The seller and sales price were not disclosed. The facility features three demised spaces, 58,377 square feet of which will be delivered vacant and ready for immediate occupancy. LRC Properties will undertake capital improvements at the remaining two spaces, which span 86,586 square feet and 91,669 square feet. The renovations will include demolishing 15,000 square feet of obsolete offices and a connector building to open up and repave the truck court, add new loading docks, install an ESFR sprinkler system and build-out new speculative offices.
ATLANTA — Coro Realty has sold a newly constructed restaurant located at 3234 Peachtree Road NE in Atlanta’s Buckhead district. Chick-fil-A occupies the property on a 15-year, corporate-guaranteed ground lease. The buyer and sales price were not disclosed. Chris Bosworth and Matt Karempelis of CBRE brokered the transaction. The 5,200-square-foot restaurant is situated on 1.4 acres near the intersection of Peachtree and Piedmont roads. The Chick-fil-A, which opened in May, serves as an outparcel at Buckhead Place, a mixed-use campus that houses Marshalls, LA Fitness, Five Below, Salon Studios Beauty Mall, Amalfi Pizza and Red Phone Booth. Upcoming components at Buckhead Place include the 20-story Tower on Piedmont apartments, 171-room Hyatt Place hotel, 186-room Hampton Inn hotel and the recently delivered, 291-unit Beverly by Alta apartment community that features a three-story parking deck.
Marcus & Millichap Brokers $3.6M Sale of Two-Property Retail Portfolio in Bowling Green, Kentucky
by John Nelson
BOWLING GREEN, KY. — Marcus & Millichap has brokered the $3.6 million sale of a two-property Dollar General portfolio in Bowling Green. Each retail property occupies 10,640 square feet on a 15-year corporate guaranteed lease with Dollar General Corp. Don McMinn and Andrew Koriwchak of Marcus & Millichap represented the seller, a Kentucky-based developer, in the transaction. The buyer was not disclosed. Grant Fitzgerald was Marcus & Millichap’s broker of record in Kentucky.
STERLING, MASS. — Marcus & Millichap has brokered the $4.2 million sale of a 37,000-square-foot industrial flex building in Sterling, about 50 miles west of Boston. The building sits on a 6.6-acre site at 86 Leominster Road and features four loading docks, a drive-in door and 150 parking spaces. Harrison Klein of Marcus & Millichap represented the seller, which will retain occupancy of a portion of the building, in the transaction. Alan Ringuette of The Stubblebine Co. represented the buyer, which will occupy the remainder. Both parties requested anonymity.