MAHWAH, N.J. — NAI James E. Hanson has brokered the sale of a 54,000-square-foot industrial building in Mahwah, located on the New York-New Jersey border. The building sits on six acres and features a clear height of 16 feet. Russ Verducci and Eric Demmers of NAI Hanson represented the seller, Hendon Realty Associates LLC, in the transaction. The name and representative of the buyer were not disclosed.
RIVER FOREST, ILL. — Baum Realty Group LLC has negotiated the $8.7 million sale of an urgent care facility occupied by Loyola Medicine Immediate Care in River Forest, a western suburb of Chicago. The property, located at 7617 North Ave., features a lease guaranteed by Loyola University Health System, one of Chicagoland’s largest health systems. Loyola has more than nine years remaining on its lease. Patrick Forkin of Baum represented the buyer, a private local investor. The seller was not disclosed.
NILES, ILL. — Marcus & Millichap has brokered the sale-leaseback of a 56,261-square-foot industrial building in the Chicago suburb of Niles for $5.2 million. The property, located at 7760 N. Merrimac Ave., sold for above asking price. Constructed in 1975, the facility features a clear height of 18 feet, eight internal docks and one drive-in door. The tenant and seller, Quality Elevator Products Inc., had owned the building since 2004. Peter Doughty and Dylan Hyde of Marcus & Millichap represented Quality Elevator Products. The duo also procured the buyer, a real estate investment firm focused on industrial assets.
ELKHART, IND. — MAG Capital Partners LLC has purchased a 38,250-square-foot flex industrial facility in Elkhart for an undisclosed price. Built in 2014 and fully renovated in 2019, the property at 5155 Verdant Drive is home to Dometic’s Americas segment. Dometic provides products for use in recreational vehicles (RVs), boats and trucks. Elkhart is known as the “RV Capital of the World” and more than 85 percent of all RVs built in the United States are produced in Indiana, according to the RV Industry Association. Matt Deahl of Imperium Realty & Investments advised both the seller, Verdant Development, and MAG Capital Partners, which is a Fort Worth, Texas-based private investment firm founded by Dax Mitchell and Andrew Gi.
VANCOUVER, WASH. — Bridge Industrial has acquired a 77-acre land parcel located at 5500 Northeast 162nd Ave. in Vancouver, a suburb of Portland, Ore. The buyer plans to develop Bridge Point Vancouver 600, an industrial facility, on the property. Private sellers sold the land site for an undisclosed price. Bridge expects to break ground on the project in late third-quarter 2022. Upon completion, the 646,274-square-foot Bridge Point Vancouver 600 will feature 40-foot clear heights, 110 docks, eight drive-in doors, 413 parking stalls and 166 trailer stalls. Zach Francis and Karla Hansen of Kidder Mathews represented Bridge, while Matt Lyman and Greg Nesting of North Stevens represented the sellers in the deal. Both teams will serve as leasing agents for the project.
MORROW, GA. — LRC Properties has purchased a vacant, 522,071-square-foot industrial building located at 1791 Mt. Zion Road in Morrow, about 15 miles south of Atlanta and about seven miles from Hartsfield-Jackson Atlanta International Airport. LRC purchased the asset in a joint venture with an unnamed, institutional investor for $31.5 million. The seller was also not disclosed. The new ownership plans to make capital improvements at the site, including removing 54,000 square feet from the property that will improve access, generate better traffic flow and add trailer parking and dock space. The new ownership also plans to install a new ESFR sprinkler system, LED lighting and exterior building and pavement improvements. Mike Sutter of Lee & Associates is handling the leasing assignment at the facility.
WOODLAND HILLS, CALIF. — Keller Williams Commercial has arranged the acquisition of Mayhew Plaza Shopping Center, a grocery-anchored neighborhood shopping center located at 22631-22653 Ventura Blvd. in Woodland Hills. J Globo LLC and SHWH LLC sold the asset to GNC Properties LLC and Western Prime Holdings LLC for $24.5 million. Built in 1962 and renovated in 1999, Mayhew Plaza features 39,867 square feet of retail space. Smart & Final Extra!, a warehouse-style food and supply store, anchors the property, which was 96.2 percent occupied at the time of sale. Joe Penich of KW Commercial represented the buyer, while Thomas Kim and William Shin of GTR Consulting Group represented the seller in the deal.
NORTH LAUDERDALE, FLA. — CBRE has arranged the $31 million sale of Arena Shoppes, a 130,558-square-foot shopping center located roughly 33 miles outside Miami in North Lauderdale. Dennis Carson, Casey Rosen, David Donnellan and Patricia Friend of CBRE represented the undisclosed seller in the transaction. Paul Ahmed and Mackenzie Lampman, also with CBRE, secured $20.7 million in acquisition financing on behalf of the buyers, South Florida-based investors doing business as Arena Shoppes NL LLC and Lyons Plaza CC LLC. The 10-year, fixed-rate loan was secured through an unnamed regional bank. Located at 7296 W. McNab Road, Arena Shoppes was fully leased at the time of sale to 20 tenants, including off-price apparel, fitness, restaurant, beauty services, service and medical users.
CARLSBAD, CALIF. — A joint venture between LPC West and Angelo Gordon has purchased a single-story industrial building located at 1695 Faraday Ave. in Carlsbad. Situated on 4.1 acres, the 63,000-square-foot building features 26-foot minimum clear heights and 3,000-amp power. According to LPC West, the property is positioned for a life sciences manufacturing tenant. Chris Roth and Rusty Williams of Lee & Associates represented LPC in the transaction. Dennis Visser and Weston Yahn of Cushman & Wakefield also participated in the deal.
SANTA ANA AND BELLFLOWER, CALIF. — Los Angeles-based Dunleer has acquired two industrial outdoor storage properties for a total consideration of $13 million. The properties are located at 4404 W. First St. in Santa Ana and 10027 Artesia Blvd. in Bellflower. The Santa Ana property features a 2.7-acre outdoor storage yard that includes one 3,826-square-foot office/industrial building. Dunleer purchased the property for $8.6 million. Chad Solomon of JLL represented the buyer in the deal. The name of the seller was not released. The Bellflower property is a 1.1-acre outdoor storage yard that includes improvements totaling 3,792 square feet. Dunleer acquired the asset for $4.1 million. The seller was the current tenant, a pipe and steel fabrication user, which will leaseback the site for six months. John Rendon of INCO Commercial represented the buyer and seller in the deal.