ROCKFORD, ILL. — Mid-America Real Estate Group has brokered the sale of State Street Market in Rockford for an undisclosed price. The 193,657-square-foot shopping center is positioned at the northwest corner of State Street and Trainer Road. The property is 69 percent leased to Burlington, Dollar Tree, Jo-Ann Fabric, Old Chicago and PetSmart. Rick Drogosz of Mid-America represented the seller, Highlands REIT, and the buyer, Rhino Investments.
WESTLAND, MICH. — Marcus & Millichap has arranged the $3.5 million sale of a restaurant property net leased to On the Border Mexican Grill in Westland, about 16 miles west of downtown Detroit. On the Border has 14 years remaining on its lease. Dan Yozwiak and Darpan Patel of Marcus & Millichap represented the seller, an individual trust. Ashish Vakhariya, Darin Gross and Seth Haron of Marcus & Millichap represented the buyer, a limited liability company.
LINCOLN, ILL. — The Boulder Group has negotiated the $2.1 million sale of a single-tenant property net leased to Starbucks in the Central Illinois city of Lincoln. The building is located at 3103 Woodlawn Road near I-55. Randy Blankstein and John Feeney of Boulder represented the seller, a West Coast-based investment group. The Illinois-based buyer completed a 1031 exchange.
NEW YORK CITY — Avison Young has negotiated the $10.5 million sale of a 15,540-square-foot office and retail building located at 206 Spring St. in Manhattan’s So District. The five-story building houses tenants such as Korean restaurant The Woo and cosmetic dentistry firm SoHo Smile. James Nelson, Brandon Polakoff, Eric Karmitz and Bradley Rothschild of Avison Young represented the seller, locally based investment firm Corigin, in the transaction. The team also procured the undisclosed buyer.
NEW YORK CITY — Marcus & Millichap has brokered the $9.6 million sale of a 28,000-square-foot civic building located at 555 Remsen Ave. in the East Flatbush neighborhood of Brooklyn. Jakub Nowak and Thomas Brennan represented the undisclosed seller in the transaction. Yossi Hackner of Sapphire Realty represented the buyer, a religious institution that also requested anonymity.
BAXTER, TENN. — Avison Young’s Capital Markets Group has arranged the sale-leaseback of a manufacturing facility in Baxter. The transaction totaled approximately $90 million. Timothy Hall, James Hanson and Tom Viscount of Avison Young arranged the sale-leaseback transaction. Chicago-based Oak Street Real Estate Capital will fund the construction and purchase the 965,000-square-foot facility, then lease it back to Portobello America, a tile manufacturer and distributor based in Brazil. Portobello America is building the plant and will use it to manufacture ceramic tiles and to house its U.S. headquarters. Portobello America will execute a long-term lease when construction is complete, which is expected in late 2022. The firm estimates the facility will create more than 200 local jobs and generate $150 million in annual revenue, as soon as the full capacity is reached, which is expected to occur by 2026. The 92-acre, build-to-suit project will include the main manufacturing, warehouse and office building, which will also contain the corporate headquarters and a showroom. The manufacturing plant will feature the latest green technologies to reduce the consumption of electricity, natural gas and water, according to the developer. The project site is situated on the south side of Interstate 40, about 70 miles …
ORLANDO, FLA. — Red Bank, N.J.-based Denholtz Properties has acquired a 106,966-square-foot, seven-story office building located at 618 East South St. in Orlando. The seller and sales price were not disclosed. Constructed in 2011, 618 East South St. is downtown Orlando’s first privately developed LEED-certified building, according to Denholtz. Additionally, the building features an integrated parking garage with a ratio of 3.1 spaces per 1,000 square feet. Currently fully leased, 618 East South St. serves as the Southeastern headquarters for GAI Consultants, an engineering, planning and environmental consulting firm with clients in the energy, transportation, development, government and industrial markets. In addition to GAI Consultants, the building is home to six additional tenants spanning the financial services and healthcare markets. The property is situated near a Publix and Thornton Park, a neighborhood with restaurants, luxury condominiums and apartments. The building is also located adjacent to SR 408 East-West Expressway. The acquisition allows Denholtz’s Orlando area portfolio to grow to nearly 1 million square feet. The investor also owns the nearby 100 East Pine St. property, an 80,010-square-foot, six-story office building that is currently 90 percent leased to 12 tenants.
TURLOCK, CALIF. — Faris Lee Investments has brokered the sale of Turlock Town Center, a community retail center located at 503-795 N. Golden State Blvd. in Turlock. A California-based developer sold the asset to an undisclosed buyer in a 1031 exchange for $37.4 million. Don MacLellan of Faris Lee Investments represented the seller and procured the buyer in the deal. Situated on 8.4 acres, Turlock Town Center features 144,364 square feet of retail space. At the time of sale, the property was fully leased to 29 in-line tenants and five retail pad tenants. Current tenants include Smart & Final, with a new 15-year lease, Rite Aid, dd’s discount, Big 5 Sporting Goods and Goodwill.
LOS ANGELES — Rexford Industrial has acquired two Class A industrial buildings in central Los Angeles for a total consideration of $28 million. Located at 1501-1545 Rio Vista, the buildings feature a total of 53,651 square feet. At the time of sale, both buildings were 100 percent leased to stable credit tenants. Jerry Sackler of DAUM Commercial represented the seller, a private family real estate investment trust, and procured the buyer in the deal.
KINGSPORT, TENN. — Marcus & Millichap has brokered the sale of Shoppes at East Stone, a 24,502-square-foot retail property in Kingsport. The property sold for $4.5 million. Michael Early of Marcus & Millichap represented the seller, an undisclosed family trust, and secured the buyer, a Maryland-based real estate investment corporation. Jody McKibben of Marcus & Millichap assisted in closing this transaction. Shoppes at East Stone is occupied by tenants including Polish Nail Bar, East Coast Wings + Grill, LL Flooring and Hertz Car Rental. Located at 2637 E. Stone Drive, the property is situated in northern Tennessee, about 102 miles from Knoxville. The property is also 13.6 miles from Tri-Cities Airport.