MCALLEN, TEXAS — Faris Lee Investments has arranged the $7 million sale of a 65,000-square-foot retail property in McAllen that is triple-net leased to Floor & Décor for a term of 55 years. The store, which will be the Atlanta-based home improvement retailer’s first in the Rio Grande Valley, is under construction and slated to open on March 3. Jeff Conover and Scott DeYoung of Faris Lee represented the Texas-based developer and seller in the transaction. The buyer was a Texas-based 1031 exchange investor. Both parties requested anonymity.
WESTPORT, CONN. — CBRE has brokered the $43 million sale of two waterfront office buildings totaling 94,647 square feet in Westport, located in Fairfield County. Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, David Gavin and Stuart MacKenzie of CBRE represented the seller, a partnership between Baywater Properties and an investment fund advised by True North Management Group, in the transaction. The team also procured the buyer, The Feil Organization. Tenants at the buildings include Raymond James, Sterling Investment Partners and IXM Trading.
EGG HARBOR CITY, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the $7 million sale of a 5,585-square-foot retail property in Egg Harbor City, located in Atlantic County. The property is under construction and is preleased to convenience store operator Wawa for 20 years on a triple-net basis. Jason Pucci and Justin Lupo of Kislak represented the buyer, Kamson Corp., in the transaction. The seller was not disclosed.
BONDURANT, IOWA — Avison Young’s capital markets group has brokered the sale of a 2.7 million-square-foot fulfillment center occupied by Amazon in Bondurant, a city northeast of Des Moines, for more than $325 million. The newly constructed, four-story property sits across the street from a 270,000-square-foot Amazon sortation facility. Jonathan Hipp, James Hanson and Richard Murphy of Avison Young represented the seller, Mesirow Realty Sale-Leaseback Inc. Earl Webb of 9th Green Advisors also advised Mesirow on the sale. Virginia-based Capital Square was the buyer.
ARLINGTON HEIGHTS, ILL. — Marcus & Millichap has negotiated the sale of a 38,864-square-foot medical office building in the Chicago suburb of Arlington Heights for $3 million. The property, located at 2010 S. Arlington Heights Road, is 84 percent occupied by medical tenants. It recently underwent upgrades such as a new HVAC system, new elevator, new tile in the first-floor corridors and updated suites. Tammy Saia and Tami Andrew of Marcus & Millichap represented the seller, a local limited liability company. An Atlanta-based limited liability company was the buyer.
GRAFTON, WIS. — NAI Greywolf has brokered the sale of a 36,154-square-foot industrial building in Grafton, about 20 miles north of Milwaukee. The sales price was undisclosed. The property, which features both manufacturing and office space, is located at 1000 Hickory St. and features a clear height of 14 feet. David Hodge of NAI Greywolf represented the buyer, World Emblem, which plans to hire about 75 employees to work out of the facility.
HIALEAH, FLA. — Doral, Fla.-based The Easton Group and Irvine, Calif.-based LBA Logistics have acquired a 26.4-acre development site in Hialeah, about 11.6 miles from Miami. The joint venture purchased the land for $29.4 million with plans to build two speculative warehouse and distribution facilities on the site. The two buildings will total 462,954 square feet. Building features will include 36-foot clear heights, 124 trailer stalls and 407 parking spaces. Construction is expected to start towards the end of the year and take about 18 months to complete. Located at 4220 West 91st Place, the project is located about 17 miles from Miami Beach and 10 miles from the Miami International Airport. Easton Group and LBA Logistics are also partnering on a 266,760-square-foot warehouse development in nearby Hialeah Gardens, which is slated for completion by the second quarter of this year. Easton Group is scheduled to deliver 393,910 square feet of industrial space in Miami-Dade County over the next six months.
LAWRENCEVILLE, GA. — RealSource Group has arranged the $9.4 million sale of a single-tenant property occupied by LA Fitness at Lawrenceville Town Center, a shopping center in the eastern Atlanta suburb of Lawrenceville. Austin Blodgett of RealSource, in association with ParaSell Inc., represented the seller, New York-based DLC Management. The undisclosed buyer was a private investor based in Dallas. Built in 2020, the LA Fitness building spans 34,000 square feet. The property’s co-tenants include a Kroger supermarket and fuel station, H&R Block, O’Reilly Auto Parts, Verizon Wireless, Aaron’s, Rainbow Shops, Ameris Bank, Coast Dental, Burger King, Tidal Wave Auto Spa, Kumon and Lawrenceville Health Center. Located at 600 Gwinnett Drive, the property is positioned at the signalized intersection of Grayson Highway and Gwinnett Drive. The property is also situated 3.2 miles from Georgia Gwinnett College, 42.7 miles from downtown Atlanta and 42.6 miles from Hartsfield-Jackson Atlanta International Airport.
PHOENIX — Sares Regis Multifamily Value-Add Fund IV has acquired Arboretum at South Mountain, a multifamily property in the Ahwatukee Foothills Village region of Phoenix. Khosro Khaloghli sold the asset for $118.2 million, or $379,006 per unit. Built in 1999 on 12.5 acres, the 15-building property features 312 apartments with nine-foot ceilings, full-size washers/dryers and private balconies or patios. The community also offers a swimming pool and freestanding fitness center with pool views. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in transaction.
TOLLESON, ARIZ. — Stos Partners has completed the disposition of a single-tenant industrial facility located at 10300 W. Buckeye in Tolleson. An undisclosed institutional buyer acquired the property for $27.5 million. Built in two phases in 2005 and 2016, the 227,000-square-foot property features 32-foot clear heights, dock-high loading doors and a variety of high-quality amenities. Stos Partners originally purchased the facility in December 2020 for $16.3 million.