MIDLAND, MICH. — The Boulder Group has brokered the $1.4 million sale of a 9,002-square-foot property occupied by Dollar General in Midland, about 28 miles east of Mount Pleasant. The single-tenant building is located at 3401 James Savage Road. Dollar General has a 15-year lease at the newly built property. A Midwest-based developer sold the asset to a Midwest-based real estate investor. Randy Blankstein and Jimmy Goodman of Boulder represented both parties in the transaction.
NOVI, MICH. — Motor City Floors and Coatings has purchased a new 8,180-square-foot building on Grand River Avenue in Novi that will serve as the company’s headquarters. The company, which specializes in concrete coatings for residential, commercial and industrial uses, is relocating from Commerce Township. Michael Murphy of Gerdom Realty & Investments represented Motor City. Jim Montgomery of Signature Associates represented the seller. The sales price and seller were undisclosed.
AUSTIN, TEXAS — Southern California-based investment firm Greens Global has acquired a 1,152-unit, CubeSmart-branded self-storage facility located at 8023 W. Parmer Lane in Austin. The five-story property was built in 2019 and spans 110,505 square feet. C.W. Sheehan and Alastair Barnes of JLL arranged an undisclosed amount of acquisition financing for the off-market transaction through Happy State Bank. The loan was structured with a five-year term and a fixed interest rate. CSW Development sold the asset for an undisclosed price.
PLANO, TEXAS —San Francisco-based investment firm Hamilton Zanze has sold Fountains at Steeplechase, a 368-unit apartment community in Plano. Built in 1985, the property features one- and two-bedroom units averaging 857 square feet. Amenities include a pool, fitness center, business center, playground, clubhouse and a dog park. Hamilton Zanze acquired the property in 2013 and implemented a valued-add program that upgraded the appliances, flooring, countertops and hardware of the units, as well as the building exteriors and amenity spaces. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of Institutional Property Advisors, a division of Marcus & Millichap, worked with Bard Hoover and Nick Fluellen of Marcus & Millichap’s Dallas office to represent Hamilton Zanze in the sale. The team also procured the buyer, Bridge Partners.
ROCKWALL, TEXAS — The Boulder Group has brokered the $6.2 million of a 11,421-square-foot single-tenant retail property leased to CVS Pharmacy in Rockwall, a northeastern suburb of Dallas. The seller was a real estate firm based in the Southwest, and the buyer was an investor based on the East Coast that acquired the asset via a 1031 exchange. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction.
CHINO HILLS, CALIF. — Advanced Real Estate Services has purchased The Crossings, a multifamily property located in Chino Hills. An undisclosed seller sold the asset for $120 million in an off-market transaction. Constructed in 2019 on more than 32 acres, The Crossings features 346 apartments, a resort-style pool area, clubhouse, two-story fitness center, turf soccer field, dog park, electric-vehicle charging stations, package lockers, a business center and playground. Mike Elmore, Joe Giordani and Brendan Golding of NorthMarq’s Newport Beach team arranged a $76.8 million Fannie Mae Green loan for the transaction, with 10 years interest-only payments at 2.44 percent fixed rate. Margie Malloy of Berkadia’s Inland Empire office represented the buyer in the transaction.
SANTA FE SPRINGS, SYLMAR, OCEANSIDE, NATIONAL CITY AND SANTA ANA, CALIF. — Rexford Industrial Realty has acquired two industrial facilities for $27.6 million and completed the disposition of three properties for $44.2 million. The acquisitions were funded using cash on hand. Rexford purchased 12133 Greenstone Ave. in Santa Fe Springs for $5.5 million, or $26 per land square foot, through an off-market transaction. The single-tenant container storage facility features a 12,586-square-foot truck terminal building on 4.8 acres with excess land serving as truck parking. At the time of sale, the property was fully leased on an agreement that is slated to expire in the near-term. The company also acquired 12772-12746 San Fernando Road in Sylmar for $22.1 million, or $78 per land square foot. The facility comprises a 6.5-acre development site currently containing two legacy industrial buildings totaling 140,840 square feet. Following a short-term lease period, Rexford plans to demolish the existing buildings and develop a 145,000-square-foot, single-tenant, Class A industrial building on the site. Rexford sold a single-tenant vacant building at 3927 Oceanic Drive in Oceanside for $10.3 million, or $188 per square foot, and a multi-tenant building located at 121 W. 33rd Street in National City for $13.5 …
SALEM, ORE. — Los Angeles-based Trojan Storage has acquired Hawthorne Mini Storage in Salem from a private investor for $8.3 million. Nick Walker, Trevor Roberts and Morgan Windbiel of CBRE represented the seller in the deal. Located at 1241 Hawthorne Ave. NE, the 99,435-square-foot property offers 654 self-storage units ranging in size from 25 square feet to 750 square feet. Additionally, the facility features covered RV and boat parking. The property consists of 14 single-story and two-story buildings and features a gated entrance with key-code access, 24-hour video surveillance cameras, climate-controlled units and an on-site manager.
AURORA, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a multifamily property located at 15500 E. 13th Ave. in Aurora for $3.1 million, or $110,714 per unit. The names of the seller and buyer were not released. At the time of sale, the 28-unit building was 18 percent vacant. The property was built in 1972. Josh Newell, Bart Thompson and Jesse Allen of the Newell Team at Pinnacle Real Estate Advisors represented the seller and buyer in the deal.
ROMEOVILLE, ILL. — Colliers International has arranged the sale of a 648,960-square-foot distribution center occupied by Samsung in Romeoville. The Class A facility is located within Pinnacle Business Center, just south of the full interchange at I-55 and Weber Road. Samsung has occupied the building since 2012 and uses the facility as its primary Chicago-area distribution center for all appliance lines. Samsung recently renewed its lease. Jeff Devine and Steve Disse of Colliers represented the seller, LaSalle Investment Management. Exeter Property Group purchased the asset for an undisclosed price.
