FORT WORTH, TEXAS — Lee & Associates has brokered the $8.1 million sale of a 92,450-square-foot industrial building in Fort Worth that is leased to FedEx. The property was constructed on 10.4 acres in 1998 as a build-to-suit, and FedEx has occupied the entirety of the building since that time. Ryan Barr and Ryan Bennett of Lee & Associates represented the locally based seller in the transaction. Cushman & Wakefield represented the buyer, California-based MH Sherman Co., which acquired the asset via a 1031 exchange.
HOUSTON — Locally based investment firm RMM Properties LLC has purchased Centre South, a 39,038-square-foot retail center located at 11030 Kingspoint Road in southeast Houston. Built in 1970 and renovated in 2018, the property was 79 percent leased at the time of sale to tenants such as Sherwin-Williams, Brown Sugar BBQ and Club Rumba. In addition, new leases have been signed in 2020 with Southside Driving School, Internet Café and event planning firm La Fleur of Houston. Kelley Workman, David Luther and Dakota Workman of NewQuest Properties represented the seller, Community Commercial Properties II LLC, in the transaction. Kelley Workman also sourced and represented the buyer.
MIAMI — Newmark has brokered the $44 million sale of a 312,000-square-foot industrial facility located within Dolphin Commerce Park in Miami. Tech Data Corp. sold the property to Badia Spices, a local manufacturer and distributor of spices and herbs that will eventually move into the building. Built in 2002, the property at 2200 NW 112th Ave. is situated in Miami’s Sweetwater neighborhood near Dolphin Mall, the Florida Turnpike and Dolphin Expressway. Steve Medwin and Nick Wigoda of Newmark represented Badia Spices in the transaction.
MORRISTOWN, N.J. — JLL has negotiated the $50 million sale of a 232,000-square-foot office building located at 44 Whippany Road in the Northern New Jersey city of Morristown. The property spans 20 acres and features a fitness center, café, outdoor patio and picnic area and access to walking trails. Jose Cruz, Kevin O’Hearn, Steve Simonelli and Michael Oliver of JLL represented the seller, an affiliate of Marcus Partners, in the transaction. The team also procured the buyer, Liberty Properties LLC. The three-story building also recently underwent an $18 million capital improvement program.
CHICAGO — Colliers International has brokered the sale of a Walmart Neighborhood Market-anchored shopping center located at 4720 S. Cottage Grove Ave. in Chicago. A private investor purchased the fully leased center for an undisclosed price. Other tenants include Burger King, Subway, Associated Bank and Snipes. Built in 2014, the 54,932-square-foot center is part of a larger development that includes a three-story, 72-unit apartment asset. Alex Perez, Chris Garavaglia and Chris Irwin of Colliers represented the seller, Skilken Gold Real Estate Development. The team also procured the buyer.
INDEPENDENCE, MO. — NorthMarq has arranged the sale of a three-property, 426-unit multifamily portfolio in Independence, a suburb of Kansas City, for $21.2 million. The properties include Hudson, a 253-unit asset at 1401 S. Cunningham Ave.; Meadowbrook, a 113-unit property at 2141 S. Swope Drive; and Winner Place, a 60-unit community at 9528 Winner Road. Urban Southwest Capital sold the portfolio to FTW Investments. Jeff Lamott and Gabe Tovar of NorthMarq brokered the sale. Kyle Tucker and John Duvall of NorthMarq arranged acquisition financing through Freddie Mac for the Hudson property.
MIDDLESEX, N.J. — Marcus & Millichap has brokered the sale of a 20,986-square-foot retail property in Middlesex, about 40 miles southeast of New York City. Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, an individual/personal trust. Both parties requested anonymity.
NORTHGLENN, COLO. — Denver-based Avanti Residential has completed the disposition of Highland Way, an apartment community located in Northglenn. Summit Communities acquired the asset for $40.6 million. Located at 11310 Melody Drive, the 155,890-square-foot property features 230 apartments in a mix of studio, one- and two-bedroom layouts spread across 10 buildings. Units offer fully equipped kitchens, open living and dining areas, walk-in closets and private balconies or patios. On-site amenities include storage lockers, a clubhouse, swimming pool, barbecue picnic area, playground, basketball court, private dog park and fitness center. David Potarf, Dan Woodward, Matt Barnett and Jake Young of CBRE Capital Markets in Denver represented the seller in the transaction.
SANTA ROSA, CALIF. — SRS Real Estate Partners has arranged the purchase of a retail building located within Santa Rosa Southside Shopping Center in Santa Rosa. DiLorenzo Santa Rosa Real Estate acquired the asset from an undisclosed seller for $6.3 million. Planet Fitness will occupy between 18,000 square feet to 22,000 square feet of the 38,000-square-foot facility. Scott Landgraf, Amber Edwards and Sarah Edwards of SRS Real Estate Partners represented the buyer, while CBRE and Meridian Commercial represented the seller in the transaction.
LOVELAND, COLO. — CBRE has brokered the sale of Rocky Mountain Center for Innovation and Technology (RMCIT) in Loveland. Bowling Green, Ky.-based Cumberland & Western Resources sold the asset to RMCIT LLC for $15.5 million. Located at 815 14th St. SW, the four-building campus features 811,817 square feet of office and flex industrial space on 177 acres. At the time of sale, the property was leased to a variety of tenants, including Lighting eMotors (formerly Lightning Systems). The property features on-site fiber optic cabling and up to eight megawatts or power capacity. Additional features include secured fencing with controlled access points, ample parking, common and recreational areas, and trucking access on both upper and lower levels. The facility is equipped for both large- and small-scale shipping and receiving operations. Mike Eyer, Mike Camp, Julius Taber and Greg Haynes of CBRE represented the seller in the deal.