DES PLAINES, ILL. — Marcus & Millichap has brokered the sale of a 1,914-square-foot property occupied by Starbucks in Des Plaines for $1.6 million. The net-leased asset is located at 1427 Lee St. next to Aldi. Starbucks has seven years remaining on its lease. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the building on behalf of the seller, a limited liability company. A local investor purchased the property.
MADISON, N.J. — New Jersey-based PGIM Real Estate has acquired a portfolio of 15 industrial buildings totaling 4.7 million square feet for $425 million. Four of the buildings are located in the Atlanta metros of Lithia Springs, Buford and Union City. Six of the buildings are located in the Dallas-Fort Worth (DFW) metroplex, and two are located in the Phoenix suburb of Avondale. The remaining three buildings are located in the Denver area, but the addresses and submarkets of those assets were not disclosed. All of these developments are newly constructed projects or are nearing completion. In addition, the properties all feature 32- to 36-foot clear heights and ample dock doors, which the new ownership cites as key features in marketing to e-commerce users. “COVID-19 has not only supported the continued rise of e-commerce and distribution demand across the United States, but it has also significantly accelerated the existing trend,” says Cathy Marcus, global chief operating officer and head of U.S. equity for PGIM Real Estate. “As many more retailers and international corporations enter the U.S. industrial market or expand their presence in the sector, these state-of-the-art properties will be an attractive component of our broader industrial portfolio.” “This transaction …
MIAMI — Marcus & Millichap has arranged the sale of Hamilton on the Bay, a 28-story, 275-unit apartment complex in Miami. The property, which backs up to Biscayne Bay, is situated at 555 34th St., four miles north of downtown Miami. Built in 1985, the property offers studio to four-bedroom floor plans. Communal amenities include a dog park, fitness center, bike storage, outdoor kitchen, pool and a tennis court. Rani Hussami of Marcus & Millichap’s Hussami Rockson Group represented the undisclosed seller in the transaction. Further details of the sale were not disclosed.
MCDONOUGH, GA. — Cushman & Wakefield has negotiated the $80 million sale of Colton Creek, a 500-unit multifamily community in McDonough. Built in 2009, the property offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, spa, pool, playground, tennis court and a clubhouse. Colton Creek is located at 2014 Avalon Parkway, 30 miles southeast of downtown Atlanta. Mike Kemether, Alex Brown, Travis Presnell and Robert Stickel of Cushman & Wakefield represented the seller, Fairfield McDonough LLC, in the transaction. Newport News, Va.-based Chandler Residential acquired the property for $160,000 per unit.
FLINT, MICH. — Avison Young has brokered the sale of a single-tenant retail property occupied by Dollar General in Flint for $1 million. The 9,774-square-foot building, renovated in 2019, sits on 1.1 acres at 1510 E. Carpenter Road. Chris Maling, David Maling and James Becker of Avison Young represented the seller, Michigan-based Maplewood Partners LLC. The team also procured the buyer, a Minnesota-based family trust. Dollar General has nine years remaining on its lease.
CHARLOTTE, N.C. — RealOp Investments has sold an industrial property located at 11524 Wilmar Blvd. in southwest Charlotte for $14.1 million. Greenville, S.C.-based RealOp acquired the 298,753-square-foot property in 2018 and signed MSS Solutions to a lease. The HVAC service provider acquired the property from RealOp. The building is located 12 miles south of Charlotte Douglas International Airport and 11 miles south of downtown Charlotte.
KNOXVILLE, TENN. — Stan Johnson Co. has brokered the $9.9 million sale of a 59,748-square-foot office building leased to CVS/pharmacy in Knoxville. CVS houses its call center at the property, which is situated at 2401 Cherahala Blvd., 17 miles west of downtown Knoxville. The Woonsocket, R.I.-based company has occupied the space since it was built in 2002. Jonathan Ameen and Jeff Hughes of Stan Johnson Co., along with John Adams III of Avison Young, represented the seller, New York-based Lexington Realty Trust. Concord Capital LLC, a group of investors based in Jackson, Miss., acquired the asset.
SCRANTON, PA. — Marcus & Millichap has brokered the sale of The Oppenheim Building, a 193,000-square-foot historic office property in downtown Scranton. The property was built in 1888 and was 27 percent occupied at the time of sale. Craig Dunkle and Jackson Day of Marcus & Millichap handled the sale on behalf of the undisclosed seller through Ten-X auction platform. The buyer, a Pennsylvania-based developer, will convert the building into a Class A multifamily property.
HOUSTON — Davis Commercial Real Estate has brokered the sale of a 19,500-square-foot warehouse located at 3007 Crossview Drive in West Houston. According to LoopNet Inc., the property was built in 1975 and was most recently used as an automotive storage and repair facility. Ashley Casterlin of Davis Commercial represented the seller, private investor Juan Alonso, in the transaction. Additional terms of sale were not disclosed.
DALLAS — Locally based brokerage firm Davidson Bogel Real Estate has arranged the sale of a 10,250-square-foot industrial building located at 9019 Governors Row in the Brook Hollow area of Dallas. Davidson Bogel represented the buyer in the transaction. Billy Gannon of Transwestern represented the seller. Both parties requested anonymity.