DALLAS — New York City-based REIT Brookfield Properties has acquired a 95,440-square-foot industrial facility that is situated on a 15.2-acre site at 4444 Irving Blvd. in West Dallas. The property features a 57,000-square-foot terminal with 118 doors and ample car and trailer parking space. A national transportation company fully leases the asset, according to Brookfield. The seller was not disclosed.
PHOENIX — Newmark Knight Frank (NKF) has brokered the sale of Crossroads at Deer Valley Plaza, a shopping center located at 1838 W. Bell Road in Phoenix. An investment group led by Jeff Geyser sold the property to an undisclosed buyer for $5.8 million. The transaction includes the retail center and two billboards. Built in 2008 and remodeled in 2018, Crossroads at Deer Valley Plaza is fully occupied by a variety of tenants, including Eyeglass World, Wing Stop, L.A. Insurance, Royal Vapor, Cricket and DC Dental. Jesse Goldsmith, Steven Julius and Chase Dorsett of NKF represented the seller in the transaction. Jason Fessinger and Kalen Rickard of Western Retail Advisors represented the buyer.
PORTLAND, ORE. — Norris & Stevens has arranged the purchase of an office building located in Southeast Portland. Confederated Tribes of the Grande Ronde Community of Oregon acquired the property from Portland Limited Partnership for $1.4 million. Located at 3580 SE 82nd Ave., the building features 5,000 square feet of office space. Duane Link of Portland-based Norris & Stevens represented the buyer, while Mark Latimer of CBRE represented the seller in the deal.
WEST ALLIS, WIS. — Founders 3 Real Estate Services has brokered the sale of Lincoln Center II and III in West Allis for a combined $10.1 million. The multi-tenant office buildings total 120,997 square feet. They are located at 2514 S. 102nd St. and 10150 W. National Ave. in suburban Milwaukee. The properties are home to 24 tenants, including Cognex, Verizon Wireless and Eye Care Specialists. Andy Hess, Ned Purtell and Patti Stevens of Founders 3 represented the seller, Lincoln Center Office Property Group LLC, which is an affiliate of SARA Investment Real Estate. J. Ross & Associates represented the buyer and is part of the ownership group.
KENOSHA, WIS. — The Boulder Group has negotiated the $3.2 million sale of an 8,010-square-foot property net leased to Firestone in Kenosha in Southeast Wisconsin. The single-tenant building is located at 3190 Market Lane. There are 18 years remaining on Firestone’s lease. Randy Blankstein and Jimmy Goodman of Boulder represented the Midwest-based buyer, which completed a 1031 exchange. A Southwest-based real estate investor was the seller. Firestone handles all aspects of auto care.
SOUTH ELGIN, ILL. — Entre Commercial Realty has brokered the sale of a 23,108-square-foot industrial building in South Elgin, about 40 miles west of Chicago. The sales price was undisclosed. The property is located at 320-350 Industrial Drive. It is fully leased to an undisclosed tenant and features six drive-in doors, two docks, recently renovated office space and a new parking lot. Cory Kay and Mike DeSerto of Entre represented the buyer, a private investment group. Bruce Granger of NAI Hiffman represented undisclosed seller.
KENOSHA, WIS. AND KANNAPOLIS, N.C. — KKR (NYSE: KKR), a global investment firm based in New York City, has acquired two e-commerce distribution centers totaling approximately 2.5 million square feet for $260 million. One of the properties is located in Kenosha, approximately 30 miles south of Milwaukee. The other is in Kannapolis, approximately 25 miles northeast of Charlotte. In a release, KKR said that the properties were both 100 percent leased to a “high-quality, investment-grade tenant on a long-term basis.” Multiple news outlets, including both the Milwaukee Business Journal and the Charlotte Business Journal, report that Amazon is the occupant of both facilities. Regarding the Wisconsin facility, KKR acquired the 1.5 million-square-foot complex for $176 million, or $115 per square foot, according to the Milwaukee Business Journal. Prologis sold the two-building property, which is located off Interstate 94. The 1 million-square-foot facility in North Carolina is known as CLT 3 and sold for $84 million. The seller was not disclosed. “The current environment will lead to continued acceleration of e-commerce penetration which drives demand for large, modern distribution centers like the ones we are acquiring,” says Roger Morales, partner and head of Americas acquisitions at KKR. “Logistics real estate represents …
GEORGETOWN, TEXAS — Newmark Knight Frank (NKF) has brokered the sale of Hillstone at Wolf Ranch, a 332-unit apartment community located in the northern Austin suburb of Georgetown. Built in 2018, the Class A property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, dog park, game room and walking/biking trails. Patton Jones of NKF represented the seller, Dallas-based Leon Capital Group, in the transaction. The buyer was Virginia-based Weinstein Properties, which will rebrand the community as Bexley Wolf Ranch.
SPRING, TEXAS — Locally based investment firm The Welcome Group has acquired a 38,072-square-foot office and industrial complex at 2400 Spring Stuebner Road in the northern Houston suburb of Spring. The two-building property is situated on 11 acres and is leased to SES Foam, a provider of insulation products. The first building was built in 1984 and the second building was built in 1994.
NORTH LAS VEGAS, NEV. — CBRE has arranged the sale of RDN Mini Storage, a seven-building self-storage facility in North Las Vegas. California-based Watling Street acquired the asset from Nevada-based Piclane for $4.6 million. Located at 725 W. Washburn Road, the 36,520-square-foot property consists of 304 units with 24-hour video surveillance cameras. Nick Walker, Walter Brauer and Trevor Roberts of CBRE represented the seller in the deal.