HOUSTON — McCord Development has purchased a 201-acre tract in northeast Houston that will be an addition to the 4,200-acre Generation Park master-planned development, from Chicago-based power company Exelon Generation Co Inc. Specific development plans were not disclosed, but the buyer stated that the site would feature commercial uses and would be part of a future network of trails and parks that connects each region of Generation Park. David Cook, Jeff Peden and Scott Miller of Cushman & Wakefield worked with Will Condrey, Kayla Black and Ben Sample of Cresa Global Inc. to represent Exelon Generation in the sale of the land. Since 2017, Generation Park has seen more than $1 billion in commercial development, including 438,000 square feet of office space, 490,000 square feet of retail space, 908,000 square feet of industrial space, 251 luxury apartment units and two colleges. Another 2.1 million square feet of new construction is currently under development with more in the development pipeline.
SPRING, TEXAS — JLL has negotiated the sale of Rayford Village, a 19,950-square-foot retail center located in the northern Houston suburb of Spring. The two-building property houses tenants such as Cole Veterinary Services, SK Salon, Goodwill and Papa John’s. Ryan West, John Indelli and Katherine Miller of JLL represented the seller, BNS Rayford Partners LP, in the transaction. Michael Johnson, Stuart Helper and Trey Pizzitola of JLL arranged acquisition financing through First Community Credit Union on behalf of the undisclosed buyer. The loan carried a 10-year term and a fixed interest rate.
OAKLAND, CALIF. — San Diego-based Westcore has purchased a 155,000-square-foot industrial warehouse located at 8380 Pardee Drive in Oakland for $40.5 million. Constructed in 2012, the fully leased distribution facility features 8,000 square feet of cold storage, 30-foot clear heights and ESFR fire suppression. The site is adjacent to the Oakland airport. Tom Damaschino of Cushman & Wakefield represented the buyer, while Richard Sutherland of The Sutherland Company represented the undisclosed seller in the deal.
SEATTLE — Milestone Properties has acquired Queen Anne Gardens, a multifamily property located at 1250 Fifth Ave. N. in Seattle. A private investor sold the asset for $9 million, or $746 per square foot. Built in 1991, Queen Anne Gardens features 38 apartments. Dan Swanson of Kidder Mathews represented the buyer in the deal.
ONTARIO, CALIF. — Hanley Investment Group Real Estate Advisors has directed the sale of a two-tenant retail pad building located at 961 N. Milliken Ave. in Ontario, approximately 35 miles east of downtown Los Angeles. The price was $4 million. Built in 2002, the building features 6,300 square feet of retail space. Assure Dental occupies 3,500 square feet of the property, while Verizon Wireless occupies the remaining 2,800 square feet. Sam’s Club at The Marketplace at Ontario Center shadow anchors the property. Matt Burnett of Hanley Investment Group represented the buyer and seller, both Los Angeles-based private investors, in the transaction.
MARICOPA, ARIZ. — Marcus & Millichap has negotiated the sale of a built-to-suit AAMCO Transmission Shop & Total Car Care building located at 20215 N. John Wayne Parkway in Maricopa. A limited liability company acquired the asset from another limited liability company for $2.5 million. The 4,380-square-foot building opened for service earlier this month. The asset includes a 15-year, absolute triple-net lease with a multi-unit franchisee. Mark Ruble, Chris Lind and Jamie Medress of Marcus & Millichap represented the seller, while Adam Levin and Robert Johnston of Marcus & Millichap’s Palo Alto office procured the buyer in the deal.
ARLINGTON HEIGHTS, ILL. — Marcus & Millichap has arranged the sale of an 18,322-square-foot office building in Arlington Heights for $1.1 million. The multi-tenant property, located at 415 E. Golf Road, was 94 percent occupied at the time of sale. Tammy Saia and Tami Andrew of Marcus & Millichap marketed the building on behalf of the seller, a Japan-based limited liability company. Adam Fortino of Marcus & Millichap secured and represented the buyer, a local private investor.
RAYMOND, ILL. — Stan Johnson Co. has brokered the $1.1 million sale of a 9,026-square-foot retail property occupied by Dollar General in Raymond, about 35 miles south of Springfield, the state capital. Constructed in 2014, the building is located at 512 S. O’Bannon St. There were approximately nine years left on the absolute triple net lease at the time of sale. Mike Matter of Stan Johnson represented the seller, a Texas-based individual investor. Craft Enterprise LLC, a Kansas-based private investor, purchased the property. Both the buyer and seller completed 1031 tax-deferred exchanges.
CHICAGO — Mirae Asset Global Investments, an asset management and investment banking firm, has sold 225 West Wacker Drive, a 31-story office tower in Chicago. Spear Street Capital purchased the trophy office building for $210 million, or roughly $322 per square foot. The tower is situated along the south bank of the Chicago River in the city’s Loop district. The building houses the world headquarters of Cushman & Wakefield (NYSE: CWK), which also represented Mirae Asset in the sale. The global real estate services firm handled the leasing the riverfront office tower for the previous ownership as well. Other tenants that list 225 W. Wacker Drive as their Chicago address include Jackson National Asset Management, True Partners Consulting, PPM America Inc. and Crowe LLP. David Knapp, Adam Spies, Marcella Fasulo, Tom Sitz, Cody Hundertmark, Paul Lundstedt and Dan Deuter of Cushman & Wakefield arranged the sale. Knapp says that Spear Street Capital may plan future capital improvements at the property. Kohn Pederson Fox and Perkins + Will designed 225 West Wacker Drive, which is LEED Gold-certified and Energy Star-rated and occupies a full city block along the path of the Chicago Riverwalk. The building features a seven-level parking garage for …
BROOMFIELD, COLO. — Sacramento, Calif.-based Oakmont Properties has purchased Fusion 355, an apartment property located at 355 Eldorado Blvd. in Broomfield’s Interlocken neighborhood. Stockton, Calif.-based AG Spanos sold the asset for $90 million. Built in 2019, Fusion 355 features 286 apartments in a mix of apartment and townhome floor plans with in-unit washers/dryers, ceiling fans, storage units, vaulted ceilings and hardwood flooring. The 256,376-square-foot property is a controlled access, smoke-free community with a 24-hour fitness center; yoga studio; dog park; media and game rooms; elevator access; bike storage; a heated swimming pool with spa and Baja deck; community garden; 400 parking spaces; and private garages. At the time of sale, the property was 85 percent leased. Dan Woodward, David Potarf and Matt Barnett of CBRE Capital Markets Denver represented the seller, while Marc Ross of CBRE’s Sacramento office represented the buyer in the transaction.