NORTH BRANFORD, CONN. — G&G Investments has acquired a 50,576-square-foot industrial and office asset in North Branford, an eastern suburb of New Haven, for $1.7 million. Located at 32 Commerce Drive, the property features 24,000 square feet of warehouse space, 10,000 square feet of office space and a 16,576-square-foot covered loading and parking area. Bill Clark of The Geenty Group represented G&G Investments LLC in the transaction. The seller, Frontier Communications, has leased back the building for six months as part of the terms of the sale.
FORT WORTH — Austin-based Capital Commercial Investments (CCI) has purchased the former headquarters campus of American Airlines and American Airlines Federal Credit Union in Fort Worth. The 40-acre campus features approximately 1.4 million square feet of office space across three buildings and is located just three miles from DFW International Airport. An underground pedestrian tunnel connects all three buildings. Mike Hardage, Alan Harrington, Steve McCoy and Brooks Creech of Transwestern worked with Troy Barron of Weston Commercial Real Estate to facilitate the transaction. Transwestern will also take over leasing and management of the property. American Airlines began moving into its new $350 million Fort Worth headquarters, known as Skyview 8, last fall. Jim Neil, Duke Stone, Trip Neil and John Bell of Churchill Capital arranged acquisition financing for the transaction with the Boxer Property team of Andrew Segal and John Rentz. The Capital Commercial Investments team was led by Doug Agarwal (CEO / Founder) and Robb Buchanan (EVP). The loan was provided within 17 days of term sheet execution in order to meet CCI’s closing deadline on April 30th, 2020.
IRVING, TEXAS — California-based investment firm Turner Impact Capital has acquired Bridgeport Apartments, a 312-unit multifamily community in Irving. Built in 1982, the property features one- and two-bedroom units and amenities such as a pool, tennis court, business center, resident clubhouse, dog park and onsite laundry facilities. The new ownership will implement capital improvements designed to reduce water and energy consumption. With this acquisition, Turner Impact Capital’s portfolio now comprises roughly 10,000 units.
SEGUIN, TEXAS — Marcus & Millichap has brokered the sale of Ol’ 90 RV Park, a 40-site property in Seguin, a city located northeast of San Antonio. Robert Denninger and Brad Dorsey of Marcus & Millichap represented the seller and procured the buyer in the transaction. A local lender provided acquisition financing for the deal.
CLAWSON, MICH. — SRS Real Estate Partners has brokered the $4.6 million sale of an 18,549-square-foot property occupied by Aldi in Clawson, a northern suburb of Detroit. The building serves as an anchor to the larger Clawson Shopping Center, which is home to Staples, Rite Aid and Dollar Tree. Patrick Luther and Matt Mousavi of SRS represented the seller, a Texas-based real estate holding company. Frank Rogers and Michael Carter of SRS represented the buyer, a Midwest-based private investor completing a 1031 tax-deferred exchange. The sales price represents a cap rate of 5 percent.
ST. CLOUD, MINN. — KW Commercial has arranged the sale of Northway Court Center in St. Cloud, about 65 miles northwest of Minneapolis. Located at 1501 Northway Drive, the 21,178-square-foot building is home to a variety of retail, office and restaurant tenants. Matthew Klein and Anthony Passanante of KW represented the buyer, Northway Retail Partners LLC. The seller and sales price were not disclosed.
WILSONVILLE, ORE. — ScanlanKemperBard (SKB) has completed the disposition of Parkway Woods Business Park, a suburban industrial/office campus situated on more than 70 acres at 26600 SW Parkway Ave. in Wilsonville. Reinsurance Group of America (RGA) acquired the property from Parkway Woods Business Center LLC, a joint venture between SKB and Oaktree Capital, for an undisclosed price. The 378,300-square-foot asset is currently a mixed-use business park featuring amenities such as on-site public transportation, a lounge, fitness facility, newly renovated lobby, on-site snack shop, rotating food trucks, disc golf course, basketball court and outdoor space. Nick Kucha, James Childress, Jeff Hodson, Kevin Shannon and James Ikeguchi of Newmark Knight Frank represented the seller, while the buyer was self-represented in the deal. SKB will stay as a partner in the investment to help execute the repositioning of the property. RGA and SKB plan to reposition the three-building property’s large floor plates to meet the needs and size requirements of a variety of light industrial, manufacturing and R&D tenants. The site also includes more than 4.5 acres of developable land that could accommodate 85,000 square feet of industrial space.
PHOENIX AND TEMPE, ARIZ. — DAUM Commercial has arranged the acquisition of three industrial properties totaling nearly 60,000 square feet in Phoenix and Tempe. In the first deal, Crockett’s Honey, a family-owned raw honey manufacturer, acquired an 18,000-square-foot industrial building in Tempe. The asset is situated on 1.2 acres at 1060 W. Alameda Drive. Crockett’s Honey, which operates 6,500 beehives along the Colorado River in Parker, Ariz., plans to expand its bottling and distribution capabilities at the Tempe location. In the second transaction, a California-based private investor purchased a three-building business park in Phoenix for $2 million. Located at 3615-3635 S. 16th St., the 25,870-square-foot asset features five grade-level doors, a fenced lot and convenient access to multiple modes of transportation, including the Phoenix Sky Harbor International Airport and Union Pacific railroad. Carl Johnson, also of DAUM’s Phoenix office, represented the undisclosed seller in the deal. In the third transaction, a private investor acquired a manufacturing building located at 2840 E. Mohawk Lane in Phoenix for $2.2 million. The name of the seller was not released. The buyer plans to implement value-add exterior upgrades to the 16,056-square-foot property, which was recently vacated, including new paint, roof and asphalt. The building features …
ALHAMBRA, CALIF. — SBH Real Estate Group has purchased a retail property located at 1300 E. Valley Blvd. in Alhambra. Wells Fargo sold the former bank branch for $4 million. Situated on a 58,000-square-foot land parcel, the 3,800-square-foot building was vacant at the time of sale. Geoff Martin of CBRE represented the buyer and seller in the deal.
SAN DIEGO — Retail Insite has directed the sale of a freestanding building located at 1020 Garnet Ave. in San Diego’s Pacific Beach neighborhood. Tanye Blane sold the asset to an undisclosed buyer for $2 million. The buyer plans to reposition the 4,500-square-foot property, which Five Guys Burgers and Fries currently occupies. Brian Pyke and Allison Campbell of Retail Insite represented the seller and buyer in the transaction.