GRAND PRAIRIE, TEXAS — The City of Grand Prairie, located roughly midway between Dallas and Fort Worth, has purchased a 12.3-acre site along South State Highway 161 for the development of an industrial service center. Todd Noonan of Stream Realty Partners represented the undisclosed seller in the transaction. Pat Watson-Capps of Texas Lone Star Realtors represented the buyer. Additional project details were not disclosed.
SHERMAN, TEXAS — CBRE has negotiated the sale of a 61,000-square-foot, three-building industrial property located at 2709, 2713 and 2717 Fallon Drive in the North Texas city of Sherman. Jared Aubrey, Michael Austry and Johnny Dunn of CBRE represented the buyer, Fallon Industrial LLC, in the transaction. The seller was Datavault Joint Venture.
FRISCO, TEXAS — Marcus & Millichap has brokered the sale of a 9,941-square-foot freestanding commercial property net-leased to Kiddie Academy in Frisco, located north of Dallas. Ron Hebert, Ryan Wolf and Vincent Knipp of Marcus & Millichap represented the seller in the transaction. Wolf and Knipp also procured the buyer, another private investor. Kiddie Academy is based in Abingdon, Maryland, and has more than 250 franchised locations across 30 states and Washington, D.C.
LOS ANGELES — The Passman Group has brokered the sale of a three-parcel land assemblage, located at 2107-2121 Westwood Blvd. in Los Angeles. A private investor acquired the asset for an undisclosed price. The property consists of multiple buildings across three parcels that are approximately 27,000 square feet. With close to 200 feet of frontage, the property was previously home to the iconic Wally’s Wine & Spirits for more than 30 years. David Passman, Michael Navi and Marc Pakravan of The Passman Group represented the undisclosed seller in the transaction. Richard Drapkin advised the seller.
LOS ANGELES — El Segundo, Calif.-based Matthews Real Estate Investment Services has arranged the sale of a residential property located at 12626 Matteson Ave. in Los Angeles. An undisclosed buyer acquired the asset for $9.7 million. The name of the seller was not released. Built in 1988 in Los Angeles’ Westside neighborhood, the building features 20 units in a mix of two-bedroom and four-bedroom apartments with lofts. Kyle Mirrafati of Matthews Real Estate represented the buyer and seller in the deal.
FREMONT, CALIF. — First Industrial has acquired a light industrial warehouse and manufacturing facility in Fremont. An undisclosed seller sold the property for $9.1 million. The 38,692-square-foot property is located at 4160-4170 Business Center Drive. The asset was built to accommodate a variety of uses from manufacturing to last-mile delivery services. Joe Yamin of Colliers represented the seller, while Century 21 represented the buyer in the transaction.
WHITTIER, CALIF. — Avison Young has arranged the sale of an industrial building located at 8155 Byron Road in Whittier. The undisclosed seller sold the asset to a private buyer for $5.5 million. Built in 1974 on 1.5 acres, the 32,000-square-foot property includes 3,000 square feet of office space, 16 parking spaces, two roll-up doors and 20-foot to 22-foot clear heights. The seller is a company that manufactured racking systems for the grocery industry and vacated the property prior to escrow. The buyer intends to use the building for its business. Chris Maling, David Mailing and Paul Clark of Avison Young represented the seller, while Lee & Associates represented the buyer in the deal.
ATLANTA — A joint venture between Jonathan Rose Cos., Columbia Residential and SUMMECH Community Development Corp. has acquired City Views at Rosa Burney Park near downtown Atlanta. The Section 8 and low-income housing tax credit (LIHTC) community comprises 181 units reserved for residents earning 40, 60 or 80 percent of the area median income (AMI). City Views, which offers two- to five-bedroom floor plans, is situated at 259 Richardson St. SW, a mile from downtown Atlanta. The new ownership is planning a $16.5 million upgrade, which will include new roofs, windows, elevators and façade. There will also be brick repairs and repainting, as well as improved Americans with Disabilities (ADA) accessibility, HVAC and plumbing. Apartment interiors will also be completely renovated, including new LVT flooring, kitchens, bathrooms, Energy Star appliances, low-flow plumbing fixtures and LED light fixtures. Additionally, several thousand square feet of community space that was previously closed off and used for storage will be reactivated, including a fitness center, craft room, package room, upgraded laundry facilities, community room with warming kitchen and free Wi-Fi, a computer learning center and updated management and resident services offices. Residents will be temporarily relocated off-site on a rolling basis, in durations of fewer …
DALLAS — SRS Real Estate Partners has arranged the $13 million sale of nine retail properties leased to Hydraulic Supply Co. The locations are in Fort Lauderdale, Pompano Beach, Riviera Beach, Fort Myers, Orlando, Tampa, Florida City and Belle Glade, Fla.; as well as Forest Park, Ga. Each location has nine years remaining on the lease. The assets range from 7,000 to 12,000 square feet and double as last-mile distribution and storage properties for the retailer. Motion Industries Inc., a subsidiary of Genuine Parts Co., owns Hydraulic Supply Co. Hydraulic Supply carries a selection of more than 20,000 hydraulic, pneumatic and industrial products. Patrick Nutt, Kyle Fant and Britt Raymond of Dallas-based SRS represented the seller, Florida-based SunCap Investment Fund, in the transaction. There were eight undisclosed, individual buyers for the assets.
CINCINNATI — Zamir Equities LLC, a private equity investment firm based in New York City, has acquired Columbia Plaza, a 538,437-square-foot office building in downtown Cincinnati. The 29-story tower is located at 250 E. 5th St. near the entertainment districts of Newport and Covington, as well as The Banks, the home stadium of the Cincinnati Bengals and Reds. The building was constructed in 1984. Columbia Plaza’s amenities include a fitness center with classes, a 3,000-square-foot tenant lounge, conference facilities, outdoor plaza, cafe, dry cleaning, car washing and detailing, art gallery and transportation services. The property also features a 494-space underground parking garage. The location in Cincinnati’s central business district offers convenient access to Interstates 71 and 75. The seller, New York City-based HighBrook Investors, acquired the property in 2015 and invested approximately $10 million in capital improvements during its ownership. Renovations included expansion of the lobby to 10,000 square feet, upgrading the building’s outdoor space and parking garage and renovations to the bathrooms and other common areas. At the time of sale, the property was approximately 76 percent leased. Western & Southern Financial Group anchor the tower with a 540,000-square-foot office lease across the top seven floors. The company moved into …