HOUSTON — Spicy World of USA Inc., a family-owned distributor of ethnic foods, has sold its 32,554-square-foot industrial facility located at 10421 SW Plaza Drive in Houston. According to LoopNet Inc., the property was built in 2004 and features 26-foot clear heights. Sam Chang of Henry S. Miller Brokerage represented Spicy World, which will relocate to a 68,000-square-foot distribution center in Stafford, in the deal. Bryan Tran with BHW Capital represented the buyer, Red Sea Properties LLC.
DELAFIELD, WIS. — SRS Real Estate Partners has arranged the $2.8 million sale of a Chick-fil-A ground lease in Delafield, about 30 miles west of Milwaukee. The 5,012-square-foot, single-tenant building sits at 2980 Golf Court and opened in February of this year. Sheree Strome and Michael Berk of SRS represented the buyer, a Virginia-based private investor who completed a 1031 exchange. Jon Thoresen of Founders 3 Real Estate Services represented the seller, a Georgia-based developer. The cap rate was 3.96 percent.
LOUISVILLE, KY. — PRG Commercial Property Advisors has arranged the $9.3 million sale of Stonybrook South Shopping Center, a 149,000-square-foot retail property in Louisville. At the time of sale, the 14.5-acre center was leased to Dick’s Sporting Goods, Planet Fitness, PetSmart, Rack Room Shoes and Burkes Outlet, which opened Sept. 21. Stonybrook South is situated at 3500 S. Hurstbourne Parkway, 13 miles east of downtown Louisville. Fred Sutterlin of PRG Commercial was the court-appointed receiver for the property, which was in foreclosure from February 2018 to Sept. 21, 2020. During that time, Taylor Thompson, Reed Weinberg and Parker Page, who are also with PRG, were engaged to lease, manage, market and sell the asset. Midland Loan Services serviced the foreclosed conduit loan and chose Sutterlin as receiver and PRG as the brokerage firm through a competitive process. A locally based private investor that was completing a 1031 exchange closed on the purchase of Stonybrook South on Oct. 2. According to Sutterlin, the previous ownership was a tenancy in common (TIC) group of investors operating under the name TIC Stonybrook LLC.
STONE MOUNTAIN, GA. — Colliers International has negotiated the $3.8 million sale of Indian Creek Crossing, a 63,650-square-foot, grocery-anchored shopping center in Stone Mountain. Food Depot anchors the center, which was 88 percent leased at the time of sale to tenants including Family Dollar and local retailers. Indian Creek Crossing is situated at 4100 Redan Road, 11 miles east of downtown Atlanta. Joe Montgomery and Tony D’Ambrosio of Colliers represented the seller, Tarrytown, N.Y.-based DLC Management. Locally based private investor Vishal I LLC acquired the asset, which was originally built in 1994.
KANSAS CITY, MO. — An affiliate of Abacus Capital Group has acquired Fountain View, a 398-unit luxury apartment community located adjacent to the Country Club Plaza shopping center in Kansas City. The purchase price was undisclosed. The property was built in 1998. Jeff Stingley, Max Helgeson and Michael Spero of CBRE represented the seller, a global investment advisor. The planned southern extension of Kansas City’s streetcar line will make Fountain View a transit-oriented development, according to CBRE.
TROY, MICH. — L. Mason Capitani CORFAC International has brokered the sale of a 47,833-square-foot office building located at 1111 W. Long Lake Road in Troy. The sales price was undisclosed. The three-story property includes an underground parking garage. Mason L. Capitani of the real estate firm represented the buyer, California-based LREH LLC. The building has historically remained at or near 100 percent occupancy, according to Capitani.
INDIANAPOLIS — Marcus & Millichap has arranged the sale of a Walgreens-occupied property in Indianapolis for $4 million. The 15,120-square-foot building is located at 455 E. Epler Ave., near Epler Medical Parke. Walgreens recently extended its lease for 10 years. Jordan Klink and David Klink of Marcus & Millichap’s The Klink Group marketed the property on behalf of the seller, a Pennsylvania-based real estate investment fund. The duo also represented the buyer, an Indiana-based private investor.
MENTOR, OHIO — Baceline Investments has purchased Trask Towers, a 16,232-square-foot shopping center in Mentor, about 25 miles northeast of Cleveland. The purchase price was undisclosed. The property is fully leased to tenants such as Noosa Bistro and Guilliano Pizza. Trask Towers marks Baceline’s fifth property in the state of Ohio and 71st in its core income portfolio, which owns and operates necessity-based, multi-tenant shopping centers in 27 different metros. Baceline is based in Denver.
PORTLAND, ORE. — ScanlanKemperBard Cos. (SKB) has received $19.1 million in financing for the acquisition of Mason Ehrman Building, an office building in Portland’s Old Town District. JLL Capital Markets secured the four-year, floating-rate loan through a debt fund for SKB Cos. In addition to the acquisition, loan proceeds will be used to transform the annex roof into tenant amenity space and assist in lease-up of the building. Zachary Kersten and Tom Wilson of JLL Capital markets represented the borrower in the financing. Located at 222 NW Fifth Ave., Mason Ehrman Building totals 96,985 square feet. The property was originally built in 1907 and most recently renovated in 2017. At the time of sale, the building was 38 percent leased to two tenants.
TEMPE, ARIZ. — Kidder Mathews has arranged the sale of Tempe Office Center, an office park located at 950 W. Southern Ave. and 3225 S. Hardy Drive in Tempe. Investors from Northern California and the State of Washington acquired the asset from a Southern California-based investment group for $4.6 million. At the time of sale, the 24,381-square-foot office park was 77 percent occupied. Concentra Urgent Care occupies 41 percent of the property and recently extended its lease for an additional 13 years. The urgent care provider has occupied the property since the mid-1990s. Erik Marsh of Kidder Mathews represented the seller in the deal.