EL PASO, TEXAS — Coldwell Banker Commercial (CBC) Lewis Realty Group has brokered the sale of a 29,940-square-foot office property located at 2150 Trawood Drive on the eastern side of El Paso. According to LoopNet Inc., the Class B property was built in 1986 and renovated in 2019. Tommy Lewis of CBC’s Lewis Realty Group represented the seller, El Paso-based Rocabar Investments LLC, in the transaction. Aasheeni Properties LLC purchased the building for an undisclosed price.
WINFIELD, ILL. — Marcus & Millichap has brokered the $4 million sale of a 10,980-square-foot retail property net leased to CVS Pharmacy in Winfield, about 30 miles west of Chicago. The building is located on Geneva Road. Matt Emerick, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a partnership. Dean Giannakopoulos and Frank Montalto of Marcus & Millichap Capital Corp. arranged acquisition financing. The property sold at 92 percent of its list price.
PHOENIX — NAI Horizon has arranged the sale of the Corbins Electric corporate headquarters, an industrial property located at 4829 S. 38th St. in Phoenix. Staffield Family LLC acquired the asset from ML Commercial Properties for $7 million. The building features 52,744 square feet of industrial space. Lane Neville and Logan Crum of NAI Horizon represented the buyer, while Clint Hardison and Blake Hardison of Keyser represented the seller in the transaction.
LOS ANGELES — Avison Young and Newmark Knight Frank (NKF) have arranged the sale of an industrial building with excess land located at 2133 and 2143 Pontius Ave. in West Los Angeles. A California-based private investor sold the property to a West Los Angeles-based private investor for $5 million. Built in 1948 on a 0.3-acre land parcel, the 6,500-square-foot building features a high-clear-span, bow truss design with sufficient loading and power, warehouse skylights and 14-foot minimum ceiling height. Patrick Barnes, Chris Maling and David Maling of Avison Young, along with John DeGrinis of Newmark Knight Frank, represented the seller, while David Kamran of Diva Real Estate Group represented the buyer in the deal. According to the brokers, the transaction was record-setting for the West Los Angeles submarket with the highest price per square foot of $590 paid for an industrial building under 10,000 square feet and $300 per square foot for the land, per CoStar records.
HARRISBURG, N.C. — JLL has negotiated the sale-leaseback of a 126,363-square-foot industrial building in Harrisburg fully leased to Wilbert Plastic Services. The single-story building is situated on 16 acres at 7301 Caldwell Road, 13 miles northeast of downtown Charlotte. The buyer, AIC Ventures, executed a new long-term lease with Wilbert Plastic Services upon completion of the sale. Wilbert Plastic Services is headquartered in Belmont on the other side of Charlotte and specializes in thermoforming and injection molding. Pete Pittroff, Patrick Nally, Val Derrick and Dave Andrews of JLL represented the seller in the transaction. The sales price was not disclosed.
CHICAGO — Brennan Investment Group, a Chicago-based developer, has acquired a three-building industrial portfolio totaling 380,274 square feet in Pennsylvania. The portfolio is located in the Lehigh Valley submarket, which is situated north of Philadelphia and west of New York City and includes the cities of Allentown, Bethlehem and Easton. The properties offer convenient access to Interstates 78 and 81, as well as the Lehigh Valley International Airport. The seller and sales price were undisclosed.
WILMINGTON, DEL. — CBRE has arranged the sale of a 210,000-square-foot, Class A office building in Wilmington, approximately 30 miles southwest of Philadelphia. Located at 824 N. Market St., the 10-story property was constructed in 1982 and was 67 percent leased at the time of sale. U.S. Bankruptcy Court for the District of Delaware occupies 65,941 square feet of the building, which is located across the street from Wilmington’s U.S. District Courthouse. Jerry Kranzel, Robert Fahey, Erin Hannan and Jack Corcoran of CBRE represented the undisclosed seller in the transaction. New Jersey-based investor Chopp Holdings was the buyer.
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.