MILWAUKEE — Founders 3 Real Estate Services has brokered the sale of a 98,600-square-foot industrial building in Milwaukee for $5.2 million. The property is located at 11925 W. Carmen Ave. Andy Hess and Derek Yentz of Founders 3 represented the seller, HK Ventures LLC. BIG Acquisitions LLC, a division of Brennan Investment Group, purchased the facility, which is fully leased to Hilmot.
BRANCHBURG, N.J. — Cushman & Wakefield has brokered the $6.4 million sale of Fox Hollow Industrial Science Center, a 42,653-square-foot industrial property in Branchburg, a southwestern suburb of New York City. Situated at 3434 Route 22, the property features 22-foot ceiling heights and convenient access to Interstates 28 and 78. Andrew Schwartz, Andrew Merin and David Bernhaut led a Cushman & Wakefield team that represented the seller, DLP Real Estate Capital, in the transaction. The team also procured the buyer, a private investor.
DALLAS — Piedmont Office Realty Trust Inc. (NYSE: PDM) is under contract to acquire Galleria Office Towers in Dallas for $400 million. Situated at the corner of the Dallas North Tollway and the LBJ Freeway in the Far North Dallas neighborhood, the three office buildings total 1.5 million square feet and were built between 1982 and 1991. The properties are also attached to Galleria Dallas, a shopping destination with over 140 stores and 40 restaurants, as well as the 432-room Westin Galleria Hotel. The seller, CBRE Global Investors, spent more than $20 million in capital improvements at the properties. Amenities include lounges, conference centers, a fitness center and rooftop terrace. Piedmont, an Atlanta-based REIT, listed the transaction in a Securities and Exchange Commission filing but did not disclose the property name. However, multiple local media reports identified the acquired asset. The transaction is expected to close this quarter. JLL marketed the Galleria portfolio for sale. It is nearly 90 percent leased to tenants such as Amazon, Ryan LLC, Ansira Partners, Kimley-Horn and Hospital Corp. of America. Piedmont owns several office buildings in the Dallas market, including Park Place on Turtle Creek and One Lincoln Park. Other markets the firm targets …
LONGVIEW, TEXAS — MedCore Partners and The National Realty Group (TNRG) have acquired Parkview on Hollybrook, a 189-unit seniors housing community in Longview, approximately 60 miles west of Shreveport, La. The campus offers 126 independent living, 41 assisted living and 22 memory care residences. The buyers intend to develop land adjacent to the existing campus to add independent living cottages by early 2021. Integral Senior Living (ISL) will manage the community. The seller and sales price were not disclosed.
HAMMOND, IND. — JLL Capital Markets has brokered the $1.7 million sale of a 2,100-square-foot property net leased to Starbucks in Hammond near Chicago. Constructed in 2019, the single-tenant building features a drive-thru. It is located at 906 Indianapolis Blvd. Alex Sharrin and Nicholas Kanich of JLL represented the seller, Luke Land LLC. A Maryland-based private buyer purchased the asset in a 1031 exchange.
GREENSBORO, N.C. — Branch Properties LLC has sold Westridge Square, a 182,000-square-foot, Sprouts Farmers Market-anchored retail center in Greensboro, for $38.4 million. Branch Properties has been renovating the property for four years. The renovation included moving Sprouts into a 30,524-square-foot space that Harris Teeter formerly occupied. The seller also reconfigured Kohl’s to a smaller footprint to make room for Planet Fitness. Westridge Square is situated at the intersection of Battleground Avenue and Westridge Road, five miles northwest of downtown Greensboro. Berkley Capital Advisors represented the seller in the transaction. Select-Westridge LLC, an affiliate of Birmingham, Ala.-based McDonald Group Inc., acquired the property.
LINTHICUM HEIGHTS, MD. — Ready Capital has closed a $7.2 million acquisition loan for a 182-room hotel adjacent to Baltimore/Washington International Thurgood Marshall Airport in Linthicum Heights. The undisclosed borrower has reflagged the existing Rodeway Inn to a Wingate by Wyndham. Additionally, the hotel will go from economy class to mid-scale. In conjunction with the reflagging, a property improvement plan will be implemented to further increase average daily revenue (ADR) and occupancy. Ready Capital closed the non-recourse, interest-only, floating-rate loan that features a three-year term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for the property improvement plan.
TORRANCE, CALIF. — Alpine Electronics of America has completed the sale of an 108,186-square-foot industrial investment property located at 19145 Gramercy Place in Torrance. IDI Logistics acquired the asset for $21.5 million. The buyer plans to refurbish the concrete tilt-up building, which is located on more than 5.5 acres of land, before placing the property on the market for lease. The building served as the seller’s American headquarters before its relocation to Auburn Hills, Mich. Alpine Electronics is an automotive electronics manufacturer that provides consumers and leading automakers with audio, video, navigation and driver assistance products. Todd Taugner, Frank Schulz III and David Prior of The Klabin Company/CORFAC International represented the seller and buyer in the deal.
LAS VEGAS — Next Wave Investors has acquired Villaggio Di Murano, an apartment community located at 9475 W. Tompkins Ave. in Las Vegas. A Southern California-based multifamily investment group sold the asset for $14.5 million in an off-market transaction. Built in 2005, Villaggio Di Murano features 88 units in a mix of one-, two- and three-bedroom floor plans. Community amenities include a business center, fitness center, swimming pool and spa/hot tub. Next Wave plans to implement a series of capital upgrades, including exterior paint and signage, new landscaping, interior unit enhancements and pool area improvements. Additionally, the new owner plans to add new community amenities including collaborative outdoor barbecue and gathering spaces.
LAS VEGAS — Marcus & Millichap has arranged the sale of a restaurant asset located in Las Vegas. A private family trust acquired the asset from a private investor for $3.8 million. Todd Manning of Marcus & Millichap’s Las Vegas office represented the seller in the deal. IHOP occupies the 4,700-square-foot building, which is located at 9480 W. Sahara Ave., on a net-lease basis.