SOUTHFIELD, MICH. — Dominion Real Estate Advisors (DRA) has arranged the sale-leaseback of 29444 Northwestern Highway, a 21,887-square-foot office building in Southfield, for an undisclosed price. Sean Jamian and Jordan Banks of DRA represented the buyer, JQK Properties LLC. As part of the transaction, DRA negotiated a new lease between the seller, ENCO Systems, and the new buyer. Enco, an audio-visual equipment supplier, will continue occupying a portion of the building while JQK completes renovations to the property’s interior.
BLOOMINGTON, CALIF. — ASB Real Estate Investments, on behalf of its Allegiance Real Estate Fund, has acquired Bloomington Logistics Center, a warehouse and distribution building in Bloomington. Crow Holdings Industrial, the industrial development division of Dallas-based Crow Holdings, sold the asset for $100.5 million. Completed in 2019, Bloomington Logistics Center features 36-foot clear heights, ESFR sprinklers, 185-foot wide truck courts, three percent skylights, LED lighting, 4,000-amp electrical service, ample parking spaces, low office finish, 118 dock-high doors and four grade-level doors. Newgistics, the e-commerce arm of Pitney Bowes, occupies the 677,383-square-foot, cross-dock building on a triple-net lease basis. Situated on 34.5 acres at 11260 Cedar Ave., the property offers immediate access to Interstates 10, 15 and 60, as well as proximity to both the Ontario International Airport and the BNSF Intermodal Container Facility. Mark Detmer, Bo Mills and Ryan Sitov of JLL Capital Markets represented the seller in the deal.
TEMPE, ARIZ. — Lincoln Property Co. (LPC) has completed the disposition of Grand 1, an office building within The Grand at Papago Park Center in Tempe. The sale marks the first Class A office building to be developed, fully leased and sold by LPC at the office complex. Florida-based Susquehanna Holdings Ltd. acquired the property for $90 million. The four-story Grand 1 offers 219,212 square feet of office space, as well as an adjacent four-story parking garage. Tokyo-based MUFG, a financial group, and SAP, a global logistics company, occupy the property on a long-term basis. The building is located at 1101 W. Washington St. along Loop 202 Freeway. Grand 1 is the first of 1.8 million square feet of Class A office space slated to be developed by LPC at The Grand at Papago Park Center. The mixed-use project totals 60 acres and is slated for 3.2 million square feet of office, multifamily, hotel, retail and restaurant space on the last developable parcel within the 350-acre Papago Park Center business park. LPC serves as the developer, leasing agent and property manager for all office space at the property. Kevin Shannon, Ken White and CJ Osbrink of Newmark Knight Frank represented …
PACIFICA, CALIF. — GRI Fairmont LLC, an affiliate of First Washington Realty Inc., has received $19.6 million in financing for the acquisition of Fairmont Shopping Center, a retail asset located in Pacifica. The property is situated on 7.5 acres at 705-799 Hickey Blvd. Greg Brown, John Marshall and Bercut Smith of JLL Capital Markets secured the 10-year, fixed-rate loan with PGIM Real Estate Finance for the borrower. Anchored by Safeway, the 102,982-square-foot property was 96 percent leased at the time of sale. Current tenants include Rite Aid, Dollar Tree, Supercuts, Banfield Pet Hospital, American Sushi House, Starbucks, Southland Nails, Ernie’s Wine & Liquor and Rockway Beach Optometry. Completed in 1966, Fairmont Shopping Center was remodeled in 2015 and 2018.
LANCASTER, CALIF. — NAI Capital has arranged the sale of Ionian Plaza, a multi-tenant office building located at 42225 10th St. W. in Lancaster. A.J. Eliopulos Commercial/Industrial Development sold the property to 10835 Camarillo Apartments LLC for $6.1 million, or $270 per square foot. Built in 2004 on a 1.95-acre lot, the single-story building features 22,790 square feet of office space. At the time of sale, the property was fully leased to four tenants ranging in size from 1,720 square feet to 15,930 square feet. The Social Security Administration occupies 73 percent of the building. Tristan Greenleaf of NAI Capital’s Investment Services Group represented the seller in the transaction.
SEATTLE — Kidder Mathews has arranged the sale of East Highland Apartments, a two-building multifamily asset located at 1903-1907 E. Highland Drive in Seattle’s Capitol Hill neighborhood. An undisclosed buyer acquired the property for $5.6 million, or $467,000 per unit. Constructed in 1928, East Highland Apartments features 12 units. Dylan Simon, Jerrid Anderson and Matt Laird of Kidder Mathews’ Seattle office represented the seller in the deal.
HOUSTON AND THE WOODLANDS, TEXAS — The Howard Hughes Corp. (NYSE: HHC) has acquired Century Park in Houston and The Woodlands Towers at The Waterway in The Woodlands, a master-planned municipality just north of Houston. HHC paid $565 million for the 2.8 million-square-foot office/industrial portfolio, nearly all of which is Class A office space. Century Park is a 17-building, 1.3 million-square-foot office park in Houston’s Energy Corridor. The Woodlands Towers at The Waterway is a three-building campus that includes two office buildings totaling 1.4 million square feet and a 125,000-square-foot warehouse. The purchase also includes 9.3 acres of developable land adjacent to The Woodlands Towers at The Waterway. The seller of the portfolio, Occidental Petroleum Corp. (NYSE: OXY), will fully lease back the 32-story, 808,000-square-foot office building and warehouse at the Woodlands property. The tower was built in 2002. Both leases are for 13 years. HHC announced in October that it would relocate its corporate headquarters from Dallas to The Woodlands Towers at The Waterway, where it will occupy the 595,000-sqaure-foot building at 9950 Woodloch Forest Drive, which was built in 2014. The 31-story building features a rooftop garden, fitness center, basketball court and conference rooms. The Woodlands is a …
COLUMBUS, OHIO — Lingerfelt CommonWealth Partners LLC has acquired 100 East Broad Street, a 308,337-square-foot office tower in downtown Columbus. The purchase price was undisclosed. The property, also referred to as Chase Tower after its anchor tenant JP Morgan Chase, is situated in the heart of downtown Columbus across from Capitol Square. It is 60 percent occupied. Lingerfelt CommonWealth plans to immediately implement a multi-million-dollar renovation, consisting of a full elevator modernization, lobby improvements, new HVAC equipment and a new amenity package. Atlantic Real Estate Capital provided acquisition financing.
PIONEER, OHIO — Industrial Property Brokers (IPB) has negotiated the $4.6 million sale of a 157,000-square-foot steel processing plant in Pioneer in northwest Ohio. Tim Echemann of IPB and Ronald Jurgenson of Reichle Klein Group represented the seller, the Kidtson Family. Toledo Tool and Die purchased the property, which was formerly occupied by ArcelorMittal. Toledo Tool and Die is a supplier to the automotive industry that specializes in stamped parts.
ST. LOUIS — Marcus & Millichap has arranged the sale of a 26,894-square-foot industrial building in St. Louis for an undisclosed price. The property sits on 3.9 acres at 373 Marshall Ave. It was built in 2005 and expanded in 2016. ICL North America Inc., a chemical and fertilizer company, occupies the building. Adam Abushagur and Tyler Sharp of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The duo also secured the private buyer.