ALLEN, TEXAS — JRV Heating & Cooling LLC has purchased a 5,077-square-foot office building located at 720 E. Main St. in Allen, a northeastern suburb of Dallas. The sale includes approximately one acre of land. Scott Axelrod of Henry S. Miller Brokerage represented the seller, Tom Brian DDS, a local dentist office, in the transaction.
PHOENIX — A joint venture between Chicago-based firms Origin Investments and Randolph Street Realty Capital has purchased Union @ Roosevelt, a multifamily community in downtown Phoenix. The joint venture plans to more than double the size of the five-story property, which features nine studio units, 60 one-bedroom units and 11 two-bedroom units with an average size of 830 square feet. At the time of acquisition, the 80-unit community was 95 percent leased. The asset also includes 9,100 square feet of retail space, which is currently 33 percent leased to Fatty Daddy Ice Cream and Genuine Wine Bar. The remaining 6,100-square-foot retail space is divisible to two spaces between 2,900 square feet and 3,200 square feet. The second phase of the development will add additional units and community amenities, which will provide the level of development for compliance with the current Opportunity Zone requirements for the project. Additionally, the expansion will add supplemental amenities for the existing units. Constructed is slated to begin during the second quarter of 2020. New units are scheduled to be available in early 2022. Randolph Street will serve as the operating partner and developer of the second phase.
SIMI VALLEY, CALIF. — Lee & Associates-LA North/Ventura has arranged the sale of a research and development building located at 685 E. Cochran St. in Simi Valley. Albert Halami, a private investor, acquired the asset from 685 Cochran Holdings LLC for $11 million, or $183 per square foot. The seller will continue to occupy a portion of the 60,416-square-foot property for its businesses, which include SensoScientific, under a sale-leaseback arrangement. Other tenants at the fully leased building include Hangman Products and Brown & Brown Insurance. Built in 1986, the two-story property features 22-foot and 24-foot clear heights, two dock-high doors and three grade-level loading doors. The second floor, with about 20,000 square feet of general and engineering offices, was fully renovated in 2015. The buyer plans to continue the renovation efforts, including re-landscaping and improving the parking lot. Mike Tingus and Grant Fulkerson of Lee & Associates-LA North/Ventura.
AURORA, COLO. — CBRE has arranged the sale of Moncrieff Business Center, an industrial building located in Aurora. San Francisco-based Berkeley Partners sold the property to an investor advised by Zurich Alternative Asset Management for $9.9 million. Located at 14603 E. Moncrieff Place within Denver’s Airport submarket, the 101,406-square-foot building features 22-foot clear heights; an ESFR fire protection system; dock-high and oversized drive-in loading; rail doors serviced by Union Pacific; and fenced outside storage. Constructed in 1982 on 4.23 acres, the property was fully leased at the time of sale. Tyler Carner, Jeremy Ballenger, Jim Bolt and Jessica Osternick of CBRE’s Denver office represented the seller in the deal.
CHICAGO — American Library Association (ALA) has sold its headquarters buildings at 50 E. Huron St. and 40 E. Huron St. in Chicago’s River North neighborhood. Neither the buyer nor the sales price were disclosed. In spring 2020, ALA will move its office to Michigan Plaza at 225 N. Michigan Ave. Until then, ALA staff will continue to occupy the adjoined, 98,000-square-foot buildings on Huron. ALA says the move will provide it with modernized workspace and enhanced meeting space. Architecture firm Nelson is designing the new office buildout. ALA began occupying space at 50 E. Huron in 1963 before building an extension and opening 40 E. Huron in 1981. The two connected buildings have housed the association’s staff ever since.
BERRIEN SPRINGS, MICH. — Greystone Bel Real Estate Advisors has arranged the sale of Park Manor Apartments in southwest Michigan’s Berrien Springs. The sales price was undisclosed. Built in 1971 and located on Rosehill Road, the 94-unit garden-style community is situated on nearly six acres. The property consists of nine separate buildings. Austin Hull of Greystone Bel represented the undisclosed buyer and seller.
COLLINSVILLE, ILL. — Marcus & Millichap has negotiated the sale of a Stowaway Self Storage facility in Collinsville, east of St. Louis. The sales price was undisclosed. Located at 1 Business Center Court, the property spans 44,038 square feet with 354 units. It features a variety of unit types ranging from five to 60 square feet in size. Britney Hendricks and Sean Delaney of Marcus & Millichap marketed the property on behalf of the seller, an individual trust. The team also procured the buyer, a private investor.
MOLINE, ILL. — SVN Chicago Commercial has brokered the sale of Paulsen Manor Apartments in Moline for $3.3 million. The 67-unit multifamily complex is located at 2424 41st St. within the Quad Cities. Reid Bennett and Cody Doran of SVN brokered the transaction. A local investor purchased the asset.
CLINTON TOWNSHIP, MICH. — Gerdom Realty & Investment has arranged the sale of a 2,822-square-foot retail property formerly occupied by Dunkin’ in Clinton Township, north of Detroit. The sales price was undisclosed. The building is located on Groesbeck Highway, just north of 15 Mile Road. Tjader Gerdom and Vicki Gutowski of Gerdom represented the seller. Matt Croswell of CBRE represented the buyer, a Captain D’s restaurant franchisee. This will be the first Captain D’s restaurant in Michigan.
CAPE GIRARDEAU, MO., CARUTHERSVILLE, MO., AND NEW CUMBERLAND, W.V. — VICI Properties Inc. (NYSE: VICI), a New York City-based REIT that specializes in casinos, has acquired three such properties in Missouri and West Virginia. Eldorado Resorts Inc. sold the assets for $278 million in an all-cash deal. In Missouri, Isle Casino Cape Girardeau is located in Cape Girardeau in the southern part of the state, while Lady Luck Casino is a riverboat casino in Caruthersville, located even further south near the Tennessee-Missouri border. Both cities are situated along the Mississippi River. In West Virginia, Mountaineer Casino, Racetrack & Resort is in New Cumberland, a city situated along the Ohio River in the northern part of the state. Isle Casino opened in 2012 and features 41,500 square feet of casino space, three dining venues, a pavilion and an entertainment center. Lady Luck opened 1995 and consists of a dockside casino spanning 21,500 square feet, two restaurants and a 40,000-square-foot pavilion. Mountaineer opened as a racetrack and resort in 1951. The casino debuted in 1994 and offers a 357-room hotel, five dining venues, 1,486 gaming machines and 36 table games. VICI Properties has also entered into an agreement with Colorado-based Century Casinos …