NORTH LAS VEGAS, NEV. — Marcus & Millichap has arranged the sale of City Centre Plaza, an office complex located in North Las Vegas. A California-based limited liability company sold the property to a California-based investor for $9.5 million. Tina Taylor of Marcus & Millichap’s Las Vegas office represented the seller and secured the buyer in the transaction. Located at 2225 and 2241 Civic Center Drive and 2290 McDaniel St., the three-parcel asset features 48,607 square feet of office space. At the time of sale, the office complex was 75 percent occupied by national and statewide tenants, with a large percentage being medical.
GREENWICH, CONN. — CBRE has arranged the $67 million sale of a retail and office property in Greenwich, located about 30 miles north of New York City. The 62,850-square-foot property is located at 200 Greenwich Ave. on a retail corridor that also includes Tiffany, Gucci and Vineyard Vines. Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE represented the landlord, 200 Greenwich Avenue LLC, in the transaction, and procured the buyer, Kensico Properties.
DETROIT — GFI Capital Resources Group has sold the Hilton Garden Inn Detroit Downtown, a 198-room hotel. Inland Realty Group purchased the property for $51.4 million. GFI had purchased the 10-story hotel in October 2016 and subsequently implemented a $4 million improvement plan. The hotel site is located within a designated Opportunity Zone and includes a 30,000-square-foot parking surface. Management of the Hilton Garden Inn will be transferred from Crescent to SuperHost Enterprise, which operates 18 properties.
IOWA — Stan Johnson Co. has brokered the sale of a four-building industrial portfolio across Iowa for $16.9 million. The properties total nearly 684,000 square feet and are leased to a subsidiary of Magna International Inc. The buildings include 408 and 411 Maplewood Ave. in Williamsburg, 403 S. 8th St. in Montezuma, and 1951 A Ave. in Victor. Rob Gemerchak and Jeff Hughes of Stan Johnson represented the seller, Granite REIT, a Toronto-based publicly traded real estate investment trust. New York-based GMS Equities purchased the portfolio.
BURLINGTON, N.J. — National Realty & Development Corp. (NRDC) has signed three new retail tenants totaling 58,000 square feet at the Liberty Square Center in Burlington, a city located southwest of Trenton. The shopping center owned by NRDC is anchored by a Walmart, Marshalls and HomeGoods. Planet Fitness will open a 25,000-square-foot location at the property. Ross Dress for Less will move into a 22,000 square-foot portion of a former Toys ‘R’ Us location. Five Below will occupy the remaining 11,000 square feet of the former Toys ‘R’ Us location.
SALEM, MASS. — Bell Partners Inc., a North Carolina-based property investment and management company, has purchased Vinnin Square Apartment Homes, a 148-unit multifamily property in Salem, a city located northeast of Boston. The property, which will be renamed Bell North Shore, comprises two five-story buildings, 16 townhomes and two additional buildings containing six units each. Amenities include a fitness center, walking trails, tennis courts and a pool. The seller and sales price were undisclosed.
ROCKWALL, TEXAS — Marcus & Millichap has arranged the sale-leaseback of a 145,375-square-foot industrial property located at 2975 Discovery Blvd. in Rockwall, an eastern suburb of Dallas. The property was built on 12 acres in 2015. Adam Abushagur of Marcus & Millichap represented the seller and tenant, Col-Met Engineered Finishing Solutions, in the transaction. Abushagur also procured the buyer, an institutional investor.
DALLAS — Stream Realty Partners has brokered the sale of a 127,270-square-foot industrial building located at 4545 W. Davis St. in Dallas. The property was built in 2001, according to LoopNet Inc., and offers proximity to Dallas-Fort Worth International Airport. Cannon Green and Sarah Ozanne of Stream Realty Partners represented the seller, Orion Realty, in the transaction. Craig Jones and Caleb McCoy with JLL represented the buyer.
WASHINGTON, D.C. — Lowe, a national real estate investor, developer and manager, has acquired the former Randall School site at 65 I St. SW in Washington, D.C. Lowe plans to redevelop the 2.7-acre site into a 500,000-square-foot mixed-use project featuring a contemporary art museum. Lowe had first come on as partner for the project in 2017 but is now assuming control of the development from TRSW, a partnership between Telesis Corp., a national affordable housing developer, and the Rubell family, long-standing collectors and patrons of the arts. Lowe intends for the project to create an arts and cultural anchor in the Southwest neighborhood. The designated Arts District will provide a second home for the Miami-based Rubell Family Collection, an internationally acclaimed contemporary art collection that draws visitors from around the world, according to Mark Rivers, executive vice president at Lowe. At the core of the project is the restoration and repositioning of the school’s three buildings, of which two will be transformed into an approximately 31,000-square-foot art museum housing the Rubell Family Collection. Entry to the museum will be free of charge to all residents of the District. The West Randall building will be reconfigured as an 18,000-square-foot creative office …
TAMPA, FLA. — JLL has arranged the $29.4 million sale of Fountain Square II, a 133,887-square-foot office building in Tampa’s Westshore office submarket. The property is situated at 4925 Independence Parkway, eight miles west of downtown Tampa. Recently renovated in 2018, the four-story building features a fitness center, management office and a café with outdoor seating area. The building was 93.1 percent leased at the time of sale to tenants including CarePlus, ConnectWise and the U.S government. Ike Ojala and Hermen Rodriguez of JLL represented the seller, Equus Capital Partners, in the transaction. The team also procured the buyer, a joint venture between Owens Realty Capital and Galium Capital. Additionally, working on behalf of the buyers, Rebecca VanReken of JLL arranged a $20.4 million acquisition loan through TD Bank. The loan features a seven-year term with a fixed interest rate.