JACKSONVILLE, FLA. — The Ferber Co. has entered into a contract to acquire Brooklyn Place, a vacant building that sits on 1.5 acres in downtown Jacksonville. The investor has announced that Panera Bread and Bento Asian Kitchen + Sushi are coming to the 11,500-square-foot site, where there is a 1,520-square-foot space available. Ferber expects the land acquisition to close this summer and will begin construction immediately after. Completion is scheduled for summer 2020. A sales price and seller for the land acquisition were not disclosed.
WESTLAKE, TEXAS — A partnership between two Chicago-based investment firms, GlenStar and Singerman Real Estate, has acquired The Terraces at Solana, a 1.1 million-square-foot office campus located in Westlake, a northern suburb of Fort Worth. The sale includes a 20-acre parcel for additional office development, as well as the Solana Fitness Club. The new ownership will either add or upgrade various amenities at the eight-building property, including the conference center, café, a tenant-only fitness center, outdoor lounge and patio and a flexible entertainment space. JLL will handle leasing of the campus, and GlenStar will handle management. The seller and sales price were not disclosed.
MANSFIELD, TEXAS — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of two multifamily communities totaling 588 units in the Fort Worth suburb of Mansfield. Villaggio was completed in 2016 and totals 274 units, and Main Street Lofts was built in 2018 and comprises 314 units. Steadfast Cos. purchased Villaggio from Carleton Residential Properties and M.R. Development Corp., and Virginia-based Weinstein Properties acquired Main Street Lofts from The NRP Group. Both communities feature standard Class A amenities such as pools and fitness centers. Will Balthrope, Drew Kile, Joey Tumminello and Grant Raymond of IPA represented the sellers and procured the buyers in both transactions.
ABILENE, TEXAS — Arizona-based private investment firm Pillar Capital Group has sold The Shops at Abilene Village, a 145,000-square-foot retail power center in West Texas, for $20.1 million. Anchored by Academy Sports + Outdoors, the center also houses tenants such as Burlington, Petco, Party City and Five Below. Brandon Duff and Tom Fritz of Oklahoma-based net-lease brokerage firm Stan Johnson Co. represented the seller in the transaction. Texas-based Nooner Holdings Ltd. acquired the Abilene asset, which has a traffic count of more than 104,000 vehicles per day, via a 1031 exchange.
CHANDLER, ARIZ. — Boardman Enterprises has completed the disposition of Chandler Heights Marketplace, a grocery-anchored neighborhood shopping center in Chandler. Sita Enterprises acquired the 124,822-square-foot asset for $30.8 million. Situated on 18 acres at 4940 S. Gilbert Road, the property was more than 69 percent occupied at the time of sale. Current tenants include Bashas’, Ace Hardware, Leslie’s Pool Supplies, Starbucks Coffee, Orangetheory Fitness, Pizza Hut, H&R Block and Edward Jones. Shane Jimenez of Lee & Associates of Idaho, along with Jan Fincham and Andrew Lundahl of Lee & Associates Arizona, represented the seller, while Nathan Cardon of Cardon Commercial represented the buyer in the deal.
HOLLAND, MICH. AND BRYAN, OHIO — Industrial Commercial Properties LLC (ICP) has acquired two industrial properties totaling 470,000 square feet in Holland, Mich. and Bryan, Ohio. ICP purchased the buildings from Adient, an automotive seat manufacturer. Both properties are fully leased to Yanfeng Automotive Interiors, a global supplier of interior equipment for the automotive industry headquartered in Shanghai, China. The Holland facility is 148,000 square feet while the Bryan facility is 320,500 square feet.
CHICAGO — Quantum Real Estate Advisors Inc. has brokered the sale of a multi-tenant retail building in Chicago for $2.9 million. The 19,289-square-foot property is located at 5101-5149 S. Cicero Ave. The asset is fully leased. Some of the tenants include Dollar Tree, Boost Mobile and Cricket Wireless. Chad Firsel of Quantum brokered the transaction. A Charlotte, N.C.-based private investor purchased the property from a Chicago-based acquisition and development company.
LANSING, MICH. — Marcus & Millichap has negotiated the sale of a CubeSmart Self Storage facility in Lansing. The sales price was not disclosed. The 67,500-square-foot property is located at 4724 S. Creyts Road. The facility includes 89 climate-controlled units and 444 standard drive-up units for a total of 533 units. Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also procured the buyer, a limited liability company.
FLINT, MICH. — SRS Real Estate Partners has arranged the ground lease sale of a 7,163-square-foot property occupied by Texas Roadhouse in Flint for $1.7 million. Constructed in 2015, the building is located at 4140 Miller Road. The triple net lease has approximately 13 years remaining on the initial term. Dan Elliot and Sean Lutz of SRS represented the seller, JSNT Real Estate LLC. Richmond Properties IV LLC purchased the property. The cap rate was 5 percent.
MOORPARK, CALIF. — Orange County, Calif.-based MCA Realty has completed the sale of an industrial building, located at 14401 Princeton Ave. in Moorpark. Big Brand Tires acquired the asset for $10.2 million. The buyer plans to fully occupy the 69,914-square-foot property. MCA purchased the property in November 2017, as part of a 137,465-square-foot, two-building industrial acquisition for $7.5 million. Renovations included the removal of approximately 20,000 square feet of mezzanine space to create more functional space. Additionally, the seller added an expansion truck court and large loading dock with a canopy. Bennett Robinson of CBRE, along with Robert Griffin and Rick Sheckter of Newmark Knight Frank, represented the seller, while John Ochoa of Lee & Associates represented the buyer in the transaction.