CHICAGO, CINCINNATI AND COLUMBUS, OHIO — Plymouth Industrial REIT Inc. has acquired industrial assets in Chicago, Cincinnati and Columbus for $68.4 million in separate transactions totaling approximately 1.8 million square feet. Plymouth purchased a seven-building Class B portfolio totaling just under 1.1 million square feet in Chicago for $32.2 million. The portfolio is 97 percent leased to 15 tenants. Anchor tenants include Ply Gem Building Products, A-Reliable Auto Parts & Wreckers, Pactiv and Aryzta. Plymouth also purchased a six-building light industrial and flex portfolio in Cincinnati and Columbus totaling 591,695 square feet. The Cincinnati properties are 93 percent leased and consist of four buildings, Enterprise Business Center 1 & 2, Cornell Commerce Center and 6918 Fairfield Business Drive. The two Columbus properties, located on Orange Point Drive and Graphics Way, are fully occupied and total 217,289 square feet. Major tenants include Safelite Auto, Pilot Chemical, Modern Office Methods and Ohio National Life Insurance.
BARBERTON, OHIO — Marcus & Millichap has brokered the sale of Barberton Shopping Center within the Akron metro area for an undisclosed price. Giant Eagle anchors the 105,313-square-foot fully leased shopping center, which is located at the intersection of Robinson Avenue and 5th Street. Giant Eagle occupies 83 percent of the center’s gross leasable area and includes a drive-thru pharmacy, wine and beer selection, bank branch and gas station. Other tenants include Chipotle, Jimmy John’s, Little Caesars, Verizon, Ohio BMV, H&R Block and Best Cuts. Erin Patton, Scott Wiles, Craig Fuller, Joseph French Jr. and C.J. Jackson of Marcus & Millichap marketed the property on behalf of the seller, a New York-based privately held REIT. A Texas-based private company purchased the center.
ARLINGTON, MASS. — Marcus & Millichap has arranged the $16 million sale of 840 & 846 Massachusetts Avenue, a 61-unit apartment complex in Arlington, a northwestern suburb of Boston. The 61-unit property is situated near the Arlington Center, a Whole Foods store and a Stop&Shop. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller, a private family, in the transaction. The team also procured the buyer, a limited liability company.
PENNSAUKEN, N.J. — Colliers International has brokered the $3.6 million sale of 6910-6930 Central Highway, a 58,000-square-foot industrial warehouse in Pennsauken, an eastern suburb of Philadelphia. The building features three loading doors and a 24-foot ceiling height. Ian Richman and Marc Isdaner of Colliers represented the seller, 6910-30 Central Highway LLC, in the transaction. Hair care and tool manufacturer Heat Makes Sense Inc. was the buyer.
DENVER — Estero, Fla.-based TerraCap Management, a privately held investment firm, has purchased Denver Corporate Center II & III, two eleven-story office buildings located within the Denver Tech Center in Denver. A joint venture between Bridge Investment Group Partners and DPC Cos. sold the assets for $71.7 million. Situated along Interstates 25 and 225 and Belleview Light Rail Station, the property offers a total of 381,466 rentable square feet. TerraCap plans to continue the capital upgrade program that is currently underway at the asset. Tim Richey and Charley Will of CBRE represented the seller. Citizens Bank provided debt financing for the buyer.
HUNTINGTON BEACH AND CULVER CITY, CALIF. — Marcus & Millichap has arranged the sales of two multifamily properties located in Southern California. The assets sold for a total of $41.6 million in two separate transactions. Undisclosed buyers acquired The Lamplighter, a 63-unit property located at 16102 Springdale St. in Huntington Beach, for $20 million, and The Sheffield Apartments, a 57-unit asset located at 5800 Green Valley Circle in Culver City, for $21.6 million. Tyler Leeson, Matt Zeigler and Matthew Kipp of Marcus & Millichap represented the seller and procured the buyers in both transactions.
GRAND JUNCTION, COLO. — Pinnacle Real Estate Advisors has brokered the purchase of a single-tenant retail property, located at 2742 U.S. Highway 50 in Grand Junction. A Denver-based investor acquired the property for $1.6 million in a 1031 exchange transaction. The seller was a Denver-based developer. Built this year, the asset consists of a 10,038-square-foot building on a 1.3-acre lot. Dollar Tree occupies the building on a net-lease basis. Justin Krieger of Pinnacle Real Estate Advisors represented the buyer in the deal.
HOLLYWOOD, CALIF. — Avison Young has brokered the sale of a two-building retail property located in Hollywood. A New York-based family office sold the asset to a Los Angeles-based family-owned company for $8.1 million. Located at 7611-7623 Sunset Blvd., the property features a 3,725-square-foot building that was built in 1934 and an 8,843-square-foot building, which includes an outdoor patio space. At the time of sale, the asset was 63 percent occupied by five retail tenants. Chris Maling and David Maling of Avison Young represented the seller, while South Park Group represented the buyer in the all-cash transaction.
ROCHESTER, N.Y. — Broadstone Net Lease (BNL) has acquired 23 industrial properties in 14 states and British Columbia, Canada for $735.7 million. The portfolio was fully leased at the time of sale and comprises a mix of warehouse, distribution, cold-storage, manufacturing and flex properties. The 23 buildings total 6.9 million square feet and are leased to 19 tenants. When the sale closes, Rochester-based BNL’s portfolio will consist of 41 percent industrial properties, 27 percent retail and 18 percent healthcare. The company will own 668 net-leased commercial properties totaling approximately 27.2 million rentable square feet of operational space. The seller and a list of the properties were not disclosed. “This portfolio benefits from attractive real estate and tenant fundamentals and represents a diverse and accretive addition to our net lease real estate portfolio,” says Chris Czarnecki, BNL’s chief executive officer. The new portfolio has a weighted average remaining lease term of 11.5 years and weighted average annual rent increases of about 2.2 percent. The acquisition was funded through a combination of proceeds from BNL’s ongoing private offering of shares of common stock; $150 million from BNL’s $450 million, seven-year, unsecured term loan that matures in February 2026; $300 million from a new …
DALLAS — Stream Realty Partners has negotiated the sale of a 48,993-square-foot industrial building located at 410-440 Hillburn Drive in Dallas. According to LoopNet Inc., the property was built in 1984 and is zoned for manufacturing. Ryan Boozer and Drew Feagin of Stream Realty Partners represented the undisclosed seller in the transaction. CBRE represented the buyer, Jona Real Estate LLC.