ALTAMONTE SPRINGS, FLA. — CBRE has arranged the $14.8 million sale of Altamonte Commerce Center, an eight-building industrial property in Altamonte Springs. The property is located at 217-311 Altamonte Commerce Blvd. and 620-658 Douglas Ave., 10 miles north of downtown Orlando. SunCap Opportunity Fund acquired the 185,000-square-foot property from EastGroup Properties. Altamonte Commerce Center is situated near Interstate 4 between state roads 436 and 434. David Murphy and Monica Wonus of CBRE represented the seller in the transaction.
Entrepreneur John Paul DeJoria Acquires Former McDonald’s Headquarters Campus in Oak Brook, Illinois
OAK BROOK, ILL. — Entrepreneur John Paul DeJoria has purchased the former McDonald’s global headquarters campus in Oak Brook for an undisclosed price. The co-founder of the Paul Mitchell line of hair products will assume ownership of the 80-acre site, which includes the McDonald’s former office building, Hamburger University training facility and the Hyatt-branded and managed hotel, The Hyatt Lodge. McDonald’s relocated its global headquarters to downtown Chicago last summer. McDonald’s had been the sole occupant of the campus since its completion in 1988. Designed by architect Dirk Lohan, the campus is situated in a wooded setting with two lakes. The property includes a 331,630-square-foot office building and a 130,484-square-foot training facility, which is connected by a covered passageway to The Hyatt Lodge. The 218-room hotel will remain open. Scott Miller and Lindsey Fahey of JLL represented McDonald’s in the sale. Perry Higa of NAI Hiffman represented the buyer. Future plans for the site have not been disclosed.
DETROIT — Tiberina Group, an Italian automotive supplier, has purchased 10 acres of land at the former American Axle manufacturing site in Detroit with plans to build a manufacturing facility. The sellers, Industrial Commercial Properties LLC and Industrial Realty Group LLC, originally acquired the property in 2014 from American Axle, which leased back the buildings on a long-term basis. W. Emery Matthews of Real Estate Interests LLC represented Tiberina in the sale. The size of the plant or production plans have not been disclosed.
GRAND PRAIRIE, TEXAS — JLL Income Property Trust has acquired a 145,000-square-foot distribution center located five miles south of Dallas-Fort Worth (DFW) International Airport in Grand Prairie. At the time of sale, the Class A property was fully leased to Fruit of the Earth, a producer of skin care products. The company’s lease runs through January 2027. This acquisition brings the trust’s total industrial allocation to about $670 million across 6.3 million square feet of space. The seller was not disclosed.
ALLEN, TEXAS — Henry S. Miller Brokerage (HSM) has negotiated the sale of a 62,000-square-foot retail property in the northeastern Dallas suburb of Allen. The sale included a 4.5-acre parking lot. Frank Bullock and Martin Gaines of HSM represented the seller, Denver-based Jumpstreet Trampoline Parks, in the transaction. Home décor retailer LoneStar Mercantile will occupy the remaining 22,000 square feet. Moon Kim of Lifestyles Realty represented the buyer, a Houston-based investment firm.
SHERMAN, TEXAS — Marcus & Millichap has brokered the sale of Texoma Square, a 14,823-square-foot retail center located in the North Texas city of Sherman. Vincent Knipp and Anthony Pucciarello of Marcus & Millichap represented the seller in the transaction. The buyer was a Texas-based investor that acquired the property via a 1031 exchange. Additional terms of sale were not disclosed.
WOBURN, MASS. — MLL Capital has acquired two medical office buildings totaling 112,228 square feet in Woburn, a northern suburb of Boston. The seller and sales price were not disclosed. The property was 78 percent leased at the time of sale to tenants such as Beth Israel Lahey Health, Tufts Medical Center and Woburn Pediatrics. Boston-based MLL Capital plans to make approximately $4 million in capital improvements to the buildings. The program will include the remodeling of entrances, a renovation of common areas and a replacement of major building systems.
PECKVILLE, PA. — Marcus & Millichap has brokered the sale of Peckville Shopping Center, a 62,506-square-foot retail property, located just outside of Scranton in the northern part of the state. The sales price was $5.1 million. A 20,045-square-foot Planet Fitness anchors the center, which was built in 1953 and renovated in 2004. Total occupancy at the property at the time of sale was 76 percent. Christopher Burnham, Dean Zang, David Crotts and Steven Siegel of Marcus & Millichap represented the seller, a New York City-based investment bank, in the transaction. The group also procured the undisclosed buyer.
NEW YORK CITY — Cushman & Wakefield has arranged the $3.2 million sale of an 8,874-square-foot retail property located at 2542-2550 Boston Road in The Bronx. The sales price for the two-building property equates to $361 per square foot. Cushman & Wakefield’s Jonathan Squires, Eric Roth and Addison Berniker represented the seller, 2550 Boston Post Road Corp., in the transaction. The undisclosed buyer will have the option to expand the property to add more shop space.
KENT, WASH. — A joint venture between RISE Properties Trust and Tokyu Land US Corp. has acquired Waterford at the Lakes Apartments, a multifamily property located in Kent. An undisclosed seller sold the community for $83.2 million. CBRE brokered the transaction. Situated on 16.8 acres at 23605 62nd Ave. South, Waterford at the Lakes Apartments features 344 units, an on-site daycare, racquetball court, two pools, a sport court and residential lounge. Seattle-based Thrive Communities will manage the property. The apartment community is located within the Lakes at Kent, a neighborhood of 19 rental and for-sale communities with man-made lakes and landscaping.