FORT WORTH, TEXAS — Wilks Heritage Group LLC has sold three industrial buildings totaling 72,476 square feet within IH-20 West Business Park in Fort Worth. The buyer was a partnership between Fort Worth-based Corinth Land Co. and Prattco Creekway Industrial (PCI). Investors Royalty Inc., a subsidiary of Corinth, provided equity for the transaction and Simmons Bank originated acquisition financing. The partnership now owns more than 500,000 square feet of industrial space in North Texas.
MAHWAH, N.J. — Colony Industrial has acquired a 271,176-square-foot industrial facility in Mahwah for an undisclosed price. Located at 100 Performance Drive, the warehouse was constructed in 2018 and is fully leased to power tools manufacturer Snow Joe. The acquisition brings Colony Industrial’s holdings in Northern New Jersey to 910,857 square feet. Brian Fiumara, Michael Hines and Brad Ruppel of CBRE represented Colony Industrial in the transaction. The seller was undisclosed.
HORSEHEADS, N.Y. — Marcus & Millichap has brokered the $3 million sale of Holiday Inn Elmira/Horseheads, a 99-room hotel located at 2666 Corning Road in Horseheads, about 90 miles south of Syracuse. The two-story property is situated on 2.6 acres and features amenities such as a pool, fitness center, business center and airport shuttle service. Jerry Swon, Tim McCaffrey and Daniel Zagoria of Marcus & Millichap represented the seller and procured the buyer in the transaction.
ST. JOSEPH, MO. — Berengaria has acquired The Shoppes at North Village, a 226,000-square-foot retail power center in St. Joseph, about 55 miles north of Kansas City. The purchase price was not disclosed. The 98 percent-leased property is home to 25 tenants, including TJ Maxx, Best Buy, Michaels, Old Navy and Regal Cinema’s Hollywood Theaters. Berengaria partnered with the Africk Family Office on the transaction. This is the third asset the two groups have purchased together. Berengaria is the real estate platform of Marcus Investments.
KANSAS CITY, MO. — Love’s Travel Stops and Country Stores has purchased 20 acres from Hunt Midwest for its first Kansas City location. Love’s plans to build a 12,000-square-foot building, eight gas pumps, eight diesel bays and a Speedco service center. The property will have room for 80 cars, five RVs and 125 trucks. McDonald’s is expected to be the food concept. The property is expected to open in 2020.
SVN | Chicago Commercial Brokers $5.3M Sale of Loft Office Building in Chicago’s Pilsen Neighborhood
CHICAGO — SVN | Chicago Commercial has brokered the sale of a 100,544-square-foot loft office building in Chicago’s Pilsen neighborhood for $5.3 million. The property is located at 2201 S. Halsted St. Angelo Labriola and Paul Cawthon of SVN represented the seller. Stephen Cusano and James Mead of SVN represented the buyer.
STOCKTON, CALIF. — CT Realty has sold a newly built, 1.1 million-square-foot industrial facility in Stockton. Bentall Kennedy Limited Partnership, on behalf of its U.S. Core Fund, acquired the asset for $105.3 million. The property is the first phase of development at the 342-acre NorCal Logistics Center. Located at 4532 Newcastle Road, the facility was fully leased to Amazon at the time of sale. The second phase of the NorCal Logistics is under construction and includes 2.7 million square feet spread across five buildings in a mix of speculative and build-to-suit projects. The next building — a 709,556-square-foot facility — is slated for completion at the end of August.
SAN DIEGO — Driftwood Acquisitions and Development (DAD) has entered the California market with the acquisition of Marriott Mission Valley located at 8757 Rio San Diego Drive in San Diego. An undisclosed seller sold the property for $85.7 million. Built in 1988 on a 7.4-acre site, Marriott Mission Valley features 353 guest rooms, more than 37,000 square feet of meeting and event space, Dine Entertain Network Restaurant, M Club Lounge, a business center, fitness center, outdoor swimming pool and convenience store. DAD plans to develop a 130,000-square-foot, 150-key hotel on a 1.7-acre portion of the site. Slated for completion in 2021, the property will include 5,000 square feet of meeting space and a state-of-the-art fitness center.
ARVADA, COLO. — Pinnacle Real Estate Advisors has brokered the sale of an apartment building located at 5351-5361 Everett St. in Arvada. An undisclosed buyer acquired the property for $3 million, or $152,500 per unit. Built in 1961, the property features 20 apartment units. Josh Newell of Pinnacle Real Estate Advisors brokered the transaction.
SIERRA VISTA, CALIF. — SVN Desert Commercial Advisors has brokered the sale of Shoppes at Sierra Vista, a shopping center located at 439/465 N. Highway 90 in Sierra Vista. Pennsylvania-based Kwang Lee of INU Real Estate Management acquired the property for $2.4 million. The seller was Barry Roth with Roth Partnership. At the time of sale, the property was 100 percent leased. Rommie Mojahed and Beau Flahart of SVN Desert Commercial represented the seller in the deal.