Acquisitions

Cushman & Wakefield | Thalhimer Arranges $6.2M Sale of Retail Portfolio in Richmond

by Camren Skelton September 17, 2018

RICHMOND, VA. — Cushman & Wakefield | Thalhimer has arranged the $6.2 million sale of two-property retail portfolio in Richmond. The first asset, Tower Plaza, totals 22,580 square feet and was 91 percent leased at the time of sale. The center is home to tenants such as El Paso Mexican Restaurant, Sherwin Williams and Organic Cleaners. The second property, Rockwood Plaza, was fully leased at the time of sale. The 38,954-square-foot retail center houses tenants such as Wolfgang’s Gym, Ballroom Dance Center and Antioch Christian Church. Catharine Spangler, Calvin Griffith and Richard Thalhimer of Cushman & Wakefield | Thalhimer represented the seller in the transaction. Other terms of the deal were not disclosed.

September 17, 2018

Acquisitions Illinois Midwest Multifamily Seniors Housing

Cushman & Wakefield Arranges Sale of 101-Unit Assisted Living Community in Prospect Heights, Illinois

by Kristin Harlow September 17, 2018

PROSPECT HEIGHTS, ILL. — Cushman & Wakefield has arranged the sale of The Grandbrier at Prospect Heights, a 101-unit assisted living and memory care community in suburban Chicago. The sales price was not disclosed. A joint venture between Virtus Real Estate Capital and Pathway to Living acquired the asset. Built in 2017, the property features 69 assisted living units and 32 memory care units. Amenities include an outdoor terrace, theater, living rooms and lifestyle programming. Oz Real Estate was the seller.

September 17, 2018

Acquisitions Illinois Midwest Office

Marcus & Millichap Negotiates $13.1M Sale of Loft Office Building in Chicago’s West Loop

by Kristin Harlow September 17, 2018

CHICAGO — Marcus & Millichap has brokered the sale of a four-story loft office building in Chicago’s West Loop for $13.1 million. The 30,620-square-foot building is located at 1027-1031 W. Madison St. Schafer Condon Carter (SCC), an independent creative and technology agency, occupies floors two through four. CrossTown Fitness and Madison Bar + Kitchen occupy the first floor. Built in 1872, the historic property underwent a $4 million renovation in 2011 to restore the façade and modernize the interiors. Stephen Lieberman of Marcus & Millichap represented the seller, a private partnership including principals of SCC. The company will remain a tenant at the building as part of a sale-leaseback agreement. Lieberman also procured the New York-based buyer.

September 17, 2018

Acquisitions Industrial Midwest Net Lease North Dakota

Boulder Group Brokers $5.7M Sale of Property Net Leased to Insurance Auto Auctions in Fargo, North Dakota

by Kristin Harlow September 17, 2018

FARGO, N.D. — The Boulder Group has arranged the sale of a single-tenant property net leased to Insurance Auto Auctions Inc. in Fargo for $5.7 million. The property is situated on 19 acres next to Hector International Airport. There are over 17 years remaining on the lease, which expires in November 2035. Randy Blankstein and Jimmy Goodman of Boulder brokered the sale. An institutional investor purchased the asset from a Southwest-based private developer.

September 17, 2018

Acquisitions Kansas Midwest Retail

Block & Co. Arranges Sale of 83,217 SF Retail Center in Lawrence, Kansas

by Kristin Harlow September 17, 2018

LAWRENCE, KAN. — Block & Co. Inc. Realtors has arranged the sale of an 83,217-square-foot retail center in Lawrence for an undisclosed price. The property, formerly a JC Penney store, was recently redeveloped into a multi-tenant center. Tenants include Hobby Lobby, Five Below and HomeGoods. An undisclosed buyer purchased the asset from 3311 Iowa Investors LLC as part of a 1031 tax-deferred exchange.

September 17, 2018

Acquisitions Arizona Multifamily Western

MG Properties Acquires 396-Unit Country Brook Apartments in Metro Phoenix for $74M

by Amy Works September 17, 2018

CHANDLER, ARIZ. — San Diego-based MG Properties Group has purchased Country Brook Apartments, a multifamily property located at 4909 W. Joshua Blvd. in Chandler. An undisclosed seller sold the property for $74 million. The 396-unit community features three resort-style swimming pools with outdoor televisions and shade sails, two whirlpool spas, gas barbecues, a picnic area and ramadas surrounded by landscaping. The apartments feature in-unit washers/dryers and an average size of 936 square feet. Cindy Cooke and Brad Cooke of Colliers International handled the marketing and sale transaction.

September 17, 2018

Mira-Mesa-Distribution-Center-San-Diego-CA

Acquisitions California Industrial Western

Sukut Real Properties Buys 293,800 SF Mira Mesa Distribution Center in San Diego

by Amy Works September 17, 2018

SAN DIEGO — Orange County, Calif.-based Sukut Real Properties has acquired Mira Mesa Distribution Center, a multi-building distribution park located in San Diego’s Sorrento Mesa submarket. The Sickels Group sold the property for an undisclosed price. The property resides on a ground lease, which has approximately 68 years remaining. Bryce Aberg, Jeff Chiate, Jeffrey Cole, Ed Hernandez, Dean Asaro and Brant Aberg of Cushman & Wakefield’s San Diego and Orange County offices represented the seller in the deal. Located at 5960 Pacific Mesa Court and 5985 and 5995 Pacific Center Blvd., Mira Mesa Distribution Center comprises three buildings totaling 293,800 square feet. Developed in 1989, the campus features flexible divisibility options, efficient warehouse and office layouts, dock and grade loading and ample parking. At the time of sale, the property was fully leased to 10 national and international tenants.

September 17, 2018

Acquisitions Multifamily Nevada Western

NAI Alliance Negotiates $2.4M Sale of Apartment Community in Reno

by Amy Works September 17, 2018

RENO, NEV. — NAI Alliance has arranged the sale of Locust Apartments, a two-parcel multifamily property located 1700 Locust St. and 520 Colorado River Blvd. in Reno. A Reno-based private developer and investor sold the community to an undisclosed buyer for $2.4 million. Built in 1986 and renovated in 2016 and 2017, the property features 17 garden-style apartment units with granite countertops, stainless steel appliances, Tahoe wood-style cabinetry and all new blinds, windows, doors, roofs and water heaters. The community offers a mix of studio, one- and two-bedroom units, a laundry room and a manager’s quarters. At the time of sale, the property was 100 percent leased. Benjamin Nelson of NAI Alliance represented the seller in the deal.

September 17, 2018

Acquisitions Industrial Texas

Ridgeline, Archway to Develop 685,400 SF Industrial Project in Metro Houston

by Taylor Williams September 17, 2018

HUMBLE, TEXAS — A partnership between Atlanta-based Ridgeline Property Group and Texas-based Archway Properties will develop Park Air 59, a 685,400-square-foot industrial project in Humble, a northeastern suburb of Houston. The cross-dock property will feature 40-foot clear heights, 153 dock-high doors, 180-foot truck court depths, 242 trailer parking spaces, 332 auto parking spaces and an ESFR sprinkler system. The groundbreaking of Park Air 59, which offers convenient access to Beltway 8, is scheduled for late September. Completion is slated for the second quarter of 2019.

September 17, 2018

Hines-Greens-Port-Industrial-Park-Houston

Acquisitions Industrial Texas

Hines Sells 447,605 SF Manufacturing Plant in Houston

by Taylor Williams September 17, 2018

HOUSTON — Houston-based Hines has sold a 447,605-square-foot manufacturing plant located within Greens Port Industrial Park in Houston. Situated on 41.5 acres, the property offers quick access to the Houston Ship Channel. The buyer was an undisclosed investor that acquired the property via a 1031 exchange. At the time of sale, the plant was fully leased to AFGlobal Corp., a Houston-based technology and manufacturing specialist. The sales price was also undisclosed.

September 17, 2018

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