GARLAND, TEXAS — TIG Real Estate Services Inc. has negotiated the sale of a 15,000-square-foot industrial building located at 3640 Marquis Drive in Garland, a northeastern suburb of Dallas. The Class B property was built in 1972 and includes eight drive-in doors. Matt Spellman of TIG represented the buyer in the transaction. Other terms of sale were not disclosed.
HODGKINS, ILL. — PCCP and Midwest Industrial Funds have acquired a vacant, 490,000-square-foot warehouse in Hodgkins, about 20 miles southwest of Chicago. The purchase price was not disclosed. The buyers plan to renovate the property and rename it as Hodgkins Center of Commerce. The venture plans to tear down part of the building in order to modernize it with 45 additional exterior docks, new office space, ESFR fire system, new roof and HVAC systems. Upon completion, the property will include 408,000 square feet with 62 dock doors and a clear height of 26 feet. The seller was not disclosed.
FRANKLIN PARK, ILL. — Matthews Real Estate Investment Services has brokered the sale of an 87,464-square-foot industrial building in Franklin Park for $11.6 million. DHL occupies the property. Neither the buyer nor the seller was disclosed. Maxx Bauman of Matthews brokered the transaction. The sales price represented a sub-6 percent capitalization rate.
CHANDLER, ARIZ. — SRS Real Estate Partners has brokered the purchase of Laguna Village, a neighborhood shopping center located at 5965 W. Ray Road in Chandler. Sean Thomas of SRS’ Phoenix office represented a private investor in the $14.7 million acquisition. Scottsdale, Ariz.-based BernsteinMurphy represented the seller, a private investment group, in the deal. Built in 1988, the 102,033-square-foot property was 90 percent occupied at the time of sale. Christ’s Church of the Valley is the anchor tenant of the property, which is situated on 17 acres.
RIPON AND PARADISE, CALIF. — Hanley Investment Group Real Estate Advisors has negotiated the sale of two newly constructed, single-tenant retail properties in two separate transactions in Northern California. In the first transaction, Bill Asher and Jeff Lefko of Hanley Investment Group represented a Glendale, Calif.-based private developer in the disposition of a 1,550-square-foot drive-thru property located at 338 E. Main St. in Ripon. A Northern California-based private investor acquired the property for $2.7 million, or $1,773 per square foot. Starbucks Coffee occupies the property, which was built in 2018. Steve Zakula of Pacific Union International in San Francisco represented the buyer in the deal. In the second transaction, a Los Angeles-based private investor sold a 2,482-square-foot drive-thru property, located at 6344 Skyway Road in Paradise, to a Sonoma, Calif.-based private investor for $2.7 million, or $1,091 per square foot. Starbucks Coffee occupies the property, which was constructed in 2018. Asher and Lefko of Hanley Investment Group represented the seller, while Harry Dematatis of CBRE represented the buyer in the transaction.
CARLSBAD, CALIF. — CJ3 has completed the sale of a fully occupied industrial property located at 2721 Loker Ave. West in Carlsbad. A private investor acquired the property for $3.5 million. The freestanding building features 20,329 square feet, with 50 percent of the space dedicated to office use and 50 percent dedicated to warehouse space. The office space includes a mix of window-lined private offices, multiple conference/meeting areas and large open collaborative spaces. Dennis Visser and Chris Baumgart of Cushman & Wakefield’s San Diego office represented the seller, while Baugmart also represented the buyer in the deal.
CUERO, TEXAS — Colliers International has arranged the sale of a 336,000-square-foot industrial complex in Cuero, located about 90 miles east of San Antonio. The property formerly served as a cotton weaving facility but will now function as the main Texas distribution center for the buyer, OHS Resources Corp., a Houston-based supplier of oil and gas drilling products. Jason Scholtz of Colliers represented the seller, MV Cuero Partners LLC, in the transaction.
HOUSTON — Florida-based Driftwood Hospitality has sold Hyatt House Houston Energy Corridor, a 116-room hotel located at 15405 Katy Freeway in Houston. The buyer was Houston-based Energy Corridor Hotels LLC, which acquired the asset for an undisclosed price. Michael Yu, Rahul Bijlani and Agrama Mannapperuma of CBRE, in conjunction with Ten-X Commercial through a managed bid process, represented the seller and buyer in the transaction.
MCKINNEY, TEXAS — Marcus & Millichap has brokered the sale of Powerhouse Business Complex, a 49,883-square-foot industrial building located in the northern Dallas suburb of McKinney. Adam Abushagur of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.
HARRISBURG, PA. — Hotel owner-operator MCR has acquired the 107-room TownePlace Suites Harrisburg Hersey in Harrisburg. The price was undisclosed. The property is 10 miles from the 121-acre Hersheypark theme park in Hershey. Located at 450 Friendship Road, the hotel features free daily buffet-style breakfast, 24-hour fitness center, on-site laundry service and an indoor pool as well as a whirlpool.