Acquisitions

Taurus Acquires 2.9 MSF Industrial Portfolio in Metro Chicago for $201M

by Kristin Harlow June 18, 2018

CHICAGO — Taurus Investment Holdings LLC has acquired a 2.9 million-square-foot industrial portfolio in metro Chicago for $201 million. The purchase was the final investment for the company’s US Logistics Fund I LP. The portfolio includes 51 assets. Currently 91.5 percent occupied to tenants such as Amazon, Ryder and Armacell, the properties are located in 11 of the 19 Chicago industrial submarkets, according to Taurus. CBRE and Capital One advised Taurus on the transaction. Venture One Real Estate was the seller.

June 18, 2018

Acquisitions Indiana Industrial Midwest

Sazerac Purchases Former General Mills Plant in New Albany, Indiana

by Kristin Harlow June 18, 2018

NEW ALBANY, IND. — The Sazerac Company has purchased the former General Mills Pillsbury plant in New Albany near Louisville. The seller was a joint venture between New Mill Capital Holdings LLC and Tiger Group. Sazerac, a distilling company, intends to utilize the 460,000-square-foot plant for expansion of its processing, blending, packaging and distribution capabilities. Sazerac plans to invest $66 million and eventually create more than 100 jobs. The facility, located at 707 Pillsbury Lane, closed in 2016. Sazerac anticipates starting operations as early as this November.

June 18, 2018

Acquisitions Michigan Midwest Retail

Colliers Brokers Sale of 15,067 SF Building Formerly Occupied by Seafood Store in Suburban Detroit

by Kristin Harlow June 18, 2018

ROYAL OAK, MICH. — Colliers International has brokered the sale of a 15,067-square-foot retail building in Royal Oak, a northern suburb of Detroit. Previously owned by the family-run Superior Fish Co., the specialty seafood store was the source of octopus for Detroit Red Wings fans for over seven decades before closing on June 16. The company plans to host a garage sale where fans can purchase signage, memorabilia and frozen foods. Peter E. Kepic and Peter J. Kepic of Colliers represented Superior Fish in the sale. Robert Badgero and Steven Badgero of Colliers represented the buyer, Versa Real Estate, which plans to lease the property as either office or retail space.

June 18, 2018

Acquisitions Arizona Office Western

International Joint Venture Acquires 302,209 SF Office Property in Phoenix

by Amy Works June 18, 2018

PHOENIX — New York Life Real Estate Investors, on behalf of a joint venture between New York Life Insurance Co. and Finland-based Ilmarinen Mutual Pension Insurance Co., has purchased 24th at Camelback, an office property located in Phoenix’s Camelback Corridor submarket. Hines U.S. Office Value Added Venture III sold the property for an undisclosed price. The eight-story property features 302,209 square feet of Class A office space. CBRE represented the seller in the deal.

June 18, 2018

Acquisitions California Office Western

Meridian Sells Multi-Tenant Office Building in Bay Area for $39.5M

by Amy Works June 18, 2018

BRISBANE, CALIF. — Meridian has completed the disposition of a multi-tenant office building located at 1000 Marina Blvd. in Brisbane, just south of San Francisco. Phase 3 Real Estate Partners acquired the property for $39.5 million in an off-market transaction. Built in 1983, the six-story building features 104,000 square feet of office space. CBRE’s Northern California Capital Markets team represented the seller and buyer in the deal.

June 18, 2018

Acquisitions California Office Western

Vanbarton Group Buys 73,835 SF Office Building in Los Angeles for $37.7M

by Amy Works June 18, 2018

LOS ANGELES — Vanbarton Group has acquired an office building located at 6725 Sunset Blvd. in Los Angeles’ Hollywood submarket. Crown Realty & Development sold the property for $37.7 million. The five-story multi-tenant property features 73,835 square feet of office space. At the time of sale, the property was fully leased by 15 tenants. Additionally, the transaction included an adjacent three-level parking structure. Kevin Shannon, Rob Hannan, Ken White, Michael Moll of NKF Capital Markets, along with John Tronson of Avison Young and Kreg Groat of Crown Realty & Development, represented the seller in the sale.

June 18, 2018

Acquisitions Georgia Office Southeast

CBRE Brokers Sale of Two-Building Office Campus in Atlanta’s Central Perimeter Submarket

by Camren Skelton June 18, 2018

ATLANTA — CBRE has brokered the sale of Glenridge Point, a two-building, Class B office campus located at 100 and 200 Glenridge Point Parkway in Atlanta’s Central Perimeter submarket. Richmond Honan Development acquired the five-story buildings, which total 185,402 square feet. Jay O’Meara, Justin Parsonnet, Will Yowell, Ryan Reethof and Lee Asher of CBRE arranged the transaction on behalf of the seller, a partnership between Pope & Land and Noro. The pair originally acquired the property at 62 percent occupancy in 2015. At the time of sale, the campus was 99 percent leased to tenants including eVestment and Northside Hospital’s IT division. Glenridge Point is located less than a half-mile from the Medical Center MARTA station.

June 18, 2018

Acquisitions Arkansas Industrial Southeast

Binswanger Arranges Sale of 288,137 SF Industrial Building in Conway, Arkansas

by Camren Skelton June 18, 2018

CONWAY, ARK. — Binswanger has brokered the sale of a 288,137-square-foot industrial building located at 1800 Sturgis Road in Conway. Holmes Davis of Binswanger arranged the transaction on behalf of the seller, Nucor Corp. Eliken Property Management acquired the asset for an undisclosed price. The single-story facility was constructed in 1995 and features reinforced concrete floors, insulated metal panel walls, an insulated metal roof, eight dock-high doors, 21,149 square feet of office space, lighted parking for approximately 200 cars and a 300-foot interior rail spur with service provided by Union Pacific Railroad. The building is located roughly 10 miles form Conway Regional Airport and 30 miles from Little Rock Adams International Airport.

June 18, 2018

Acquisitions Delaware Northeast Retail

MacKenzie Arranges Sale of 35,500 SF Facility Occupied by Harley-Davidson Dealership in Delaware

by David Cohen June 15, 2018

NEW CASTLE, DEL. — MacKenzie Commercial Real Estate Services has arranged the sale of 2160 New Castle Avenue, a 35,500-square-foot commercial property on 5.7 acres in New Castle, five miles south of Wilmington. The sales price was not disclosed. The seller, Rommel Harley-Davidson, is an operator of multiple Harley-Davidson dealerships throughout the Mid-Atlantic region. Rommel Harley-Davidson will transition the New Castle operations to a recently announced new dealership to be built in Middletown. Chris Bennett and Chris Walsh of MacKenzie represented the seller in the transaction. Sean Langford of MacKenzie represented the buyer, a Baltimore-based private investment group. The buyer plans to redevelop the site to include multiple pad sites, one of which will contain a Royal Farms convenience store.

June 15, 2018

Acquisitions Multifamily New Jersey Northeast

NAI Hanson Negotiates Sale of 48-Unit Condominium and Mixed-Use Development Site in New Jersey

by David Cohen June 15, 2018

PATERSON, N.J. — NAI James E. Hanson has negotiated the sale of Silk City Lofts, a 48-unit condominium building located at 175 Broadway, and an adjacent development site that has been approved for 195 rental units at 105 Fair St. in Paterson. Anthony Cassano of NAI Hanson represented the seller, Great Falls Realty LLC and the buyer, JCM Investors, in the transaction. Silk City Lofts features 48, one- and two-bedroom condominium units and was converted from a former silk mill. The property also features a 9,500-square-foot, ground-level commercial condominium that is currently vacant. An adjacent development site was also included in the transaction and has been approved for 195 rental units as well as ground-level retail.

June 15, 2018

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