Acquisitions

Grubb Properties Acquires 275,000 SF Office Building in Metro D.C. for $38.8M

by Camren Skelton May 7, 2018

FAIRFAX, VA. — Charlotte-based Grubb Properties has acquired Argon Plaza, a 275,000-square-foot office building in Fairfax, for $38.8 million. The property is located within the Fair Lakes master-planned community, roughly 19 miles west of Washington, D.C. The mixed-use development is home to a Hyatt Regency hotel and more than 1 million square feet of retail and restaurant space. C-III Asset Management sold Argon Plaza, and HFF and NAI Global arranged the transaction. Grubb Properties plans to make capital improvements to the building that will upgrade its tenant amenities. The property’s anchor tenant, a defense contractor specializing in military technology and intelligence, occupies more than half of the building and recently signed a five-year lease renewal.

May 7, 2018

Acquisitions Industrial Mississippi Southeast

Finmarc Acquires Three-Building Industrial Campus in Metro D.C. for $6.2M

by Camren Skelton May 7, 2018

COLLEGE PARK, MD. — Finmarc Management Inc. has acquired the Stone Mountain Industrial campus in College Park for $6.2 million. The three-building campus, located at 9207 51st Ave., is roughly nine miles north of Washington, D.C., and less than two miles from the University of Maryland. Stone Mountain Industrial campus comprises 115,000 square feet of industrial, manufacturing and office space. Christopher Kubler and Alan Coppola of NAI KLNB arranged the transaction on behalf of Finmarc. The name of the seller was not disclosed. The warehouse building at the property features 18-foot ceiling heights, and the manufacturing building offers 17-foot ceiling heights. Finmarc is considering multiple uses for the property, including maintaining its status as industrial or rezoning the site to support a townhouse development, according to a release. A small portion of the campus is already zoned for residential.

May 7, 2018

Acquisitions Hospitality Multifamily Northeast Pennsylvania Seniors Housing

Marcus & Millichap Brokers Sale of Former Embassy Suites Pittsburgh Airport for $25M

by David Cohen May 7, 2018

PITTSBURGH — Marcus & Millichap has brokered the sale of the former 223-room Embassy Suites Pittsburgh Airport hotel in Coraopolis for $25 million. Coraopolis is located about five miles north of Pittsburgh International Airport. The hotel, which was built in 1990, closed in early 2018. Jerry Swon and Daniel Zagoria represented the seller, NHH CMS Pittsburgh LP, in the transaction. The buyer was a private developer. The Pittsburgh Post Gazettehas reported that the building will be repurposed into a 220-unit assisted living and memory care facility called Tapestry Senior Living at Moon Township. The property is located on a hilltop and is highly visible from the intersection of Coraopolis Heights Road and Cherrington Parkway.

May 7, 2018

Acquisitions Multifamily Texas

Olympus Acquires Two Multifamily Assets Totaling 568 Units in West Texas

by Taylor Williams May 7, 2018

MIDLAND AND ODESSA, TEXAS — Fort Worth-based investment firm Olympus Property has acquired two multifamily properties totaling 568 units in West Texas. The 300-unit Sundance Creek in Midland features one- and two-bedroom units and amenities such as a pool, fitness center, business center, tanning beds, outdoor kitchen and a game room. The 268-unit Sedona Ranch in Odessa also consists of one- and two-bedroom units and offers a similar package of amenities. The seller was San Antonio-based Koontz Corp., which developed the properties and completed them in 2015. Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the deal.

May 7, 2018

Acquisitions Industrial Texas

Hines Purchases 259,555 SF Industrial Property Near DFW Airport

by Taylor Williams May 7, 2018

IRVING, TEXAS — Houston-based Hines has purchased DFW East Logistics Center, a three-building, 259,555-square-foot industrial property located near Dallas-Fort Worth (DFW) International Airport in Irving. Completed in 2017, the Class A property is situated on 18 acres and was 15 percent leased at the time of sale. Jonathan Bryan and Randy Baird of CBRE represented the undisclosed seller in the transaction. Hines has tapped Stream Realty Partners to handle the property’s leasing responsibilities.

May 7, 2018

Acquisitions California Industrial Western

American Realty Advisors Buys 143,000 SF Industrial Facility in Anaheim

by Amy Works May 7, 2018

ANAHEIM, CALIF. — American Realty Advisors (ARA) has acquired a newly constructed industrial facility located at 1730 S. Anaheim Way in Anaheim. A joint venture between Batcheller Equities and Panattoni Development sold the property for an undisclosed price. The 143,930-square-foot facility features floor-to-ceiling windows, modernized creative office space, a hybrid solar roof system complete with skylights and solar panels, 32-foot clear heights, ESFR sprinklers and a 2.05/1,000 parking ratio. An electrical contractor currently fully occupies the facility on a lease that runs through 2028. ARA represented itself in the transaction, while Bret Hardy and Jeff Read of NKF Capital Markets represented the seller.

May 7, 2018

Acquisitions Illinois Midwest Retail

TEI Acquires 340,849 SF Power Center in McHenry, Illinois for $32M

by Kristin Harlow May 7, 2018

MCHENRY, ILL. — Time Equities Inc. has acquired the Shops at Fox River in McHenry, about 50 miles east of Rockford, for $32 million. The power center, built in 2007, features 340,849 square feet. Tenants include TJ Maxx, Ross Dress for Less, Dick’s Sporting Goods, Bed Bath & Beyond, DSW, Ulta Beauty, Old Navy and PetSmart. A 30,000-square-foot box space and a 12,000-square-foot suite remain available for lease. Additionally, a nearly two-acre out parcel is available for further development. Ben Wineman of Mid-America Real Estate Corp. represented the seller, DDR Corp.

May 7, 2018

Acquisitions Illinois Midwest Multifamily

Interra Negotiates $5.7M Sale of Apartment Building in Chicago

by Kristin Harlow May 7, 2018

CHICAGO — Interra Realty has negotiated the sale of a 32-unit apartment building in Chicago’s Uptown neighborhood for $5.7 million. The three-story property is located at 5022-30 N. Winthrop Ave. Originally constructed in 1916, the building recently underwent a renovation that included new windows, new decks and an intercom entry system. Brad Feldman and Adam Saxon of Interra represented the buyer, 5022 North Winthrop LLC, which was completing a 1031 exchange. Joe Smazal of Interra represented the sellers, 1425 West Chase Associates LLC and 3030 Princeton Associates LLC.

May 7, 2018

Acquisitions Illinois Midwest Office

Podolsky Circle Arranges $2.7M Sale of Office Building in Schaumburg, Illinois

by Kristin Harlow May 7, 2018

SCHAUMBURG, ILL. — Podolsky Circle CORFAC International has arranged the sale of a 43,800-square-foot office building in Schaumburg for $2.7 million. The fully leased property is located at 1000 E. State Parkway within the Woodfield Business Center. Alissa Adler, John Homsher and Paul Tesdal of Podolsky Circle represented the seller, Clear Height Properties. Kelly Joyce of Colliers International represented the buyer, a private investor.

May 7, 2018

Acquisitions Illinois Midwest Restaurant Retail

Premier Brokers Sale of 5,085 SF Building Formerly Occupied by Fradillio’s Restaurant in Algonquin, Illinois

by Kristin Harlow May 7, 2018

ALGONQUIN, ILL. — Premier Commercial Realty has brokered the sale of a 5,085-square-foot building formerly occupied by Fradillio’s restaurant in Algonquin. The property, located at 2321 Algonquin Road, includes a drive-thru. Bruce Kaplan and Kevin Kaplan of Premier represented the seller, North Shore Bank. Eddie Hernandez of Casa Grande Realty represented the buyer, who plans to open a Burrito Parrilla Mexicana restaurant. There are currently six other Burrito Parrilla Mexicana locations in Illinois.

May 7, 2018

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