CHICAGO — Cushman & Wakefield and JLL have brokered the sale of a two-property self-storage portfolio in Chicago. The brokerage firms represented the seller, Self Storage 1. Etude Storage Capital purchased the portfolio, which comprises 2,043 units across 150,216 square feet in the Lincoln Park/Bucktown and Wrigleyville/Lakeview neighborhoods. Cushman & Wakefield’s Greg Wells, Mike Mele, Luke Elliott and Ross Bailey partnered with JLL’s Steve Mellon, Brian Somoza, Dan Reynolds and Tom Kirschbraun. The portfolio offers immediate scale and operating efficiencies, along with upside through continued lease-up, rental rate optimization and unit mix refinement, according to a release.
ROSSFORD, OHIO — Colliers has negotiated the sale of Innovation Industrial Park Building 2, a 208,000-square-foot industrial facility in Rossford near Toledo. Alex Cantu, Alex Davenport, Jeff Devine, Steve Disse, Tyler Ziebel, Tim Breckner and Conor Toomey of Colliers represented the seller, Scannell Properties. Glen Una Management Co. was the buyer. Delivered in 2022, the property is fully leased to Logos Logistics, Norplas Industries Inc. and Grabber Construction Products. The rear-load facility features a clear height of 32 feet, 24 dock-high doors, two drive-in doors, a 130-foot truck court and 58 trailer parking stalls.
GURNEE, ILL. — Marcus & Millichap has arranged the $3.4 million sale of a 10,000-square-foot medical office building leased to Aurora Health Care in Gurnee. The Class A property was built in 2005. Aurora Health Care offers dermatology, family medicine and internal medicine services at the facility. Frank Roti and Brett Rodgers of Marcus & Millichap represented the seller, a private entity. Brian Munn of Marcus & Millichap procured the East Coast-based buyer, which completed a 1031 exchange.
ATLANTA — Basis Industrial has purchased a 25-building portfolio of shallow-bay facilities in metro Atlanta for $89.5 million. The portfolio features 18 buildings in Stone Mountain and seven assets in Tucker totaling more than 620,000 square feet. The properties were occupied by 119 tenants at the time of sale with a weighted average lease term of 2.2 years. Middour Investments sold the portfolio to Basis Industrial, growing the firm’s Atlanta-area holdings to 1.2 million square feet. Bank of Montreal provided an undisclosed amount of acquisition financing to the buyer. Jake Zebede and Kevin Gonzaelez of Trustone Realty Advisors brokered the transaction.
LUTZ, FLA. — SRS Real Estate Partners has brokered the $6.6 million ground lease sale of two adjacent retail properties located at 18640 and 18710 Fla. Highway 54 in Lutz, a northern suburb of Tampa in Hillsborough County. Dutch Bros and Fifth Third Bank occupy the two newly developed properties on triple-net leases, with 15 and 20 years remaining on their terms, respectively. Patrick Nutt and William Wamble of SRS represented the seller, an Atlanta-based development and investment group, in the portfolio transaction. The Tampa-based buyer purchased both properties in a 1031 exchange. Both parties requested anonymity.
MYRTLE BEACH, S.C. — CBRE has negotiated the $6.5 million sale of a 24,000-square-foot distribution center located at 8388 Water Tower Road in Myrtle Beach. The facility was developed recently as a build-to-suit for Cintas, an Ohio-based supplier of uniforms and workwear, and sits adjacent to Palmetto Coast Industrial Park. An entity doing business as Jangle LLC purchased the facility from the seller, Columbia-based development firm Magnus Development Partners. Robert Hardaway, Patrick Gildea, Matt Smith, Athony DeLorenzo, Brendan Redeyoff and Robert Barrineau of CBRE represented the seller in the transaction. Chris Martin, Gary Stache and Ben Brantley, also with CBRE, represented the buyer.
IRVING, TEXAS — Newmark has arranged the sale and financing of The Towers at Williams Square, a 1.4 million-square-foot office campus in Irving’s Las Colinas district. The Towers at Williams Square consists of four buildings, three of which are interconnected, and that recently underwent $25 million in renovations across the lobbies, amenity spaces and other common areas. Chris Murphy, Gary Carr, Robert Hill and Austin Sheahan of Newmark represented the undisclosed seller in the transaction. Andrew Porteous, Clint Frease, Chris McColpin and Josh Francis, also with Newmark, arranged acquisition financing through Beal Bank on behalf of the buyer, a joint venture between Vanderbilt Office Properties, Hillwood and TriPost Capital Partners. The campus was 76 percent leased at the time of closing to tenants such as the Big 12 Conference, Caterpillar Inc., Flowserve and the Irving-Las Colinas Chamber of Commerce.
NORMAN, OKLA. — Dallas-based brokerage firm Disney Investment Group (DIG) has negotiated the $82.2 million sale of University Town Center, a 416,766-square-foot retail power center in Norman, home of the University of Oklahoma. Built in 2009, the center was 99 percent leased at the time of sale to tenants such as Academy Sports + Outdoors, Kohl’s, Ulta, T.J. Maxx, HomeGoods, Michaels, DSW Shoes, Petco and Office Depot. According to OU Daily, the seller was an affiliate of Rainier Cos. The buyer was a partnership between Mazaheri Properties and Champion Hotels. David Disney of DIG represented the seller in the transaction, and Phillip Mazaheri of Price Edwards & Co. represented the buyer. DIG also brokered the sale of the property in 2019.
ARLINGTON, TEXAS — A limited partnership (LP) managed by Weitzman has acquired Cooper Street Annex, an 87,857-square-foot shopping center in Arlington. Cooper Street Annex was fully leased at the time of sale to tenants such as Cavender’s Boot City, O’Reilly Auto Parts, Chuck E. Cheese Adventure World and WellMed. Stephen Schmidt, Nick Cate and Eric Yoo internally represented Weitzman in the transaction. Hudson Lambert of SummitRE represented the undisclosed seller.
YORBA LINDA, CALIF. — A joint venture between Harbor Associates and Farallon Capital Management has purchased Yorba Linda Commerce Center, a small-bay industrial campus in Yorba Linda, in an off-market transaction valued at $81 million. The seller was a private family that had owned the property for more than 30 years. Located at 3910 Prospect Ave., Yorba Linda Commerce Center features 280,000 square feet of industrial space spread across 10 single- and multi-tenant buildings featuring 83 units ranging in size from 1,200 square feet to 24,000 square feet. Each unit includes office space, clear heights up to 22 feet, ground-level doors, ample electrical capacity, LED lighting and updated HVAC systems. Built in 1987, the asset was 98 percent leased at closing. Gary Martinez of Ashwill Associates represented the seller in the transaction. Shaun Moothart, Bob Ybarra and Andrew Post of CBRE represented Harbor in securing a $56 million fully funded loan that was provided by an affiliate of QuadReal Property Group with Brandon Bachner leading the financing on behalf of QuadReal.