DANVILLE, VA. — Cushman & Wakefield | Thalhimer has brokered the $6 million sale of a shopping center located at 143 and 153 Crown Drive in Danville, a city on the Virginia-North Carolina border. The 76,622-square-foot retail center is situated on 9.2 acres. Wyatt Poats of Cushman & Wakefield | Thalhimer represented the seller, an entity doing business as GDC Properties I LLC, in the transaction. The buyer was a company doing business as BWDD LLC.
HOUSTON — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Park at San Marino, a 384-unit apartment community in West Houston. Built on 13 acres in 1984, The Park at San Marino offers one-, two and three-bedroom units, according to Apartments.com. The average unit size is 852 square feet. Amenities include a pool, fitness center, business center and a dog park. Greg Austin, Travis Austin, Jackson Hart, Will Balthrope and Kyle Devillier of IPA represented the seller and procured the buyer, both of which were limited liability companies, in the transaction. The sales price was not disclosed.
LEWISVILLE, TEXAS — Locally based investment firm M2G Ventures has acquired a 188,000-square-foot industrial complex in the northern Dallas suburb of Lewisville. Known as Lewisville 121 by virtue of its location along State Highway 121, the property comprises six buildings on an 11-acre site. The buildings were constructed between 1991 and 2007 and feature 19- to 33-foot clear heights. M2G Ventures acquired Lewisville 121, which was 96 percent leased at the time of sale, in partnership with Austin-based Evergen Equity. The new ownership will implement a value-add program and has tapped Stream Realty Partners as the leasing agent.
HOUSTON — Marcus & Millichap has brokered the sale of Beechnut Village, a 62,990-square-foot shopping center in West Houston. Ethnic grocer La Michoacana anchors the center, which was fully leased to 15 tenants at the time of sale. Scott Abeel and Philip Levy of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. Jamie Safier of Marcus & Millichap Capital Corp. arranged acquisition financing for the deal.
NASHUA, N.H. — STAG Industrial (NYSE: STG), a Boston-based REIT, has sold a 337,391-square-foot property in Nashua, located near the Massachusetts-New Hampshire border, for $67 million. The sales price represents a cap rate of 4.9 percent. According to LoopNet Inc., the single-story building at 80 Northwest Blvd. was originally constructed on 23 acres in 1999. Building features include clear heights of 28 to 32 feet, a total of 33 loading docks, one drive-in door and 125-foot truck court depths. STAG Industrial acquired the property in 2014 for $11.7 million. The buyer was not disclosed.
MILWAUKE, ORE. — Northmarq has brokered the $39 million sale of Milwaukie Marketplace, a multi-tenant retail center located in Milwaukie, approximately six miles outside Portland. Built in 1989, the center comprises four buildings across nine parcels and totals 185,760 square feet. New Seasons Market anchors the center. Additional tenants at the property include Planet Fitness, Ace Hardware, Dollar Tree, Pietro’s Pizza, UPS, Subway, Taco Bell and Starbucks Coffee. Multiple Letters of Intent (LOI) have been signed on the vacant tenant spaces. Kevin Adatto, Sean Tufts, Scott Frank and Joe Dugoni of Northmarq’s Pacific Northwest Commercial Investment Sales team represented the seller in the transaction. The buyer and sales price were not disclosed.
LAS VEGAS — MDH Partners has purchased Sunrise Industrial Park One and Two, a Class A multi-tenant project in Las Vegas. The acquisition marks the company’s entry into the state of Nevada and the Las Vegas market. Terms of the transaction were not released. Totaling 509,216 square feet, the two-building asset is currently 78 percent leased to 10 tenants. Sunrise Industrial Park One and Two is located at 4601 E. Cheyenne and 3101 Marion Drive. Built in 1997, the buildings offer 24- to 30-foot clear heights, ESFR sprinklers, ample dock-high loading and evaporative cooling. The properties offer flexible unit configurations ranging from 20,000 square feet to 89,000 square feet.
LOS ANGELES — NAI Capital Commercial has arranged the sale of an industrial property located at 13030 Raymer St. in the North Hollywood neighborhood of Los Angeles. Tiptop Restoration acquired the asset from 13030 Raymer LLC for $9.8 million. Tiptop will use the 30,000-square-foot property as its corporate headquarters, as well as warehouse, storage and distribution space. Built in 1996, the property underwent significant renovations in 2022. Renovations included remodeled office space, kitchen and restrooms, new paint and upgraded LED warehouse lighting. The asset offers dock-high and ground-level loading, 1,200 amps of power, a 17-foot warehouse clearance height, fire sprinklers and a fenced rear yard. Chad Gahr and David Young of NAI Capital Commercial represented the seller, while Daniel O’Neil and Parker Jones of Rancho Realty Group Corp. represented the buyer in the off-market transaction.
WENTZVILLE, MO. — A Block & Co. Inc. Realtors-headed investment group comprised of investors from Kansas City and St. Louis has purchased 18 acres of land at Wentzville Parkway and Will Ron Drive in Wentzville, a suburb of St. Louis. Wentzville Parkway serves as a major commercial corridor and is located near General Motors’ $2 billion manufacturing campus and Mercy’s new $650 million hospital. The development plan calls for a retail project, with over 10 acres available for ground lease or build-to-suit opportunities. Zach Albrecht and David Block of Block & Co., along with Eddie Cherry of Manor Real Estate will co-list the development. The trio also negotiated the sale on behalf of the buyer, while Danny Wappelhorst of Cissell Mueller represented the undisclosed seller.
CHICAGO — Special Olympics Illinois has purchased a 20,000-square-foot flex office building and event space at 2324 W. Fulton St. in Chicago for $4.7 million. Aubrey Englund of NAI Hiffman and Mike Lombard of Blue Star Properties represented the buyer in the transaction. Matt Cowie and Larry Goldwasser of CBRE represented the seller, a local private investment group. Special Olympics Illinois is expanding its Chicago regional office from 6,000 square feet of leased space at 820 W. Jackson Blvd. and will relocate this summer. Approximately 15 employees will work at the new office. Originally constructed as a foundry, the property was transformed by Helios Construction Services in 2014 into a modern building for its own offices. The building’s design was a collaborative effort with the late architect Brad Lynch of Brininstool + Lynch. In 2017, Helios executed another renovation at the building to expand the office space with the addition of four glass-enclosed offices, meeting rooms and amenities, including a gym, lounge and kitchen. Private event venue Ovation Chicago will remain a tenant at the property. The space opened in late 2014.
