MANITOWOC, WIS. — Marcus & Millichap has arranged the $12.3 million sale of Evergreen Townhomes, a 76-unit rental townhome community in Manitowoc. Built in 1999, the property is situated on 2 acres at 4910 Benley Court and totals 91,200 rentable square feet. Dan Bowar of Marcus & Millichap represented the seller, a Florida-based investor, and procured the buyer, a Wisconsin-based investor.
ORLAND PARK, ILL. — McCollom Realty Ltd. has sold El Cameno Plaza in Orland Park after owning it for 38 years. The retail property at 9931-9985 W. 151st St. features a 54-year lease with 7-Eleven, making it one of the longest 7-Eleven tenancies in the world. Five other tenants occupy the center as well. W.R. “Terry” McCollom, president of McCollom Realty, completed the sale.
INDIANAPOLIS — Greenstone Partners has brokered the $4.8 million sale of a 60,000-square-foot shallow-bay industrial property located at 450 S. Kitley Ave. on the east side of Indianapolis. The two-tenant building is fully leased. Jason St. John of Greenstone represented the seller and procured the buyer, which closed the transaction 30 days after execution of the purchase and sale agreement. Both tenants are operating below prevailing market rents, providing a future revenue growth path upon lease rollover, according to Greenstone.
NORTH BERGEN, N.J. — Safely Store has purchased a self-storage redevelopment site in North Bergen, located across the Hudson River from New York City. The site at 3131 Kennedy Blvd. houses a vacant, 73,398-square-foot building that was originally constructed in 1999 and previously functioned as a movie theater. Safely Store plans to convert the building into a four story self-storage facility with 103,000 net rentable square feet of climate-controlled space. Jose Cruz, Nicholas Stefans, Jason Lundy and Luke Ceccoli of JLL represented the seller, Madison International Realty, in the transaction.
NEW YORK CITY — Locally based brokerage firm Brax Realty has arranged the $10.2 million sale of a multifamily development site in the Long Island City area of Queens. The site at 42-73 and 42-71 Hunter St. can support 24,885 buildable square feet of residential product. Cole Kinney Leonhardt of Brax Realty represented the buyer and seller, both of which requested anonymity, in the transaction.
NEWTOWN SQUARE, PA. — Marcus & Millichap has brokered the sale of an 18,000-square-foot mixed-use building in Newtown Square, a western suburb of Philadelphia. Known as the Fieldstone Building, the structure at 4930 West Chester Pike houses 11 residential units and four commercial suites. Vince Peruto of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
CONROE, TEXAS — JLL has negotiated the sale of Montgomery Plaza, a 315,708-square-foot retail power center located in the northern Houston suburb of Conroe. Anchored by Academy Sports + Outdoors, the center is also home to tenants such as O’Reilly Auto Parts, Crunch Fitness, Spec’s Liquor, Petco and Dollar Tree. Ryan West and John Indelli of JLL represented the undisclosed seller in the transaction. The buyer was Florida-based investment firm JBL Asset Management. The center was approximately 94 percent leased at the time of sale.
LEANDER, TEXAS — Nashville-based brokerage firm Matthews Real Estate Investment Services has arranged the sale of a 12,000-square-foot academic building in Leander, a northern suburb of Austin. The building at 441 W Broade St. is leased to Kindercare Learning. Bryce Wong and Patrick Graham of Matthews brokered the deal. The buyer and seller were not disclosed. Matthews also arranged a $5.2 million acquisition loan for the transaction through an undisclosed regional bank.
WINDSOR, VA. — Cushman & Wakefield | Thalhimer has negotiated the sale of a former Keurig Dr Pepper (KDP) roasting plant located at 25400 Old Mill Road in Windsor, approximately 11 miles southeast of Suffolk. Schenley Investments purchased the 348,107-square-foot industrial/manufacturing building from KDP for $20.2 million. While the facility previously served as a processing and distribution facility for Keurig coffee pods, Schenley will now be investing capital to renovate and rebrand the property as the Virginia Trade Center. Geoff Poston and Brett Sain of Cushman & Wakefield | Thalhimer represented the buyer in the transaction. KDP, the beverage manufacturer that produces the Dr Pepper and Snapple brands and single-serve K-cups used in Keurig coffeemakers, announced the closure of the Windsor plant two years ago.
PADUCAH, KY. — An affiliate of Phoenix Investors has purchased a 334,772-square-foot industrial facility located at 7845 Carneal Road in West Paducah. The seller and sales price were not disclosed. Originally constructed in 1966, the facility sits on roughly 29 acres and includes 25-foot clear heights, seven dock doors, 13 drive-in doors and expansive yard and parking areas within a fully fenced property. The building can accommodate manufacturing, distribution and bulk logistics users and offers flexible warehouse space. The industrial facility is also located near the “Triple Rail” site, which is an 800-acre industrial park that features direct access to three major rail lines including Paducah & Louisville Railway (P&L), Canadian National (CN) and BNSF Railway. In addition to rail connectivity, West Paducah sits at the confluence of the Ohio, Tennessee, Cumberland, and Mississippi rivers, making it a major inland shipping gateway. Phoenix Investors plans to further modernize and reposition the property for modern industrial users with upgrades like LED lighting, new exterior paint, parking lot improvements, dock upgrades and white-boxing portions of the building, as well as additional site enhancements designed to improve operational efficiency.