HUNTSVILLE, ALA. — Tuscaloosa, Ala.-based IMS Development has purchased 130 acres on the north side of Huntsville from the University of Alabama in Huntsville Foundation. The site is located at the corner of State Routes 255 and 53 and Blake Bottom Road. The buyer plans to build a mixed-use campus on the site dubbed North Valley, which will comprise 800 residences and 20 acres of commercial space. IMS Development says potential uses for the commercial component could include big-box retailers, hotels, restaurants, convenience stores and entertainment venues. Eric St. John of Crunkleton Commercial Real Estate assisted IMS in the land acquisition. The construction timeline was not released.
FORT WORTH, TEXAS — Victaulic, a producer of piping and fire protection products, has acquired a 213,581-square-foot, newly built industrial property in Fort Worth. The developer, Stonemont Financial Group, broke ground on the project in late 2021 with plans to deliver a speculative facility. Victaulic approached Stonemont several months into construction to purchase the shell, which the company then designed and built out to its specifications. Trey Fricke of Lee & Associates represented Victaulic in the acquisition of the property, which features 98 parking spaces, 35 trailer stalls and 38 dock doors. Ann Jaggars and Tony Creme of KBC Advisors represented Stonemont.
ARLINGTON, TEXAS — Dallas-based investment sales brokerage firm STRIVE has arranged the sale of College Crossing, a 13,910-square-foot retail strip center in Arlington. Hudson Lambert of STRIVE represented the seller and procured the buyer, both of which were locally based entities that requested anonymity, in the transaction. The center was fully leased at the time of sale to tenants such as Caress Dental, Soleil Cutz, Crown’s BBQ and Foxi Nails.
SPRING, TEXAS — Locally based brokerage firm Newcor Commercial Real Estate has negotiated the sale of an 8,300-square-foot office building located at 26414 Oak Ridge Drive in the northern Houston suburb of Spring. According to LoopNet Inc., the property was built in 1971 and renovated in 2022. Ryan Dierker of Newcor represented the owner and former occupant, TruRealty Properties, in the transaction. Adriatico Group represented the buyer, Voss Law.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $36.5 million sale of a 15-story mixed-use building located at 159-161 W. 54th St. in Manhattan’s Hell’s Kitchen neighborhood. The building was originally constructed in 1923 and houses 42 apartments, five retail spaces and 11 office suites. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood represented the seller, a partnership between private investor Sol Kurtz and Rubin Schron of Cammeby’s International, in the transaction. The trio also procured the buyer, a private family office.
FRANKLIN, N.J. — NAI James E. Hanson has brokered the sale of a 4,232-square-foot office building in the Central New Jersey community of Franklin. The building at 195 N. Church Road houses four suites, basement storage space and onsite parking. Joseph Vindigni of NAI Hanson represented both the seller, LSC Properties LLC, and the buyer, an entity doing business as 195 N Church LLC, in the transaction.
PARK HILLS, MO. — An affiliate of Phoenix Investors has acquired a 515,913-square-foot industrial facility at 1000 Taylor Ave. in Park Hills, about 65 miles south of St. Louis. The property was constructed in 1976 and received additions and upgrades in 2018. The building features 18 docks, 16 overhead drive-in doors and clear heights up to 40 feet. The facility was formerly inhabited by PGP Glass USA Inc. (PGP) and owned by Piramal Glass, an Indian company owned by Blackstone Capital. Once the city’s largest employer, PGP closed in March 2022. The purchase price was undisclosed.
WAUKESHA, WIS. — Marcus & Millichap has brokered the $14.9 million sale of a 112,010-square-foot shopping center in Waukesha, a western suburb of Milwaukee. Sendek’s Grocery Store anchors the property, which is also home to Walgreens, McDonald’s and Cost Cutters. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a limited liability company. The team also procured and represented the buyer, a Michigan-based limited liability company.
INGLEWOOD, CALIF. — Lee & Associates has arranged the sale of the Wingate by Wyndham Hotel located at 10300 La Cienega Blvd. in Inglewood, near Los Angeles International Airport. A family trust, which owned the hotel for 23 years, sold the asset to Irvine-based Greens Inc. for $23.7 million, or $159,932 per room. Although the number of rooms was not disclosed, the price per key equates to approximately 148 guest rooms. Matt Orville, Marshal Vogt and Jaimeson Hearne of Lee & Associates Orange, along with a referral from Vanessa Herzog of Lee & Associates Pacific Northwest, represented the seller in the deal.
NORTH LAS VEGAS, NEV. — MCA Realty has completed the disposition of Northport Business Center, a six-building industrial park in North Las Vegas, to Rising Realty Partners for $23 million. MCA Realty originally acquired the business park in September 2021 and spend approximately $2 million in capital improvements, converting functionally obsolete office space to warehouse space. Located at 3825-2985 Cheyene Ave., Northport Business Center offers 127,132 square feet of industrial space. At the time of sale, the property was fully leased to a variety of tenants. The industrial park was built in 2000. Dan Doherty, Jerry Doty and Chase Pavlov of Colliers represented MCA Realty and the buyer in the transaction. Northport Business Center is the fourth property sold within the MCA Realty Industrial Growth Fund.