CHICAGO — Interra Realty has brokered the $3.4 million sale of a nine-unit multifamily property in Chicago’s Lakeview neighborhood. The primary building is located at 2852-56 N. Southport Ave. with an adjacent coach house located at 1411 W. George St. There are eight residential units that are fully occupied and one ground-floor retail space totaling 4,600 square feet that is vacant. Joe Smazal of Interra represented the local private seller.
GRAND PRAIRIE, TEXAS — Lee & Associates has negotiated the sale of a 50,566-square-foot industrial building in Grand Prairie, located roughly midway between Dallas and Fort Worth. According to LoopNet Inc., the single-tenant building at 1922-1938 N. Great Southwest Parkway was built on 2.1 acres in 1981 and features 18-foot clear heights and 16 exterior dock doors. Colton Rhodes of Lee & Associates represented the buyer, Texas-based investment firm Stonelake Capital Partners, in the transaction. The seller and sales price were not disclosed.
LEWISVILLE, TEXAS — California-based brokerage firm Matthews Real Estate Investment Services has arranged the sale of a 48-site mobile home park in the northern Dallas suburb of Lewisville. Lewisville Mobile Home Park spans 217,800 square feet and consists of 31 mobile home lots, 17 RV lots and one single-family residence. Arthur Varela, Kevin Puder, and Chad Kurz of Matthews represented the buyer, which acquired the property via a 1031 exchange, in the off-market transaction. The property was fully occupied at the time of sale.
NASHVILLE, TENN. — PNH Properties has acquired 211 Commerce, an office tower located on the corner of Commerce Street and 3rd Avenue in downtown Nashville, for $75 million. Built in 2000, the property comprises 233,314 square feet of office space across 11 stories and features ground-floor restaurant and retail space. J. Roscoe High and Morgan Hillenmeyer of CBRE represented the buyer in the transaction. The seller, a joint venture between Velocis and Lincoln Property Co. doing business as Velocis Lincoln Commerce SPE LLC, recently implemented $16 million of capital improvements to the property. Renovations included the addition of a new conference center, fitness center and windows and updates to the lobby, tenant lounge, elevators, an outdoor plaza and building façade.
LOUISVILLE, KY. — A joint venture between a CBRE Investment Management fund (CBRE Strategic Partners US Value 9) and Fairbourne Properties has acquired Paddock Shops, a retail center located at 4055 Summit Plaza Drive in Louisville. The property, which was 88 percent leased at the time of sale, comprises 353,665 square feet and features 1,976 parking spaces. The seller and sales price were not disclosed. According to the property website, tenants at Paddock Shops include Barnes & Noble, Build-A-Bear Workshop, Five Guys, Gap, Mitchell’s Fish Market, Orangetheory Fitness, Orvis, Pottery Barn, Starbucks, Total Wine & More and West Elm, among others.
YARMOUTH, MASS. — JLL has negotiated the sale of the 128-room Bayside Resort Hotel in Yarmouth, located at the base of Cape Cod. The hotel sits on a 3.9-acre site and offers amenities such as an indoor and outdoor pool, fitness center, family fun center and over 2,300 square feet of meeting and event space. Alan Suzuki, Matthew Enright and Emily Zhang of JLL represented the undisclosed seller in the transaction. The buyer was an entity doing business as Bayside Yarmouth LLC.
PISCATAWAY, N.J. — Transcontinental Steel has purchased a 45,000-square-foot industrial property in the Northern New Jersey community of Piscataway for $8.2 million. The property at 201 11th St. is divided into three 15,000-square-foot units and features clear heights of 12.5 feet. Kyle Gerace, Robert DiLeo and Mathew DiLeo of NAI DiLeo-Bram represented the seller, Binsky Snyder, in the transaction and procured Transcontinental Steel as the buyer.
SOMERVILLE, N.J. — Marcus & Millichap has brokered the $3.5 million sale of Union Avenue Plaza, a 20,866-square-foot retail center located in the Central New Jersey community of Somerville. The center was fully leased to eight tenants at the time of sale, with the New Jersey Department of Motor Vehicles serving as the anchor. Brent Hyldahl and Alan Cafiero of Marcus & Millichap represented the seller, SNS Real Estate Investment Group, in the deal and procured an undisclosed individual/personal trust as the buyer.
PALM DESERT, CALIF. — Pacific Retail Capital Partners (PRCP) has purchased The Shops at Palm Desert, a nearly 1 million-square-foot enclosed shopping mall in the Coachella Valley city of Palm Desert. Terms of the transaction were not released. PRCP plans to create a master plan for the 72-acre property that will transform it into a mixed-use destination and civic gathering place. The company envisions added green space, as well as multifamily and entertainment space. Situated in Palm Desert’s Highway 111 corridor, The Shops at Palm Desert was built in 1982 and renovated in 2013. Current tenants include JCPenney, Macy’s, Dick’s Sporting Goods and Barnes & Noble.
PRESCOTT, ARIZ. — Cushman & Wakefield has arranged the sale-leaseback of a single-tenant corporate headquarters building in Prescott, approximately 100 miles north pf Phoenix. Sewell Trust, a Montana-based private investor, acquired the asset from CP North America for $10.5 million. The seller, a high-tech defense company wholly owned by Israel-based Rafael Defense Systems, will lease back the 50,135-square-foot property, which is located at 2620 Deep Well Ranch Drive. The building features reflective store-front windows, roll-up and dock-high loading doors, and a large, fenced yard. Eric Wichterman and Mike Coover of Cushman & Wakefield’s Private Capital Group in Phoenix represented the seller in the deal.
