Acquisitions

The Herrick Co. Acquires 21-Story Office Tower in Downtown Detroit for $150M

by Katie Sloan June 8, 2023

DETROIT — The Herrick Co. has acquired a 21-story office tower at 2025 Woodward Ave. in downtown Detroit for $150 million. Locally based architecture firm Neumann Smith designed the 421,481-square-foot building, which was delivered in fall 2022 and acts as a headquarters for Huntington National Bank’s (NASDAQ: HBAN) commercial division. The bank fully occupies the property on a triple-net-lease basis. The building features ground-floor retail space, including a Huntington Bank branch; 10 floors of structured parking; a cafe; and a rooftop terrace with space for movies or sporting events to be projected on the side of the tower. The deal is the largest building acquisition to close in Detroit since the start of the COVID-19 pandemic, according to Crain’s Detroit Business. The seller was not disclosed. Huntington acquired TCF Financial Corp. in 2020 for $22 billion. The combined company operates more than 1,000 branches in 11 states. The bank’s stock price closed at $11.42 per share on Wed. June 7, down from $13.10 one year ago. The Herrick Co. is a national real estate investment firm that has completed more than $6 billion in transactions. The company focuses on acquiring single-tenant buildings net leased to office, industrial and retail users, …

June 8, 2023

Acquisitions California Retail Western

Hanley Brokers $36.5M Sale of Bristol Place Shopping Center in Santa Ana, California

by Jeff Shaw June 7, 2023

SANTA ANA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $36.5 million sale of Bristol Place, a 61,454-square-foot retail center located in Santa Ana. Built in 1968, the property was renovated in 2019 and was 89 percent occupied at the time of sale. Matt Burnett, Kevin Fryman and Ed Hanley of Hanley represented the seller, a joint venture between an affiliate of Cadence Capital Investments and Oakwood Real Estate Partners. Ron Duong of Marcus & Millichap represented the buyer, a California-based private investor.

June 7, 2023

Acquisitions California Industrial Office Western

Diamond Realty Holdings Buys Flex Property in El Segundo, California for $6M

by Jeff Shaw June 7, 2023

EL SEGUNDO, CALIF. — Diamond Realty Holdings has purchased an industrial flex/office building in El Segundo for $6 million. The property is located at the intersection of Lairport Street and East Mariposa Avenue. A long-term tenant currently occupies 2,400 square feet of the main, 14,400-square-foot structure. The remaining 12,000 square feet is available for lease and fully divisible. The new ownership plans to complete interior and exterior renovations to improve the façade and access to the site, as well as create open flex industrial space that can accommodate a variety of uses. CBRE’s Bob Healey, John Lane, Richard Melbye and Jane Healey represented both the buyer and the undisclosed seller in the transaction.

June 7, 2023

Acquisitions Georgia Retail Southeast

Dowd Cos. Arranges $16.3M Sale of Horizon Village Shopping Center in Suwanee, Georgia

by John Nelson June 7, 2023

SUWANEE, GA. — The Dowd Cos., a boutique real estate investment sales firm based in West Palm Beach, Fla., has arranged the $16.3 million sale of Horizon Village Shopping Center in Suwanee. The 97,000-square-foot shopping center is located at 2855 Lawrenceville-Suwanee Road in metro Atlanta’s Gwinnett County. Movie Tavern and YouFit Health Clubs anchor the property, which was built in 1996, according to LoopNet Inc. John Dowd and Theresa Johnson of The Dowd Cos. represented the seller in the transaction. Both the buyer and seller requested anonymity.

June 7, 2023

Acquisitions Illinois Industrial Midwest Retail

JLL Brokers $11.5M Sale of Retail, Industrial Building in Skokie, Illinois

by Kristin Harlow June 7, 2023

SKOKIE, ILL. — JLL Capital Markets has brokered the $11.5 million sale of a 123,519-square-foot retail and industrial building in Skokie. Built in 1976 and renovated in 2013, the property is located at 3450 W. Touhy Ave. XSport Fitness is the anchor tenant at the fully occupied building. Other tenants include Skokie Cash & Carry and Howard Packaging. The property features three interior docks, four drive-in doors, an 84-space parking garage and a clear height of 30 feet. Michael Nieder of JLL represented the seller, CenterPoint Properties Trust. Skokie-based Bernard Capital Investment Partners was the buyer.

June 7, 2023

Acquisitions Industrial Texas

Partners Arranges Sale of 43,000 SF Industrial Facility in La Marque, Texas

by Taylor Williams June 7, 2023

LA MARQUE, TEXAS — Partners Real Estate has arranged the sale of a 43,000-square-foot industrial facility in La Marque, located southeast of Houston in Galveston County. According to LoopNet Inc., the single-tenant property at 4725 Lawndale St. was built on three acres in 1978. Cary Latham and Wyatt Huff of Partners represented the seller, an entity doing business as Baucom Property Leasing LLC, in the transaction. Anthony Heins of Heins Properties represented the buyer, Wolf Capital Partners.

June 7, 2023

Acquisitions Industrial Texas

Marcus & Millichap Brokers Sale of 26,964 SF Industrial Building in Fort Worth

by Taylor Williams June 7, 2023

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of 26,964-square-foot industrial building located at 5950 Park Vista Circle in Fort Worth. The property was built on 1.8 acres in 2005. Davis Cagle and Tyler Ranft of Marcus & Millichap represented the seller and buyer, both of which were investment firms that requested anonymity, in the transaction.

June 7, 2023

Acquisitions Industrial New Jersey Northeast

JLL Negotiates $21.2M Sale of Northern New Jersey Industrial Property

by Taylor Williams June 7, 2023

PISCATAWAY, N.J. — JLL has negotiated the $21.2 million sale of a 108,875-square-foot industrial property located in the Northern New Jersey community of Piscataway. The property features a clear height of 24 feet, 24 loading docks, two drive-in doors and 83 parking spaces. Marc Duval, Jordan Avanzato, Nicholas Stefans, Jason Lundy and Jose Cruz of JLL represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The property was fully leased to 19 tenants at the time of sale.

June 7, 2023

Acquisitions Multifamily North Carolina Southeast

Carter Exchange Fund Management Sells Station at Poplar Tent Apartments in Metro Charlotte for $74.7M

by John Nelson June 6, 2023

CONCORD, N.C. — Carter Exchange Fund Management Co., a subsidiary of Carter Funds LLC, has sold Station at Poplar Tent, an apartment community located at 50 Poplar Station Circle NW in Concord, roughly 25 miles northeast of Charlotte. An undisclosed buyer purchased the property for $74.7 million. Carter Exchange owned the community for nearly three years, during which time the company completed renovations including the addition of parcel lockers to the clubhouse, upgrades to flooring and expanded amenities and increased average monthly rents on occupied units by 25.2 percent. The property averaged 94.9 percent occupancy during Carter Exchange’s ownership.

June 6, 2023

Acquisitions Georgia Retail Southeast

JLL Brokers Sale of 301,711 SF Lakeland Plaza Shopping Center in Cumming, Georgia

by John Nelson June 6, 2023

CUMMING, GA. — JLL has brokered the sale of Lakeland Plaza, a 301,711-square-foot shopping center in Cumming, a northern suburb of Atlanta along Ga. Highway 400. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the undisclosed sellers in the transaction. Octave Holdings and Investments purchased the center for an undisclosed price. Built in 1990 and renovated in 2015, Lakeland Plaza’s tenant roster includes Sprouts Farmers Market, Belk, Bealls Outlet, LA Fitness, Joann Fabric and Crafts and Shoe Gallery. The center was 94 percent leased at the time of sale and featured a weighted average tenure of over 12 years.

June 6, 2023

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