TAMPA, FLA. — Chicago-based Transwestern Investment Co. has purchased Mallory Square Apartments in Tampa. The 388-unit multifamily property sold for $38.75 million or $101,179 per unit. Constructed in 2005, the property offers one-, two- and three-bedroom units, a resort-style pool with spa and a 6,500-square-foot clubhouse with a fitness center, an indoor basketball court and a billiards room. John Selby and Jim Bobbitt of CB Richard Ellis represented the seller, CIGNA Investments, in the transaction. Financing was provided by Fannie Mae through Robert Kadoori of CB Richard Ellis' Debt & Equity Finance Group.
Industrial
PORTLAND, ORE. — Grubb & Ellis has represented Subaru of America in its 10-year lease of 413,700 square feet at a build-to-suit distribution center located within Multi-Employer Property Trust and Trammell Crow Co.’s 114-acre Rivergate Corporate Center III at 14510 N. Lombard St. in Portland. MEPT will enter into a ground lease with the Port of Portland to develop Subaru’s auto-parts distribution facility on 19.3 acres, and TCC will design and build it. Grubb & Ellis’ Brad Fletcher represented Subaru in the transaction, and Capacity Commercial Group’s Dave Ellis and John Fettig represented MEPT Rivergate IV LLC. The lease for the build-to-suit distribution center, which includes training and office space, is expected to commence in October 2011.
LOVELAND, COLO. — Sponsored by Griffin Capital Corp., the GC Net Lease REIT has purchased the 169,816-square-foot Quad/Graphics printing facility, located approximately 45 miles north of Denver on 15 acres of land in Loveland, for $11.85 million. Under a long-term, triple-net arrangement, the property is 100 percent leased to and occupied by World Color (USA) LLC, the subsidiary of the world’s second-largest printing company, Quad/Graphics.
POMPANO BEACH, FLA. — Green Florida Developments has completed the disposition of Powerline Industrial Park, which is located at 2301 NW 30th Place in Pompano Beach. CABOT III – FL 2W06-W12 LLC and CABOT III – FL 2W13 LLC acquired the property for $23.4 million. The 71-percent occupied property includes eight buildings totaling 470,000 square feet and offers highly-functional small bay product, with many units featuring both drive-in and dock-high doors. Scott O'Donnell, Dominic Montazemi, Kirk Nelson and Miguel Alcivar of CB Richard Ellis represented the seller in the transaction.
ROMEO, MICH. — Express Gage has purchased an 18,746-square-foot industrial building in Romeo for an undisclosed price. The buyer plans to expand its Sterling Heights, Mich., operations to the new facility, which is located at 181 Shafer. Joe DePonio and Jason Capitani of L. Mason Capitani represented the buyer and the undisclosed seller in the transaction. The acquisition price was not released.
TEMPE, ARIZ. — Cushman & Wakefield has negotiated Coxreels’ $5.5 million purchase of an 116,900-square-foot industrial building located at 5865 South Ash Ave. in Tempe. The site will serve as the new headquarters for the nearly 90-year-old family-owned and operated manufacturer of heavy-duty industrial grade hose and cable reels. Cushman & Wakefield’s Mark Detmer and Bo Mills represented the buyer in the transaction; the seller, a W.P. Carey-controlled entity, was self-represented.
CHARLESTON, S.C. — Regal Logistics has acquired a 351,000-square-foot industrial building in Charleston. The property, which is located within Charleston Regional Business Center, sold for an undisclosed price. Hagood Morrison of Colliers International and Todd Clarke of GVA Kidder Mathews represented the buyer; Peter Fennelly and Simons Johnson of Colliers International represented the sellers, Amstar and Childress Klein, in the transaction.
FORKS-OF-THE-RIVER, TENN. — Plastics Management/Republic Plastics has purchased teh TTC Building, an industrial property in Forks-of-the-River, for $3.55 million. The 10-acre property includes a 98,000-square-foot industrial building. Bob Thornton of Baker Realty Co. represented the buyer and seller in the transaction.
NEW HOPE, MINN. — FLS Properties has completed the disposition of an industrial distribution property in New Hope. The 80,000-square-foot property is situated on 5 acres at 5621 International Parkway. Waymouth Farms acquired the property and will use it as a distribution center. Fred Hedberg, John Young and Luke Hedberg of Paramount Real Estate Corp./TCN Worldwide represented the seller in the transaction. The acquisition price was not released.
PHILADELPHIA — Liberty Property Trust and Synterra Partners have broken ground for the construction of the new Navy Yard Commerce Center. The first phase of construction will include two flex buildings totaling 103,137 square feet that will be located at 4000 and 4050 S. 26th St. The buildings have been designed to achieve LEED certification. The Fretz Corporation has already signed a lease for 22,391 square feet of space at 4050 South 26th Street. At full build-out, Navy Yard Commerce Center will contain four single-story flex buildings.