GERMANTOWN, WIS. — Marcus & Millichap has negotiated the $3.8 million sale of a 10,782-square-foot property occupied by KinderCare in Germantown, a northern suburb of Milwaukee. Under corporate guarantor KinderCare Education, the childcare provider has just under 11 years remaining on its net lease. Dominic Sulo of Marcus & Millichap represented the seller, a Michigan-based limited liability company, while Sean Delaney and Jeffrey Herrmann of Marcus & Millichap represented the buyer, a California-based limited liability company. Dean Giannakopoulos and Frank Montalto of Marcus & Millichap Capital Corp. originated acquisition financing.
HONOLULU — SRS Real Estate Partners has arranged the leasehold ownership sale of a single-tenant life sciences property located at 93-193 Aiea Heights Drive in Honolulu. iStar, a REIT based in New York City, sold the asset to a private investor for $50.3 million. John Redfield of SRS’ National Net Lease Group represented the buyer and seller in the deal. Built in 1975 and renovated in 2016, the four-story, 81,596-square-foot property sites on 2.7 acres. Clinical Labs of Hawaii occupies the property on a long-term, triple-net lease whereby the buyer acquired the leasehold interest subject to a long-term ground lease.
MIDDLETOWN, N.Y. — SRS Real Estate Partners has arranged the $8.7 million sale of a 14,564-square-foot, single-tenant retail property located in Middletown, about 75 miles north of New York City. The property was built on 1.1 acres in 2007 and is triple net leased to Walgreens on a long-term basis. Winston Guest, Matthew Mousavi and Patrick Luther of SRS Real Estate represented the seller in the transaction, and Josh Goldflam of Highcap Group represented the buyer. Both parties were New York-based private investors who requested anonymity.
YAKIMA, WASH. — Marcus & Millichap has arranged the sale/leaseback of Franz Bakery, a net-leased property in Yakima. A Seattle-based limited liability company acquired the distribution facility for $3.2 million. Clayton Brown, Peter Nisbet and Ruthanne Romero of the Brown Retail Group team of Marcus & Millichap’s Seattle office represented the seller, a limited liability company, while Brown also represented the buyer in the transaction. Located at 31 N. 4th Ave., the 47,983-square-foot property is used as a Franz Bakery distribution center.
CHATSWORTH, CALIF. — Newmark has arranged the sale of 19900 Plummer, a single-tenant office building located at 19900 Plummer St. in Chatsworth. Korda Group sold the asset to Rexford Industrial for $15 million. Campbellsville University, a non-profit educator offering a master’s of marriage and family therapy program, fully occupies the 43,472-square-foot building on a net-lease basis. Ryan Plummer, Andrey Mindirgasov, Sean Fulp, Mark Schuessler and Chris Smith of Newmark facilitated the off-market transaction.
WESTLAND, MICH. — Marcus & Millichap has arranged the $3.5 million sale of a restaurant property net leased to On the Border Mexican Grill in Westland, about 16 miles west of downtown Detroit. On the Border has 14 years remaining on its lease. Dan Yozwiak and Darpan Patel of Marcus & Millichap represented the seller, an individual trust. Ashish Vakhariya, Darin Gross and Seth Haron of Marcus & Millichap represented the buyer, a limited liability company.
LINCOLN, ILL. — The Boulder Group has negotiated the $2.1 million sale of a single-tenant property net leased to Starbucks in the Central Illinois city of Lincoln. The building is located at 3103 Woodlawn Road near I-55. Randy Blankstein and John Feeney of Boulder represented the seller, a West Coast-based investment group. The Illinois-based buyer completed a 1031 exchange.
TURLOCK, CALIF. — Faris Lee Investments has brokered the sale of Turlock Town Center, a community retail center located at 503-795 N. Golden State Blvd. in Turlock. A California-based developer sold the asset to an undisclosed buyer in a 1031 exchange for $37.4 million. Don MacLellan of Faris Lee Investments represented the seller and procured the buyer in the deal. Situated on 8.4 acres, Turlock Town Center features 144,364 square feet of retail space. At the time of sale, the property was fully leased to 29 in-line tenants and five retail pad tenants. Current tenants include Smart & Final, with a new 15-year lease, Rite Aid, dd’s discount, Big 5 Sporting Goods and Goodwill.
FRESNO, CALIF. — Matthews Real Estate Investment Services has arranged the purchase of Shaw West Center, a shopping plaza located at 2047-2097 W. Shaw Ave. in Fresno. A 1031 exchange buyer acquired the asset from an undisclosed seller for $11.1 million. Shaw West Center is occupied by national and regional tenants, with many under triple-net leases. Nabil Awada of Matthews Real Estate Investment Services represented the buyer in the deal.
LAKEWOOD, COLO. — Blue West Capital has brokered the sale of a retail property located at 5807 W. Colfax Ave. in Lakewood. A California-based family office sold the asset to a California-based investor for $2.8 million. O’Reilly Auto Parts has occupied the property on a net-lease basis since 1998, with approximately four years remaining on its lease. Brandon Gayeski of Blue West Capital represented the seller and buyer in the deal.