PHOENIX — Phoenix-based Refrigeration Supplies Distributor has purchased a freestanding industrial property, located at 3935 W. Adams St. in Phoenix. BECMED LLC sold the asset for $7.2 million in an off-market transaction. Michael Kitlica and Jason Ward of Cushman & Wakefield represented the buyer in the transaction. The 40,794-square-foot building features 24-foot clear heights, dock-high loading and a secured, fenced yard.
GRAND PRAIRIE, TEXAS — Global Real Estate Advisors (GREA) has negotiated the sale of Vista Terraza, a 192-unit multifamily property located in the central metroplex city of Grand Prairie. According to Apartments.com, the property offers one-, two and three-bedroom units and amenities such as a pool, playground and onsite laundry facilities. A locally based seller sold the asset to a New Jersey-based investor, with both parties requesting anonymity. Mark Allen, Zac Thomas and Byron Griffith of GREA brokered the deal.
MOJAVE, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a new construction, single-tenant retail property located at 15652 Sierra Highway in Mojave. Phoenix-based Kaidence Group sold the asset to an Orange County-based private investor for $4.6 million. Starbucks Coffee occupies the 3,000-square-foot freestanding property that includes a café and drive-thru. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller in the deal.
HOUSTON — Colliers has brokered the sale of a 180,030-square-foot office building located at 450 Gears Road in North Houston. The eight-story building, which was originally constructed on 4.5 acres in 1984, includes a four-story parking garage and a conference center. David Carter, Doug Pack and Sam Hansen of Colliers represented the seller in the transaction. Evens Grandoit of Krueger Real Estate represented the buyer. Both parties requested anonymity.
OAK BROOK, ILL. — Oak Brook-based Inland Private Capital Corp. (IPC) has sold 29 properties occupied by CVS and Walgreens across the country for $172.3 million. The separate transactions were completed over the course of five months. The sales included six CVS properties and 23 Walgreens assets totaling 398,040 square feet. IPC, through its subsidiary that serves as asset manager, facilitated the sales on behalf of nine IPC 1031 investment programs.
WISCONSIN AND NORTH CAROLINA — Affiliates of Phoenix Investors have acquired three former manufacturing facilities totaling more than 1 million square feet in Wisconsin and North Carolina. Phoenix plans to make various capital improvements to each facility in the coming months. The first property was formerly home to Silgan Container Manufacturing Corp. and is located at 500 Libby St. in Waupun, about 70 miles northwest of Milwaukee. The 260,000-square-foot building features 10 dock doors and a freight elevator. Scott Furmanski of CBRE brokered the sale. The second transaction involved a 375,000-square-foot facility formerly occupied by Eaton Corp. in Necedah, a city in central Wisconsin. Adam Matson and Patrick Hanrahan of Newmark represented the seller, MVP Logistics. The sales price was $3 million. The third facility is a 410,000-square-foot property formerly occupied by Alamac American Knits in Lumberton, a city in southern North Carolina. The property features manufacturing, warehousing and office space as well as parking for up to 650 vehicles. Thomas Turner of Newmark brokered the sale.
FORT WAYNE, IND. — Catalyst Healthcare Real Estate and National Real Estate Advisors LLC have broken ground on a 26,000-square-foot freestanding emergency department (FSED) building in Fort Wayne. Lutheran Health Network will occupy the facility. The two-story building will offer emergency services, imaging services, lab space and primary care services. A timeline for completion was not provided.
CHICAGO — American Street Capital (ASC) has arranged a $3.9 million loan for the refinancing of a 32-unit apartment building in Chicago’s Logan Square neighborhood. The majority of the units at the property, built in 1926, are one-bedroom layouts. The building was fully leased at the time of the loan closing. Igor Zhizhin of ASC arranged the 20-year loan, which features a 10-year fixed rate, 10-year floating rate and a 30-year amortization schedule. An agency lender provided the loan for the borrower, a seasoned owner-operator.
HOBOKEN, N.J. — Northern New Jersey-based investment firm Faropoint has sold a national portfolio of 109 industrial properties totaling approximately 6.8 million square feet of $481 million. The properties are largely concentrated in Atlanta, Houston, Philadelphia and Memphis and feature an average building size of 62,000 square feet. At the time of sale, the portfolio was 98 percent leased to roughly 200 local, regional and national tenants. The buyer was not disclosed. Eastdil Secured served as Faropoint’s financial advisor on the deal.
GRAND RAPIDS, MICH. — Trinity Chiropractic has opened a 1,450-square-foot practice at 448 Leonard St. NW in Grand Rapids. Wesley Emert and Tina Emert of CityWide Real Estate Services assisted the holistic chiropractor in securing the space, which features two exam rooms, a waiting area and a kid’s area. The office is situated within a mixed-use building that CityWide acquired in August 2020. Other commercial tenants at the property include FURN on Leonard and Captain Bizzaro’s Treasure World.
