Property Type

Opus Breaks Ground on 275,401 SF Industrial Building in Oak Park, Michigan

by Kristin Harlow January 28, 2022

OAK PARK, MICH. — The Opus Group has broken ground on a 275,401-square-foot industrial building in Oak Park, a northern suburb of Detroit. The speculative project has been preleased to an undisclosed user. Located at 15100 Eight Mile Road, the building will feature a clear height of 32 feet, 44 dock doors, 57 trailer parking stalls and 196 auto parking stalls. Completion is slated for December 2022. Opus is the developer, design-builder, architect and structural engineer. David MacDonald and Sean Cavanaugh of JLL represented Opus. Paul Hoge and Gary Stephens of Signature Associates represented the seller of the land.

January 28, 2022

Industrial Leasing Activity Midwest NAI Ohio

JB Hudco Leases 197,518 SF Former Walmart Property in Suburban Cleveland

by Kristin Harlow January 28, 2022

BEDFORD, OHIO — JB Hudco has leased a former Walmart store spanning 197,518 square feet in Bedford, an eastern suburb of Cleveland. The property is located at 22209 Rockside Road. The current owner converted the building into industrial space. Jeffrey Calig and David Hexter of NAI Pleasant Valley represented Texas-based JB Hudco, which provides logistical and order management services to businesses throughout the U.S.

January 28, 2022

Acquisitions Midwest Ohio Retail

Stan Johnson Co. Brokers $12M Sale of Home Depot Ground Lease in Toledo, Ohio

by Kristin Harlow January 28, 2022

TOLEDO, OHIO — Stan Johnson Co. has brokered the sale of a Home Depot ground lease in Toledo for $12 million. The 141,610-square-foot retail property is located at 1035 W. Alexis Road. Chad Byerly of Stan Johnson represented the seller, a local developer. The California-based buyer completed a 1031 exchange.

January 28, 2022

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Negotiates $22.7M Sale of Multifamily Complex in Paterson, New Jersey

by Taylor Williams January 28, 2022

PATERSON, N.J. — Brokerage firm Gebroe-Hammer Associates has negotiated the $22.7 million sale of Broadway Towers, a 118-unit multifamily complex located in the historic Eastside Park District in the Northern New Jersey community of Paterson. According to Apartments.com, the property was built in 1963. Units feature one- and two-bedroom floor plans. Debbie Pomerantz of Gebroe-Hammer represented the seller and procured the buyer, both of which were limited liability companies, in the transaction.

January 28, 2022

Acquisitions Arizona Retail Western

ORION Investment Real Estate Brokers $2.7M Sale of Retail Building in Tucson

by Amy Works January 28, 2022

TUCSON, ARIZ. — ORION Investment Real Estate has arranged the sale of a retail building located at the northeast corner of Swan and Grant roads in Tucson. Vans Tucson Golf Properties sold the asset to PALZ Properties for $2.7 million, or $228 per square foot. The asset features 12,049 square feet of multi-tenant retail space. Nick Miner of ORION represented the seller, while Robert Nolan of Oxford Realty Advisors represented the buyer in the deal.

January 28, 2022

Loans Multifamily Texas

Berkadia Provides Fannie Mae Loan for Refinancing of Metro Houston Multifamily Assets Totaling 901 Units

by Taylor Williams January 27, 2022

HOUSTON, PEARLAND AND CONROE, TEXAS — Berkadia has provided a Fannie Mae loan of an undisclosed amount for the refinancing of three multifamily properties totaling 901 units in the Houston area. Parkland at West Oaks totals 323 units and is located on the city’s west side. Radius at Shadow Creek comprises 350 units and is located in the southern suburb of Pearland, and West Creek consists of 228 units and is located in the northern suburb of Conroe. The properties are part of Wisconsin-based MLG Capital’s Southstar Sun Belt Multifamily Portfolio, which also includes a 214-unit community in Lake Worth, Florida. John Koeijmans and Austin Blankenship of Berkadia originated the financing.

January 27, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 839-Unit Self-Storage Portfolio in Palestine, Texas

by Taylor Williams January 27, 2022

PALESTINE, TEXAS — Marcus & Millichap has brokered the sale of Security Storage of Palestine, a two-property, 839-unit portfolio located about 120 miles southeast of Dallas. The main facility was built in phases between 1980 and 2014 and spans 97,370 net rentable square feet of space across 30 climate-controlled units and 631 non-climate-controlled units, as well as 12 outdoor parking spaces. The second facility comprises 156 non-climate-controlled units totaling 20,000 net rentable square feet. Dave Knobler of Marcus & Millichap represented the seller, an unnamed private investor, in the transaction and procured the buyer, a Dallas-based 1031 exchange investor.

January 27, 2022

Development Hospitality Texas

Floridays Development to Build 276-Room Hotel in East Austin

by Taylor Williams January 27, 2022

AUSTIN, TEXAS — Sarasota, Fla.-based Floridays Development will build a 276-room hotel in East Austin. Designed by FK Architecture, the project will include a pool and an 89,123-square-foot parking garage. Other project partners include landscape architect Blacksmith Collaborative, civil engineer WPI Inc. and structural engineer SCA Consulting. A tentative construction completion date was not released, but demolition work on the site’s existing structures is underway. The hotel operator was also not disclosed.

January 27, 2022

Acquisitions Office Texas

BH Properties Buys 127,955 SF Vacant Office Building in Metro Houston

by Taylor Williams January 27, 2022

KATY, TEXAS — Los Angeles-based BH Properties has purchased Mason Creek II, a 127,955-square-foot vacant office building in the western Houston suburb of Katy. Jeff Hollinden of JLL represented the undisclosed seller in the transaction. The three-story building was developed in 2015 as the second piece of a speculative project. The first building of that development, a 136,000-square-foot structure, is fully leased to GEICO Insurance. BH Properties has tapped Moody Rambin to lease Mason Creek II.

January 27, 2022

Acquisitions Industrial Iowa Midwest

Provender Partners Acquires Midwest Food Distribution Portfolio for $24M

by Kristin Harlow January 27, 2022

CARROLL, IOWA — Provender Partners, a real estate investor in food-related industrial buildings, has acquired a 469,673-square-foot distribution portfolio that serves as the Midwest supply chain for Core-Mark for roughly $24 million. The portfolio comprises a 435,968-square-foot warehouse and distribution center in the central Iowa city of Carroll as well as six support facilities ranging in size from 2,500 to 4,000 square feet in Iowa, South Dakota and Minnesota. Core-Mark, a wholesale distributor to the convenience retail industry, occupies all of the facilities. Dick Powell of CBRE represented the undisclosed seller. Matt Bear of Bear Real Estate Advisors represented Provender.

January 27, 2022

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