Property Type

IPA Negotiates $117.5M Sale of Onnix Multifamily Property in Tempe, Arizona

by Amy Works October 20, 2020

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of sale of Onnix, an apartment community located in Tempe. Bridge Investment Group sold the asset to Western Wealth Capital for $117.5 million, or $178,300 per unit. Constructed in 1984 on 30 acres, Onnix features 659 apartments at the intersection of Broadway Road and McClintock Drive. The property offers a mix of studio, one- and two-bedroom layouts and one four-bedroom/four-bath unit. Community amenities include four swimming pools with cabanas, hammocks and barbecue grills, as well as a clubhouse with sauna and yoga studio. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.

October 20, 2020

Acquisitions Arizona Office Western

Dornin Investment Group Sells Two Flex Office Buildings in Arizona for $24M

by Amy Works October 20, 2020

TEMPE, ARIZ. — Dornin Investment Group (DIG) has completed the sale of two multi-tenant flex office buildings located at 1711 W. Greentree Drive and 8945 S. Harl Ave. in Tempe. A Texas-based private investment company purchased the two-building portfolio for $24 million, or $170 per square foot. Totaling 141,336 square feet, the buildings are located within Agave Business and Corporate Center. At the time of sale, the asset was stabilized at a combined occupancy of more than 97 percent. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the seller in the transaction.

October 20, 2020

Acquisitions Industrial Nevada Western

Colliers Arranges $6.1M Acquisition of Industrial Property in North Las Vegas

by Amy Works October 20, 2020

NORTH LAS VEGAS, NEV. — Colliers International | Las Vegas has arranged the purchase of an industrial and retail facility located at 1011 E. Alexander Road in North Las Vegas. Michael F. Colvin acquired the 45,659-square-foot asset from an undisclosed seller for $6.1 million. Dean Willmore, Lauren Willmore, Mike Willmore and Stacy Shapiro of Colliers represented the buyer in the deal.

October 20, 2020

Acquisitions Colorado Multifamily Western

Nexus Commercial Brokers $2.4M Sale of Apartment Building in Denver

by Amy Works October 20, 2020

DENVER — Nexus Commercial Realty has directed the sale of 1302 Milwaukee, a multifamily property in Denver. The property traded hands for $2.4 million. The names of the buyer and seller were not released. Brandon Kaufman and Nik MacCarter of Nexus represented the seller, while Gunnar Wilson of Nexus represented the buyer in the transaction. Located at the corner of 13th Avenue and Milwaukee Street, the property consists of 10 one-bedroom units and two studio apartments. The seller implemented a capital improvement program including the addition of a new boiler, windows and plumbing. The buyer plans to renovate the units and bring the rents up to market value.

October 20, 2020

Industrial Leasing Activity Oregon Western

Hawthorne Hydroponics Leases 378,000 SF Industrial Facility at Blue Lake Corporate Park in Gresham, Oregon

by Amy Works October 20, 2020

GRESHAM, ORE. — Hawthorne Hydroponics has signed a long-term lease to occupy a newly constructed 378,000-square-foot industrial building at Blue Lake Corporate Park in Gresham. A supplier of horticulture, organics, hydroponics and lighting supplies, the tenant is expanding its operations within the region and will retain a presence in Vancouver, Washington. The building is part of Airport Way’s newest industrial development, which consists of two buildings totaling 463,500 square feet on a 41-acre site. Built on a speculative basis, the project was substantially completed in May. Hawthorne Hydroponics leased all of Building B and will serve as the project’s anchor tenant. Brad Carnese, Aaron Watt and Keegan Clay of Cushman & Wakefield’s Portland office represented the owner, while Stuart Skaug of CBRE Portland represented the tenant in the lease negotiations.

October 20, 2020

Development Industrial Kansas Midwest

Amazon to Open Two New Fulfillment Centers in Kansas

by Kristin Harlow October 20, 2020

KANSAS CITY AND PARK CITY, KAN. — Amazon.com Inc. has unveiled plans to open two new fulfillment centers in the state of Kansas. The centers, which are expected to open in 2021, will together create more than 1,000 new, full-time jobs. Each facility will span roughly 1 million square feet. One will be located at 9700 Leavenworth Road in Kansas City while the other will be located at 7130 N. Broadway Ave. in Park City. Amazon associates will pick, pack and ship bulky or large items such as patio furniture, outdoor equipment and rugs. Amazon also says it plans to open a new delivery station in Wichita. Since 2010, Amazon has created more than 4,500 jobs in Kansas and invested nearly $3 billion across the state.

October 20, 2020

Acquisitions Illinois Industrial Midwest

Venture One Acquires 30,356 SF Industrial Building in Suburban Chicago

by Kristin Harlow October 20, 2020

VERNON HILLS, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired a 30,356-square-foot industrial building in Vernon Hills, a northern suburb of Chicago. The purchase price was undisclosed. The transaction was structured as a sale-leaseback with H&H Graphics. Located at 450 Corporate Drive and constructed in 1991, the building features two docks, one drive-in door and parking for 40 cars. Brian Bocci of Entre Commercial Realty represented Venture One. VK Industrial V is a partnership between Venture One and Kovitz Investment Group.

October 20, 2020

Leasing Activity Midwest Ohio Restaurant Retail

Slim Chickens Opens in Streetsboro, Ohio

by Kristin Harlow October 20, 2020

STREETSBORO, OHIO — Slim Chickens, a fast-casual restaurant, has opened its newest location in Streetsboro, about 30 miles southeast of Cleveland. David Giesen is the franchisee behind the Streetsboro restaurant. He has opened 16 restaurant franchises with the Arby’s and Freddy’s brands. The Streetsboro Slim Chickens is expected to create 75 new jobs in the community. Since its founding in 2003, Slim Chickens has grown to more than 100 restaurants in 17 states with a goal of opening 600 restaurants by 2025. This is the brand’s second location in Ohio. Fayetteville, Ark.-based Slim Chickens is known for its fried chicken and Southern-inspired sides.

October 20, 2020

Acquisitions Michigan Midwest Retail

Boulder Group Brokers $1.4M Sale of Dollar General-Occupied Property in Midland, Michigan

by Kristin Harlow October 20, 2020

MIDLAND, MICH. — The Boulder Group has brokered the $1.4 million sale of a 9,002-square-foot property occupied by Dollar General in Midland, about 28 miles east of Mount Pleasant. The single-tenant building is located at 3401 James Savage Road. Dollar General has a 15-year lease at the newly built property. A Midwest-based developer sold the asset to a Midwest-based real estate investor. Randy Blankstein and Jimmy Goodman of Boulder represented both parties in the transaction.

October 20, 2020

Acquisitions Industrial Michigan Midwest Office

Motor City Floors and Coatings Purchases 8,180 SF Headquarters Building in Suburban Detroit

by Kristin Harlow October 20, 2020

NOVI, MICH. — Motor City Floors and Coatings has purchased a new 8,180-square-foot building on Grand River Avenue in Novi that will serve as the company’s headquarters. The company, which specializes in concrete coatings for residential, commercial and industrial uses, is relocating from Commerce Township. Michael Murphy of Gerdom Realty & Investments represented Motor City. Jim Montgomery of Signature Associates represented the seller. The sales price and seller were undisclosed.

October 20, 2020

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