CARMEL, IND. — Marcus & Millichap has arranged the sale of a retail property occupied by Burger King in Carmel for $1.8 million. The 2,959-square-foot building is located at 9853 N. Michigan Road. Jordan Klink and David Klink of Marcus & Millichap’s The Klink Group marketed the asset on behalf of the seller, California-based MVSA Investments LLC. The duo also represented the buyer, Ohio-based Ridge Kent LLC.
DALLAS — A fund backed by CBRE Global Investors has purchased Sherry Lane Place, a 301,891-square-foot office building located in the University Park area of Dallas. Built in 1984 and renovated in 2020, the 20-story building was 80 percent leased at the time of sale. Amenities include a four-level parking garage, fitness center, conference center and a café with indoor and outdoor seating. The seller was not disclosed.
HOUSTON — Lee & Associates has brokered the $56.8 million sale of a 383,750-square-foot industrial building located at 8017 Breen Drive in northwest Houston. The sales price equates to approximately $148 per square foot. The building is fully leased to locally based oilfield services firm National Oilwell Varco (NOV) on a triple-net basis. John Berger and Mauricio Olaiz of Lee & Associates represented the buyer in the deal. Colliers International represented the seller.
DALLAS — Locally based brokerage firm Holt Lunsford Commercial has negotiated a 167,405-square-foot industrial lease at 8801 Autobahn Drive in Dallas. According to LoopNet Inc., the property was built in 1997 and totals 270,490 square feet. John Gorman and Canon Shoults with Holt Lunsford represented the landlord, Boston-based TA Realty, in the lease negotiations. Michael Chiocca and Baron Aldrine of CBRE represented the tenant, cabinetmaker Sunrise Wood Designs LLC.
BURLINGAME, CALIF. — A joint venture between Sares Regis Group of Northern California (SRGNC) and Dostart Development Group has received approval from the Burlingame City Council for the redevelopment of the long-vacant, 1.3-acre Burlingame Post Office property in Burlingame. Groundbreaking for the project, located at 220 Park Road, is slated for third-quarter 2021, with the 185,000-square-foot office and retail property delivered by 2023. The new design will preserve the former Post Office lobby, converting it into ground-floor retail space that opens to the adjacent Burlingame Town Square, which will be constructed in coordination with the project. Situated in downtown Burlingame, the new project will include 275 parking stalls that will be available for public parking on the weekends and weekday evenings. In total, the redevelopment property will offer 170,000 square feet of office space and 15,000 square feet of retail space. Mike Moran, Ben Paul and Marc Pope of Cushman & Wakefield’s Burlingame office are marketing the office component for lease, while Steve Cutter and Chris Homs of Lockehouse Retail Group are marketing the retail portion. As part of the project, $2 million will be donated toward the future Town Square and $3.5 million will be contributed to affordable housing …
PHOENIX — JB Partners has purchased Cabana on Washington, a transit-oriented apartment complex located in Phoenix, from Greenlight Communities for $45.3 million, or $200,442 per unit. The purpose-built, “attainable housing” property features 226 apartments, with units averaging 603 square feet. The location is within walking distance of the Valley Metro light rail, which offers access to Phoenix Sky Harbor Airport, downtown Phoenix, North Tempe and Arizona State University. Situated on six acres, the property was built in 2020. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.
RIALTO, CALIF. — Farmer Bros. Co., a national coffee roaster, wholesaler and distributor of coffee, tea and culinary products, has opened its West Coast distribution center in Rialto. The 156,000-square-foot facility features 18 docking doors and 26 trailer storage spaces enabling Farmer Bros. to improve its delivery capabilities within its company network, as well leverage air, rail and ocean transportation modes. The company plans to utilize the facility to distribute products to its branch locations and service equipment throughout Farmer Bros.’ specialized coffee brewing equipment technicians in seven U.S. states. With 40 percent of Farmer Bros. customers located on the West Coast, the company expects the new distribution center to enable quicker product fulfillment, improved delivery time and better customer service. The Rialto facility is the company’s last major supply chain optimization initiative as part of its broader turnaround strategy. The optimization plan also includes the closing of the Houston manufacturing facility and capacity enhancements to its Dallas/Fort Worth facility.
DENVER — Avistone, a Denver-based commercial real estate investment firm specializing in the acquisition and operation of multi-tenant industrial properties nationwide, has appointed Charlie Muller as managing director of its newly formed Avistone Hospitality Division. “With the travel industry facing continued headwinds, a number of owners are opting to divest their properties and portfolios versus riding out the troubled forecast,” says Richard Kent, president of Avistone. “This creates opportunity for investment firms such as our own. “While we historically have focused on more industrial properties and business parks, our core expertise remains real estate investment, including identifying opportunity, capitalizing investments, repositioning properties, improving cash flow and enhancing value at disposition.” With nearly four decades of hospitality experience in operations, acquisitions, development, asset management and dispositions, Muller has completed more than $7.5 billion in transactions, including acquiring more than 75 hotels, developing/redeveloping 19 hotels and overseeing asset management practices for over 200 hotels and recreational properties. Prior to joining Avistone, Muller served at First Hospitality, Omni Hotels & Resorts, CNL Hotels & Resorts and CNL Lifestyle Properties. “Creating and utilitizing private equity funds, we will seek investments in limited-service, extended-stay, full-service and resort hotels throughout the United States,” says Muller. “We …
NEW YORK CITY — Locally based real estate private equity firm Madison Realty Capital has provided a $106 million construction loan for Myrtle Point, a mixed-use project that will be located along the Brooklyn-Queens border. Designed by S9 Architecture, the 17-story building will house 130,000 square feet of commercial space that is preleased to two big box retailers and 133 residential units, 30 percent of which will be designated as affordable housing. The borrower was a partnership between developers Arch Cos. and AB Capstone. A tentative completion date was not disclosed.
NEW YORK CITY — Newmark has arranged a $76 million construction-to-perm loan for a last-mile distribution center at 280 Richards St. in Brooklyn that will be occupied by Amazon. Located in the Red Hook neighborhood, the property will span 312,100 square feet and will feature 28 loading docks, 128-foot truck courts and additional rooftop parking for fleet vans and trucks. The borrower and developer is Thor Equities Group, which has owned the site since 2005. Jordan Roeschlaub, Dustin Stolly, Nick Scribani, and Dominick Calisto of Newmark arranged the fixed-rate loan through Apollo Global Management.
