KANSAS CITY, MO. — Superior Moving & Storage has signed an 86,363-square-foot industrial lease at Copaken Brook’s Downtown Business Park in Kansas City. The property is located at 3177 Mercier St. A local moving company founded in 1914, Superior began leasing 35,000 square feet at the building in 2014 for storage purposes. The company sold a separate facility and consolidated all operations at the Mercier Street property.
COLORADO SPRINGS, COLO. — The Denver office of Scannell Properties has completed the sale of an industrial property located at 2640 Zeppelin Road in Colorado Springs. Walnut Creek, Calif.-based Nearon Enterprises purchased the asset for $14.6 million. Developed by Scannell Properties and completed last year, the 99,960-square-foot property is a multi-tenant distribution center leased to Geary Pacific Corp. and a national home improvement retailer. The building features 30-foot clear heights, ESFR sprinklers, dock-high and drive-in loading, LED lighting and a front-park, rear-load design. Situated in east Colorado Springs, the property is three miles from the Colorado Springs Airport and seven miles from downtown Colorado Springs. The building is located within a larger business park that will consist of four buildings at full build-out. Tyler Carner, Jeremey Ballenger, Jim Bolt and Jessica Osternick of CBRE’s Denver office represented the seller in the deal. Scannell Properties is a privately owned commercial real estate developer that has completed 328 built-to-suit or speculative development projects exceeding 63 million square feet in 44 states and three Canadian provinces.
CEDAR FALLS, IOWA — Arbor Realty Trust Inc. has provided a $10.4 million Fannie Mae loan for the refinancing of Thunder Ridge, a 180-unit multifamily community in Cedar Falls near Waterloo. Built in 1975, the property features one- and two-bedroom floor plans. Thunder Ridge includes a basketball court, putting green and fitness center. Joseph Charneski of Arbor originated the loan, which features interest-only payments for the full term.
DAVISON, MICH. — Domino’s Pizza has leased 3,000 square feet at Davison Village Shopping Center in Davison, about 10 miles east of Flint. Domino’s will occupy space that was formerly home to YaYa’s Chicken. The property, which is anchored by The Salvation Army, is located on State Road. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented Domino’s in the lease transaction.
PHOENIX — Marcus & Millichap has arranged the sale of Ocotillo Apartments, an affordable multifamily complex located at 1780 W. Missouri Ave. in Phoenix. A local apartment investor sold the property to an undisclosed buyer for $12.8 million, or $74,277 per unit. Built in 1972 and completely renovated in 2014, Ocotillo Apartments features 173 units in a mix of studio, one- and two-bedroom floor plans. Units offer updated kitchens and bathrooms, central air conditioning and energy-efficient windows and doors. Community amenities include a swimming pool with clubhouse, two laundry rooms, covered parking and a dedicated leasing office. Rich Butler and Sean Connolly of Marcus & Millichap’s Phoenix office handled the transaction.
LAKE OSWEGO, ORE. — Diamond J Investments has purchased Lake Oswego Executive Park, a flex industrial business park located at 5755-5795 Jean Road in Lake Oswego. King Capital Investments, a local entrepreneur and real estate investor, sold the property for $7.2 million. Zach Francis and Karla Hansen of Kidder Mathews represented the seller and buyer in the deal. Situated on 2.3 acres, Lake Oswego Executive Park is a three-building, 37,197-square-foot flex industrial campus located half a mile from the Interstate 5 interchange.
DENVER — United Properties has sold Enterprise Business Center Building Six, a 647,483-square-foot industrial building in Denver’s Northfield neighborhood. An undisclosed investor advised by Zurich Alternative Asset Management LLC (ZAAM) acquired the asset for $85.7 million. Denver-based Beverage Distributors Co. LLC fully leases the property. The tenant’s parent company, Breakthru Beverage Group, distributes wine, spirit and beer brands and has distribution centers in 12 states, Washington, D.C. and Canada. The property is situated at 3980 Central Park Blvd., eight miles east of downtown Denver. Building Six is part of the 38-acre, 2 million-square-foot Enterprise Business Center, which comprises seven total buildings. All seven buildings are fully leased. “Its physical and locational merits are obvious,” says Sean Bannon, managing director and head of U.S. real estate for ZAAM. “What we found equally compelling was the recession-resiliency of the tenant. We anticipate holding this asset for the long term.” In 2017, United Properties built Building Six, which includes warehouse space, nearly 84,000 square feet of office and showroom space plus 70,000 square feet of climate-controlled cooler space. The center can accommodate 1 million cases of product. It also has a west-facing roof deck with unobstructed mountain views and the “Alchemy Room” for beverage …
NASHVILLE, TENN. — Pebblebrook Hotel Trust has agreed to sell Union Station Hotel, a 125-room hotel in downtown Nashville, for $56 million. The hotel is part of Marriott’s Autograph collection. The historic property is situated at 1001 Broadway in a former railroad terminal that opened in 1900. Amenities at the property include a restaurant and bar, fitness center, business center, valet parking and meeting and event space. Pebblebrook expects the sale to close in the third quarter of this year. The hotel opened in 1986 and became a member of Historic Hotels of America in 2015. Historic Hotels of America is the official program of the nonprofit organization National Trust for Historic Preservation for recognizing historic hotels. The buyer was not disclosed.
BIRMINGHAM, ALA. — Novare Group and Batson-Cook Development Co. (BCDC) will develop a 286-unit multifamily community in Birmingham. The joint venture acquired the 48-acre plot. The existing AT&T operations center is located on the land and will remain there for the immediate future. Phase I will include studio to three-bedroom floor plans. Communal amenities will include a clubroom, coworking space, fitness center, yoga room, pool, grilling area, fire pit, bocce ball court, dog wash area and a dog park. Additionally, residents will have access to covered parking from AT&T’s current seven-story parking garage. Construction is expected to begin in June with completion of Phase I slated for 2022. Flournoy Construction, a subsidiary of Kajima USA and a sister company to BCDC, is the general contractor. Nelson is the architect, Schoel Engineering is the civil engineer and Compass Bank and Cadence Bank provided debt financing for the multifamily community. The new plot is adjacent to 63 acres that Novare acquired last summer. Novare Group will develop a trail system throughout the entire 111-acre site as a recreational amenity and develop single-family homes as well as additional rental residences in the future.
IRVINE, CALIF. — City of Hope has acquired a 190,000-square-foot, four-story building and 11 acres of adjacent land in Irvine, located approximately 40 miles southeast of Los Angeles, for $108 million. The acquisition was part of the Duarte, California-based nonprofit medical organization’s plan to construct a $1 billion comprehensive cancer center on the site. Located at 15161 Alton Parkway, the project will offer diagnostic imaging, screenings, precision medicine, early detection, chemotherapy, surgery and other cancer treatments. In addition, a research center for clinical trials will be located in the building. The adjacent hospital, which City of Hope plans to construct, will focus exclusively on treating and curing cancer. The seller was Five Point Holdings LLC (NYSE: FPH), a California-based owner and developer of master-planned, mixed-use communities. The property is part of Five Point’s 1 million-square-foot FivePoint Gateway corporate campus currently under development in Orange County. In addition to office space, the four-building campus will offer access to retail, entertainment venues, restaurants and the Irvine Transportation Center. The cancer center and hospital will anchor what FivePoint and City of Hope believe will one day become a regional hub for a larger wellness campus in the heart of Irvine. “We are ‘all …