Property Type

Venture One Acquires 36,080 SF Industrial Building in Bensenville, Illinois

by Kristin Harlow February 10, 2020

BENSENVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired a 36,080-square-foot industrial building located at 236 William St. in Bensenville. The purchase price was undisclosed. At the time of sale, the multi-tenant building was fully leased, but a 14,068-square-foot portion will become available in September. Constructed in 1965, the property features five docks, four drive-in doors, parking for 40 cars and a clear height of 16 feet. Venture One plans to make improvements to the 14,068-square-foot space. Phil Reiff of JLL represented the seller and will be retained by Venture One as the leasing agent.

February 10, 2020

Leasing Activity Michigan Midwest Retail

Gerdom Realty Negotiates Two Retail Leases at Shopping Center in Sterling Heights, Michigan

by Kristin Harlow February 10, 2020

STERLING HEIGHTS, MICH. — Gerdom Realty & Investment has negotiated two retail leases at Brookside Shopping Center in Sterling Heights. Rehab Without Walls outpatient clinic leased a 3,200-square-foot space and Luma’s Fashion and Alteration leased 1,600 square feet. Only one 10,220-square-foot space remains available for lease at the Planet Fitness-anchored center. Michael Murphy and Tjader Gerdom of Gerdom represented the undisclosed landlord in the new leases.

February 10, 2020

Development Industrial Texas

Stonemont Launches Phase I of 540-Acre Southwest International Gateway Business Park in El Campo

by Taylor Williams February 10, 2020

EL CAMPO, TEXAS — Atlanta-based Stonemont Financial Group has launched Phase I of Southwest International Gateway Business Park, a 540-acre industrial development in El Campo, located about 70 miles southwest of Houston. The rail-served development has the capacity to house up to 8 million square feet of industrial space. Phase I, construction of which is scheduled to begin this quarter, will include a 125,000-square-foot distribution center that is preleased to Vitro Chemicals and a 200,000-square-foot speculative warehouse. Atlanta-based developer Ridgeline Property Group is partnering with Stonemont on the project, and NAI Partners will handle leasing of the property.

February 10, 2020

Acquisitions Office Texas

Encore Enterprises Sells 196,215 SF Two Forest Plaza Office Building in North Dallas

by Taylor Williams February 10, 2020

DALLAS — Locally based investment firm Encore Enterprises has sold Two Forest Plaza, a 196,215-square-foot office building located at 12201 Merit Drive in North Dallas. The 11-story, Class A building was built in 1981 and renovated in 2014. Amenities include a six-story parking garage, conference room, fitness center and a café. Tenants include New York Life Insurance Co. and French bakery La Madeleine, which operates its headquarters from the building. Creighton Stark and Chris Boyd of Colliers International represented Encore Enterprises in the transaction. The buyer was a partnership between OrbVest U.S. Inc. and Richmond Honan Lifehope.

February 10, 2020

Acquisitions Multifamily Texas

IPA Negotiates Sale of 326-Unit Boulevard at Sonterra Apartments in San Antonio

by Taylor Williams February 10, 2020

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Boulevard at Sonterra, a 326-unit apartment community located within the Stone Oak master-planned community in San Antonio. Built on 16.8 acres in 2000, the property features one-, two- and three-bedroom units averaging 973 square feet and amenities such as a pool, fitness center, theater room, dog park, picnic area, business center and a resident clubhouse. Will Balthrope, Drew Kile, Drew Garza and Jordan Featherston of IPA represented the seller, Short Real Estate, and procured the buyer, a parternship between PCCP and Kairoi Residential.

February 10, 2020

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Brokers Sale of 101,492 SF Industrial Building in Dallas

by Taylor Williams February 10, 2020

DALLAS — Lee & Associates has brokered the sale of a 101,492-square-foot industrial building located at 10355 Sanden Drive in Dallas. According to LoopNet Inc., the single-tenant property was built in 1994 and features 24-foot clear heights and 16 dock-high loading doors. Taylor Stell and Brett Lewis of Lee & Associates represented the buyer, Rotary Corp., in the transaction. The seller was not disclosed.

February 10, 2020

Leasing Activity Retail Texas

Furniture Mall of Texas to Open 95,000 SF Store at Shops at Tech Ridge in Austin

by Taylor Williams February 10, 2020

AUSTIN, TEXAS — Furniture Mall of Texas will open a 95,000-square-foot store at Shops at Tech Ridge, a 519,354-square-foot retail power center in Austin. The opening is scheduled for this summer. Lance Morris and P.J. Kaminer of The Retail Connection represented the landlord, RD Management, in the lease negotiations. The store will be the company’s third. Other tenants at Shops at Tech Ridge include Floor & Décor, Fitness Connection, Conn’s HomePlus, Ross Dress for Less, Burke’s Outlet and PetSmart. The company will occupy a space formerly leased to Target.

February 10, 2020

Acquisitions Northeast Office Pennsylvania

CBRE Brokers $61.2M Sale of Axalta Global Innovation Center Office Building in Philadelphia

by Alex Patton February 10, 2020

PHILADELPHIA — CBRE has brokered the $61.2 million sale of the 175,000-square-foot Axalta Global Innovation Center office building at the Philadelphia Navy Yard. Situated at 1050 Constitution Ave., the single-tenant property was completed in 2017 and serves as a research and development facility for Axalta Coating Systems, a manufacturer of vehicle coatings. Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE represented the seller, Liberty Property Trust, in the transaction. Nick Harris and Steven Doherty of CBRE secured acquisition financing and represented the buyer, Apex Capital Investments. Apex is a U.S.-based subsidiary of Kuwait-based Dimah Capital.

February 10, 2020

Loans New Jersey Northeast Office

JLL Arranges $31.1M Acquisition Loan for Office Building in Parsippany, New Jersey

by Alex Patton February 10, 2020

PARSIPPANY, N.J. — JLL has arranged a $31.1 million bridge loan for the acquisition of 5 Wood Hollow Road, a 330,631-square-foot office building in Parsippany, an eastern suburb of New York City. Prime Finance provided the three-year, floating-rate loan, which has two one-year extension options. The borrower, PAG Investments, will use a portion of the proceeds to fund future capital expenditures and leasing advances. Michael Klein and Andrew Zilenziger of JLL secured the loan.

February 10, 2020

Development Multifamily New York Northeast

Mill Creek Residential to Develop 334-Unit Apartment Community in New Rochelle, New York

by Alex Patton February 10, 2020

NEW ROCHELLE, N.Y. — Mill Creek Residential will develop a 334-unit apartment in New Rochelle, a northeastern suburb of New York City. The project will be situated on a two-acre plot at 115 Centre Ave., the site of the former Blessed Sacrament School. Mill Creek acquired the site for an undisclosed price. William Cuddy Jr. and Jacqueline Novotny of CBRE represented and advised the seller, Church of the Blessed Sacrament, in the transaction.

February 10, 2020

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