Property Type

Darwin Realty Arranges Sale of 90,000 SF Industrial Building in Elgin, Illinois

by Kristin Harlow October 22, 2019

ELGIN, ILL. — Darwin Realty has arranged the sale of a 90,000-square-foot industrial building located at 501 Davis Road in Elgin. Consideration for the sale was in excess of $5 million. The property features seven loading docks, three drive-in doors, 5,000 square feet of office space and a clear height of 24 feet. Noel Liston of Darwin brokered the transaction. Chicago Logistic Service owned and occupied the building. Navis Industries, which provides plastic packaging films, purchased the building and plans to relocate from a 25,000-square-foot facility in Elgin.

October 22, 2019

Illinois Industrial Leasing Activity Midwest

Pacific Surfaces Signs 40,000 SF Industrial Lease in Elk Grove Village, Illinois

by Kristin Harlow October 22, 2019

ELK GROVE VILLAGE, ILL. — Pacific Surfaces LLC has signed a 40,000-square-foot industrial lease in Elk Grove Village. The India-based granite distributor has maintained a sales office in Chicago for several years, but this is the company’s first warehouse in the United States. Located at 1300 Mark St., the single-story facility features six docks, several bridge cranes and a clear height of 22 feet. It is situated in Elk Grove Industrial Park. The new property will enable Pacific Surfaces to sell smaller quantities to a broader market. John D’Orazio of Colliers International represented Pacific Surfaces in the lease transaction.

October 22, 2019

Acquisitions Arizona Development Office Western

George Oliver Acquires Office Asset in Metro Phoenix for $38.8M, Plans $14M Redevelopment

by Amy Works October 22, 2019

CHANDLER, ARIZ. — Phoenix-based developer George Oliver has purchased a two-building office asset in downtown Chandler for $38.8 million. The buyer plans to invest nearly $14 million of additional capital to redevelop the property into a creative office portfolio. George Oliver purchased the 1987-built Plaza 25 from long-time owner and tenant First Credit Union for $16.3 million. First Credit Union signed a sale-leaseback agreement to continue to occupy the property for a 10-year lease. Including First Credit Union, the building is 79 percent occupied. The new owner will rebrand the property as The Alexander. Additionally, George Oliver acquired the adjacent, 107,510-square-foot Chandler City Center from Tryperion Partners and Griffin Partners for $22.5 million. Located at 55 N. Arizona Place, the property will be rebranded as The Johnathan after undergoing an almost $3 million initial capital investment plan. The rebranding are named for the city’s namesake, Alexander Johnathan (A.J.) Chandler. The Alexander will commence a $5 million shell building transformation in the first quarter of 2020, creating a 112,000-square-foot, five-story, modernized office building at 25. S. Arizona Place. The renovations will improve the building from Class B to a Class A office space, enclosing a current ground-floor plaza and adding shared …

October 22, 2019

Acquisitions Illinois Industrial Midwest

Barber Murphy Brokers Sale of 21,000 SF Industrial Building Near St. Louis

by Kristin Harlow October 22, 2019

MILLSTADT, ILL. — Barber Murphy has brokered the sale of a 21,000-square-foot industrial building in Millstadt, about 17 miles southeast of St. Louis. The sales price was not disclosed. The property is located at 600 S. Breese St. In-Land Management Group LLC sold the asset to East Washington Street Property LLC. Barber Murphy represented both parties in the sale.

October 22, 2019

Development Michigan Midwest Restaurant Retail

Taco Bell to Open 2,710 SF Location in Caledonia, Michigan

by Kristin Harlow October 22, 2019

CALEDONIA, MICH. — Taco Bell will open a 2,710-square-foot location at 6445 Cherry Meadow Drive SE in Caledonia, about 20 miles southeast of Grand Rapids. The restaurant is expected to open in November and create 40 jobs. Mike Murray of Colliers International assisted Taco Bell in securing land for the new-construction building. Wolverine Building Group was the general contractor. There are 55 Taco Bell locations across West Michigan, according to Colliers.

October 22, 2019

Development Office Texas

KDC Tops Out 100,000 SF Headquarters for SRS Distribution in McKinney

by Taylor Williams October 22, 2019

MCKINNEY, TEXAS — Locally based developer KDC has topped out the new 100,000-square-foot office headquarters building in McKinney for SRS Distribution Inc., a provider of building products and supplies. The four-story, Class A property is located on the corner of the Sam Rayburn Tollway and Alma Road on the northern outskirts of Dallas. The new headquarters features an array of indoor and outdoor amenities, as well as conference and meeting space. Completion is scheduled for spring 2020. Gensler is serving as the design architect, and Adolfson & Peterson is the general contractor. SRS plans to add about 150 new jobs to the local economy over the next decade.

October 22, 2019

Acquisitions Arizona Multifamily Western

Rincon Partners Sells 202-Unit Centerra Apartments in Scottsdale for $36.2M

by Amy Works October 22, 2019

SCOTTSDALE, ARIZ. — Phoenix-based RP 115 LLC, an entity formed by Rincon Partners, has completed the sale of Centerra Apartments, a multifamily property located at 111000 N. 115th St. in Scottsdale. Phoenix-based Tanbic Edgehill Centerra Apartments acquired the asset for $36.2 million, or $179,455 per unit. Built in 1986, Centerra features 202 apartments in a mix of one- and two-bedroom layouts, averaging 746 square feet. The newly renovated units feature stainless steel appliances, granite countertops, new cabinetry in the kitchens and baths, walk-in closets, wood-style flooring, washesr/dryers and private patios/balconies. Community amenities include two resort-style swimming pools and spas, a fire pit with surrounding seating, barbecue/picnic area, new fitness center, new leasing/business center and an off-leash dog park. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the transaction.

October 22, 2019

Acquisitions Industrial Self-Storage Texas

SmartStop Self Storage Sells 440-Unit Facility in San Antonio

by Taylor Williams October 22, 2019

SAN ANTONIO — SmartStop Self Storage, a self-managed REIT that owns 112 operating and under-development self-storage properties across 17 states and Toronto, has sold a 440-unit facility in San Antonio. The property, which spans 83,400 net rentable square feet, was acquired in January 2016 by Strategic Storage Growth Trust Inc. (SSGT) and was part of the portfolio merger between SmartStop and SSGT that was completed in January 2019. The undisclosed buyer plans to redevelop the site into a mixed-use property with office and multifamily uses.

October 22, 2019

Development Mixed-Use Texas

Senterra Acquires Four Acres Near Houston’s Greenway Plaza for Mixed-Use Project

by Taylor Williams October 22, 2019

HOUSTON — A partnership led by Senterra Real Estate Group has acquired four acres at 3440 Richmond Ave. in Houston for the development of a mixed-use project, specific elements and construction schedules of which were not released. The site is located at the northwest corner of Buffalo Speedway across from the eastern edge of the Greenway Plaza campus and includes a pad site currently occupied by BB&T Bank. David Hightower of Midway and Davis Adams of JLL represented the seller, a joint venture between Midway and Cathexis RE Holdings, in the deal. Senterra was self-represented.

October 22, 2019

Acquisitions Industrial Nevada Western

RealComm Advisors Arranges $14.9M Sale of 106,680 SF Industrial Asset in Henderson, Nevada

by Amy Works October 22, 2019

HENDERSON, NEV. — RealComm Advisors has arranged the sale of an industrial property, located at 1550 Executive Airport Drive in Henderson. Executive Airport Industrial LLC acquired the asset from DEV Investment for $14.9 million. Situated within AirParc South, the property features 106,680 square feet of industrial space. Greg Pancirov of RealComm Advisors represented the buyer, while Mike De Lew, also of RealComm Advisors, represented the seller in the deal.

October 22, 2019

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