HOUSTON — Lee & Associates has negotiated the sale of a 14,000-square-foot industrial asset located at 6635 Theall Road in Houston. According to LoopNet Inc., the single-tenant property was built in 2017 and features 28-foot clear heights. Robert McGee, Thomas Leger and Chase Cribbs of Lee & Associates represented the seller, Axis Texas Development Group LLC, in the transaction. Clint Hankla, also with Lee & Associates, represented the buyer, CCIRF LLC.
HIGHLAND HILLS, OHIO — Time Equities Inc. (TEI) has purchased a 163,000-square-foot, four-story office building in Highland Hills for $7.5 million. The Class A property is located at 23000 Millcreek Blvd., about 16 miles southeast of Cleveland. PNC Bank, which formerly occupied the building, sold the property. The building, constructed in 1997, is now vacant. Jonathan Dulberg of TEI led the acquisition. Robert Leibold, Steve Ross and Douglas Leary of CBRE represented TEI in the sale. CRESCO Real Estate represented PNC Bank. TEI plans to make upgrades to the property in order to attract new tenants. PNC Bank is consolidating employees to its downtown space.
CHICAGO — Skender has completed interior construction of Aspen Dental’s Midwest headquarters in Chicago. The company now occupies 50,000 square feet at 1040 W. Randolph St. Aspen Dental is a New York-based company that provides administrative and business support to branded dental practices. To accommodate a practice support center and 250 newly created jobs, Aspen Dental’s two-story buildout includes a training center, three large training rooms and an audiovisual media wall. Additional features include a coffee bar, café and catering kitchen space. Skender collaborated with architecture firm Perkins+Will.
WAUKEGAN, ILL. — MCR has acquired the 116-room Hampton Inn & Suites in Waukegan for an undisclosed price. The newly built hotel features Wi-Fi, complimentary breakfast, an on-site convenience store, indoor pool, fitness center and business center. The property is located at 438 Lakehurst Road near Highway 120.
LINCOLN, NEB. — NorthMarq Capital has arranged a $7.1 million Fannie Mae loan for the refinancing of Trenridge Apartments in Lincoln. The 126-unit apartment property is located at 6101 Vine St. John Reed of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.
KANSAS CITY, MO. — Colliers International has brokered the sale of two office buildings within the Ward Parkway Corridor of Kansas City. One of the properties, 8080 Ward Parkway, is a 41,034-square-foot multi-tenant building that was 64 percent occupied at the time of sale. The other property, 9140 Ward Parkway, is a 33,687-square-foot building that was 76 percent occupied at the time of sale. Both assets were built in 1970. Mike Yeggy and Ross Simpson of Colliers represented the seller, Asset Management Group. The buyers, two private investors, plan to redevelop the properties.
DALLAS — Greysteel has arranged the sale of Prospect Avenue Apartments, a 20-unit multifamily property in Dallas. The property was built in 1945 and renovated in 2018. Doug Banerjee, Boyan Radic, Andrew Mueller, Andrew Hanson, Scott Simon and Jack Stone of Greysteel arranged the transaction on behalf of the seller. Other terms of sale were not disclosed.
SAN DIEGO — Omninet has completed the sale of Cornerstone Plaza, an office campus located at 6160 and 6170 Cornerstone Court East in San Diego’s Sorrento Mesa submarket. Bridge Investment Group acquired the property for $18.8 million. Built in 1996 and situated on 5 acres, Cornerstone Plaza consists of two buildings offering a total of 97,316 square feet of office space. At the time of sale, the property was 67 percent occupied by a variety of tenants, including Broadcast Company of America, Robbins Research International and Bentley Systems. The buildings are joined by a furnished outdoor gathering space with water features, landscaping and collaborative spaces. Kevin Shannon, Brunson Howard, Paul Jones, Ken White, Rick Stumm and Andrew Pascale of Newmark Knight Frank’s U.S. Capital Markets represented the seller, while Bridge Investment Group was self-represented in the deal.
SPARKS, NEV. — San Diego-based MG Properties Group has purchased Caviata at Kiley Ranch Apartments, a multifamily property located at 950 Henry Orr Parkway in Sparks, for an undisclosed price. The community features 184 units in a mix of two- and three-bedroom townhouse floor plans, averaging 1,600 square feet. Each unit features direct-access garages, open-concept floor plans with fully equipped kitchens, full-size washers and dryers, fireplaces and patios or balconies. Community amenities include a pool, spa, barbecue lounge area with fire pits, picnic area with gas barbecues, and a fitness center. The Blomsterberg Group of Marcus & Millichap and the Jones-Saglimbeni Group of Institutional Property Advisors represented the undisclosed seller. Brian Eisendrath and Cameron Chalfant of CBRE arranged acquisition financing for the transaction.
TORRANCE, CALIF. — CalBay Development has acquired a freeway-oriented land site located at the northwest corner of 190th and Western avenues in Torrance. Irvine, Calif.-based Sares-Regis sold the 5.3-acre development site for $12 million. CalBay plans to develop the site into hotel, health club, retail and/or restaurant uses. The site was part of a 110-acre Toyota Headquarters, which was recently vacated. The campus comprises 18 buildings with more than 2 million square feet of office and industrial space. The campus served as Toyota’s North American headquarters since 1967 until it was sold to a partnership led by Sares-Regis. Jeff Adkison and Geoff Tranchina of JLL arranged the transaction.