FRANKLIN PARK, ILL. — Darwin Realty has brokered the sale of a 5,000-square-foot industrial building in Franklin Park for an undisclosed price. The property is located at 9129 Belden Ave. Amish Farmers, an organic foods retailer, purchased the property with expansion plans. The company, which sells meats, produce and other groceries, will use the property for warehouse space to supplement its retail outlet. Rollo Dace of Darwin represented the seller, Carbonara Enterprises.
PLAINVIEW, TEXAS — Lonestar Dirt & Paving has broken ground on The Plainview-Hale County Business Park, a 140-acre industrial development in Plainview, a city in West Texas roughly midway between Lubbock and Amarillo. The rail-served site, which is located along the Interstate 27 corridor, formerly housed a beef packing plant that closed in 2013. The timetable for completion of the project, which officially broke ground on Monday, April 23, is nine months.
LAKEWOOD, COLO. – New York-based Castle Lanterra Properties has purchased The Ranch at Bear Creek, a multifamily property located at 3324 S. Field St. in Lakewood, about seven miles southwest of Denver. The acquisition price and name of the seller were not released. Built in 1973, the property features 118 two- and three-bedroom townhomes, 54 two-bedroom units and 29 one-bedroom apartments. Community amenities include a remodeled clubhouse, newly constructed fitness center, two swimming pools, a business center, a spin and yoga room with fitness on demand, an outdoor grilling area with new gas grills, an outdoor lounge with gas fire pit and a recreation room.
BAKERSFIELD, CALIF. – The Mogharebi Group (TMG) has arranged the sale of Case Del Sol Apartments, a 205-unit multifamily community located at 2601 Fremont St. in Bakersfield. A San Fernando Valley, Calif.-based private investment group purchased the property for $12.2 million. Built in 1965, the gated community features a mix of studio and one-bedroom layouts, a swimming pool, 24-hour maintenance and a central laundry facility. Alex Mogharebi, Otto Ozen, Robin Kane and Mark Bonas of TMG represented the buyer and seller, a San Diego-based private investment group, in the deal.
LITTLETON, COLO. – CBRE has arranged the sale of MorningStar of Littleton, an 85-unit assisted living and memory care community in the Denver suburb of Littleton. A joint venture between Kayne Anderson Real Estate and MorningStar Senior Living acquired the property from an institutional investor for an undisclosed price. Lisa Widmier of CBRE’s National Senior Housing team represented the seller. Aron Will, also with CBRE National Senior Housing group, arranged $20.5 million in acquisition financing on behalf of the buyers. CBRE Multifamily Capital originated the 10-year, fixed-rate, interest-only loan through Fannie Mae. MorningStar has operated the property since its completion in 2006, and will continue to do so following the acquisition.
FEDERAL WAY, WASH. – The Andover Co./CORFAC International has arranged the sale of an industrial property located at 2835 S. 344th St. in Federal Way, about 22 miles south of Seattle. Khalsa Gurmat Center purchased the 10,578-square-foot building from Federal Way Campus LLC for an undisclosed price. Brian Bruinink, Mike Hemphill and Jim Bisset of Andover/CORFAC represented the seller, while Jeff Crane, also with Andover/CORFAC, represented the buyer in the deal.
ST. GEORGE, UTAH – Faris Lee Investments has brokered the sale of a single-tenant retail property located at 1596 S. Convention Center Drive in St. George. An undisclosed seller sold the building for $2.2 million. Jack in the Box occupies the 3,260-square-foot property on a triple-net leased basis. Joe Chichester, Thomas Chichester and Matt Brooks of Faris Lee represented the buyer, a Northern California-based private investor, while NAI Excel represented the seller.
SALT LAKE CITY — Newmark Grubb ACRES, a Utah-based brokerage firm, has arranged the sale of a portfolio of single-tenant retail properties leased to Codale Electric Supply Inc., a Salt Lake City-based distributor of electric, energy and lighting products. The sales price was $91.3 million. The portfolio includes nine properties, six of which are located in Utah. One of the assets is in Nevada (Elko), and two of the properties are in Wyoming (Rock Springs and Casper). Codale has a total of 13 retail locations throughout the western United States. According to Codale’s website, its stores range in size from 15,000 square feet to 54,000 square feet, not including the company’s 210,000-square-foot headquarters, which was one of the assets included in the portfolio sale. All totaled, the portfolio spans 476,500 square feet. Bryce Blanchard of Newmark Grubb ACRES represented the seller, Holt Properties, a real estate company owned and operated by the Holt family, which founded Codale Electric in 1975. Blanchard also procured the buyer, an undisclosed, out-of-state REIT. Sonepar, a French electronics distribution firm, acquired Codale in 2012. — Taylor Williams
Memphis ended 2017 with an overall vacancy rate of 14.8 percent, which is up slightly from where the year started at 14.5 percent — the highest level in three years. As the saying goes, “don’t judge a book by its cover,” and this especially applies to the Memphis office market. In 2017, 600,000 square feet of office space was absorbed. Developers also started 2017 with more than 1.2 million square feet of new office space in the pipeline, with 800,000 square feet delivered last year and the other 400,000 square feet expected to be delivered by the end of the first quarter this year. So within just six months, nearly 6 percent of Memphis’ total office market size was added to the overall available space. That is more new product being delivered than the city has seen in over a decade. Of this 1.2 million square feet, nearly 80 percent will come from adaptive reuse projects, where previously non-functioning properties located in non-core submarkets have undergone significant repurposing. The Sears Crosstown building was erected in 1927 as a 1.5 million-square-foot, mail-order processing warehouse and Sears retail store. The project was the largest building in Memphis at the time of its …
ROCHELLE PARK, N.J. — Colliers International has brokered the sale of a 218,500-square-foot multi-tenant office property, located at 365 West Passaic St. in Rochelle Park, for an undisclosed price. Rochelle Park is about three miles northwest of Hackensack. Colliers represented the seller, Onyx Equities and Garrison Investment Group in the transaction. The buyer was a structured joint venture between TAK Group and Bergman Real Estate Group. The property was 77 percent occupied at the time of sale to a tenant roster that included healthcare, financial services, engineering, retail and transportation.
