OXFORD, OHIO — Marcus & Millichap has brokered the $1.2 million sale of a Verizon Wireless store located at 4965 College Corner Pike in Oxford. The 1,800-square-foot property, constructed in 2016, is leased to Verizon for 10 years. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap arranged the transaction on behalf of the seller, an Arizona-based merchant developer, and secured the buyer, an Ohio-based 1031 exchange investor.
FREMONT, CALIF. — Conor Commercial Real Estate and American Realty Advisors (ARA) have broken ground on Pacific Commons Industrial Center, a distribution center located at the southwest corner of Cushing Parkway and Bunche Drive in Fremont. Slated for completion in second-quarter 2019, the 814,852-square-foot logistics and fulfillment center will feature 36-foot clear heights, cross-dock configurations, an ESFR sprinkler system, 141 dock doors, 143 trailer parking stalls and flexible office space. Designed to achieve LEED Silver certification, the property will also feature 68 electric vehicle charging stations. Situated on 41 acres, the property is in close proximity to interstates 880 and 680, Warm Springs BART station and Pacific Commons Shopping Center. The developers have retained Rob Shannon, Chip Sutherland and Doug Norton of CBRE to market the property for lease.
LAS VEGAS — Colliers International has arranged the sale of a retail property located at 2827 Paradise Road in Las Vegas. Stirling Club LLC acquired the property from JDLB LLC for $12.4 million. Stirling Club occupies the 73,576-square-foot property. Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the seller in the deal.
RICHLAND, WASH. — CBRE Capital Markets’ Debt & Structured Finance team has secured $11.3 million in financing for The Commons at Innovation Center, an apartment complex located at 2894 Salk Ave. within the Tri-Cities Research District of Richland. The borrower is The Commons Apartments LLC. Built in 2017, the 95,102-square-foot apartment complex features four three-story residential buildings with a clubhouse/leasing office, fitness facility and an outdoor patio with swimming pool, hot tub, outdoor gas fireplace and grill area. The property features 150 units in a mix of studio, one- and two-bedroom layouts, averaging 634 square feet. David Stinebaugh of CBRE’s Seattle office arranged the long-term, fixed-rate loan, which was financed with Freddie Mac’s lease-up refinancing program. Tri-Cities Research District is a 1,700-acre research park with major property owners such as Battelle, U.S. Department of Energy, the Port of Benton and Washington State University.
SCOTTSDALE, ARIZ. — NAI Horizon has arranged the sale of a flex building located at 8445 E. Hartford Drive in Scottsdale’s Airpark submarket. C.R.C Investments LLC sold the property to Proverbs 3:5 LLC for $6.3 million. The buyer plans to convert the 30,000-square-foot property into a music venue. Troy Giammarco and Tyler Smith of NAI Horizon represented the seller, while Steve Burger of CRE Property Advisors represented the buyer in the transaction.
EL CAJON, CALIF. — Voit Real Estate Services has brokered the sale of a two-building industrial property located at 680 W. Bradley Ave. and 1675 N. Johnson Ave. in El Cajon. Simmons Family Trust acquired the property from Actus Holdings for $3.3 million. The buyer plans to use the property, which totals 21,058 square feet, as a warehouse/distribution center for Bicycle Warehouse. The new acquisition will be Bicycle Warehouse’s eighth location and will house the company’s corporate offices, distribution warehouse and central service center. Randy LaChance and Greg Marx of Voit represented the seller, while Chris Duncan, also of Voit, represented the buyer in the transaction.
LAS VEGAS — The Las Vegas industrial market was built on supporting the city’s tourism and hospitality industry, which brings in nearly $60 billion per year, according to a study by Applied Analytics. But in recent years, the segment has evolved and grown thanks to the emergence of e-commerce and the harsh market conditions of nearby Southern California. A panel at the InterFace Las Vegas Industrial conference, held at the Four Seasons Hotel in Las Vegas on April 24, brought together eight regional developers and owners to discuss the changing state of the Las Vegas industrial market in 2018. Included on the panel were Michael Dermody, CEO at Dermody Properties; Taylor Arnett, vice president at CapRock Partners; Kevin Higgins, senior vice president and partner at CBRE; Doug Roberts, partner at Panattoni Development Co.; Fritz Wyler, managing director at Prologis; Rod Martin, director of development at Majestic Realty Co.; and Jordan Schnitzer, president at Harsch Investment Properties. Phil Ralston, president at American Nevada Co, moderated the panel. “Historically, the Southwest [Las Vegas] submarket has brought a premium in rents [compared] to what you see in the other submarkets, and 80 percent of the tenant base there is doing business on the …
CHICAGO — A private fund sponsored by Brookfield Asset Management (NYSE: BAM) has purchased 175 West Jackson, a 22-story office tower in downtown Chicago’s Central Loop district, for $305 million. JLL Capital Markets represented the seller, a high-net-worth European family advised by Extell Development. Built in 1912 and designed by Chicago-based architect Daniel H. Burnham, the Class A office tower spans 1.4 million square feet, encompassing a full city block. The property features rooftop decks, conference facilities and a recently renovated, 7,500-square-foot athletic club. The building also features retail and dining space, including Starbucks Coffee, Fifth Third Bank and CVS on the street level. The office tower provides tenants access to public transit and is one block from the Brown, Red, Blue, Pink and Purple El lines. The building is also within walking distance to Chicago Union Station and Ogilvie Transportation Center. Extell Development invested heavily in the redevelopment of 175 West Jackson after purchasing the neo-classical building in the late 1990s, according to Crain’s Chicago. The redevelopment included the addition of a two-story atrium lobby, exterior restoration and common area upgrades, according to Extell’s website. Lucien Lagrange Architects Studio designed the upgrades to include wood, granite, marble and metal …
HOUSTON — A partnership between PMRG and National Real Estate Advisors LLC has refinanced 3737 Buffalo Speedway, an 18-story, 383,777-square-foot office tower located in the Greenway Plaza submarket of Houston. The partnership developed the Class A building in 2016. At the time of the loan closing, 3737 Buffalo Speedway was 73 percent leased to tenants such as FKP Architects, Solvay America and HCA Gulf Coast Division. Amenities include a fitness center, conference center, structured parking and a full-service restaurant operated by chef John Besh. Wally Reid and Matthew Putterman of HFF secured the three-year, floating-rate loan, proceeds of which will be used to complete leasing and pay off existing debt.
AUSTIN, TEXAS — A partnership between two limited liability companies, 1500 RHD LLC and GV&A 4 LLC, has acquired Las Colinas Apartments, a 177-unit multifamily community in Austin. The loan features a 9.75-year term and a 30-month amortization schedule. Dougherty Mortgage arranged an undisclosed amount of acquisition financing for the transaction.
