TAMPA, FLA. — Stan Johnson Co. has brokered the $17.9 million sale of a 119,884-square-foot retail property located at 7651 W. Waters Ave. in Tampa that is fully leased to BJ’s Wholesale Club, a membership-based warehouse retailer. BJ’s triple-net lease has more than 10 years remaining on its term. Joshua Pardue led Stan Johnson’s team in representing the individual seller in the transaction.
BIRMINGHAM, ALA. — Cushman & Wakefield has arranged the sale of Fix Play Lofts and Goodall-Brown Lofts, two mixed-use buildings located in downtown Birmingham’s central business district. Highland purchased both assets from affiliates of Sloss Real Estate for a combined $9.4 million. Together, the properties total 59 multifamily units and 20,577 square feet of ground-floor retail space. Jimmy Adams of Cushman & Wakefield represented the sellers in the transaction.
PLYMOUTH TOWNSHIP, MICH. — KIRCO/KIRCO MANIX has broken ground on an 80,000-square-foot manufacturing facility in Plymouth Township, about 30 miles west of Detroit. The building, located at 41144 Concept Drive, will be home to Oerlikon Metco Inc. Peter E. Kepic and Peter J. Kepic of Colliers International coordinated the project on behalf of Oerlikon Metco. The Switzerland-based industrial and technology solutions group plans to use this location for producing advanced titanium alloys and high-end thermal spray powders for the automotive, aerospace, agricultural and medical industries. The facility is slated for completion in the spring of 2018.
BOLINGBROOK, ILL. — S&S Activewear has signed a 28,746-square-foot office lease at 220 Remington in Bolingbrook. The imprintable clothing, accessory and uniform wholesaler will be moving its office staff to the new location while maintaining industrial operations at 581 Territorial Drive in Bolingbrook. Indevor Development purchased 220 Remington in the summer of 2016, and made renovations to the 81,000-square-foot property including a new parking lot, roof, HVAC system, lobby and elevators. John Millner and Ryan Moen of Bradford Allen negotiated the lease transaction on behalf of Indevor Development. Britt Casey and Ned Franke of Cushman & Wakefield represented S&S Activewear.
OAK PARK, MICH. — Soaring Pine Capital has provided a $1.7 million loan for the acquisition of an industrial portfolio in Oak Park, a northern suburb of Detroit. The borrower, Paramount Industrial Machining Inc. (PIMI), used the loan to purchase three industrial buildings formerly owned by Paramount Precision Products Inc. PIMI is a leading supplier of precision component machining for the automotive, industrial, service and aftermarket business segments.
MORTON GROVE, ILL. — Celtic Chicago Inc. has moved from Niles, Ill., to an 8,200-square-foot office in Morton Grove, a suburb of Chicago. The marketing agency now occupies the office location at 8120 Lehigh Ave. Jason Hall of Charlie Green Studio designed the interior of the one-story office. The layout, a combination of large and small meeting areas, encourages employee collaboration.
KALAMAZOO, MICH. — NewCraft Cabinetry has opened a 4,446-square-foot retail store at Hatfield Avenue in Kalamazoo. This will be the cabinetry company’s first retail location. Marc Tourangeau and Kara Schroer of NAI Wisinski arranged the lease transaction for the standalone store.
WATERTOWN, CONN. — Island Associates and EXP Realty have arranged the $4.3 million sale of a CVS/pharmacy in Watertown. Roger Delisle of Island Associates represented the buyer, while Daniel de Sa’ of EXP Realty Advisors represented the seller. The 13,000-square-foot net-leased property is located on 1.7 acres at 26 Davis St. More than 20 years remain on the lease. The unnamed buyer purchased the property utilizing a 1031 tax-deferred exchange.
NEW YORK CITY — Cushman & Wakefield has negotiated a 25,000-square-foot office lease in New York. C&W’s represented Callen-Lorde Community Health Center in securing a 20-year lease at 40 Flatbush Extension in downtown Brooklyn. Callen-Lorde, which is dedicated to meeting the healthcare needs of the LGBTQ community and those living with HIV/AIDS, will open its Brooklyn location in 2019. Carri Lyon and Mitzi Flexer of Cushman & Wakefield represented Callen-Lorde in the lease. Joseph Jemal of ISJ Management represented the landlord, 40 Flatbush Realty Associates.
BEAVER CREEK, COLO. — Ashford Hospitality Prime Inc. (NYSE: AHP) has acquired the 190-room Park Hyatt Beaver Creek Resort & Spa in Beaver Creek, Colo., for $145.5 million. The seller was not disclosed. The property amenities include ski-in and ski-out access; a heated outdoor pool and five outdoor hot tubs beneath a mountain waterfall; an outdoor fire pit; spa; fitness club; and onsite ski rental and boot fitting. The hotel also features 20,000 square feet of flexible indoor and outdoor meeting space, and dining options including a bar and grill, café and a complimentary s’mores happy hour held daily at the fire pit. Concurrent with the acquisition, Ashford Hospitality Prime received a $67.5 million, non-recourse mortgage loan. The financing features interest-only payments, and provides for a floating interest rate of LIBOR plus 2.75 percent with a two-year term and three one-year extension options. The property will continue to be operated as a Park Hyatt under a management agreement with Hyatt. Ashford Hospitality Prime is a real estate investment trust focused on investing in luxury hotels and resorts. The company’s stock closed on Friday, March 31 at $10.61 per share, down from $11.67 one year ago. — Katie Sloan
