Property Type

JLL Arranges 43,000 SF Industrial Sublease in Houston

by Taylor Williams April 14, 2017

HOUSTON — JLL has negotiated a 43,000-square-foot industrial sublease at Beltway Crossing Park in Houston on behalf of the subtenant, American Door Products Inc. Located at 7505 Bluff Point Drive, Beltway Crossing Park is an 86,823-square-foot industrial property that features dock-high and grade-level loading doors and 24-foot clear heights. David Buescher of JLL represented American Door Products Inc. in the lease transaction. Walker Barnett and Patrick Sentner of Colliers represented the sublandlord, The Newdell Co., a Houston-based valve manufacturer.

April 14, 2017

Fulton Supply Opens $12M Loft Adaptive Reuse Project in Downtown Atlanta

by John Nelson April 14, 2017

ATLANTA — Fulton Supply Co., an Atlanta-based distributor of industrial equipment and machinery, has converted its former warehouse in downtown Atlanta’s Castleberry Hills neighborhood into loft-style residences. Situated at 342 Nelson St. S.W. near the new Mercedes-Benz Stadium, Fulton Supply Lofts is a $12 million adaptive reuse project offering 74 one-, two- and three-bedroom lofts and covered deck parking. Fulton Supply moved its operations from the warehouse to Stone Mountain, Ga., after 94 years of occupancy. Rents in the apartment community range from approximately $850 to under $2,500 per month. Construction began on the three-story property in early 2015. The project is currently 70 percent occupied, according to Spring Taylor of Provence Real Estate LLC and leasing director at Fulton Supply Lofts. Lofts average 1,000 square feet per unit and include LED lighting, Energy Star appliances and low-flow plumbing, as well as original architectural features such as iron staircases, floor-to-ceiling windows, exposed brick walls and hardwood floors. Joel Roth, president of Fulton Supply Co., financed and oversaw the conversion with a focus on preserving as much of the warehouse as possible while creating affordable housing.

April 14, 2017

Michigan Midwest Office

Marcus & Millichap Negotiates $16.5M Sale of Office Building in Lansing, Michigan

by Kristin Harlow April 14, 2017

LANSING, MICH. — Marcus & Millichap has negotiated the sale of One Michigan Avenue in Lansing for $16.5 million. The 10-story, 154,000-square-foot office building is located at the southeast corner of Washington Square and Ottawa Street. The building was constructed in 1983. At the time of sale, One Michigan Avenue was 98 percent occupied by law firms, a bank, an insurance company and government tenants. John Godwin and Richard O’Connor of Marcus & Millichap represented the seller, a Lansing-based partnership. Godwin procured the buyer, a regional investment group.

April 14, 2017

Midwest Multifamily Ohio

Construction Underway for $9.6M Redevelopment of Historic School in Nelsonville, Ohio

by Kristin Harlow April 14, 2017

NELSONVILLE, OHIO — The transformation of the former Nelsonville High School Complex into an affordable housing property is about one-third complete. The $9.6 million redevelopment project undertaken by The Woda Group Inc. saved the historic school from demolition. Located at 189 Fayette St., about 60 miles southeast of Columbus, the complex consists of two adjoining buildings built in 1907 and 1924. The new apartment homes will include 33 one- and two-bedroom units, and feature open concept kitchens, energy-saving appliances and individual heating and cooling. Some apartments will retain original chalkboards and classrooms for closet space. The project is slated for completion this fall.

April 14, 2017

Midwest Missouri Retail

Hanley Brokers $3.4M Sale of Retail Building on Pad Site in Grandview, Missouri

by Kristin Harlow April 14, 2017

GRANDVIEW, MO. — Hanley Investment Group Real Estate Advisors has brokered the sale of an 8,000-square-foot retail building on a pad site in Grandview, 14 miles south of downtown Kansas City, for $3.4 million. The multi-tenant building is located at 12410 S. U.S. Highway 71 in Truman’s Marketplace shopping center. The building is 100 percent occupied by T-Mobile, McAlister’s Deli and KC Speed Nails. Jeff Lefko and Bill Asher of Hanley Investment Group represented the seller, a private developer based in Kansas City. John Stafford of Colliers International represented the buyer, a Thousand Oaks, Calif.-based private investor.

April 14, 2017

Michigan Midwest Multifamily

Friedman Arranges Sale of 64-Unit Multifamily Building in Mount Clemens, Michigan

by Kristin Harlow April 14, 2017

MOUNT CLEMENS, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of Holiday Garden Apartments in Mount Clemens, about 25 miles north of Detroit. The sales price was not disclosed. The 64-unit property is located at 115 N. River Road. J and G Investments purchased the property from Mt. Clemens Properties LLC. Peter Jankowski of Friedman represented both parties in the transaction.

April 14, 2017

Industrial Michigan Midwest

Colliers Brokers Sale of 62,900 SF Industrial Facility in Detroit Suburb

by Kristin Harlow April 14, 2017

WARREN, MICH. — Colliers International has brokered the sale of a 62,900-square-foot industrial facility in Warren, a suburb of Detroit. The sales price was not disclosed. The building is located at 25200-25700 Malvina Ave. A large portion of the building is currently leased to TVI Logistics, a specialty warehousing and distribution company. Gary P. Grochowski, Justin Francek and Bryan Barnas of Colliers represented the undisclosed seller in the transaction.

April 14, 2017

Northeast Pennsylvania Retail

Metro Commercial Brokers Leases for Six New Target Locations in Philadelphia

by Haisten Willis April 14, 2017

PHILADELPHIA — Metro Commercial Real Estate has brokered leases for six small-format Target stores in Philadelphia. The company’s Steve Niggeman and Tom Londres represented Target in the following leases: Lincoln Square: Store opening in October 2018 at 1000 S. Broad St. Alterra Property Group and Kimco Realty Corp. will be the owners of the 36,000-square-foot location. Northern Liberties: Store opening in July 2018 at 456 N. 5th St. Alliance Partners HSP will own the 47,000-square-foot location. Ivy Ridge Shopping Center: Store opened in March at 7162 Ridge Ave. Brixmor Property Group owns the 47,000-square-foot location. 2100 Pennsylvania Ave.: Store opening in October. Range Properties will own the 32,000-square-foot location. 1122-28 Chestnut St.: Store opened in July 2016. Brickstone Co. owns the 19,000-square-foot location. 1900-06 Chestnut St.: Store opened in October 2016. Pearl Properties owns the 23,000-square-foot location.

April 14, 2017

Mixed-Use Multifamily New York Northeast Retail

Bestreich Realty Arranges $11.4M Sale of Mixed-Use Building in NYC

by Haisten Willis April 14, 2017

NEW YORK CITY — Bestreich Realty Group has arranged the $11.4 million sale of a six-story mixed-use building in the Williamsburg neighborhood of Brooklyn. The property is located at 66 Graham Ave. and features 30 rent-stabilized apartments and six retail spaces including two clothing stores, a jewelry store, a 99-cent store, a barbershop and a newsstand. The 25,900-square-foot building was built in 1925. Bestreich Realty Group’s Luke Sproviero and Derek Bestreich represented both the buyer, local investor Morris Weinberg, and the seller, father and son clothing moguls Ruby and Victor Azrak, who had owned the building since 1986.

April 14, 2017

Loans New York Northeast Retail

Eastern Consolidated Secures $6M Refinancing Loan for Retail Center in NYC

by Haisten Willis April 14, 2017

NEW YORK CITY — Eastern Consolidated’s capital advisory division has secured a $6 million loan to refinance the ground lease for a 33,636-square-foot shopping center. The property is located at 945 White Plains Road in the Soundview neighborhood of The Bronx. Tenants at the center include Modell’s Sporting Goods, Party City and GameStop. Sam Zabala and Charles Han of Eastern Consolidated represented the borrower, M&M of Bruckner LLC, which is operated by the Modell family, and secured a loan from Signature Bank.

April 14, 2017

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