CARLSBAD, CALIF. — Bemer USA has purchased a 19,601-square-foot industrial flex building in Carlsbad for $2.5 million. The building is located at 1989 Palomar Oaks Way. It includes 5,000 square feet of warehouse space. Jeff Abramson of Lee & Associates represented Bemer USA. NGKF’s Brent Bohlken represented the seller, RM-USE LLC, in this transaction.
SAN ANTONIO — Port San Antonio has broken ground on Phase I of Project Tech, a $20 million project that will deliver a 90,000-square-foot facility that will be leased to various cybersecurity firms. The property, which is scheduled for 2018 completion, will anchor a larger office development that could span as much as 500,000 square feet across 17 acres. Suites in the building will start at 2,500 square feet per suite.
PLANO, TEXAS — Aircraft manufacturing firm Boeing will establish the headquarters of its newly formed global services division at Legacy West, a 250-acre, mixed-use development located at 5905 Legacy Drive in the Dallas-Fort Worth metro of Plano. The division, which will be operational in July, will serve as the central hub for more than 20,000 employees worldwide.
WACO, TEXAS — Dougherty Mortgage LLC, a Minnesota-based mortgage broker, has arranged an $11.1 million Fannie Mae loan for the acquisition of Blair’s Cove Apartments, a 256-unit multifamily property in Waco. The loan, which was arranged on behalf of Upper Level Acquisitions II LLC, features a 10-year term, 30-year amortization schedule and one year of interest-only payments. The property is located at 2425 S. 21st St., approximately two miles from Baylor University.
GRAND PRAIRIE, TEXAS — Bradford Commercial Real Estate, a Dallas-based brokerage and management firm, has negotiated the sale of Northridge Business Center, a 37,400-square-foot industrial flex building located at 2002-2006 State Highway 360 in the Dallas-Fort Worth metro of Grand Prairie. Michael Spain and Kevin Santaularia of Bradford Commercial represented the seller, Northridge LLC, in the transaction. Chapald-BC LLC, a New Mexico-based firm, purchased the property.
DALLAS — Marcus & Millichap has brokered the sale of Chiquita, a 24-unit apartment complex located at 3955 Mather Court in Cockrell Hill, an area within the North Oak Cliff neighborhood in west Dallas. Stephen Crittenden of Marcus & Millichap represented the buyer and seller in the transaction, both of whom were private investors. The property was presented as a distressed sale opportunity and offered at a 10.8 percent capitalization rate.
INDIANAPOLIS — Appliance, electronics and furniture retailer hhgregg Inc. is liquidating its assets. The United States Bankruptcy Court for the Southern District of Indiana approved the initiation of the liquidation process, which began April 8. As previously announced, Tiger Capital Group LLC and Great American Group LLC will conduct a sale of the merchandise and equipment located at the company’s retail stores and distribution centers. Headquartered in Indianapolis, hhgregg was unable to secure a buyer within the expedited timeline set by creditors after previously filing for Chapter 11 bankruptcy on March 6. The company expects to close all 220 stores by the end of May, resulting in about 5,000 layoffs across the country, according to The Indianapolis Star, the local newspaper. hhgregg has not disclosed a complete list of stores, but click here to see the previously announced store closings listed as part of the bankruptcy filing. Approximately 60 hhgregg stores are located in the Midwest.
CHICAGO — The Boulder Group has arranged the sale of Archer Station in Chicago for $24.3 million. The retail property is fully leased to four tenants including LA Fitness, Ross Dress for Less, AT&T Wireless and Athletico Physical therapy. The property is located at 2640 W. Pershing Road. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the seller, a Midwest-based real estate development company, and the buyer, an institutional investor.
MINNEAPOLIS — Doran Cos. and CSM Corp. have joined forces to acquire the General Mills Riverside Technical Center in Minneapolis for $15.8 million. The 8.7-acre site is located at 330 University Ave. The partnership expects to begin developing concepts for a multifamily housing project this year and to break ground next year. The partnership also negotiated a lease with General Mills for continued use of the space in the Riverside Technical Center building. The construction and architecture companies of Doran will design and build the project.
JANESVILLE, WIS. — Upper Lakes Foods has entered into a 100,063-square-foot industrial lease in Janesville, about 40 miles south of Madison. The distributor of fine food products will occupy the space located at 4298 Capital Circle. Bill Langhoff of Colliers International brokered the lease transaction.
