FORT WORTH, TEXAS — Transwestern has negotiated a 224,800-square-foot industrial lease for Anchor Fabrication Ltd. at 4600 Blue Mound Road in Fort Worth. The Texas-based metal fabrication company also has a manufacturing facility at 1200 Lawson Road in Fort Worth. Transwestern’s Sarah LanCarte represented the tenant. The city of Fort Worth owns the industrial facility.
CEDAR HILL, TEXAS — Grimaldi’s Pizzeria will open a 6,500-square-foot location at Hillside Village (formerly Uptown Village at Cedar Hill) in the summer of 2016. Grimaldi’s will be located in the former Patrizio’s space on the north side of the property. This fall, Hillside Village implemented a campaign to court a Grimaldi’s location in the development. More than 220 community members signed an on-property banner calling for Grimaldi’s and more than 600 expressed their support for a Grimaldi’s by posting comments and videos on social media using the hashtag #HVWantsGrimaldis. Hillside Village recently completed a multi-million dollar renovation at the property, which includes a new children’s play area, village green promenade, new property signage, new shaded seating areas, upgraded landscaping and lighting, public art and façade renovations. In April 2015, Trademark Property Co. rebranded the property Hillside Village.
MAYFIELD HEIGHTS, OHIO — Senior Living Investment Brokerage Inc. (SLIB) has arranged the sale of Gates Mills Club, an independent living community in the Cleveland suburb of Mayfield Heights, for $12 million. Gates Mills contains 120 units and is located on a 1.7-acre plot. At the time of sale, the community was 88 percent occupied. The sales price, which equates to $100,000 per unit, represents a 6.7 percent capitalization rate. The community was built in 1979 as an assisted living facility. The seller, a private owner based in California, bought and remodeled the property for independent living in 2008. The buyer, also a private owner, is based in Kentucky. Ryan Saul, a managing director for SLIB, arranged the sale.
CHICAGO — MB Real Estate has brokered the $10.6 million sale of an industrial loft building in Chicago’s Lincoln Park neighborhood. The 90,000-square-foot building, located at 2065 N. Southport Ave., sits across the street from a 22-acre campus that was previously occupied by Finkl & Sons Co., the world’s leading supplier of steel processing. The campus is now one of the largest infill sites in the country. The four-story building features 22,500-square-foot floor plates and 12- to 15-foot ceilings. David Kimball of MB Real Estate represented the seller, Maclee Chemical Co., in the transaction. The buyer in the transaction was undisclosed. Maclee Chemical Co. was also the previous tenant but vacated the building upon the sale of the property. The facility, built in 1915, will be converted into creative office space.
WARRENVILLE, ILL. — Adelphia Properties has arranged the $4.5 million sale of a net-leased retail property in Warrenville, a western suburb of Chicago. The Gardner School is occupying the 16,069-square-foot building located at 28W611 Ferry Road. The facility was built in 2013, and The Gardner School has a long-term lease in place. George Spirrison and Simeon Spirrison of Adelphia Properties represented both parties in the transaction. The buyer was a 1031 exchange investor.
LAKE ZURICH, ILL. — Transwestern has negotiated a 55,488-square-foot lease for a manufacturing facility in Lake Zurich, approximately 40 miles northwest of Chicago. Alpha Tekniko, a developer and manufacturer of specialized healthcare patient support surfaces, will occupy the building located at 1290 Ensell Road. Alpha Tekniko has already moved a portion of the staff from its current headquarters located at 1000 Commerce Drive to the new location and expects to fully occupy the facility by the end of March. The property features 8,000 square feet of office space, 24-foot clear heights, four interior docks, three drive-in doors and parking for 64 vehicles. Thomas Boyle and Jared Paff of Transwestern represented the tenant in the transaction.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has arranged the lease of a 2,675-square-foot office building in Grand Rapids. Simple Truth Chiropractic is relocating to the building at 2757 Leonard St. NW from its current location at 831 Fuller Ave. The space is currently undergoing renovations, which are expected to be complete by the end of the first quarter. Mary Anne Wisinski-Rosely, Jason Makowski and Cameron Timmer of NAI represented the landlord, Leonard Street Properties LLC, in the transaction. Olga Halstead of Results by Olga represented Simple Truth Chiropractic.
HATTIESBURG, MISS. — Stirling Properties has purchased Turtle Creek Crossing, a 295,000-square-foot power retail center in Hattiesburg, for $48.1 million. The shopping center is the largest retail acquisition by Stirling Properties in its 40-year history. Built in 2007, Turtle Creek Crossing is located on US Highway 98 adjacent to Turtle Creek Mall. The center’s anchor tenants include Ashley Furniture, Bed Bath & Beyond, Ross Dress for Less, Old Navy, Books-A-Million and PetSmart. The property is shadow-anchored by Academy Sports + Outdoors, Target and Kohl’s and shares a lighted intersection with Sam’s Club and Walmart Supercenter.
HOOVER, ALA. — AloStar has provided a $16.8 million acquisition loan for The Cliffs at Rocky Ridge, a 323-unit apartment community in Hoover. AloStar provided the loan to Elmington Capital Group, a Nashville-based commercial real estate investment and development firm.
SAVANNAH, GA. — Colliers International’s Savannah office has brokered the $7.9 million sale of the iconic Realty Building in historic downtown Savannah. Built in 1921, the 10-story, 55,560-square-foot building is located at 24 Drayton St. The mixed-use property features ground-floor retail space leased to Rivers & Glen Trading Co. and Ameris Bank, as well as office space throughout the remainder of the building. The Realty Building was 95 percent leased at the time of sale. Ashley Smith of Colliers represented the seller, SCG II-Drayton LLC, in the transaction. Smith also leased the building on behalf of the previous owner. The buyer, 24 Drayton Street Properties LLC, was self-represented.
