PHOENIX — LKQ Corp. has leased 46,054 square feet of additional space at Canal Crossing Logistics Center. The building is located at 5670 S. 32nd St. The company now occupies the entire 155,114-square-foot building. LKQ Corp. is an international provider of replacement systems, components, equipment and parts to repair and accessorize automobiles, trucks and recreational and performance vehicles. CBRE’s Mike Parker and Evan Koplan and Jacob Bobek of Avison Young represented LKQ. Jeff Conrad and Allen Lowe, principals with Lee & Associates represented the landlord, Bixby Land Co.
ANTIOCH, CALIF. — The Covington Group has purchased a 650,000-square-foot industrial facility in Antioch, located in San Francisco’s East Bay region. The two-building property is currently 85 percent leased. The Antioch submarket is known for its logistics groups, warehouse users and light manufacturing companies. This is due to its lower facility costs, a reliable supply of labor and a lower cost of living as compared to San Francisco and Oakland. Covington was attracted to the asset because it allowed the firm to purchase a near-stabilized asset at a discount to replacement cost.
FORT WORTH, TEXAS — The Nashville office of Doster Construction Co., along with Mainstreet, broke ground Oct. 8 on a $19.3 million seniors housing property in Fort Worth. This is the first project between Doster and Mainstreet, a national real estate developer located in Carmel, Ind. The property will include 94 beds, 69,355 square feet and will provide transitional care (short-stay rehabilitation and therapy) and assisted living. The project is expected to be complete by October 2016. As a transitional care center, the property will offer hospitality-oriented care with amenities such as a therapy gym, outdoor rehabilitation courtyard, movie theater, game room, spa, on-site chef and more.
BOSTON — Equus Capital Partners Ltd., a private equity fund manager, has sold 18 Tremont Street in Boston to an affiliate of DLJ Real Estate Capital Partners for $77.5 million ($384 per square foot). The 12-story, 202,033 square-foot office/retail property was 88 percent leased at the time of sale. Frank Petz and Matt Sherry of Jones Lang LaSalle’s Boston office represented the seller and buyer in the transaction. Equus acquired the property in 2007 on behalf of one of its value-add funds, BPG Investment Partnership VIII and VIIIA LP (a $550 million dollar equity fund), and has since worked to modernize the 100-year-old U-shaped building.
TOMBALL, TEXAS — David Alexander of Newcor Commercial Real Estate has arranged the purchase and assemblage of four off-market land tracts totaling 37.8 acres near FM 2978 on Bogs Road in Tomball. The site is just south of The Woodlands. Alexander represented the buyer, J. Alan Kent Development, who plans to develop a residential community on the property.
SANGER, TEXAS — Drever Capital Management has acquired Trails of Sanger, a 98 percent occupied, 208-unit apartment community in Sanger, from InterCapital Partners. Brian O’ Boyle Sr. and his son, Brian O’ Boyle Jr., with ARA Newmark, brokered the transaction for InterCapital. A prior relationship with lenders Pillar Finance and Fannie Mae also helped Drever Capital assume the existing Fannie Mae loan on Trails of Sanger, according to Darby Keele, asset manager for Cohen Financial LLC of Overland Park, Kan., Fannie Mae’s delegated underwriter on the debt.
MANCHESTER, N.H. — Brady Sullivan Properties and Anagnost Cos. have purchased the former Osram Sylvania Plant on South Willow Street in Manchester. The two Manchester-based companies will redevelop the location from an industrial building to Class A retail space. This multi-retailer space will total approximately 300,000 square feet, with an anchor space of 50,000 square feet, and will include ample parking. This project will bring both jobs and approximately $1.5 million in tax revenue to the city after its completion in late 2016.
SUSQUEHANNA, PA. — Bayer Properties and Clarion Partners have acquired The Shoppes at Susquehanna Marketplace, a 110,384-square-foot outdoor fashion center located in Susquehanna. Developed in 2004 and located at the intersection of Interstates 81 and 83 in Susquehanna, an affluent suburb of Harrisburg, Pennsylvania, The Shoppes at Susquehanna Marketplace features a variety of national and regional tenants, including Athleta, Banana Republic, Williams-Sonoma, J. Crew Factory, LOFT, White House | Black Market, Harvest Seasonal Grill & Wine Bar, Romano’s Macaroni Grill and Starbucks. Bayer Properties will lead leasing, property management and marketing efforts. This represents the first joint venture between Bayer Properties and Clarion.
ALTOONA, PA. — Sands Investment Group (SIG) has arranged the $12.2 million sale of a single-tenant Carmike Cinemas in Altoona to Agree Realty Corp., a REIT primarily engaged in the acquisition and development of net-leased retail properties. Max Freedman and Chris Sands of SIG represented the developer, who worked strategically with the firm to sell the building prior to completion of development. The property was in escrow for nine months prior to closing with the sale set to close upon the cinema’s opening. The 120,000-square-foot, 12-screen Carmike theatre was a build-to-suit planned as part of the Convention Center Commons shopping center that will include a 99-room Holiday Inn Express, offices, restaurants and shops. The cinema, located at 234 Convention Center, will open in late 2015.
DALLAS — Lee & Associates has completed a lease transaction for a 33,810-square-foot space located at 3000 W. Commerce St., Suite 110, in Dallas. Lee & Associates represented both the landlord and tenant in the transaction. Adam Graham and Mark Graybill represented the landlord, First Industrial Realty Trust. Reid Bassinger represented the tenant, Summit Direct Mail.