SPRINGFIELD, MO. — Marcus & Millichap has arranged the $2.9 million sale of TGI Friday’s, an 8,000-square-foot net-leased property located in Springfield. The property is located at 3242 S. Stewart Ave. Chad Lieber and Dominic Sulo of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor. Brett Chetek, a broker in Marcus & Millichap’s St. Louis office, assisted in closing the transaction.
SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of an 11,558-square-foot office building in Southfield. The property is located at 18860 W. 10 Mile Road. The seller, Beeson Commercial, sold the building to Dr. Noah Levi, Dr. Oleg Krivichkin and Dr. Randall Shaw, who are expanding their adjacent Dental Practice into a full-service Dental Clinic. Dan Verderbar and Robert Moon of Brokerage Friedman represented both the seller and the buyer in the transaction.
DES PLAINES, ILL. — Transwestern has arranged the lease of a 25,573-square-foot industrial space in Des Plaines. Deco Salon Furniture Inc. has leased the space located at 1757 Marshall Drive. John Joyce and Ryan Phillips of Transwestern represented Deco Salon Furniture in the transaction. Rick Daly and Adam Haefner of Darwin Realty represented the building owner, TA Associates.
SAN DIEGO — Drawbridge Realty has purchased Spectrum Corporate Center Campus, a 182,870-square-foot office campus in San Diego, for $61 million. The campus is located at 9388 Lightwave Ave. in the Kearny Mesa submarket. The three-building campus is triple-net leased to Northrop Grumman Systems Corporation, a wholly owned subsidiary of Northrop Grumman Corporation. The sellers, Real Estate Capital Partners and IVG Institutional Funds, were represented by Michael Roberts and Brunson Howard of Cushman & Wakefield.
LAS VEGAS — LogistiCenter Cheyenne, a 381,804-square-foot distribution facility, has broken ground in Las Vegas. The new facility will be located at 4025 East Cheyenne Ave. It is two miles east of Interstate 15, and within a one-day drive of Los Angeles, Phoenix and Utah. LogistiCenter Cheyenne is scheduled for completion this October. It is being developed by Dermody Properties, which has developed more than 4 million square feet in this market since its first Las Vegas facility was built in 1974. The facility is being built by United Construction Company. Hillwood Investment Properties is the strategic financial partner on the project. It is being marketed by Susan Borst and Dan Doherty of Colliers International Las Vegas.
LAS VEGAS — Infinity Realty Advisors has purchased the combined Grandview and Sunwood apartments in Las Vegas for an undisclosed sum. The complex is located at 4255 W. Viking Road. The complex contains a total of 708 units. It is the largest apartment deal in Las Vegas so far this year, according to Infinity Realty. The complexes were built in 1981 and 1985. The occupancy rate is currently 96 percent. The properties were formerly supervised by two separate management companies. They will be renamed the Viridian and Topaz apartments. The assets will be managed by Sunrise Management. Infinity Realty Advisors was formed jointly by Asia Pacific Company and Jiangxi Hengmao Real Estate Development Co. Asia Pacific manages several properties in Las Vegas.
SAN DIEGO — Ed Colson Jr. and Michael Campbell have opened InvestCore Commercial, a boutique investment advisory firm focused on net leased investments. The new office is located at 3910 West Point Loma in San Diego. The two brokers have more than 20 years of experience in the net-lease investment field. They were both formerly with DTZ / Cassidy Turley. InvestCore Commercial will focus on the acquisition and disposition of retail properties nationwide. Clients include private investors, 1031 and 1033 exchange buyers, developers, franchisees, REITs and institutional investment funds. Though the firm specializes in single-tenant, net-leased properties with high credit and low risk, Campbell believes he and his partner’s expertise can help investors identify deals they may not have otherwise considered.
ANAHEIM, CALIF. – A 0.79-acre site in Anaheim that is net leased to Starbucks has sold to a local real estate investment group for $2.9 million. The property is located at 1200 Harbor Blvd. It is the only drive-thru Starbucks pad in the trade area, and enjoys close proximity to Disneyland, California Adventure and the 91 freeway. The property sold at a cap rate of 3.27. This was the lowest cap rate for a drive-thru retail pad in Southern California, according to CBRE’s Arthur R. Flores, who represented the seller, another locally based real estate investment company, in this transaction. The firm’s Tim and Justin McMahon served as the landlord’s leasing agents at the time of the sale.
WASHINGTON, D.C. — Capital One Bank has closed a $90 million construction loan for Grosvenor America’s new mixed-use development in Washington, D.C.’s Capital Riverfront District. The project, named F1RST, will be located adjacent to Nationals Park baseball stadium. F1RST, will span 300,000 square feet and comprise a 13-story apartment building, 170-room Residence Inn by Marriott and 22,000 square feet of retail space. The multifamily component will feature amenities such as a rooftop swimming pool and hot tub, outdoor kitchens, fitness center, lounge, courtyard garden, pet spa and concierge services. Grosvenor Americas has executed leases with Taylor Gourmet and Chop’t for the retail portion. The project team includes contractor Clark Construction Group and McCaffery Interests. Capital One plans to hold $50 million of the loan and is syndicating $20 million each to United Bank and TD Bank. Sadhvi Subramanian and Brian Gormley of Capital One’s Washington office originated the loan on behalf of Grosvenor Americas.
Texas has been a beacon of light during our country’s recent bout of recession. No doubt, this has to do with our business-friendly regulations and the physical space and capacity for business growth. Our economy is growing stronger every day. This past March, the United States Bureau of Labor and Statistics (BLS) released the latest employment numbers, and Regional Commissioner Stanley W. Suchman pointed out that the Dallas/Fort Worth (DFW) area ranked first in the rate of job growth and third in the number of jobs added among the country’s largest metropolitan areas. DFW’s largest growth last year was in the professional and business services sector, as 33,000 jobs were added. Other growth sectors included trade, transportation and utilities (30,500 jobs), education and health services (19,200 jobs), and leisure and hospitality (17,300 jobs). It is hard to open the business section of the morning paper anymore without seeing news of a company relocating to the DFW Metroplex, bringing along the promise of thousands of jobs. As a result, commercial real estate is booming in north Texas. Dallas/Fort Worth International Airport is an important force behind Texas’ growth and a contributor to one of the nation’s most prosperous and vital economies. …
