ANN ARBOR, MICH. — Colliers International Ann Arbor has arranged the sale of a 19,020-square-foot retail building located at 3601 Plymouth Road in Ann Arbor. Green Road Retail LLC purchased the property for an undisclosed sales price. The building will be redeveloped and house Plum Market’s second Ann Arbor location. Plans include the addition of an outdoor café and a Zingerman’s coffee bar. The proposed 25,484-square-foot store is expected to bring 125 jobs to the Ann Arbor market. Jim Chaconas and Brendan Cavender of Colliers International Ann Arbor represented the seller, Cleary College, in the transaction.
DALLAS — Marcus & Millichap has arranged the sale of Villas at Montierra, a 28 building, 357-unit apartment property built in 1984 in Dallas. Al Silva of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a limited liability company located in the state of Washington. Villas at Montierra is located at 1603 John West Road in Dallas just north of I-30. The property was recently renovated with new roofs and exterior paint. The new owners plan to make additional improvements to the interior and exterior of the apartments.
PORTAGE, IND. — Quantum Real Estate Advisors Inc. has brokered the $3.2 million sale of a 15,930-square-foot shopping center in Portage. Grand Pointe Plaza is located at 6532-6546 U.S. Highway 6. Some tenants at the property include Dunkin’ Donuts, Firehouse Subs and Boost Mobile. The shopping center was fully occupied at the time of sale. A Chicago-based private real estate investor purchased the property from a local development group. Chad Firsel and Conor Bossy of Quantum Real Estate Advisors Inc. represented the seller in this transaction.
HOUSTON — NAI Houston has brokered the sale of a 45,000-square-foot industrial warehouse in Houston’s East End submarket. Ashley-Jordyn Properties LLC purchased the property located at 5633 Old Clinton Dr. Clay Pritchett of NAI Houston represented the buyer. Bill Locher and Wes Williamson of The Locher Group represented the seller, Amtech International Inc.
ADDISON, TEXAS — Lee & Associates has arranged the lease of a 74,031-square-foot industrial space located at 3799-3801 Arapaho Road in Addison. Nathan Denton, Adam Graham, Mark Graybill and Corbin Blount of Lee & Associates’ Dallas/Fort Worth office represented the landlord, Lighting Propco I. Michael Carmichael of Colliers International represented the tenant, Encore Payment Systems, a company specializing in payment processing solutions.
SAN ANTONIO — Hartman Energy LLC, an affiliate of Hartman Short Term Income Properties XX Inc., has acquired the Energy Plaza I and II office buildings in San Antonio. The properties total 180,119 square feet and were constructed in the early 1980s. They were renovated in 2013 with upgrades including granite and marble flooring, cherry wood veneer panels and recessed lighting. At the time of sale the buildings were 95 percent occupied and anchored by a long-term lease with the San Antonio Petroleum Club. Todd Mills and Carrie Caesar of CBRE represented the seller, BRI 1841 Energy Plaza LLC, a subsidiary of Accesso Partners LLC, in the transaction. Dave Wheeler, Julian Kwok and Russell Turman represented the buyer.
LAFAYETTE, LA. — CBL & Associates Properties Inc. and Stirling Properties have formed a joint venture to develop Ambassador Town Center in Lafayette. The 58-acre site at Caffery Parkway and Kaliste Saloom Road will house the 425,000-square-foot shopping center. The property’s tenant roster will include Costco, Dick’s Sporting Goods, Field & Stream, Marshalls, HomeGoods, Nordstrom Rack, Off Broadway Shoes, Chuy’s, Panera Bread and Freddy’s Frozen Custard & Steakburgers. Construction is set to begin this month and the property is slated to open in March 2016. Ambassador Town Center is expected to create 2,200 construction jobs and 1,000 permanent jobs.
CHARLOTTE, N.C. — Grubb Properties has partnered with New York Life Real Estate Investors to acquire a 19-story office building in Uptown Charlotte. The partnership purchased the 405,000-square-foot office tower located at 525 N. Tryon St. from Parkway Properties Inc. for an undisclosed price. The office tower is located adjacent to the new SkyHouse apartment tower that Grubb is developing with Novare Group and Batson-Cook Development Co. The office building features a conference center, café, on-site management, 24-hour security surveillance and a vacant restaurant site.
NORFOLK, VA. — CBRE Hotels has brokered the sale of 11 upscale select-service and extended-stay hotels in the Southeast. Noble Investment Group purchased the portfolio from McKibbon Hotel Group Inc. for an undisclosed amount. The portfolio spans 1,308 rooms in five states and includes brand affiliations with Marriott and Hilton. McKibbon Hotel Management Inc. will continue to manage the portfolio. Doug Henkel, Lew Miller, Andy Wimsatt, Lisa Zaranek, Ron Danko and Kym Halsted of CBRE Hotels represented McKibbon Hotel Group in the transaction. CBRE Capital Markets provided acquisition financing on behalf of Noble Investment Group.
RALEIGH, N.C. — ARA has brokered the sale of Lexington Farms, a 188-unit garden-style apartment community in northwest Raleigh. The property is situated between Rex Healthcare and Crabtree Valley Mall near I-440. Sean Wood, Blake Okland, Dean Smith and John Heimburger of ARA represented the seller, Church Street Partners LLC, a private real estate investment firm based in Raleigh. The buyer, Chicago-based Redwood Capital Group LLC, purchased Lexington Farms for an undisclosed price. The apartment community was 96 percent occupied at the time of sale and 70 percent of the unit interiors were recently renovated. Redwood Capital plans to invest $800,000 to continue the renovations.