RALEIGH, N.C. — Insite Properties has brokered the sale of a 37,000-square-foot office building located at 5811 Glenwood Ave. in Raleigh. Built in 2000, the three-story office building was fully occupied by three tenants at the time of sale. Ben Kilgore and Jeff Glenn of CBRE | Raleigh, along with Ashton Williamson of CBRE | Hampton Roads, represented the seller, EOR-5811 Glenwood Avenue LLC. Insite Properties represented the buyer, an unnamed investment brokerage client, in the transaction.
Buoyed by a healthy economy, the Twin Cities industrial market has experienced strong demand for functional, 24- to 32-foot clear height space, with more companies expanding during the first three quarters of the year, according to Cushman & Wakefield | NorthMarq. The market posted nearly 1.3 million square feet of absorption in the first three quarters of 2014, a solid number. The overall vacancy rate for multi-tenant properties 20,000 square feet and above stood at 10.1 percent at the end of the third quarter, down from a high of 16.4 percent in 2010. The bulk/warehouse segment has posted the most leasing activity with 451,097 square feet of net absorption year-to-date, including 140,514 square feet in the third quarter, and a tight 9.2 percent vacancy rate. Office/warehouse absorption totaled 476,032 square feet year-to-date through the third quarter, and 391,676 square feet in the third quarter alone, lowering the vacancy rate in that segment to 9.6 percent. Office/showroom absorption totaled 359,687 square feet during the first three quarters of 2014, lowering the vacancy rate in that segment to 12.8 percent, the lowest since 2006 when it stood at 11.7 percent. The Northeast submarket posted 222,267 square feet of net absorption in the …
SAINT LOUIS PARK, MINN. — Marcus & Millichap has brokered the $1.4 million sale of Hampshire Apartments, a 16-unit apartment property in Saint Louis Park. The property is located at 2407 Hampshire Ave. S. Josh Talberg, Mox Gunderson, Dan Linnell and Chris Collins of Marcus & Millichap’s Minneapolis office represented the seller, an individual/personal trust, and the buyer, a limited liability company.
PERRYSBURG, OHIO — Reichle Klein Group has arranged the lease of a 30,000-square-foot retail building for Planet Fitness in Perrysburg, approximately 11 miles southwest of Toledo. The building is located within the Shoppes at South Boundary shopping center at 100 E. South Boundary St. The new fitness facility will open in the first quarter of 2015. Duke Wheeler and Kurt Pollex of Reichle Klein Group represented the tenant in the transaction.
AUSTIN, TEXAS — Trammell Crow Co., in partnership with Clarion Partners, has begun construction on two new buildings in Expo Business Park Phase II, a Class A industrial development in Austin. Phase II consists of two buildings totaling 239,205 square feet of warehouse, flex and manufacturing space. Expo 10 includes 109,203 square feet and Expo II spans 130,002 square feet. Each building will feature 28-foot clear heights, generous column spacing and 24 dock-high doors per building. Expo 10 and 11 will be complete in May 2015. Expo Business Park, located at 6231 E. Stassney Lane, includes 15.5 acres.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Garden Park Apartments, a 252-unit apartment property located in Arlington. Garden Park Apartments is located at 1609 Sherry Lane in Arlington with access to I-20 and I-30. Amenities at the complex include laundry facilities, 24-hour maintenance, a playground and school bus pickup. Garden Park was built in 1968 on 11 acres. Mark Allen, Alexander Skotarek and John Barker of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a limited liability company. Allen, Barker and Joshua Ross of the firm’s Encino office represented the buyer, a private investor.
WACO, TEXAS — Let’s Gel Inc., an Austin-based company, has acquired a 64,000-square-foot manufacturing facility on Precision Drive in Waco. The company, a developer of gel-filled floor comfort mats, plans to manufacture internally as part of a strategy to move toward vertical integration. A third-party manufacturer previously provided the company’s production services The company is investing $3.5 million in the building, including the purchase price, for improvements along with machinery and equipment. Let’s Gel plans to create 35 jobs over a three-year period.. H. Bland Cromwell brokered the transaction.
HOUSTON — HFF has arranged the sale of Sam Houston Crossing I, a Class A office building totaling 159,175 square feet in northwest Houston. HFF marketed the property on behalf of the sellers, Duke Realty Corp. and Chambers Street properties. SH Crossing I LP, a joint venture between Fuller Realty Partners LLC and Independencia was the buyer. The property is located in Houston’s West Belt Corridor off Sam Houston Parkway at 10343 Sam Houston Park Drive. The three-story building was completed in 2007. The building is fully leased to tenants including U.S. Steel, Farmers Insurance Exchange, CH Robinson Project Logistic, Brock Enterprises Inc., Axon EP Inc. and AMEC Oil & Gas Inc. Dan Miller, Martin Hogan and John Rogers of HFF represented the seller.
KEARNY, N.J. — Cushman & Wakefield has brokered the sale of an industrial property located at 680 Belleville Turnpike in Kearny. The 135,115-square-foot property is 100 percent net leased to Pepsi, which utilizes the site as its Northern New Jersey distribution center. Situated on 11 acres, the property features 18,000 square feet of office space, 16 loading docks, 36-foot clear ceiling heights and a 117-space trailer storage. Russo Development sold the property to TIAA-CREF for an undisclosed price. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt of Cushman & Wakefield worked with Omer Mir Ahmed of Russo Development to represent the seller. The Cushman & Wakefield team also procured the buyer, who was represented in-house by Henry Dong.
LEBANON, N.H. — Starwood Hotels & Resorts Worldwide’s eco-wise Element brand has opened its first hotel in New Hampshire. Located at 25 Foothill Road in Lebanon, Element Hanover-Lebanon features 120 guestrooms, a 24-hour fitness center, an indoor saline swimming pool and a meeting room with modular furnishings. The hotel, which is managed by True North Hotel Group, is a key anchor of Altaria Business Park, a mixed-used complex being developed by Norwich Partners. Once complete, the complex will include 300,000 square feet of research and office space, 42,000 square feet of retail space, up to 160 residential units, and conservation land.