COLORADO SPRINGS, COLO. – The Shoppes on Academy, a 7,599-square-foot shopping center in Colorado Springs, has sold to an unnamed buyer for $4.1 million. The Class A center is located at 7252 North Academy Blvd. Notable tenants include Verizon, Floyd’s 99 Barber Shop and Five Guys Burgers and Fries. The seller was represented by Tom Ethington and Rob Edwards of Pinnacle Real Estate Advisors.
LOS ANGELES – A 24,000-square-foot industrial building in Los Angeles has sold to Sam Jung Enterprises for $3 million. The building is located at 1929 W. Pico Blvd. It was built in 1965. The space is fully occupied by Loomis, an armored car transport service. Sam Jung was represented by Chris Steck of Charles Dunn Company. The seller, Namco Liquidating Trust, was represented by Stacy Vierheilig-Fraser of the same firm.
SAN DIEGO – An 18-unit apartment complex in the North Park submarket of San Diego has sold to the Bill Shepard MD Trust for $3.2 million. The complex is located at 3946-52 Idaho Street. It was built in 1970. The trust was represented by CBRE’s Eric Comer. The seller, LenRae LLC, was represented by Terry Taylor of ACI Apartments.
FORT COLLINS, COLO. – Genesis Hospitality has subleased 20,000 square feet of industrial space in Fort Collins. The space is located at 1730 East Prospect Road. It was sublet from Advanced Energy. Jared Goodman and Jason Ells of Cassidy Turley and JLL’s Mike Deatly and Todd Roebken represented both parties in this transaction.
COLLEGE STATION, TEXAS — Midway, a Houston-based real estate and development firm, has begun construction on a mixed-use development known as Century Square. The project is being built in partnership with Texas A&M University. The development will feature more than 290,000 square feet of shopping, dining, office and entertainment space, along with two hotels. Century Square will occupy a 60-acre tract along University Drive between Texas Avenue and College Avenue. The project is scheduled for completion in fall 2016.
DALLAS — CBRE Capital Markets has brokered the sale of two uptown Dallas office buildings on behalf of Caddo Holdings LLC. The portfolio consists of 3500 Oak Lawn Ave. and 4245 N. Central Expressway. Westdale Real Estate Investment & Management purchased the assets for an undisclosed price. Eric Mackey and Gary Carr of CBRE’s Capital Markets Institutional Properties Group in Dallas represented the unnamed seller. 3500 Oak Lawn Ave. is a 101,541-square-foot office building constructed in 1980 at the intersection of Lemmon Avenue and Oak Lawn Avenue. 4245 N. Central Expressway is an 87,292-square-foot office building constructed in 1986 between the Knox/Henderson area and Fitzhugh Avenue.
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of The Carlton Apartment Homes, a 108-unit apartment complex located in Fort Worth. Mason Green of Marcus & Millichap’s Fort Worth office represented both the buyer and seller in the off-market transaction. J. Stark Capital purchased the property in a 1031 tax-deferred exchange. A Fort Worth-based partnership was the seller. The Carlton Apartment Homes is located at 6301 Woodway Drive in Fort Worth. The property was built in 1969 on six acres. Units range from 500-square-foot studios to 1,240-square-foot, three-bedroom units. The average unit size is 1,024 square feet. Amenities include on-site laundry facilities, security cameras and gated entry access. The buyer plans to spend $500,000 in capital expenditures to improve curb appeal and continue a unit upgrade program already in place.
INDIANAPOLIS — Tikijian Associates has brokered the $9 million sale of English Village Apartments, a 208-unit apartment community in Indianapolis. The property was built in 1987. Tikijian Associates represented the seller, a privately held real estate investment firm based in New York. The buyer was an affiliate of Birge & Held Asset Management LLC, an Indianapolis-based private equity and property management firm. The buyer plans to make upgrades to the unit kitchens and bathrooms by adding upscale flooring and appliances.
WESTMONT, ILL. — Darwin Realty & Development Corp. has arranged the sale of a 23,164-square-foot industrial building in Westmont. The property is situated on more than two acres located at 50 W. Ogden Ave. Built in 2005, the property features 7,200 square feet of office space and 18-foot to 24-foot clear ceiling heights. George Cibula and Noel Liston represented the seller, a private investor. Brian Butler of The Butler Group represented the buyer, Breen Horizon LLC, which plans to lease the property.
BELOIT, WIS. — The Boulder Group has brokered the $1.5 million sale of a single-tenant U.S. Cellular property in Beloit. The property is located at 2933 Milwaukee Road. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Wisconsin-based real estate investment company. The buyer was a Midwest-based private partnership. U.S. Cellular has 10 years remaining on its lease, which expires in January 2024.
