CHANDLER, ARIZ. – The Delta Corporation has acquired 15.3 acres of commercial land in Chandler for $2.7 million. The land is located at the southeast corner of Frye Road and Ellis Street. Delta plans to develop a mixed-use project on the site. Rick Danis and Paul Boyle of Cassidy Turley represented both the buyer and seller, BOK Financial Corp., in this transaction.
SAN DIEGO – A 71,450-square-foot office building in the San Diego submarket of Mission Valley has sold to Shopoff Realty Investments for $11.1 million. The Class B-plus building is located at 2650 Camino Del Rio North. It is currently 75 percent leased. Notable tenants include Kaiser Foundation Health Plans and U.S. Colleges.
BOOTHWYN, PA. — KarMar Realty Group brokered the sale of an industrial building in Boothwyn. Neltson Edison LP purchased the 53,733-square-foot property from PX Properties LLC for $4.2 million. Located at 5 Chelsea Parkway, the building is occupied by Access Information Management and Priority Express Courier. KarMar Realty Group represented the buyer, while Jim McCahon of Jones Lang LaSalle represented the seller in the transaction.
DALLAS — HFF has arranged the sale and financing of 3811 Turtle Creek, a 296,000-square-foot Class A office tower in Uptown Dallas. HFF marketed the asset on behalf of the seller, MetLife Real Estate Investors. KBS Capital Advisors purchased the property for an undisclosed amount. HFF’s debt placement team also secured a seven-year, 3.6 percent, fixed-rate loan on behalf of the new owner through a life insurance company. The property sits on five acres at the intersection of Turtle Creek Boulevard and Blackburn Street near the Turtle Creek Village mixed-use development, which is under construction. The 21-story property was recently renovated and features a gym and 899-space parking garage. The building was 81 percent leased at the time of sale to tenants including Eagle Materials Inc., Prosperity Bank, Estes Okon Thorne & Carr and Gables Residential.
COLLEGE STATION, TEXAS — Home2 Suites by Hilton has opened in College Station. The hotel is a mid-tier, all-suite property designed for business travelers and extended stay guests. The College Station location is the 45th Home2 Suites property to open nationally. The 111-suite hotel is located at 300 S. Texas Ave., one block from the Texas A&M University campus. Amenities include laundry and fitness areas, continental breakfast, pool and outdoor grills.
DALLAS — Harwood International has arranged a new office lease in the Harwood district of Dallas. Collett is expanding its offices to the Rolex Building, occupying 4,000 square feet. Collett was established in 1987, employs 50 real estate professionals, manages six million square feet of commercial space in eight states and has developed more than 95 projects totaling 14 million square feet. The Rolex building, built in 1984, spans seven stories and 155,550 square feet.
SAN ANTONIO — Brian Gramlich of BMC Capital’s Dallas office has arranged a $1.1 million purchase loan for an apartment complex in San Antonio on behalf of an unnamed borrower. The loan was cross collateralized on two properties at a 65 percent loan-to-value ratio with a 4.9 percent rate and 30-year amortization schedule.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Park Row East, a 205-unit apartment complex located in Arlington. Al Silva of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, PPA Group of Austin. Silva also secured the buyer, a local limited liability company. Park Row is located at 3201 E. Park Row Drive, just east of U.S. Highway 360 and south of I-30. The property was built in 1972 and consists of 28 buildings. The new owner plans to make improvements to the property to make it more competitive in the rental market.
KANSAS CITY — Monmouth Real Estate Investment Corp. has acquired a new 158,417-square-foot industrial building in Kansas City for $9.6 million. The property is located at Skyport Industrial Park, 7503 N.W. 106th Terrace. The building is situated on 13 acres. The property is net-leased for seven years to Bunzl Distribution Midcentral Inc. The new built-to-suit, Class A industrial building is situated off of I-29 and is across from the Kansas City International Airport. The space is expandable to accommodate future growth.
ST. LOUIS — Davidson Surface/Air Inc. has purchased the former KV Pharmaceuticals headquarters in St. Louis for $9.5 million. The 315,000-square-foot industrial/office building is located at 1 Corporate Woods Drive. Gary Parker and Dan Merlo of Intelica CRE represented Davidson Surface/Air Inc. in negotiating the transaction.
