INDIANAPOLIS — Monmouth Real Estate Investment Corp. has acquired a 327,822-square-foot industrial building in Indianapolis for $23.5 million from an undisclosed buyer. The property is located at 8951 Mirabel Road and is net-leased for 10 years to FedEx SmartPost Inc., a Delaware corporation. The building is situated on approximately 37 acres. The new Class A built-to-suit distribution center for FedEx SmartPost is at the Indianapolis International Airport. With this transaction, Monmouth has acquired six properties totaling approximately 1.45 million square feet thus far in fiscal 2014. Founded in 1968, Monmouth Real Estate Investment Corp., one of the oldest public equity REITs in the U.S., specializes in net-leased industrial properties. The company’s portfolio consists of 82 properties located in 28 states, containing a total of approximately 11.1 million rentable square feet. In addition, the company owns a portfolio of REIT securities.
Property Type
ST. LOUIS — Holland Construction Services recently completed construction on Cortona at Forest Park, a new 5-story, all wood apartment community in St. Louis. Cortona is located within Balke Brown Transwestern’s 26-acre, The Highlands at Forest Park mixed-use development just off I-64/40. The complex consists of one- and two-bedroom luxury apartment units ranging in size from 575 square feet to 1299 square feet. Apartment units feature gourmet kitchens with full-size appliances, large windows, walk-in closets and nine to 10-foot ceilings. Amenities include private, reserved parking and a gated entrance, an interior courtyard with a three-tiered swimming pool (lap pool, tanning ledge, hot tub), multiple lounging areas and cabanas, grills and an outdoor kitchen. Residents also have access to a community clubhouse, which includes a fitness room, coffee bar, business center and gaming area. This is the second project Holland has worked on with Balke Brown Transwestern.
NAPERVILLE, ILL. — NAI Hiffman will manage and lease space at Naperville Woods Office Center, a Class A office asset in Naperville consisting of two, four-story buildings totaling more than 486,000 square feet of space. The property located at 1000-1100 E. Warrenville Road is currently 98.7 percent occupied. Agellan Capital Partners Inc. awarded NAI Hiffman with the management and leasing of the property. NAI Hiffman’s leasing team consisting of Dan O’Neill and Jim Adler will market the property to potential tenants. The assignment adds to NAI Hiffman’s existing leasing and management portfolio including 56.6 million square feet of office, industrial and retail space in the Chicagoland market. Naperville Woods Office Center was built in 1988 and in 2007 underwent complete renovations of the lobbies, restrooms, building systems, façade and landscaping. The property features atrium lobbies, a cafeteria, fitness center, and ample parking. Agellan REIT U.S. L.P. purchased the property in 2013.
ROMULUS, MICH. — Bernard Financial Group has arranged a $1.4 million loan to refinance three individual industrial buildings located in Romulus, approximately 24 miles southwest of Detroit. The properties are located at 30100, 30300 and 30735 Cypress Road. Kevin Kovachevich of Bernard Financial Group originated the loan for the borrower, LNA Investments LLC, with Symetra Life Insurance Co.
MINNEAPOLIS — Marcus & Millichap has arranged the $620,000 sale of an 11-unit apartment building in Minneapolis. The property is located at 3105 Pleasant Ave. S. Built in the 1960s, the property has had only two owners since development. Josh Talberg of Marcus & Millichap’s Minneapolis office represented the seller, a private investor, and the buyer, a limited liability company.
SAN DIEGO – A 12,907-square-foot office property in the San Diego submarket of Cardiff-By-The-Sea has sold to a private, local individual for $8 million. It is located at 131 Aberdeen Drive. The building is fully occupied by GoPro. The digital imagingcompany has resided at the building since 2011. It recently signed a new five-year, triple-net lease for the space. The unnamed seller was represented by CBRE’s Paul Lafrenz, Melissa Foster and Chris Pascale.
SAN DIEGO – A 56,386-square-foot industrial building in Poway has sold to a local investment firm for $6.1 million. The building is located at 12250 Kirkham Road in the San Diego submarket. The seller, Atomic Investments, was represented by Brian Mulvaney and Josh West of Voit Real Estate Services’ San Diego office.
DENVER — Grandbridge Real Estate Capital has opened a new regional office in Denver. It will be managed by senior vice president John M. Stewart. Penny A. Newton has also joined the team as vice president. Grandbridge is a full-service commercial and multifamily finance provider. It is headquartered in Charlotte, N.C., where it finances all types of income-producing properties. Grandbridge is a subsidiary of Branch Banking and Trust Company (BB&T).
PEORIA, ARIZ. – Fletcher Heights Marketplace, a 26,658-square-foot shopping center in Peoria, has sold to Eleven Investments LLC for $3.1 million. The Class B neighborhood retail shopping center is located at 20783 N. 83rd Ave. Fletcher Heights is currently 75 percent occupied. Some of the newer tenants include Delex Realty, Planet Beach Spa and Farmers Insurance. The LLC represented itself in this transaction, while the seller, LB-UBS 2003-C7 Fletcher Heights Marketplace LLC, was represented by Daniel Ortega and Larry Ortega of Colliers International.
CARLSBAD, CALIF. – A seven-unit apartment complex in Carlsbad has sold to an individual/personal trust for $1.8 million. The community is located at 3044 State Street in the city’s Downtown Village District. The site is approved for a mixed-use building with first-floor retail and nine townhouse-style condos. Aaron Bove and Aaron Wilkinson of Marcus & Millichap’s San Diego office represented both the buyer and seller, another individual/personal trust, in this transaction.