LANCASTER, N.Y. — Coldwell Banker Commercial Meridian has brokered the acquisition of a modern warehouse and manufacturing facility located on 28 acres in Lancaster. Winnomotive Properties, a Canadian company that manufacturers roll-up doors for emergency vehicles, purchased the property for $1.1 million. The property was formerly used as a Honda four wheeler distribution facility. Eric Tudor and Patricia Collins of Coldwell Banker Commercial Meridian represented the buyer, while Gunner Tronolone of MJ Peterson Commercial represented the seller in the transaction.
Property Type
BLOOMINGTON, MINN. — KBS Realty Advisors of Newport Beach, California, has acquired Northland Center, a 465,168-square-foot office complex in Bloomington, for $51 million. The property was 89 percent leased at closing; United Properties sold the property. Northland Center is a LEED-EB Silver-rated property located at 3500 and 3600 American Blvd. West. Renovated in 2010, the two-building asset is seven stories high and covers 12.9 acres. Amenities include an onsite, full-service cafeteria, fitness facility with locker rooms and showers, conference rooms, sundry shop, hair salon, dry cleaning service and a car wash/detailing service. Tom O'Brien and Scott Pollock of Cushman & Wakefield/NorthMarq, Minneapolis, represented United Properties in the sale.
LOCKPORT, ILL. — FORESITE Realty Partners has brokered the sale of Lockport Square, a 41,913-square-foot shopping center in Lockport, a suburb of Chicago. Lockport Square, built in 2007, is located at 159th Street and I-355.Tenants at Lockport Square include Deals, Sherwin-Williams, Play-It-Again Sports, GameStop and Great Clips. Deals anchors the property, which is shadow-anchored by Walmart. Court appointed receiver, Donald A. Shapiro, sold the property. A Midwest-based private investor purchased the property for an undisclosed sales price. Ryan Nelson and Greg Nieder of FORSITE Realty represented the seller in the transaction.
WESTERVILLE, OHIO — The Cooper Commercial Investment Group has arranged the $6.5 million sale of the TPUSA Inc. office building in Westerville, a suburb of Columbus. TPUSA, a subsidiary of the internationally recognized and publicly traded French company Teleperformance, signed a new seven-year lease, with yearly rental increases through 2020 and reimbursments for all operating expenses and also management expense of the property. Dan Cooper of Cooper Commercial Investment Group’s Cleveland office represented the seller, a Cleveland-based private investment group, and the buyer, a New York-based private investment group. The property was sold representing an 8.17 percent capitalization rate and just over $149 per square foot.
ST. LOUIS — Hilliker Corp. has arranged the $237,500 sale of an 80,000-square-foot manufacturing property in St. Louis. The building, located at 3227 N. Ninth St., housed the Crescent Planing Mill Co., a custom architectural woodworking business, which operated at the location since 1890. The 124-year-old property closed its doors in April 2012. Will Aschinger of the Hilliker Corp. represented the buyer, Active Acquisitions LLC, and the seller, Crescent Planing Mill Co.
SAN JOSE, CALIF. – Zurich Alternative Asset Management (ZAAM) has purchased a 174-unit apartment building called 121 Tasman in San Jose for $86.7 million. The transit-oriented community resides within the Golden Triangle area of Silicon Valley. The property was built in 2013. It was 95 percent leased by this past April. ZAAM is the alternative investment advisor to Zurich North America (Zurich) and its affiliates. The company is responsible for the group’s hedge fund, private equity and U.S. real estate investments. The ZAAM team representing the buyer was led by managing director Sean Bannon and director Chris Edgar. The seller, a joint venture between LCOR Ventures LLC and Cigna Realty Investors, was represented by Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni of Institutional Property Advisors.
PHOENIX – A pair of Arizona apartment buildings owned by a Mexico-based investor has received $21.7 million in refinancing. The properties include The Ridge at Sun Valley, a 264-unit community located at 801 N. 59th Ave., and Bayside Apartments, a 176-unit community at 20245 N. 32nd Drive. The Ridge at Sun Valley received $12.3 million, while Bayside received $9.3 million. The borrower acquired the properties in 2010. The new non-recourse, 12-year loan is a cash-out refinance. The funds will provide the client additional money to invest in another project currently being developed in California. The loan was funded by an East Coast bank with a loan-to-value ratio of 75 percent. It has a 30-year amortization schedule and an interest rate that starts in the high 3 percent range. Financing was arranged by Neal Churney and Adam Finkel of Johnson Capital’s Phoenix office.
MURRIETA, CALIF. – A pair of Class A office buildings in Murrieta has sold to Village Walk Murrieta LP for $7.7 million. The properties contain a total of 37,652 square feet. The first building is called Village Walk Corporate Center. It was built in 2004 at 41391 Kalmia Street. Village Walk is 96 percent occupied by 11 tenants. The second building is located at 41381 Kalmia Street. This building is fully occupied by Pacific Western Bank. Dan Vittoneand Alan Pekarcik of Avison Young represented both the buyer and seller, Village Walk Square LLC, in this transaction.
ANAHEIM, CALIF. – A 13-unit apartment building in Anaheim has sold to a private capital investor for $2.2 million. The community is located at 704 S. Webster Ave. It was built in 1979. Pat Swanson and Brett Bayless of the Swanson Apartment Team at Colliers International represented both the buyer and the seller, another private capital investor, in this transaction.
SAN ANGELO — Marcus & Millichap has arranged the sale of Days Inn San Angelo, a 113-room hotel in San Angelo, Texas. Terms of the sale were not released. Chris Gomes and Allan Miller, with Marcus & Millichap’s San Antonio office, marketed the property on behalf of the seller, a limited liability company. The buyer was a private investor. Days Inn San Angelo is located at 4613 S. Jackson St. in San Angelo. The hotel is accessible by Loop 306 and U.S. Highways 87 and 277. The property was built in 1983.