DOWNERS GROVE, ILL. — Marcus & Millichap has brokered the $360,000 sale of a 4,329 square-foot, net-leased property in Downers Grove, a western suburb of Chicago. Accelerated Rehabilitation Centers will occupy space located at 1624 -1626 Ogden Ave. The property sold in 31 days at 90 percent of its original list price. Accelerated Rehabilitation Center has leased the property since 2003. Accelerated’ s lease includes annual rent increases of 4 percent. The property has been 100 percent occupied since 1975. Tammy Saia of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, in the transaction.
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MILFORD, OHIO — Cooper Commercial Investment Group has arranged the $2.7 million sale of Milford Shoppes, a 12,000-square-foot retail center in Milford, a suburb of Cincinnati. The property, built in 2008, is shadow-anchored by Meijer, Kohl’s and Home Depot, and is fully occupied with triple-net leases in place. Dan Cooper of Cooper Commercial Investment Group’s Cleveland office represented the seller, an Ohio-based private investment firm. A Connecticut-based private investor purchased the property at full price, representing a 7.4 percent capitalization rate.
PHOENIX – The Motorcycle Mechanics Institute (MMI) Building in Phoenix has sold to Hyperion Fund LP for $6 million. The MMI Building is located at 2932 W. Deer Valley Road. It is fully leased to UTI on a long-term basis. The building is one of three structures that make up the MMI campus. Hyperion was represented by Eric Wichterman and Mike Coover of Cassidy Turley. The seller, 2932 DVR LLC, was represented by Barry Gabel and Chris Marchildon of CBRE’s Phoenix office.
LOS ANGELES – A four-property industrial portfolio located in Los Angeles has sold to an unnamed buyer for $5.7 million. The properties included in the transaction are 11918-11920 Jefferson Blvd., along with 11801-11807, 11811 and 11821 Teale Street. The portfolio includes a total of 18,000 square feet. Jack Whalen of Heger Industrial represented both the buyer and seller, Richard J. Laski, acting as a Trustee of the Kaman Estate, in this transaction.
SCOTTSDALE, ARIZ. – The SAARS Building, an 8,500-square-foot office building in Scottsdale, has sold to 4221 Scottsdale LLC / TradeCor LLC for $2.1 million. The Class B building is located at 4221 North Scottsdale Road in the Old Town Scottsdale entertainment district. It was built in 1982. Mark Bramlett, Eric Wichterman and Mike Coover of Cassidy Turley represented both the buyer and seller, Scottsdale Area Association of Realtors (SAARS), in this transaction.
GLENDALE, ARIZ. – A 15,549-square-foot retail building in Glendale has sold to Wadsworth Development Group for $2.1 million. The building is located at 7650 West Bell Road. It is fully occupied by Terri's Consignment. Wadsworth was represented by Darren Pitts of Velocity Retail Group. The seller, Ariwah LLC, was represented by Sharon Reeves, Barbara Lloyd and Lane Neville of NAI Horizon.
SAN FERNANDO, CALIF. – The Elk’s Lodge Building in San Fernando has sold to Mayfair Investment Co. LLC for $2 million. The property is located at 804 Pico Street. It contains 20,000 square feet on nine contiguous parcels. The 77-year-old facility will continue to house Elks Lodge 1539. Mayfair was represented by Ash Joshi of Capital Realty Solutions. Elks member Robert Paul represented the seller, Elks San Fernando LLC.
HOUSTON — HFF has completed the sale of three industrial properties totaling 219,452 square feet in Houston’s Pologis Park NorthPark, formerly NorthPark Central Business. HFF marketed the properties on behalf of the seller, J.A. Billipp Co. Prologis Inc. bought the assets for an undisclosed amount. The properties are located at 433, 533 and 600 NorthPark Central Drive. They are close to Interstate 45 and Beltway 8, Hardy Toll Road and George Bush Airport. The buildings are 100 percent leased to tenants including CalAtlantic, Michigan Institute of Aeronautics, Universal Technical Institute and Zoyto. HFF’s sales team included Rusty Tamlyn and Wesley Hightower, who worked with seller principals Andy Billipp and Mark Witte of J.A. Billipp Company.
HOUSTON — West Memorial Place, a 330,000-square-foot Class A office building has been topped out. The nine-story building is 50 percent leased and will open in early 2015. It is deigned to meet LEED Platinum standards. Skanska Commercial Development is the owner of the site and HOK is the building’s architect. Skanska USA Building is the project’s construction manager.
DALLAS — UCR Investment Sales has announced the sale of three properties totalling 178,407 square feet with a combined value of $36,625,500. Cross Pointe Center is a 45,465-square-foot retail center located at 1441 North Saginaw Boulevard in Saginaw, Texas. Shops at Abilene is a 62,511-square-foot shopping center at the southeast corner of Southwest Drive and Catclaw Drive in Abilene, Texas. The third transaction is listed as confidential and is located in Fort Worth. Adam Howells, Jace Hinderland and Jessica Donnelli marketed the properties for separate ownerships.