SAN DIEGO – A 3,900-square-foot property in San Diego that is occupied by Coco’s Bakery restaurant has sold to Fairbanks Trail LLCfor $2.7 million. The property is located at 7398 Clairemont Mesa Blvd. Coco’s renewed its lease for 15 years in 2013. Justin Earley of Capital Real Estate Ventures, Inc. represented both parties, including the seller, USA Properties Inc., in this transaction.
Property Type
POMPANO BEACH, FLA. — CBRE has arranged the sale of a fully leased, 285,000-square-foot FedEx Ground distribution center located at 2700 N.W. 25th St. in Pompano Beach. Christian Lee, Chris Riley, Brian Budnick, Compie Newman, Jose Antonio Lobon and Tom O’Loughlin represented the seller, Charlotte-based Ft. Lauderdale BTS LLC, in the transaction. TIAA-CREF purchased the asset, which features 30-foot clear heights, 90- to 160-foot deep truck courtyards, a conveyer system, trailer storage parking and a fully fenced perimeter.
CLEARWATER, FLA. — Stan Johnson Co. has brokered the sale of a 113,040-square-foot Sun Microstamping Technologies manufacturing facility in Clearwater for $8.7 million. Sun Microstamping provides metal stamping, injection molding and insert molding for the automotive sector. Camille Renshaw and John Rotunno of Stan Johnson’s New York office represented the seller, an investment fund, and the buyer, STORE Capital.
LOUISVILLE AND MURRAY, KY. — The Cooper Commercial Investment Group has brokered the $5.4 million sale of a portfolio of two CVS/pharmacy locations in Louisville and Murray. The assets both span 10,200 square feet and have five-and-a-half years remaining on the lease term. Dan Cooper of Cooper Commercial represented the seller, a private investment group based in New York, and procured the unnamed buyer in the transaction.
MINNEAPOLIS — Mid-America Real Estate – Minnesota LLC has arranged two leases for Starbucks in Minnesota. Starbucks signed a lease for 1,800 square feet at Woodbury Plaza in Woodbury, Minn., and a lease for 1,922 square feet at Crystal Gallery in Crystal, Minn. Woodbury Plaza is located at the corner of Commerce Drive and Woodbury Drive. Retailers at the 14,000-square-foot center include Target, Sam’s Club, Walmart, Staples, Goodwill and Ashley Furniture. Crystal Gallery is located at the corner of Bass Lake Road and West Broadway. Buffalo Wild Wings and Old Country Buffet are the anchors at the 92,098-square-foot center. Minneapolis-based Mid-America represented the tenant in both transactions.
BROOKLYN PARK, MINN. — WaterStone Bank has provided a $2.1 million CMBS loan to Pettibone Properties 5 LLC. The loan will refinance a 74,641-square-foot, multi-tenant industrial building in Brooklyn Park, a northwest suburb of Minneapolis. Paul Muldoon and Peter Austin of WaterStone’s Minneapolis branch originated the loan for the borrower.
ANN ARBOR, MICH. — Colliers International has arranged the lease of 14,440 square feet for Duo Security in Ann Arbor. The security company will occupy space located at 123 N. Ashley St. Duo Security is expanding and relocating their Ann Arbor office to this location and other multiple spaces. Jim Chaconas and Brendan Cavender of Colliers International Ann Arbor represented the tenant, Duo Security, and the landlord, Wickfield Properties, in the transaction.
SKANEATELES, N.Y. — Tessy Plastics has acquired a 112,644-square-foot manufacturing and office building in Skaneateles. Situated on 31.1 acres at 700 Visions Dr., the modern, high-tech facility was built in 2002. The buyer plans to construct approximately 50,000 square feet of clean room manufacturing space, which will be used to produce minimally invasive surgical devices. The property was purchased from Hand Held Products, which will be leasing back approximately 32,000 square feet of office space. Jim Panczykowski of Binswanger’s New Haven, Conn., office handled the transaction. The purchase price was not disclosed.
BOSTON — CBRE/New England’s Capital Markets team has brokered the sale of Midway Studios, an 89-unit artist live/work community located in Boston’s Fort Point Channel district. Midway Studio Associates, a joint venture between the Keen Charitable Foundation and the Fort Point Cultural Coalition, sold the property for $20 million to a joint venture between New Atlantic Development LLC and the residents of Midway Studios. The property was originally built in 1912 and redeveloped into artist living space in spring 2005. The live/work studios, located on the second through sixth floors, are designed to accommodate a broad range of artists’ mediums. The first floor features two-story space with approximately 24,740 square feet of office and retail space. The property is currently home to Elevin Studios, Studio Troika, Arts & Business Council of Greater Boston and The Club of George Foreman III. Additionally, Late July Snacks will move in this fall. Simon Butler and Biria St. John of CBRE/NE represented both parties in the transaction.
YARMOUTH, MASS. — Weston Associates has reopened Swan Pond Village, an affordable multifamily complex located at 1100 Alewife Circle in South Yarmouth. Situated on 30 acres, the 18-building complex features 150 affordable residential units, including 68 one-bedroom, 44 two-bedroom, 30 three-bedroom and eight four-bedroom units. Additionally, the complex features a community building with a community room, as well as playgrounds, off-street parking, an on-site management office, 24-hour on-call maintenance and laundry facilities. Weston Associates recently completed capital improvements for the community including new roofs, windows, apartment interiors, bathrooms, HVAC systems, electrical upgrades and external site improvements. Weston Associates utilized the new Section 223(f) pilot program as part of the community’s revitalization. In partnership with the U.S. Department of Housing and Urban Development, MassDevelopment, the Massachusetts Department of Housing and Community Development and private partners, Weston Associates financed the project by combining FHA loans, tax-exempt bonds and low-income housing tax credits to create a streamlined and efficient financing and redevelopment process.