COLUMBIA, S.C. — NAI Avant has brokered the $1.3 million sale of a 22,000-square-foot retail and warehouse property located at 1313 Bush River Road in Columbia. Autozone Inc. purchased the asset from Bush River Crossings Associates. Bobby Hathaway of NAI Avant represented the seller in the transaction. The building will be divided into a parts supply warehouse and a 6,000-square-foot Autozone store. Autozone will use the warehouse portion as a supply hub for its regional stores.
Property Type
ELGIN, ILL., AND SHAKOPEE, MINN. — Broadstone Net Lease (BNL) has invested a total of $52.1 million in two industrial facilities in the Midwest. The private real estate investment trust (REIT) managed by Broadstone Real Estate purchased a Siemens industrial facility in Elgin and a newly constructed Shutterfly production facility in Shakopee. The 170,000-square-foot Siemens facility was offered to Broadstone on a proprietary basis after last October's $36.3 million sale-leaseback of another Siemens facility in Hoffman Estates, Ill. The Elgin transaction carries an initial lease length of 10.5 years, with annual rent increases of more than 2 percent. In late 2013, BNL entered into a forward commitment to acquire the 217,622-square-foot Shutterfly facility. Ryan Cos. built the property. Shutterfly and BNL have executed a new 10-year lease with annual rent increases of 2 percent. The lease also carries three 5-year renewal options. Shutterfly provides a range of personalized photo-based products and services.
COLUMBUS, OHIO — Grandbridge Real Estate Capital has originated a $17 million first mortgage loan for the Smith Bros’ Hardware Building in Columbus. The 190,949-square-foot historic building includes offices and event spaces. The historic building and its iconic rooftop water tower have been a distinct feature on the Columbus skyline since it was constructed in 1929 as home for the Smith Bros’ Hardware Co. Craig Kegg of Grandbridge Real Estate Capital originated the refinance loan with a fixed interest rate through Goldman Sachs & Co. Mary Zofko of Grandbridge’s Columbus office assisted in the transaction.
EVANSTON, ILL. — In a joint venture, Lubert-Adler and The Farbman Group have acquired a 154,000-square-foot, Class A office building in Evanston, a suburb of Chicago, for an undisclosed sales price. The property is located at 1007 Church St. The building, previously owned by a tenant-in-common group, had been taken over by a special servicer when the joint venture acquired its outstanding debt in February 2014. The property is located near Northwestern University and adjacent to a transit station. The building includes 351 parking spaces, two rooftop decks and an outdoor patio. The joint venture plans to improve the building, currently at 52 percent occupancy, and then lease the remaining vacancy. Lubert-Adler, which invests on behalf of leading national university endowments and state retirement systems, owns five other Chicagoland properties with The Farbman Group: 79 W. Monroe St., 209 W. Jackson Blvd., and 205 W. Randolph St., all in the Loop area, plus the Atrium Building in Naperville and 25 Northwest Point in Elk Grove Village.
NASHVILLE, ILL. — The Boulder Group has arranged the $910,000 sale of a single-tenant, triple-net-leased ALCO property in Nashville, approximately 43 miles east of Belleville. The 4.2-acre property is located at 17774 Mercantile Drive near Illinois Route 127, a roadway that connects to I-64. I-64 has direct access to St. Louis, which is approximately 50 miles northwest of the property. The retail chain is headquartered in Coppell, Texas and operates 217 stores in 23 states primarily in the Midwest. ALCO has approximately six years remaining on its 20-year lease, which expires January 27, 2020. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate partnership. A West Coast investor purchased the property in a 1031 tax-deferred exchange.
WESTPORT, CONN. — Building and Land Technology (BLT) has acquired Nyala Farms Corporate Center in Westport for $130 million. Situated on 53 acres at 60 Nyala Farms Road, the property offers 372,207 square feet of Class A office space. The office park is currently home to Terex, Bridgewater Associates, Morgan Stanley and RBC, among others. With this acquisition, BLT now owns more than 5 million square feet of office space in Connecticut.
YONKERS, N.Y. — Forest City Enterprises has closed on a three-year, $350 million bridge financing for the company’s Westchester’s Ridge Hill retail center in Yonkers. The 1.3 million-square-foot regional shopping, dining and entertainment destination is home to Lord & Taylor, Whole Foods Market, National Amusements Showcase Cinema de Lux, LEGOLAND Discovery Center, Apple, REI, UNIQLO and Dick’s Sporting Goods, among others. Additionally, the property offers 160,000 square feet of office space, which is anchored by WESTMED Medical Group. The refinancing, which was provided by Morgan Stanley Bank, was led by Forest City Ratner Companies, Forest City’s New York subsidiary, which manages the mixed-use property.
MORRIS TOWNSHIP, N.J. — Keystone Property Group and Mack-Cali, through a joint venture, has acquired 412 Mt. Kemble Avenue in Morris Township for $45.4 million. Located in Morris County’s corporate corridor, the asset comprises three three-story buildings offering 475,100 square feet of office space. The property offers a variety of tenant amenities, including a fitness center, café, executive parking garage and dual power feeds. Earlier this year, the companies entered into agreements to form various joint ventures to acquire the property as part of a larger portfolio of office properties that Mack-Cali owns throughout Northern New Jersey, New York and Connecticut.
FRAZER, PA. — HREC Investment Advisors has arranged the sale of Sheraton Great Valley in Frazer. The 198-room full-service hotel is located in the Exxon-Frazer-Malvern market and is centrally located at the crossroads of U.S. 202 and Route 30. The buyer plans to maintain the property’s premier position after a comprehensive renovation. Ketan Patel, Geoff Davis and Scott Stephens of HREC represented the seller in the transaction. Terms of the sale were not released.
CORONA, N.Y. — NorthMarq Capital has arranged $3.3 million in refinancing for a 14,644-square-foot retail property located at 39-24 104th St. and 103-19 Roosevelt Ave. in Corona. The 10-year loan has a 30-year amortization schedule. Charles Costsalas of NorthMarq’s New York metro office negotiated the transaction for the borrower, Permessa Holding Co., through NorthMarq’s relationship with a credit union.