BATAVIA, ILL. — The Boulder Group has brokered the $4.3 million sale of a single-tenant, net-leased Citgo gas station property in Batavia, a suburb of Chicago. The property is located at 200 Fabyan Parkway. Citgo is the sole occupant of the two-acre property, which was built in 1999. Citgo has 10 years remaining on its lease that expires in February 2024 and includes annual rental escalations of 1.75 percent. There are four, five-year renewal options. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based high-net-worth individual. An East Coast-based private investment firm purchased the property. The guarantor of the lease is GasMart USA, a privately held company that operates 108 gas stations in seven states.
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WAUKESHA, WIS. — The Dickman Company Inc. has arranged the lease of 20,000 square feet of industrial space in Waukesha, a suburb of Milwaukee. American Freight of Wisconsin Inc. will occupy space at 1725 Dolphin Drive. Dolphin Drive Investors LLC was the landlord in the transaction. Samuel M. Dickman Jr., Samuel D. Dickman and Anthony Huenerbein of The Dickman Co. negotiated the lease.
PONTIAC, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of 11,941 square feet of industrial space in Pontiac approximately 30 miles north of Detroit. The property is located at 490 South Opdyke Road. Margaret Joyce Hetherington Revocable Living Trust sold the space to Vaughn & Vaughn Investments LLC for an undisclosed sales price. Larry Schultz of Friedman represented the buyer in the transaction.
HENRIETTA, N.Y. — NorthMarq Capital has arranged $20.5 million in refinancing for Westbrooke Commons, a multifamily property in Henrietta. Located at 6 Loden Lane, the property offers 340 apartment units. The loan has a 10-year term and a 30-year amortization schedule. Robert Ranieri of NorthMarq secured the financing through its seller/servicer relationship with Freddie Mac for the borrower, Westbrooke Associates.
HOWELL, N.J. — Iselin, N.J.-based Sitar Realty Company-TCN Worldwide has announced that BJ’s Warehouse will be joining The Grove at Howell, which is currently under construction. Located on a 52-acre tract along Route 9 and Lanes Mills Road in Howell, the 350,000-square-foot shopping center will offer a mix of clothing, food and entertainment options. The 88,000-square-foot BJ’s Warehouse, which will also include a gasoline station, is slated to open in November. Additional tenants at the project will include a 50,000-square-foot, 14-screen national cinema and a 40,000-square-foot national fitness club, along with other national clothing and food chains. The project is expected to be fully complete by June 2015. New York City-based Sun Equity Partners purchased the future site of BJ’s Warehouse out of foreclosure last summer. Sitar Realty Company-TCN Worldwide is the leasing agent for the property.
ASTON, PA. — Chattanooga, Tenn.-based Chestnut Development Partners and White Plains, N.Y.-based Benbrooke Realty Investment Company have invested in Dutton Mill Shopping Center in Aston. Located approximately 20 minutes from downtown Philadelphia, the 76,000-square-foot property was once anchored by a Shop-N-Bag, a regional grocery store. Chestnut and Benbrooke plan to use the vacant retail space an opportunity to redevelop and market the shopping center to national and regional retailers. This transaction is Chestnut’s ninth investment since November 2012.
BOSTON — CBRE/New England’s Capital Markets team has completed the refinance of an $8.5 million construction loan for a recently built apartment community in South Boston. Completed earlier this year, the 24-unit multifamily community consists of one four-story building with 30 covered garage parking spaces, a private roof deck and a private balcony for each unit. John Kelly of CBRE/NE worked on behalf of the borrower to arrange the permanent financing.
PARAMUS, N.J. — Direct Travel has signed a lease for 16,500 square feet of space at Paramus Corporate Center in Paramus. The tenant plans to relocate its regional headquarters from Mahwah, N.J., to the 115,000-square-foot office property, which is located on Route 17, this summer. Rich Mirliss and Anthony Rinaldi of Colliers International represented the tenant in the transaction, while Jeffrey Prezant of Cushman & Wakefield represented the landlord, Gabrellian Associates, in the transaction.
KATY, TEXAS — Freeway Properties has broken ground on Katy Ranch Offices Phase I, a 151,000-square-foot office building in the Houston suburb of Katy. The six-story, Class A structure, which will be part of the Katy Ranch mixed-use complex, will feature 24,800-square-foot floor plates and optical fiber transmission cabling. Located in proximity to I-10 and the Grand Parkway, the project also includes a parking garage that will provide four parking spaces per each 1,000 square feet of the building. LSI is the general contractor, Powers Brown Architects is serving as architect, TAS Engineering Construction is working as the mechanical/electrical/ plumbing engineer, and Griff Jaggard and Kurt Kistler of Moody Rambin will handle leasing of the property. The facility is designed for LEED Gold certification and slated for completion in the first quarter of 2015.
GRAPEVINE, TEXAS — Marcus & Millichap has brokered the sale of a 50,406-square-foot office building in the Dallas/Fort Worth suburb of Grapevine. Automotive Resources International, a global fleet solutions provider specializing in complex car and truck fleets, fully occupies the facility, which is located at 2550 S.W. Grapevine Parkway. The one-story structure is located in proximity to State Highway 114, State Highway 121 and the Dallas/Fort Worth International Airport. Ron Hebert and Michael Lawrence of Marcus & Millichap marketed the asset on behalf of the seller, a partnership between Poynter Scifres and an affiliate of Realty Capital Partners. An outside broker represented the buyer, a California-based investor completing a 1031 tax-deferred exchange.