LAS VEGAS — MCA Realty has acquired Lamb Technology Center, a 114,782-square-foot industrial property in Las Vegas, for $4.9 million. The center is located at 2725-2797 North Lamb Blvd. It was 54 percent occupied at the time of sale. In addition to the 16 industrial buildings, the property also includes a freestanding 14,750-square-foot commercial/retail building. MCA was represented by Voit’s Kevin Higgins and Garrett Toft and CBRE’s Brian Riffel.
Property Type
SAN DIEGO — Broadcast Company of the Americas (BCA Radio) has leased 14,200 square feet in the San Diego submarket of Sorrento Mesa. The space is located at 6160 Cornerstone. The lease is valued at $3.5 million. BCA was represented by Jeff Saywitz of The Saywitz Company. The landlord, LBA Realty Fund Holding Company, represented itself in this transaction.
SEATTLE – The 14-unit Thorndyke Apartments in Seattle has sold to a local private investor for $2.2 million. The community is located at 2501 Thorndyke Ave. West. Spencer Clark of Marcus & Millichap’s Seattle office represented both the buyer and seller, a Canadian trust, in this transaction.
PHOENIX — King Insulation has leased 18,478 square feet at Martin Van Buren Distribution Center in Phoenix. The center is located at 402 North 37th Drive. King Insulation was represented by Louis Finocchiaro of Cassidy Turley’s Industrial Services Group. The landlord, Presson Van Buren LLC, was represented by Todd Hamilton of Cutler Commercial.
CINCINNATI, OHIO — Phillips Edison-ARC Shopping Center REIT Inc. has purchased four grocery-anchored shopping centers in Illinois, Tennessee and Virginia for approximately $73 million. The properties include the Jewel-Osco-anchored Burbank Plaza in Burbank, Ill.; the Walmart Supercenter-anchored Hamilton Village in Chattanooga, Tenn., which is the REIT’s first property in Tennessee; the Kroger-anchored Statler Square in Staunton, Va.; and the Martin’s-anchored Waynesboro Plaza in Waynesboro, Va. The shopping centers total approximately 736,000 square feet. The REIT’s portfolio now includes 102 properties in 24 states.
MIAMI BEACH, FLA. — CBRE has arranged the sale of eight multifamily properties in the South Beach section of Miami Beach totaling approximately $22.2 million. Boardwalk Properties FL LLC purchased the 113-unit, 69,583-square-foot portfolio from Pepis Corp., Erogol Corp. and Nanshar Corp. The properties are located at 705 Lenox Ave.; 762 Lenox Ave.; 710 Meridian Ave.; 825 Alton Road; 1501-1521 Michigan Ave.; 1600 West Ave.; and 1606 West Ave. Calum Weaver led the CBRE team in representing the sellers in the transaction. Neil Rollnick of Hinshaw & Culbertson LLP provided legal representation for the sellers, and Marc Kleiner of Kleiner Law Group provided legal representation for Boardwalk Properties FL LLC.
GOLDSBORO, N.C. — Charlotte-based Faison Enterprises Inc. plans to develop Berkeley Corner, a 57,000-square-foot shopping center anchored by a 45,000-square-foot Dick’s Sporting Goods store. The property will be located in Goldsboro adjacent to Berkely Mall. Capitol Funds Inc. owns both Berkeley Corner and Berkeley Mall. Justin Schad of Faison & Associates LLC coordinated the development of the shopping center with the city of Goldsboro.
LOUISVILLE, KY. — Quantum Real Estate Advisors Inc. has brokered the $7.8 million sale of a 14,820-square-foot, freestanding Walgreens in Louisville. Walgreens has more than 24 years remaining on its lease. The buyer, a private individual from New York, purchased the asset from an unnamed Louisville-based developer. Jordan Kaufman and Dan Waszak of Quantum Real Estate represented the buyer in the transaction.
CONCORD, N.C. — Franklin Street Real Estate Services has arranged the sale of a freestanding 9,200-square-foot property housing AT&T and Denny’s for $5.6 million, or $603 per square foot. The asset is located at 8031 Concord Mill Blvd. in Concord, a northern suburb of Charlotte. Bryan Belk of Franklin Street represented the seller, a private investor based in California. The buyer is a private investor based in North Carolina who plans to hold the asset long-term.
ELGIN, ILL. — Gramercy Property Trust Inc. has acquired two industrial properties in Elgin, Ill. and Harrisburg, Pa. for $18.7 million. The Elgin property in metro Chicago is an 112,000-square-foot manufacturing facility. The property is leased through August 2028 with annual rent escalations to a global manufacturer of small, engineered metal components. The Harrisburg property is an 183,000-square-foot industrial warehouse. The property is leased through February 2025 with annual rent escalations to a subsidiary of a large multinational industrial company.Both properties are fully leased with a weighted average lease term of approximately 13 years. Year One net operating income for the two properties totals approximately $1.4 million, reflecting a 7.3 percent initial cap rate.