LEXINGTON, S.C. — CBRE's national retail investment group has brokered the sale of Hendrix Crossing, a 61,712-square-foot, Publix-anchored shopping center in Lexington, a suburb of Columbia. Additional tenants of the center include Subway, Great Clips, Yogen Fruz and Bella Nails and Spa. Mike Burkard, Chris DeCoufle, Kevin Reavey and Steve Shields of CBRE represented the seller, Columbia-based EDENS, in the transaction. The buyer was Raleigh, N.C.-based Centrex Properties.
WHITEHOUSE, OHIO — Devonshire REIT Inc. has closed $19 million in financing for a six-property retail and office portfolio in Ohio, Michigan and West Virginia. Prudential Mortgage Capital Co. provided the 10-year, fixed interest rate loan. The borrower used the loan in part to purchase Barberton Shopping Center, a 102,000-square-foot, Giant Eagle-anchored shopping center in Barberton, Ohio. Proceeds from the loan were also used to refinance a shopping center in Taylor, Mich.; a Kroger-anchor shopping center in Toledo, Ohio; South Haven Shopping Center in South Haven, Mich.; Anthony Wayne Professional Building in Whitehouse, Ohio; and a Michael’s-occupied property in Barboursville, W.V. The portfolio is valued at approximately $28.9 million.
SAUK VILLAGE, ILL. — Warehouse Specialists Inc. has purchased of a 496,260-square-foot industrial building in Sauk Village, located about 30 miles south of Chicago. The privately held logistics company is relocating its warehousing operations from 21700 Mark Collins Drive in Sauk Village to the new building at 21751 Jason Rasmussen Drive. The property includes 32-foot clear ceiling heights, 2,500 square feet of office, 50 exterior docks and two drive-in doors. Jerry Sullivan, a principal at Paine/Wetzel TCN Worldwide, represented Warehouse Specialists in the transaction. Brian Vanosky and Scott Anderson of Lee & Associates worked on behalf of the seller, Dermody Partners.
ALGONAC, MICH. — A Michigan-based private investor group has sold a 69,305-square-foot shopping center in Aglonac, 50 miles northwest of Detroit for $9.5 million. Kroger anchors the shopping center. Kevin Baker, Daniel Kukes and David Hesano of Landmark Commercial Real Estate Services represented the buyer, a non-traded REIT, as well as the seller in the transaction.
DETROIT — Marcus & Millichap has arranged the sale of an 11-property, ground-lease portfolio for $15.8 million. Convenience store chain 7-Eleven Inc. occupies the properties, which are located in Chesterfield, Clinton Township, Howell, Lenox Township, Macomb, Romulus, Shelby Township and Warren. Simon Jonna, a vice president of investments, and Raymond Jonna, an associate in Marcus & Millichap’s Detroit office, represented the seller, a Midwest-based property developer. Ronnie Issenberg, a vice president of investments, and Gabriel Britti, an associate vice president of investments in the firm’s Miami office, represented the buyer.
NEW YORK CITY — The New York City borough of Queens will soon be home to a dual-hotel development featuring two popular Starwood brands. Starwood Hotels & Resorts Worldwide Inc. has announced plans to open two hotels — Four Points by Sheraton and Element — in the area in September 2015. The project, to be developed by Century Construction Group, will include the 178-room Four Points by Sheraton Flushing and the 118-room Element Flushing. The property, which will be about a 10-minute drive from LaGuardia Airport, will have a combined 2,600 square feet of meeting space and will include a shared fitness center and heated pool. Starwood has three Four Points properties and one Element hotel in Manhattan, in addition to another Four Points in Long Island City.
NEW YORK CITY — Besen & Associates has arranged the sale of a 17-unit apartment building in New York City for $7 million, which equates to a 3.3 percent cap rate. The 11,988-square-foot, five-story building is located at 29 W. 84th St. in the Upper West Side. Five apartments are currently stabilized, but are rented at or above $2,500 per month. Apartment layouts include seven studios, five one-bedrooms and five two-bedrooms. David Bess of Besen & Associates represented the seller, Carlton Management. Cathy Connolly of Vandenberg Inc. procured the buyer, a private foreign investor.
BORDENTOWN, N.J. — Sterling Properties has begun construction on Rivergate, a transit-oriented, 159-unit rental community in Bordentown, located about six miles south of Trenton. Situated along the Delaware River waterfront, the four-building development will feature an array of amenities, including elevator access, private parking, an outdoor resort-style swimming pool and a clubhouse with a state-of-the-art fitness studio. Construction is slated to complete in 12 to 18 months.
STRATFORD, CONN. — Corporate Display Specialties (CDS) has relocated its offices, assembly and storage space to 60 Watson Blvd. in Stratford. The company, which is presently located in Stratford, will relocate to 8,074 square feet in the 81,000-square-foot building. Bruce Wettenstein, partner with Vidal/Wettenstein LLC, represented the owner, Blase Management, and CDS in the transaction. Since 1983, CDS has been a provider of trade show displays and exhibits.
HOUSTON — Cousins Properties, an Atlanta-based REIT, has closed a $189 million non-recourse mortgage for Post Oak Central, a Class A office complex in Houston’s Galleria submarket. Originally purchased by Cousins in February for $233 million, the property comprises three towers totaling 1.3 million square feet. The buildings are currently 94 percent occupied, up from 92 percent at the time of sale. The mortgage, which was announced in conjunction with another closed for an Atlanta-area Cousins property, entails a seven-year term and a fixed rate of 4.26 percent. HFF arranged the terms.
