WARREN, MICH. — Colliers International has arranged the $900,000 sale of a 151,953-square-foot warehouse in Warren, which is approximately 19 miles north of downtown Detroit. The property is located at 21001 & 21033 Groesbeck Highway. The warehouse was the former headquarters for Gardner White Furniture. Raffi Derbabian of Colliers represented the buyer, Safa Dabish, who will use the building for a food business.
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MALVERN, PA. — Saint-Gobain has selected a 65-acre site at 20 Moores Road in Malvern as the site of its new North American headquarters. The site will be completely redeveloped as a LEED-certified facility for Saint-Gobain and its North American construction materials subsidiary, CertainTeed Corp. Binswanger represented Saint-Gobain in the site search and negotiation of a long-term lease for the property. Binswanger also brokered the sale of the two organizations’ current headquarters in Valley Forge, Pa. In total, the relocation will bring approximately 120 additional employees to Chester County and will raise the company’s total employee count at the new headquarters to more than 800. The redevelopment of the campus, formerly occupied by Aegon Group, will be executed by E. Kahn Development Corp., which will also acquire the current headquarters site in Valley Forge. Completion is slated for fall 2015. Binswanger’s Project Management Group will represent Saint-Gobain as its advisor and project coordinator through the construction and redevelopment of the site.
NEW YORK CITY — Pembrook Capital Management has closed on a $24.8 million bridge loan to fund McSam Hotel Group’s purchase of a Manhattan development site. Located on West 37th Street between Eighth and Ninth avenues, the site currently features two parking lots that will be developed into a hotel property. The site is situated in close proximity to Hudson Yards and the Javits Center and will benefit from ongoing transportation improvements that are transforming the neighborhood.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 150 52nd St., a 123,785-square-foot, two-story industrial building on New York Bay in the Sunset Park neighborhood of Brooklyn. The $19.5 million sale price equates to $157 per square foot — and $2.7 million over the asking price. Jakub Nowak and Hemal Patel of Marcus & Millichap represented the seller, 150 52nd Street LLC, a national private equity partnership. Located between First Avenue and Second Avenue and occupying most of the block it stands on, 150 52nd St. is within the Southwest Brooklyn Industrial Business Zone and near the Bush Terminal Pier Park green space and sports field development. The location is also inside the New York City Economic Development Corp.’s Sustainable Urban Industrial District, which is part of the city’s Sunset Plan Park Vision aimed at promoting investment and development in the Sunset Park waterfront industrial area. Access to the Brooklyn-Queens Expressway is nearby. The property has short-term leases in place. By 2018, 90 percent of the space will be available and all current leases and renewals expire in 2021. This gives the buyer the opportunity to add value through redevelopment and increasing rents. However, the current …
NEW YORK CITY — GFI Realty Services has arranged the sale of 1546 Selwyn Avenue, a six-story, 69-unit elevator apartment building located in the Claremont section of the Bronx for $7.2 million or $104,000 per unit. Daniel Shragaei of GFI Realty Services represented the seller, a local investor, and Josh Orlander of GFI Realty Services represented the buyer, also a local investor, in the off-market transaction. The 68,886-square-foot building was constructed in 1927 and is within close proximity to 170th Street and 174-175th Streets subway stations, which service the 4, B and D lines, and Claremont Park.
FLOWER MOUND, TEXAS — Stage Equity Partners LLC has acquired two adjacent medical office buildings totaling 34,910 square feet in the northern Metroplex suburb of Flower Mound. The facilities, located at 4921 and 4951 Long Prairie Road, are fully leased to seven different medical practices, including Texas Health Resources, USMD, OrthoTexas and Flower Mound Vein Center. Stage Equity Partners, a Chicago-based healthcare real estate investment firm, purchased another medical office building in the southern Metroplex suburb of Cleburne. The principals of OrthoTexas sold the assets in Flower Mound, then leased back the space occupied by their practice. American Momentum Bank provided acquisition financing to Stage Equity Partners for the transaction.
GRAPEVINE, TEXAS — Marcus & Millichap has brokered the sale of two net-leased restaurant properties in the northern Dallas/Fort Worth suburb of Grapevine. The assets include a 9,551-square-foot building, located at 1285 S. Main St. and occupied by Fireside Pies; as well as a 5,595-square-foot building located at 1265 S. Main St. and occupied by Winewood Grill. The restaurants are part of the Grapevine Epicenter development, which is in close proximity to State Highway 114. Jason Vitorino of Marcus & Millichap marketed the properties on behalf of the seller, a local private investor, and also procured the buyer, a limited liability company. Single Purpose LLC will operate the facilities and has guaranteed the leases.
AUSTIN, TEXAS — Whiddon Development Inc. has acquired a 14,000-square-foot office building in Austin. The property is located on more than four acres at 1005 E. St. Elmo St., and Whiddon plans to build out the site as an approximately 70,000-square-foot business park consisting of several freestanding buildings. Blair Helgren of Woodland Property Group represented the buyer, and Jonathan Stilley of SBR Associates represented the unnamed seller.
FRESNO, CALIF. – A 14,820-square-foot retail property in Fresno that is triple-net leased to Walgreens has sold to Maxey Inc. for $8 million. The property is located at 2950 N. Fowler Ave. Walgreens has about 22 years remaining on its lease with 10 five-year options to renew. Maxey was represented by Turner Financial. The seller, Fresno S & F Development, was represented by Jeff Conover of Faris Lee Investments.
ANAHEIM, CALIF. – A 40,000-square-foot industrial building in Anaheim has sold to an unnamed buyer for $6 million. The facility is located at 1369 S. State College Blvd. The seller, The 2013 Diablo Charitable remainder Annuity Trust and Cure International Inc., was represented by Mitch Zehner and Seth Davenport of Voit’s Anaheim office.