TEMPE, ARIZ. — Mill Avenue Office LLC has acquired Hayden Station, a 107,508-square-foot, mixed-use project in Tempe, for $26.5 million. The property is located on the southwest corner of Mill Avenue and 3rd Street. It sits adjacent to a Light Rail station, and is just a short walk to Arizona State University. Hayden Station contains five buildings of office and retail users. The 74,307-square-foot building on 3rd Street serves as a multi-tenant office building. The other buildings are located on Mill Avenue. They range in size from 5,642 square feet to 9,548 square feet. The entire project was 97.9 percent leased at the time of sale. The seller was Holualoa Companies. Bob Buckley, Tracy Cartledge, Steve Lindley, Jeff Hartland, Scott Boardman, Trevor Klinkhamer and Brent Mallonee of Cassidy Turley represented both parties in this transaction.
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LITTLE ROCK, ARK. — Inland Real Estate Income Trust Inc. has acquired the 126,288-square-foot MidTowne Shopping Center in Little Rock. The property, located at the corner of University Avenue and Markham Street, is located across the street from Park Avenue Shopping Center, which Inland purchased in February. MidTowne is 95.6 percent leased to 22 tenants, including The Container Store, Pottery Barn, Ulta Beauty and Williams-Sonoma. Lou Quilici of IREIT Business Manager & Advisor Inc. assisted Inland in the transaction.
WHITSETT, N.C. — Charlotte-based Beacon Partners has purchased a 520,000-square-foot, fully leased distribution center in Whitsett, about seven miles from Greensboro. The property is located at 6550 Judge Adams Road, within Rock Creek Center. The distribution center sits on a 30-acre parcel located less than one mile from I-85 and with immediate proximity to the I-40 and I-85 interchange. The property features 28-foot clear heights, a truck court with dock-high and drive-in loading and a ESFR sprinkler system. Beacon Partners’ industrial portfolio in the Carolinas spans 5.5 million square feet. Gregg Copps and Lawrence Shaw of Colliers International represented Beacon Partners in the transaction. Dodson Schenck and Greg Wilson of CBRE represented the seller.
JACKSONVILLE, FLA. — Avesta Communities has acquired Woods of Mandarin, a 401-unit apartment community located in Jacksonville’s Mandarin submarket. As part of the transaction, the property has been renamed Avesta Mandarin. Built in 1974, the community offers amenities such as two swimming pools, lighted tennis courts, a playground and a picnic area.
CAIRO, GA. — Franklin Street Real Estate Services has arranged the $2.8 million sale of Cairo Corners, a grocery-anchored shopping center in Cairo, a town in southwest Georgia along the Florida border. Built in 2008, the property is located at 1000 First Ave. N.E. Harveys Supermarket anchors the shopping center and has 13 years remaining on its lease through its parent company BI-LO LLC. An unnamed company based in Delaware purchased the shopping center from Cairo Sun Properties Ltd. LLP, a Boca Raton, Fla.-based limited liability company. Rafeal Wright and Jonathan Graber of Franklin Street represented the seller in the transaction.
CHARLESTON, S.C. — Cushman & Wakefield | Thalhimer has arranged the $2.5 million sale of a 24,000-square-foot office building located at 1200 Charleston Regional Parkway in Charleston. Jessen Lane LLC purchased the former NanoScreen Building from Wells Fargo Bank. Mankiewicz LLC, a manufacturer of coating systems for the aviation and automotive industries, will lease space at the property. Mark Erickson of Cushman & Wakefield | Thalhimer represented Wells Fargo in the transaction.
CHICAGO — Lubert-Adler, in a joint venture with The Farbman Group, has sold a 23-story office building in Chicago for $100 million. Beacon Investment Partners LLC partnered with Tel Aviv-based Harel Insurance Investments and Financial Services Ltd. to acquire the 535,911-square-foot building located at 200 W. Monroe St. Lubert-Adler and The Farbman Group acquired the office building in July 2012 for $75 million. The joint venture was able to increase occupancy from 80 to 91 percent. Lead tenants include Select Hotels, Equinox Fitness, and Barcodes Inc. The office tower was built in 1973 and renovated in 2006. Philadelphia-based Lubert-Adler, which invests on behalf of leading national university endowments and state retirement systems, owns five other Chicago properties with The Farbman Group.
ALSIP, ILL. — Sperry Van Ness has arranged the $1.1 million sale of a 42,500-square-foot industrial building in Alsip, a southern suburb of Chicago. The building is located at 4101 W. 124th Place. The Shred Authority, a professional paper shredding service, purchased the property, which had been vacant for three years. Beverly Hayes of Sperry Van Ness represented the buyer. Robert Barr of Strategic Advisors represented the seller, Praxair Surface Technologies Ltd.
LISLE, ILL. — Brennan Investment Group LLC and its joint venture partner Westminster Capital have sold a Class A office property to a private investor for an undisclosed sales price. The Ogden Corporate Center is located at 801-815 Ogden Ave. in Lisle, a suburb approximately 26 miles east of Chicago. The property consists of two single-story office buildings. The buildings are fully leased to three tenants with the majority of space occupied by an affiliate of DuPage Medical Group. Brennan Investment Group purchased the property in 2012.
CLEVELAND — First Market Properties LLC has purchased the first lien mortgage on a Class B, mixed-use complex in Cleveland. The property, Playhouse Square, is located at 1220 Huron Road N.E. The building includes 100,800 net rentable square feet and is currently 30 percent occupied. The loan was originated in 2011 and matured in June 2013 with an unpaid balance of approximately $1.7 million. Miami-based First Market Properties is a fully integrated real estate investment firm that originates first lien debt, purchases loans and REOs nationwide.