BALA CYNWYD, PA. — Philadelphia-based Binswanger has brokered a 20,479-square-foot lease at 401 City Ave. in Bala Cynwyd. LF Driscoll Co LLC will occupy the space at the 400,000-square-foot Class A office building. Nick Sannelli and Josh Haber of Binswanger represented the tenant in the long-term lease.
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HOUSTON — Copeland Commercial LLC, in a joint venture with Hillwood Investment Properties, will break ground next month on the 414,106-square-foot first phase of Interstate Commerce Center, a planned 717,706-square-foot office and industrial park in Houston. The first phase of the development, slated for completion in the fourth quarter of this year, will include a 284,170-square-foot cross-dock building with 32-foot ceiling clear heights, as well as a 129,936-square-foot front-load building. Interstate Commerce Center will be located south of FM 1960, in proximity to I-45 and the George Bush Intercontinental Airport. Stream Realty Partners will manage and lease the complex.
AUSTIN, TEXAS — Clarion Partners LLC has acquired a two-building, 171,872-square-foot office portfolio, as well as a 59,546-square-foot retail building, in Austin. The office portfolio, which includes the Mira Vista and The Overlook properties in southwest Austin, was 98.2 percent leased at the time of the sale to a variety of professional service providers. The retail property, located within The Domain mixed-use project, was fully leased by Whole Foods. HFF represented the seller in both transactions.
HOUSTON — Development firm Midway has commenced site preparations for Avenue Grove, a 270-unit multifamily property at the Kirby Grove mixed-use development in Houston. The eight-story building will offer studio, one- and two-bedroom apartments, as well as a swimming pool and fitness center. Architecture firm munoz albin designed the property, and its affiliate HOUSE + partners is the architect of record. Institutional investors advised by J.P. Morgan Asset Management are providing equity, and Cadence Bank is providing construction financing. Avenue Grove is slated for completion in the fall of 2015. The Kirby Grove development is being built in conjunction with the Upper Kirby Redevelopment Authority’s revitalization of Levy Park.
HOUSTON — Marcus & Millichap has brokered the sale of Greenbriar North Center, an 84,465-square-foot shopping center in Houston. Constructed in 1981, the property is located at 17503 Imperial Valley Drive and houses tenants including Family Dollar, Citi Trends, Cricket, Cash America and Food World. Derek Hargrove and Justin Miller of Marcus & Millichap marketed the asset on behalf of the seller, Marcel Group, a developer based in The Woodlands. Hargrove and Miller also secured the buyer, a San Antonio-based private partnership completing a 1031 tax-deferred exchange. The property was listed with a price of $7.5 million.
HONOKOWAI, HAWAII – The 34-unit Honokowai Plantation Inn apartment community in Maui has sold to an out-of-state private investment company for $4.4 million. The community is located at 3510 Lower Honoapiilani Highway, near Kaanapali. The buyer was represented by Keoni Fursse and Kara Heen of Kokua Realty. The firm will also manage the community.
DENVER – A 34-unit apartment building in Denver called 19th Place has sold to a local private investor for $4 million. The community is located at East 19thAve. It was 94 percent occupied at the time of sale. The seller, another private local investor, was represented by ARA Colorado’s JustinHunt, Andy Hellman and Robert Bratley.
WOODBURN, ORE. – A 20,196-square-foot retail property in Woodburn that used to house Hershberger Motors has sold to a limited liability company for an undisclosed sum. The property is located at 777 Arney Road. The LLC plans to redevelop the property. It was represented by Will Stone of Marcus & Millichap’s Portland office.
OLYMPIA, WASH. – A 35,776-square-foot building in Olympia that is net leased to Big Lots has sold to an individual/personal trust for $3.7 million. The building is located at 2815 Capital Mall Drive SW. There is a little less than seven years remaining on the lease. The REIT seller was represented by Craig Fuller, Scott Wiles and Erin E. Patton of Marcus & Millichap’s Cleveland & Columbus offices. The buyer was represented by an agent out of the firm’s Palo Alto, Calif., office.
CORTEZ, COLO. – A 6,850-square-foot building in Cortez that is occupied by O’Reilly Auto Parts has sold to a 1031 exchange buyer for $1.7 million. The building is located at 1853 Main Street in southwestern Colorado near the Colorado-Utah-New Mexico-Arizona border. The buyer was represented by Matt Ritter, Cody Stambaugh and Peter Sengelmann of the Johnson Ritter Team at Pinnacle Real Estate Advisors. The unnamed seller was represented by Justin Brockman and JB Hochman of the Hochman Brockman Team from the same firm.