RICHMOND, VA. — CBRE | Richmond has brokered the sale of the Surry Building, a Class B, 33,578-square-foot office building at 1601 Rolling Hills Drive in Richmond. Surry Building Associates LC, an entity managed by Robinson Development Group Inc. (RDG), sold the asset for approximately $1.8 million. Will Bradley and David Wilkins of CBRE | Richmond represented RDG in the transaction.
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OPELIKA, ALA. — The Shopping Center Group has arranged the 30,000-square-foot lease of Ollie's Bargain Outlet at Pepperell Corners, a shopping center in Opelika, seven miles east of Auburn. The location is the first Ollie's Bargain Outlet store in Alabama. Jonathan Lindsey and Ray Jones of The Shopping Center Group represented Ollie's in its lease transaction with Atlanta-based RCG Ventures, owner of Pepperell Corners. Other retailers include Goody's, CATO, CitiTrends, Shoe Show and Dollar General. The store is expected to open this summer. Ollie's plans to open 35 stores in Alabama, according to The Shopping Center Group.
CHICAGO — Equus Capital Partners Ltd. has sold 200 S. Michigan Ave., a 357,777-square-foot office building in Chicago for $69 million. The building was 89 percent occupied at the time of sale. Bruce Miller and Nooshin Felsenthal of Jones Lang LaSalle represented the seller in the transaction. Current tenants at the 22-story building include RTKL Associates, Howard & Howard Attorneys and Johnson Publishing Co., Starbucks Coffee, Potbelly Sandwich Works and Panda Express.
MASON CITY, IOWA — Lee & Associates has arranged the $10.1 million sale of a Kraft Foods Jell-O distribution facility in Mason City, a city in northern Iowa. Ryan Barr and Ryan Bennett of Lee & Associates represented both the seller, Mason City DST, and the buyer, Store Capital Acquisitions LLC, in the transaction. The property is situated adjacent to the Kraft Foods manufacturing plant, which produces the nation’s entire supply of refrigerated ready-to-eat Jell-O and Jell-O pudding snacks. The 112,066-square-foot, temperature-controlled property is a mission-critical facility for the food brand, which currently has five years remaining on its double-net lease.
KANSAS CITY, MO. — Block & Co. Inc. has arranged the more than $2 million sale of State Line Commons shopping center, a fully occupied, 13,710-square-foot retail property in Kansas City. State Line Investors LLC, a group of local real estate investors, purchased the property. Located on the northeast corner of 81st Street & State Line Road, the shopping center is currently home to Subway, AT&T Wireless, T Loft and four other retailers. David Block and Phil Peck of Block & Co. Inc. represented the buyer in the transaction.
ELK GROVE VILLAGE, ILL. — First Industrial Realty Trust Inc. has sold 1850 Touhy Avenue, a 169,000-square-foot industrial property in suburban Chicago, to BK Equities. The property is located southeast of the Route 83 and Landmeier Road intersection in Elk Grove Village. Eric Tresslar, executive vice president, Joe Bronson, vice president, and Kyle Barrett, associate with NAI Hiffman’s industrial services group, represented First Industrial in the transaction. Matthew Stauber of Colliers represented the buyer, BK Equities.
BELVIDERE,ILL. — Technical Maintenance Inc. (TMI) has signed a 6,400-square-foot lease at 3248-3250 Forest View in Belvidere, located about 13 miles east of Rockford, Ill. TMI is a full-service laboratory that calibrates and repairs test and measurement equipment. The company is adding its Rockford office to service its customers in Chicago and the surrounding areas. AJFC Inc. is the landlord. Karen Walsh, vice president at CBRE, represented TMI in the transaction.
SADDLE BROOK, N.J. — CBRE Group Inc. has arranged $38 million in refinancing for a fully leased office building in Parsippany. James Gunning, Donna Falzarano and Evan Kleppe of CBRE secured a 10-year loan at a 5 percent interest rate through Relius Financial on behalf of the borrower, Jeffroad Green LLC. The loan was secured by a 206,155-square-foot suburban office building located at 399 Jefferson Road.
NEW YORK CITY — Eastern Consolidated has arranged the sale of 17 East 47th Street in New York City for $18 million. The Center for Fiction — which has owned and operated out of the historic library since 1933 — sold the eight-story building to Sun Acre's LLC. Steven Zimmerman, associate director, Marion Jones, director, and David Schechtman, principal and executive managing director of Eastern Consolidated, represented the seller and procured the buyer. Designed by architect Henry Otis Chapman, the white marble structure features frontage along the north side of East 47th Street between Fifth and Madison avenues. The Center for Fiction signed a short-term, lease-back arrangement with the new owner to remain in the space as the nonprofit looks to purchase a new headquarters space. Brad Lavender of Haynes and Boone LLP was the attorney for the seller. Russell Guba was the attorney for the buyer.
NEW YORK CITY — Avant Capital Partners has originated a $3.1 million bridge loan secured by a 25- by 100-foot lot located at 308 E. 59th St. in the Sutton Place neighborhood of New York City. The interest-only, one-year loan carries an interest rate of 10 percent, refinances the first mortgage and provides predevelopment funding for the project sponsor. The borrower plans to begin a condo development on the property, which includes 27,500 square feet of air rights.