INDIANAPOLIS — The Silver Group has arranged the $22.6 million sale of a single-tenant property leased to CarMax Inc. in northern Indianapolis. CarMax, a publicly traded, Fortune 500 company, is under a 21-year lease for the 16-acre site, located at 9750 N. Gray Road. A partnership purchased the property. Barry Silver and Greg Cunha of The Silver Group arranged the sale.
EVANSTON, ILL. — @properties Commercial has arranged the $2.1 million sale of a 10-unit multifamily building at 1434 Chicago Ave. in Evanston, a northern suburb of Chicago. Donna Agnew of @properties Commercial represented the buyer, a private real estate investor. The seller was a private owner. The four-story property features six three-bedroom and four two-bedroom apartment units, with storage, laundry and an office located in the basement. All 10 units in the building were leased at the time of sale.
CARPENTERSVILLE, ILL. — Quantum Real Estate Advisors Inc. has arranged the $1.3 million sale of a 7,500-square-foot AutoZone property in Carpentersville. The property sold to a cash buyer based in California. AutoZone has operated at the location for more than four years and recently signed an 11-year lease. Jordan Kaufman and Daniel Waszak at Quantum Real Estate Advisors Inc. represented the seller, a Chicago-based investor. Chad Firsel of Quantum Real Estate Advisors Inc. represented the buyer.
GREENVILLE, OHIO — Precision Fab Inc. (PFI) has signed a lease to occupy an 87,000-square-foot manufacturing facility in Greenville, located about 40 miles northwest of Dayton, Ohio. PFI builds metal racking for the automotive industry and has serviced Toyota, Honda, BMW and the Big 3. Tim Echemann of Industrial Property Brokers arranged the transaction.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of JFK Airgate, a four-building industrial and office property totaling 229,000 square feet, and an adjacent parcel in Queens for $53.1 million. The estimated stabilized cap rate of the property is 5.3 percent, according to San Francisco-based Terreno Realty Corp, which purchased the property. JFK Airgate, located approximately one-half mile north of John F. Kennedy International Airport, is 98.6 percent leased to 18 tenants, including some of the largest international air cargo and logistics firms. The 65,000-square-foot Airgate I is a warehouse with 14 dock-high and three grade-level loading positions and parking for 56 cars at 151-02 132nd Ave. Airgate II is also a warehouse that spans 66,000 square feet with 12 dock-high and three grade-level loading positions and parking for 76 cars at 150-10 132nd Ave. The 73,000-square-foot Airgate III is a distribution building with 18 dock-high and one grade-level loading positions and parking for 138 cars at 152-02 Baisley Blvd. Airgate IV is an office building spanning 25,000 square feet and includes parking for 58 cars at 152-01 133rd Ave. The 0.2-acre paved parcel includes parking for 27 cars at Baisley Boulevard and 132nd Avenue. Andrew Merin, …
WESTFORD, MASS. — HFF has arranged a $25 million construction loan for the development of Princeton Westford Apartment Homes, a 200-unit, garden-style multifamily development in suburban Boston. HFF arranged the three-year, floating rate loan for an affiliate of Princeton Properties & Guggenheim Real Estate LLC through First Niagara Bank’s Boston office. The loan includes two one-year extension options. Princeton Westford Apartment Homes is located on 90 acres at 16 Littleton Road in Westford. Due for completion in 2014, the property will feature four different floorplans of one- and two-bedroom units averaging 1,128 square feet each. Each apartment will feature granite countertops, undermount dual-bowl kitchen sinks, gooseneck faucets and espresso-stained wood cabinetry. Community amenities will include a 3,800-square-foot clubhouse offering fitness, business and social centers with a resort-style pool and play area. Riaz Cassum, senior managing director, and Lauren O’Neil, director, led the HFF team representing the borrower.
NEW YORK CITY — Marcus & Millichap has arranged the $3.3 million sale of 324 East 31st Street, a 25-unit apartment property located in Brooklyn. The sales price equates to approximately $158 per square foot. Lucien Sproviero and Derek Bestreich from Marcus & Millichap’s Brooklyn office marketed the property on behalf of the seller, a private investor. Bestreich and Sproviero also represented the buyer, a REIT, in the transaction.
HOUSTON — HFF has brokered the sale of the Woodbranch Building, a 109,471-square-foot office building in Houston’s Energy Corridor submarket. Located at 12012 Wickchester Lane, the property was fully leased at the time of the sale. Dan Miller and Marty Hogan of HFF represented the seller, an affiliate of Parkway Properties Inc. CapRidge Partners LLC, an investment and management company based in Austin, purchased the asset free and clear of debt.
McKINNEY, KELLER AND TROPHY CLUB, TEXAS — Marcus & Millichap has brokered the sale of three properties net-leased to Merryhill Schools totaling 27,600 square feet in the northern suburbs of the Dallas/Fort Worth Metroplex. The tenant, a branch of Nobel Learning Communities Inc., operates a private preschool in each of the facilities. The assets include a 7,800-square-foot building located at 6050 Eldorado Parkway in McKinney, which is shadow-anchored by Market Street grocery store; a 7,800-square-foot building located at 1750 Rufe Snow Drive in Keller, in proximity to Walmart Neighborhood Market; and a 12,000-square-foot building located at 50 Village Trail in Trophy Club, in proximity to Tom Thumb. More than nine years remain on each of the leases, which include three, five-year renewal options and scheduled rent bumps. Chris Gainey and Philip Levy of Marcus & Millichap marketed the properties on behalf of the seller, a fund manager. The two also secured the buyer, a private investor.
LITTLE ELM, TEXAS — Churchill Capital Co. has arranged a $7.5 million permanent first mortgage for Lake Shore Crossing, a 42,530-square-foot retail property in the Dallas suburb of Little Elm. Constructed in two phases in 2002 and 2011, the strip center is located along Eldorado Parkway. The fixed-rate, 10-year CMBS loan, which includes one year of interest-only payments and an amortization schedule of 30 years, allowed the undisclosed Dallas-based borrower to exit existing SBA and USDA loans. Brad Donnell arranged the financing through Jamie Ruggiero of MC Five Mile.