GREENWOOD, IND. — The Mansour Group has arranged the $9.2 million sale of a property fully occupied by Walgreens in Greenwood, a southern suburb of Indianapolis. Alvin Mansour of The Mansour Group marketed the property on behalf of a private seller. The Walgreens property features the company’s flagship “Take Care Clinic” model, which provides clinic services to walk-in patrons. A private California-based buyer, who was also represented by Mansour, acquired the building.
CHICAGO — Cushman & Wakefield has completed the sale of 2801 S. Western Ave., a 312,000-square-foot industrial building located in the Near South Side community of Chicago. Sally Macoicz of Cushman & Wakefield’s Chicago office represented the seller, Friedman Realty. The investment buyer was Venture One Real Estate LLC. Friedman Realty is an affiliate of Dearborn Wholesale Grocers, which had occupied the facility prior to downsizing and relocating within the market. The building was vacant at the time of sale and is being marketed for lease by Macoicz, along with Cushman & Wakefield’s Larry Goldwasser and Colin Green. The building is located off the interchange of I-55 and Damen Avenue. The purchase price was undisclosed.
CANTON, OHIO — The Cooper Commercial Investment Group has arranged the $1.8 million sale of a 3,156-square-foot property occupied by Burger King in Canton. The sale price represents a 6.5 percent capitalization rate. Dan Cooper, president and broker at Cooper Commercial Investment Group in Cleveland, represented the owner, a local private investment group, in the transaction. A California-based private investor purchased the property, which is triple-net leased to Burger King. The hamburger chain has 13 years left on its lease.
ELIZABETH, N.J. — Glimcher Realty Trust (NYSE: GRT) has closed on a $350 million mortgage loan secured by The Outlet Collection | Jersey Gardens, a 1.3 million-square-foot outlet mall in Elizabeth. The loan includes a fixed interest rate of 3.83 percent with a maturity date in November 2020. Loan proceeds were used to retire the existing $137.1 million secured mortgage on the property, which had an interest rate of 4.83 percent. Additionally, approximately $148 million of the loan was used to reduce all outstanding borrowings on the company’s secured and unsecured credit facilities. Glimcher began development of Jersey Gardens in 1997, and the mall opened in 1999. Close to Newark and New York City, the center is the largest outlet mall in New Jersey and a major tourist attraction, seeing approximately 18 million visitors a year from more than 160 countries, according to Gilmcher.
BRANCHBURG, N.J. — Mark Scott’s Commercial Mortgage Capital (CMC) has closed a $26.5 million loan for a 10-building, 276-unit multifamily complex in Neshanic Station, a section of Branchburg. The luxury apartment community, which is known as Whiton Hills at Branchburg, includes 33 one-, 27 two- and 12 three-bedroom units. Whiton Hills features hardwood floors, modern kitchens, washers/dryers in each unit and a balcony or patio, as well as a playground and tennis court. A life insurance company provided the loan.
GARLAND, TEXAS — Atlanta-based ARA has brokered the sale of Advenir at Town Centre, a 948-unit multifamily property in Garland, a suburb northeast of Dallas. The Class B asset, located at 2804 Belt Line Road, was 94 percent occupied at the time of sale. Features include nine swimming pools, a lighted tennis court and proximity to the major thoroughfares of U.S. Highway 75, the Bush Turnpike and Interstate 635. Brian O’Boyle Sr., Brian Murphy and Brian O’Boyle Jr. of ARA represented the seller, Florida-based Advenir, in the transaction. Private investment firm Omninet Capital LLC acquired the complex and plans to invest an additional $200 million in Texas properties in the coming year.
IRVING, TEXAS — The firm of Lee & Associates has brokered the sale of a 30,000-square-foot flex building in Irving. Located at 8201 Tristar Drive, the facility is in close proximity to Interstate 635 and John W. Carpenter Freeway (Texas State Highway 114). The property features two dock-high doors and 22-foot ceiling clear heights. Lee & Associates marketed the building on behalf of Denkmann Associates LLC. Michelle Hudson with Hudson Peters Commercial represented the buyer, Manara Academy Inc., in the transaction.
HOUSTON — Coldwell Banker Commercial United Realtors has brokered the sale of a 20,050-square-foot showroom/warehouse building in Houston. The property is located at 10640 S. Sam Houston Parkway W., providing for easy access to U.S. Highway 59. Features include 18-foot clear height ceilings, a dock-high loading door and three grade-level doors. Vince Elder and Robert Capps of Coldwell Banker Commercial United Realtors represented the seller, B.O.C. LLP. Payton Indermuehle of Indermuehle & Co. represented the buyer, Shah Holdings LLC.
HOUSTON — Hines is underway on 609 Main at Texas, a 47-story, 1 million-square-foot office tower in downtown Houston. The construction schedule started this week with site preparation, including the demolition of the existing abandoned structure. New Haven, Conn.-based architecture firm Pickard Chilton designed the building, and the sustainability-focused Hines CalPERS Green fund is developing the building. 609 Main at Texas, which will stand at the corner of Main and Texas streets, is pre-registered LEED and expected to attain Gold or Platinum certification upon completion. A fitness center, conference center, café and internal parking garage are among the planned amenities. Hines expects excavation and foundation construction in March 2014 and occupancy by early 2017.
SAN DIEGO – A 28-unit apartment building in San Diego has sold to Gordon Reese and John Reinhardt of Imperial Group Partners for $2.6 million. The community is located at 5460-5468 Imperial Ave. The seller, Michael Contreras, initially purchased the asset as a foreclosed REO property. Aaron Bove of Marcus & Millichap’s San Diego office represented both the buyer and the seller in this transaction.
