PHOENIX – A two-property multifamily portfolio in the Metro Phoenix area has sold to a company formed by Bascom Arizona Ventures LLC for an undisclosed sum. The properties include the 396-unit Country Brook at 4909 West Joshua Blvd. in Chandler and the 379-unit Little Cottonwoods at 1820 East Bell De Mar Drive in Tempe. The seller, a publicly traded REIT, was represented by Steve Gebing and Cliff David of Marcus & Millichap’s Phoenix office.
WILSONVILLE, ORE. — Rite Aid has renewed its lease for 516,693 square feet at the Wilsonville Distribution Center. The center is located at 29555 SW Boones Ferry Road just south of Portland. The drugstore utilizes this facility as its Pacific Northwest regional distribution center.Rite Aid was represented by Tyler SheilsandTodd Hughesof Jones Lang LaSalle. The center is owned by GE Capital.
ORANGE PARK, FLA. — Elco Landmark Residential has acquired two garden-style apartment communities in Orange Park, a suburb of Jacksonville, for $47.5 million. The deal included Bridgewater at Wells Crossing, a 288-unit property built in 1986. Located at 350 Crossing Blvd., the property has been renamed Landmark at Autumn Cove. Elco also purchased the adjacent Mariner's Wharf at 351 Crossing Blvd. The 272-unit community has been renamed Landmark at Vista Grande. The complexes are about 95 percent occupied. Elco plans to renovate both properties and add a dog park, business center and picnic area. Equity Residential of Chicago was the seller.
LAWRENCEVILLE, GA. — RACO General Contractors has selected Lavista Associates to lease 25 distribution buildings totaling 2.4 million square feet at Gwinnett316 in Lawrenceville. Gwinnett316 is part of a 424-acre industrial development located off GA 316, and a few minutes from I-85. The properties, built sequentially from 1986 to 2001, house national and international tenants such as Lund International, Ryder Logistics and Sherwin-Williams Co. The park has distribution spaces available for lease from 7,800 square feet to 157,000 square feet, along with sites available for build-to-suit projects. Charlie Fiveash, Will Grogan, David Pope and Tom Hunter of LaVista will market the properties.
WEST COLUMBIA, S.C. — Columbia Industrial has sold the 273,280-square-foot UTi Integrated Logistics facility, located at 185 McQueen St. in West Columbia, for $9.6 million. The facility is leased by UTi, which specializes in supply chain services. Dail Longaker of NAI Avant represented the seller in the transaction.
SUMTER, S.C. — Construction is under way on The Shops on Broad, a new 5,000-square-foot building on Broad Street in Sumter that will house an Aspen Dental and Starbucks. McMillan Padzan Smith is the project architect and DooleyMack Constructors will handle the construction. GrandSouth Bank provided the construction financing for the project. Carolina Holdings will own and manage The Shops on Broad, which will be located directly in front of Lowe's Home Improvement. The project is slated for completion in the third quarter of 2013.
CHICAGO — Wicker Park Apartments, a 16-unit multifamily property in Chicago, has sold for $5.7 million to a limited liability company. The building, which is located at 2147-2151 W. Evergreen Ave., spans 25,700 square feet. Kyle Stengle of Marcus & Millichap represented the buyer and the seller, a limited liability company, in the deal.
DIAMOND, ILL. — The Boulder Group has arranged the sale of a net-leased Advance Auto Parts property, located at 1135 E. Division St. in Diamond, for $1.6 million. The 6,125-square-foot Advance Auto Parts was built in 2012 and is located 60 miles southwest of downtown Chicago. The building is situated along Highway 113 and is an outparcel to Berta Crossing, a recently constructed retail center featuring Dollar General and Ace Hardware. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, an Ohio-based investor, and the seller, a Midwest-based partnership.
DES PLAINES, ILL. — Midland Paper Co. has renewed and expanded its lease to 155,568 square feet of industrial space at 363 N. Third Ave. in Des Plaines. Kurt Sarbaugh, Robin Stolberg and Kris Bjorson of Jones Lang LaSalle represented Midland Paper in the deal. Midland Paper is an independently owned fine paper, packaging and supply systems distributor.
MINNEAPOLIS — Walgreens and Haiku Sushi have signed leases to take up all of the retail space at The Station on Washington, a student residential and retail complex on the University of Minnesota's East Bank campus. Walgreens will occupy approximately 7,000 square feet of space and is scheduled to open in August. Haiku Sushi will occupy 4,000 square feet of space. The six-story building will contain 11,000 square feet of ground-level retail space and 97 residential units. Amenities will include underground parking, a fitness center and study lounge space. The Station on Washington is slated for completion in August. The Opus Group is the developer of the project.