OVERLAND PARK, KAN. — Bridge Partners has purchased Essex Place Apartments, a 352-unit, Class B apartment community in Overland Park, a suburb of Kansas City. The garden-style property is located at 8900 W. 102nd Terrace near employment centers such as the Sprint/Nextel corporate campus and Corporate Woods Office Park. The apartment units average 1,219 square feet. Since 2010, the property has undergone $2.6 million in renovations. Essex Place was 95 percent occupied. Jordan Cortez led the Rockwood Real Estate Advisors team that represented the seller in the transaction.
XENIA, OHIO — Marcus & Millichap has arranged the $1.6 million sale of Chipotle Center, a 7,487-square-foot retail property at 1620 West Park Square in Xenia. The property is fully occupied by Chipotle, AT&T and Palm Beach Tan. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, a limited liability company, in the transaction. An out-of-state buyer acquired the property at an 8.4 percent cap rate.
ROSEVILLE, MICH. — LVM Squared LLC has purchased a 16,000-square-foot industrial building at 15900 Common Road in Roseville. Ben Wilkiemeyer and Steve Gordon of Signature Associates represented the seller, Shady Lane Development Co., in the transaction.
ANN ARBOR, MICH. — The Big Salad, a specialty restaurant, has signed a lease for 1,934 square feet of retail space in Plymouth Road Plaza in Ann Arbor. The new location is at 2791 Plymouth Road. Adam Goodman and Tony Schmitt of Mid-America Real Estate-Michigan represented the tenant in the transaction.
NEW YORK CITY — Savanna, a New York-based real estate private equity and asset management firm, has closed on its purchase of 2 Rector St. The property is a 464,000-square-foot, 26-story office building in Lower Manhattan, adjacent to the World Trade Center development. Savanna worked in partnership with Stellar Management to buy out Stellar's partners, including Lehman Brothers, to secure a controlling interest in the property. Savanna first became involved in the property in 2007, when it acquired part of the building's first mortgage for a reported $100 million. In 2010, Savanna recapitalized the property by providing a mezzanine loan. Stellar continues to own a minority interest in the property and will stay on as the property manager. Savanna is planning a mulit-million dollar capital improvement program to upgrade the building's lobby, elevators and building systems.
ELIZABETH, N.J. — Continental Terminals, the largest handler of specialty coffee in the U.S., has leased a 158,735-square-foot distribution facility in Elizabeth. The facility is located at 535 Dowd Ave. The company plans to use the space for distribution of import commodities. The space features 6,080 square feet of office space, 10 interior loading docks with levelers and one drive-in door. The property is located one mile from New Jersey ports and Exit 13A on the New Jersey Turnpike. Andrew Grabis and Marc Policarpo of Binswanger represented the landlord, Seagis Property Group, in the transaction.
NEW YORK CITY — GFI Realty Services has arranged the $3.6 million sale of 1409-1451 St. Johns Place, two contiguous apartment buildings in the Crown Heights section of Brooklyn. The four-story buildings consist of 40 apartments and approximately 36,000 square feet. Shulem Paneth of GFI Realty Services represented the sellers, two local investors. Yosef Katz, also of GFI, represented the buyer, a local investor.
EXETER, N.H. — Vapotherm Inc. has signed a lease for 25,930 square feet of office and warehouse space at 22 Industrial Drive in Exeter. The company, which develops and manufactures respiratory devices, will share the building with Sea View Technologies. David Choate of Grubb & Ellis/Northern New England represented the landlord, DeCoto LLC, in the transaction. Michael Bergeron of the New Hampshire Department of Resources and Economic Development assisted the tenant.
AUSTIN — HID Global has plans to construct a $35 million, 200,000-square-foot operations center in Austin, which will serve as the company's manufacturing and distribution headquarters. HID Global worked closely with the Austin Chamber of Commerce, State of Texas and Travis County to bring the project to fruition. The City of Austin approved a 10-year grant estimated at $920,576, Travis County approved $745,000 in tax incentives and the State of Texas approved HID Global for a $1.9 million Texas Enterprise Fund grant.
PLANO — Ascension Group Architects has recently completed the $2.5 million build-out of Children's Medical Center at Legacy's Ambulatory Care Pavilion in Plano. The build-out included 3,400 square feet of shell space on the second floor and 10,400 square feet of shell space on the fourth floor. Dallas-based Balfour Beatty's Fort Worth office handled general contractor duties for the project.