SCOTTSDALE, ARIZ. — A 34,768-square-foot industrial building in Scottsdale has sold to a Phoenix-based partnership for $3 million. It was developed in 1999 as a build-to-suit facility for The Arizona Republic, however, the building has been vacant for more than two years. Rick Foss of NAI Horizon represented the Phoenix partnership. Kyle Westfall and Pat Harlan of Cushman & Wakefield represented the seller, Gray Road Properties, LLC, in this transaction.
RALEIGH, N.C. — Clarion Partners has formed a joint venture with The Residential Group to build the $37 million, 291-unit The Crest at Brier Creek, located at the intersection of U.S. 70 and Interstate 540 in Raleigh. Amenities will include a clubhouse, fitness center, pool and grill area. Site work began this month and completion is slated for June 2013.
MECHANICSVILLE, VA. — The 112,000-square-foot Brandy Hill Plaza, a retail and office property located at 7053-7095 Mechanicsville Tpke. in Mechanicsville, has been sold on Auction.com for $3.3 million. 7055 Brandy Hill Plaza Associates purchased the note on the center as a deed in lieu of foreclosure and will retain the center as an investment. Richard Thalhimer of Cushman & Wakefield/Thalhimer's Richmond, Va., office represented the buyer in the transaction.
ALTAMONTE SPRINGS, FLA. — Marcus & Millichap has brokered the $2.97 million sale of a 3,578-square-foot, net-leased Chase Bank, located at 971 N. State Rd. 434 in Altamonte Springs. The property is in a Publix-anchored shopping center. Ray Turchi and Chris Travis of Marcus & Millichap's Orlando office represented the seller, a private investor, in the transaction. Judson Kauffman and Glen Kunofsky of the firm's Manhattan office represented the seller in the transaction.
MURFREESBORO,TENN. — A 10,125-square-foot CVS/pharmacy, located at 607 SE Broad St. in Murfreesboro, has been sold for $2.96 million. CVS is on a 20-year, triple-net lease. Dan Cooper of Cleveland-based The Cooper Group arranged the sale on behalf of the seller, a New York-based private company, in the transaction and procured the buyer, a Texas-based private group.
ROANOKE, VA. — Delta Dental has purchased the 53,800-square-foot Verizon office building, located at 5415 Airport Rd. in Roanoke, for $1.9 million. Dennis Cronk and Matt Huff of Roanoke-based Poe & Cronk Real Estate Group represented the buyer in the transaction.
PLYMOUTH, MINN. — Medical device giant St. Jude Medical Inc. plans to expand its facilities in Plymouth with a three-story, 275,000-square-foot addition to its 5050 Nathan Lane building. St. Jude also plans to consolidate its cardiovascular division at the new facility. The company's cardiovascular unit currently leases locations in Minnetonka, Minn. and Maple Grove, Minn. St. Jude acquired the property in 2010, which formerly served as the headquarters for AGA Medical. Pending city approval, the company hopes to begin construction as early as this February.
CHICAGO — Law firm Latham & Watkins LLP will relocate its Chicago office to 330 N. Wabash Ave. on or near April 2014. The company signed a 15-year lease for 137,000 square feet in the building. Scott Gamber, Todd Lippman and Kyle Kamin of CBRE represented Latham & Watkins in the transaction. The landlord, Prime Group Realty Trust, was represented in-house by Steven Baron.
MACHESNEY PARK, ILL. — The Boulder Group has completed the $1.5 million sale of an Advance Auto Parts property, located at 1535 W. Lane Rd. in Machesney Park. Advance Auto Parts is the sole occupant of the 6,124-square-foot building that was developed in 2011. The company has 14 years remaining on its lease. Randy Blankenstein and Jimmy Goodman of The Boulder Group represented the seller, an Illinois developer, in the transaction. The buyer was a California-based private investment firm.
RAPID CITY, S.D. — Patrick Minea of NorthMarq Capital's Minneapolis office has arranged $3 million in first mortgage financing for Canyon Lake Apartments, a 109-unit multifamily property in Rapid City. Minnea arranged the financing through NorthMarq's seller-servicer relationship with Freddie Mac. The 10-year loan has a 30-year amortization schedule.