IRVINE, CALIF. — RGP has completed the disposition of 17101 Armstrong, an office building in the Orange County city of Irvine. A municipal owner-user purchased the asset for $13 million. The two-story, low-rise building features 57,301 square feet of office space and 167 parking stalls. The property was built in 1982 on 2.4 acres. Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Carter Haslam of CBRE represented the seller in the deal.
SAN DIEGO — A joint venture between RPG and Steel Peak has acquired 9606 Aero Drive, a 38,704-square-foot flex office property in San Diego. Total consideration for the acquisition was $12.1 million, which the joint venture’s institutional equity partner supported. The undisclosed seller will continue to occupy the asset as its headquarters through 2025 as part of a leaseback agreement. Situated on 4.2 acres, the asset includes existing office space and a vacated data center that will be converted into warehouse space with multiple grade-level loading doors, creating a Class A industrial outdoor storage facility. Additional improvements to the property will include fencing, lighting and paving. Kurtis Blanchard and Evan McDonald of Colliers represented the buyers in the deal.
OGDEN, UTAH — The LeClaire-Schlosser Group of Marcus & Millichap has negotiated the sale of Vault Storage, a storage facility in Ogden, approximately 35 miles north of Salt Lake City. Mountain West Self-Storage acquired the asset from the original developer for an undisclosed price. Jordan Farrer and Adam Schlosser of The LeClaire-Schlosser Group represented the seller in the deal. Located at 1506 Gibson Ave., Vault Storage consists of eight one-story buildings offering a total of 371 climate-controlled and non-climate-controlled units. The facility has all metal buildings, metal interior walls, standing seam metal roofs, roll-up doors and asphalt driveways.
MOUNT PROSPECT, ILL. — Marcus & Millichap has brokered the $12.4 million sale of a three-building retail portfolio in Mount Prospect, about 20 miles northwest of downtown Chicago. The assets serve as outparcels to Randhurst Village, a Costco-anchored shopping mall. The first property at 102 E. Kensington Road is home to Chipotle, Five Guys, Jersey Mike’s, Sports Clips and T-Mobile. The second, at 1065 Emhurst Road, features GNC, Panera Bread and Nothing Bundt Cakes. The third property, located at 1027 Randhurst Village, is home to Hangry Joe’s, MOD Pizza and Poke Bros. Built in 2012, the buildings occupy a combined 3.6 acres. Jeff Rowlett and Matthew Gordon of Marcus & Millichap procured the buyer, Lula Holdings, a Wisconsin-based limited liability partnership. Maggie Holmes of Northmarq represented the seller, RREF III-P Randhurst Village, a Delaware-based limited liability company. Steven Weinstock, broker of record in Illinois, assisted in closing the transaction. Michael Hughes of Marcus & Millichap Capital Corp. arranged $6.4 million in acquisition financing through US Bank.
NEW YORK CITY — Denham Wolf Real Estate Services has expanded and extended its office lease at 520 Eighth Avenue in Manhattan’s Garment District. Denham Wolf has been a tenant at the 26-story building since 2001. The new 11-year lease features an additional 3,887 square feet of space for a total footprint of 9,253 square feet. Christopher Turner and Kate Hrobsky internally represented Denham Wolf in the lease negotiations. Matthew Mandell represented the landlord, GFP Real Estate, also on an internal basis
INDIANAPOLIS — Alfa Laval, a global provider of heat transfer, separation and fluid handling products, has signed a 324,000-square-foot industrial lease at Building 2 within County Line Commerce industrial park in Indianapolis. The tenant will occupy the entire building. Developed by a joint venture between Gershman and Citimark, County Line Commerce consists of five buildings totaling nearly 1.9 million square feet. Construction is now complete at the 170-acre industrial park, which is located at the intersection of County Line Road and I-65. Brian Seitz of JLL represented the landlords in the lease, while Charlie Polk and Brian Buschuk of JLL represented the tenant. Buildings 1, 3 and 4 are still available for lease.
MOUNT PROSPECT, ILL. — Interra Realty has negotiated the sale of a five-building, 30-unit multifamily portfolio in the Chicago suburb of Mount Prospect for $4.3 million. The properties sold to local buyers in two separate deals. Patrick Kennelly, Paul Waterloo and Nathan Zito of Interra represented the undisclosed seller. Hubert Cioromski of Troy Realty represented the buyer of three buildings, while Nader Shahat of Green Equities LLC represented the buyer of the other two buildings. Constructed in 1978, the three-story buildings each contain six units in a mix of one- and two-bedroom layouts. Most of the units include individual balconies and were recently renovated with updated kitchens and baths. They were fully occupied at the time of sale.
MOUNT PLEASANT, MICH. — The Boulder Group has arranged the $3.5 million sale of a single-tenant retail property net leased to Caliber Collision in Mount Pleasant within central Michigan. The property at 1005 Corporate Drive features a newly renovated, 15,800-square-foot automotive building on two acres. Caliber Collision maintains a 15-year lease. Randy Blankstein and Jimmy Goodman of Boulder represented the buyer, an Iowa-based corporation. The seller was a Delaware-based limited liability company.
BLOOMINGTON, ILL. — AXIS 360 Commercial Real Estate Specialists has brokered the $1.5 million sale of a 4.7-acre commercial lot on Towanda Barnes Road in Bloomington. Laura Pritts of AXIS 360 represented the undisclosed seller. Joseph & Camper Commercial represented the buyer, which plans to develop the property into medical-related use. The site is located between the Parke Regency Hotel and Conference Center and Compeer Financial.
RALEIGH, N.C. AND WASHINGTON, D.C. — Advance Auto Parts Inc. (NYSE: AAP) has agreed to sell Worldpac, the Raleigh-based company’s automotive parts wholesale distribution business, to funds managed by global investment firm Carlyle (NASDAQ: CG) for $1.5 billion in cash. Advance Auto Parts operated 321 Worldpac locations primarily within the United States as of the end of the second quarter. These warehouses, 135 of which are branded Autopart International, are generally larger than the company’s retail locations, averaging approximately 26,000 square feet. Worldpac offers over 293,000 parts for domestic and import vehicles and primarily serves professional customers such as vehicle repair shops, with services including same-day delivery of automotive parts through a fleet of company-owned vehicles. Over the past 12 months, these locations generated approximately $2.1 billion in revenue and $100 million in earnings before interest, taxes, depreciation and amortization (EBITDA). Advance expects to close the transaction before the end of the year, with Advance expecting net proceeds of approximately $1.2 billion after taxes and transaction fees. These proceeds will be used to strengthen the company’s balance sheet and invest in its core retail business, said Shane O’Kelly, president and CEO of Advance Auto Parts, during an earnings call earlier …
