BOSTON — Paradigm Properties and Alcion Ventures have completed the sale of 101 Tremont, an office and retail building in downtown Boston. GLL Real Estate Partners acquired the property for an undisclosed price. Robert Griffin, Edward Maher and Matthew Pullen of NGKF Capital Markets represented the seller in the transaction. The 11-story building recently underwent extensive base building and tenant area improvements that transformed the asset into a mixed-use property. At the time of sale, the property was 100 percent leased to three innovative healthcare firms and a variety of on-site retailers, including Beantown Pub, Hollywood Nails, Silvertone and Ziggy’s Coffee Bar.
Retail
LONG ISLAND, N.Y. — G&S Investors has completed the sale of ShopRite at Bay Shore, a single-tenant retail property located in Bay Shore on Long Island. A joint venture partnership between Mattone Group and Gartenstein Properties acquired the 60,000-square-foot property for $30 million. Situated on 10 acres at 1905 Sunrise Highway, the property is triple-let leased to ShopRite. Jeffrey Julien and Jose Cruz of HFF represented the seller in the transaction. The asset was purchased free and clear of existing debt.
WHITEHALL, PA. — PH Retail, an affiliate of a Post Brothers, has completed the sale of a restaurant property, located at 2610 MacArthur Road in Whitehall, for an undisclosed price. The 4,815-square-foot property is occupied by Chick-fil-A under a triple-net lease. The name of the buyer was not released. PH Retail originally acquired the property in February 2015 after it had fallen into disrepair following the departure of a prior restaurant. The company led the demolition of the existing structure and secured approvals for the development of the new freestanding Chick-fil-A building.
ALLEN, TEXAS — Capital Pacific has represented the seller of an El Pollo Loco located at 386 E. Stacy Road in Allen. The property was sold for $3.2 million to an all-cash investor from California utilizing a 1031 tax-deferred exchange. The El Pollo Loco is on a 20-year net lease with rent increases every five years.
CHARLOTTE, N.C. — Crosland Southeast and Childress Klein have purchased an 8.5-acre site on Providence Road in south Charlotte from Crescent Communities. The joint venture plans to develop several single-tenant and multi-tenant retail buildings on the site. The site is adjacent to the planned Crescent Providence Farm apartment development and in close proximity to Waverly, a master-planned project that Crosland Southeast and Childress Klein are co-developing. Crosland Southeast and Childress Klein are partnering with the Matthews family on the project.
Inland Private Capital Facilitates Sale of Freedom Commons Retail Center in Naperville, Illinois
by Amy Works
NAPERVILLE, ILL. — Inland Private Capital Corp., through its subsidiary that serves as asset manager, has facilitated the sale of Freedom Commons, located at 1703-1847 Freedom Drive in Naperville, for an undisclosed sum. The 81,760-square-foot retail center is occupied by a variety of tenants, including AthletiCo Physical Therapy, Maggiano’s Little Italy, Morton’s the Steakhouse and Old Town Pour House. The name of the buyer was not released.
Marcus & Millichap Brokers $1.8M Sale of 48,900 SF Self-Storage Facility in Lexington, Ohio
by Amy Works
LEXINGTON, OHIO — Marcus & Millichap has arranged the sale of Turn Key Storage, a self-storage facility located at 1435 Orchard Park Road in Lexington. An individual/personal trust sold the property to a limited liability company for $1.8 million. Brett Hatcher and Joseph Holloway of Marcus & Millichap represented the seller and the buyer in the transaction. Situated on 5.7 acres, the 48,900-square-foot property features 352 units with 54 expansion-ready units. Facility amenities include steel roll-up doors, paved drives throughout, 24-hour video surveillance and digital gate access.
LIMA, OHIO — Reichle Klein Group has arranged the lease of a former Walmart retail building located at 975 N. Cable Road in Lima. Big R Stores signed a 10-year lease for the 110,580-square-foot property. The site will be the store’s first location in Ohio. Big R sells a variety of goods, including apparel, sporting goods, home basics, toys, and pet, livestock, auto and lawn and garden products. Duke Wheeler of Reichle Klein Group represented the lessee in the deal. The landlord was not disclosed.
GAINESVILLE, VA. — Calkain Cos. has brokered the $16.5 million sale of a triple-net leased gym in Gainesville, about 35 miles west of Washington, D.C. The asset is leased to Sport&Health, a fitness chain that operates 22 locations in the metro Washington, D.C. area. Jeff Bogart of Calkain represented the seller in the transaction. Hasan Ibrahim of HMI Properties LLC represented the private buyer.
Summit Design + Build Starts Construction of 316,650 SF Athletic/Academic Facility in Chicago
by Amy Works
CHICAGO — Summit Design + Build, serving as general contractor, has broken ground on XS Tennis and Education Foundation’s XS Tennis Village, a state-of-the-art athletic and academic facility in Chicago’s Washington Park neighborhood. Situated on 14 acres at 510 S. State St., the 316,650-square-foot project will feature 110,000 square feet of indoor space, including 12 full-size tennis courts, four mini tennis courts, locker rooms, offices, players’ lounge and an 8,100-square-foot fitness center with a basketball court and sprinting lane. The complex’s 206,650 square feet of outdoor space will feature 15 full-size tennis courts (four clay and 11 hard surface), three stadium courts, two basketball courts and a 150-meter running track. Williams Architects is providing architectural services for the project.