FARMINGTON HILLS, MICH. — The Boulder Group has arranged the $1.4 million sale of a new McDonald’s ground lease in Farmington Hills. The 1.4-acre parcel is located along Grand River Avenue in metro Detroit. McDonald’s is the sole occupant of the 4,500-square-foot building. The property is fully leased to McDonald’s with 20 years remaining on the lease. The lease has escalating rents in the primary term and renewal option periods. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based investment firm. A California-based high-net-worth investor purchased the property in a 1031 tax-deferred exchange.
Retail
ANN ARBOR, MICH. — Colliers International has arranged the lease of a 5,812-square-foot property in Ann Arbor for FarmLogs Inc. The farm management software company will occupy space on the second floor of a building located at 410 N. Fourth Ave. in the Kerrytown Market and Shops retail center. FarmLogs is expanding and relocating its Ann Arbor office to the new space. Brendan Cavender and Jim Chaconas of Colliers International Ann Arbor represented FarmLogs in the transaction.
GRAPEVINE, TEXAS — A new 25,000-square-foot location of retailer Bealls has opened at Grapevine Towne Center in the Dallas/Fort Worth suburb of Grapevine. The apparel, accessory, cosmetic and footwear store relocated from a site along Northwest Highway. Grapevine Towne Center, located at the intersection of SH 114 and William D. Tate Avenue, also houses Target, World Market, Office Depot, Ross Dress for Less, eatZi’s Market & Bakery, Big Lots and Sprint. The Weitzman Group arranged Bealls’ lease, and Cencor Realty Services manages the property.
LAFAYETTE, LA. — The Ainbinder Co. has inked new lease agreements with several tenants for its Ambassador Crossing Shopping Center, which will be located at the intersection of Ambassador Caffery Parkway and Settlers Trace Boulevard in Lafayette. New tenants joining the Whole Foods-anchored center include J. Crew, Carter’s Babies & Kids, Osh Kosh B’Gosh, Lee Michaels Jewelers, Chipotle Mexican Grill, Sleep Number, Massage Envy, Which Wich and Superior Nails. Whole Foods will occupy 36,200 square feet of the 108,000-square-foot shopping center.
CHICAGO — The Boulder Group has arranged the $1.6 million sale of a retail condo in Chicago. The property is located at 3718 N. Southport Ave. in the Lakeview neighborhood’s Southport Corridor, a popular shopping destination. Tenants at the retail condo include Bank of America and Massage Envy. Bank of America recently exercised its first renewal option and has two years remaining on their lease. Massage Envy has more than eight years remaining on its recently signed lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based developer, in the transaction. A West Coast-based investor purchased the property in an all-cash transaction.
HOUSTON — Marcus & Millichap has brokered the sale of Greenbriar North Center, an 84,465-square-foot shopping center in Houston. Constructed in 1981, the property is located at 17503 Imperial Valley Drive and houses tenants including Family Dollar, Citi Trends, Cricket, Cash America and Food World. Derek Hargrove and Justin Miller of Marcus & Millichap marketed the asset on behalf of the seller, Marcel Group, a developer based in The Woodlands. Hargrove and Miller also secured the buyer, a San Antonio-based private partnership completing a 1031 tax-deferred exchange. The property was listed with a price of $7.5 million.
WOODBURN, ORE. – A 20,196-square-foot retail property in Woodburn that used to house Hershberger Motors has sold to a limited liability company for an undisclosed sum. The property is located at 777 Arney Road. The LLC plans to redevelop the property. It was represented by Will Stone of Marcus & Millichap’s Portland office.
OLYMPIA, WASH. – A 35,776-square-foot building in Olympia that is net leased to Big Lots has sold to an individual/personal trust for $3.7 million. The building is located at 2815 Capital Mall Drive SW. There is a little less than seven years remaining on the lease. The REIT seller was represented by Craig Fuller, Scott Wiles and Erin E. Patton of Marcus & Millichap’s Cleveland & Columbus offices. The buyer was represented by an agent out of the firm’s Palo Alto, Calif., office.
CORTEZ, COLO. – A 6,850-square-foot building in Cortez that is occupied by O’Reilly Auto Parts has sold to a 1031 exchange buyer for $1.7 million. The building is located at 1853 Main Street in southwestern Colorado near the Colorado-Utah-New Mexico-Arizona border. The buyer was represented by Matt Ritter, Cody Stambaugh and Peter Sengelmann of the Johnson Ritter Team at Pinnacle Real Estate Advisors. The unnamed seller was represented by Justin Brockman and JB Hochman of the Hochman Brockman Team from the same firm.
BESSEMER, ALA. — The Boulder Group has arranged the $5.9 million sale of a single-tenant CVS/pharmacy store located at 2901 Morgan Road in Bessemer, part of the Birmingham MSA. CVS has 10 years of lease term remaining at the 10,880-square-foot store. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a high net worth individual from the Midwest, in the transaction. The buyer was a private real estate investment company.