PEARLAND, TEXAS — Pearland-based Frontier Forklifts has acquired an industrial facility located at 3401 S. Main St. in Pearland. Baker Hughes Inc. sold the 30,000-square-foot property, which is situated on 6.5 acres, for an undisclosed price. Frontier Forklift offers sales, service, rentals and parts for forklifts and specialty equipment. Conrad Bernard of Boyd Commercial represented the seller in the deal.
NORTH RICHLAND HILLS AND TOMBALL, TEXAS — NewQuest Properties has arranged two leases for retail space in North Richland Hills and Tomball. In the first deal, Cellphone Trendz leased 1,050 square feet of retail space at North Tarrant Marketplace in North Richland Hills. Josh Friedlander provided in-house representation for the landlord, NewQuest Properties, while Jack Burgher of Streetwise Retail Advisors represented the tenant. In the second transaction, PostNet TX 223 leased 2,095 square feet of retail space at Tomball Parkway Plaza in Tomball. Brad Elmore and Austen Baldridge of NewQuest Properties represented the landlord, Tomball Plaza LLC, while Caroline Howell of NewQuest and Josh Evans of Newmark Grubb Knight Frank represented the tenant.
ORANGE PARK, FLA. — Robbins Electra has acquired Maple Glen, a 358-unit apartment community located at 1863 Wells Road in Orange Park, a suburb of Jacksonville. Robbins Electra purchased the asset, which will be rebranded as The Parkland at Orange Park, from a Starwood entity for $35.1 million. The community features one-, two- and three-bedroom layouts with average monthly rents of approximately $850. The property was 95 percent occupied at the time of sale. Community amenities include a business center, clubhouse, fitness center and two swimming pools. Robbins Electra will carry out a multimillion dollar property renovation, upgrading apartment interiors and adding or enhancing community amenities. This is Robbins Electra’s eighth property in the Jacksonville region and its first acquisition of 2017. Last year, the company completed over $1 billion in multifamily acquisitions across the Southeast.
PALM BEACH GARDENS, FLA. — NAI/Merin Hunter Codman has brokered the $18.5 million sale of a 10-story office building located at 4400 PGA Blvd. in Palm Beach Gardens. Dr. A. John Merola of Jupiter, Fla., purchased the 80,300-square-foot building from Admiralty Acquisition Co. LLC, an entity formed by Ray Celedinas of Celedinas Insurance Group and local investors. The office building was 99 percent leased at the time of sale to tenants such as Pulte Homes, the U.S. Army Corps of Engineers, GAI Consultants, Celedinas Insurance, A Marsh & McLennan Agency and the Scott Harris law firm. Neil Merin of NAI/Merin Hunter Codman represented the seller, and Summit Commercial Real Estate Group represented the buyer in the transaction.
GREENVILLE, S.C. — CBRE has brokered the $16.7 million sale of 750 Brookfield, a 106,649-square-foot office building located at 750 Brookfield Parkway in Greenville. The office building was 93.5 percent leased at the time of sale to tenants such as Ford Motor Credit Co., which occupies nearly 70 percent of the building. Patrick Gildea, Tripp Sellers and Charles Gouch of CBRE represented the seller, Chicago-based J.L. Woode Ltd., in the transaction. CCP Commercial Real Estate was the buyer.
EDGERTON, KAN. — Spectrum Brands Hardware and Home Improvement (HHI) has unveiled plans to move into a 927,112-square-foot distribution center at Logistics Park Kansas City (LPKC) in Edgerton. Spectrum Brands HHI will consolidate two existing distribution facilities in Charlotte, N.C. and Mira Loma, Calif. Construction of the building, known as Inland Port XXXIII, began in March 2016. The building is the largest to ever be constructed on a speculative basis in Kansas City, according to LPKC. The park is a 1,700-acre distribution and warehouse development anchored by BNSF Railway’s newest intermodal facility.
AUBURN HILLS, MICH. — Signature Associates has arranged the sale of a 489,000-square-foot, high-tech office building in Auburn Hills. The sales price was not disclosed, but the list price was $25.5 million. The building is located at 3000 University Drive. Bruce A. Morrison and Paul Hoge of Signature Associates represented the landlord, Shamrock Holdings Inc. The buyer was not disclosed.
SALT LAKE CITY — CBL & Associates Properties Inc. has announced that Dillard’s will open a new store in the former Macy’s location at Layton Hills Mall in Salt Lake City. Construction on the 160,000-square-foot store is set to begin in April, with an anticipated opening for fall 2017.
CHATTANOOGA, TENN. — The RADCO Cos. has acquired its first apartment community in Tennessee — Mountain Creek in Chattanooga. RADCO purchased the 296-unit, Class C property for $20 million and has renamed it Radius Mountain Creek, the third community under RADCO’s Radius brand. Marcus Lyons and David Oakley of Berkadia represented the seller, Detroit-based Broder & Sachse Real Estate Services, in the transaction. Berkadia also recently brokered the $8.5 million sale of another asset in Chattanooga, Ledford Apartments, on behalf of Broder & Sachse. RADCO will spend about $6.5 million on capital improvements of Radius Mountain Creek. The Atlanta-based multifamily investor is financing the acquisition and renovations using a $19.8 million loan from Bank of North Georgia and more than $8 million in private capital. RADCO Residential will manage the asset. Built in 1972, Radius Mountain Creek is situated on 50 acres north of the Tennessee River and features views of nearby Signal Mountain. Units average 931 square feet and community amenities include a fitness center, playground, business center and a swimming pool.
MOUNTAIN BROOK, ALA. — L&B Realty Advisors has purchased Cahaba Village, a 115,180-square-foot shopping center located along US 280 in the Birmingham suburb of Mountain Brook. The company purchased the property free and clear of existing debt for an undisclosed price on behalf of an institutional separate account client. Cahaba Village’s tenant roster includes Whole Foods Market, Mountain High Outfitters and Bryant Bank. Jim Hamilton, Richard Reid, Barry Brown, Ryan Shore, Mike Allison and Brad Buchanan of HFF represented the undisclosed seller in the transaction. Birmingham-based Bayer Properties developed Cahaba Village in 2007 and sold it to Clarion Partners in 2010, according to the Birmingham Business Journal.