CHICAGO — NAI Hiffman has brokered the sale of a 74,997-square-foot industrial building located at 830 W. 40th St. in Chicago. The building features 9,150 square feet of office space, 18-foot clear heights and three interior loading docks. Chris Gary and Joe Bronson of NAI Hiffman represented the buyer, Hog Shed Ventures LLC. George Maragos, Mitch Adams and Nicole Mentone of CBRE represented the seller, VK 830 W. 40th LLC. The building will be home to Frost Lighting, a full-service event production company.
CARMEL, IND. — Veritas Realty has negotiated leases for Planet Fitness and Homenclature at Merchant’s Square in Carmel, a suburb of Indianapolis. The shopping center is located at 2192 E. 116th St. Planet Fitness leased 16,860 square feet and Homenclature leased 8,181 square feet. Seth Biggerstaff and Amy Winchell of Veritas Realty represented the landlord, Ramco-Gershenson Properties LLC. Bart Jackson of Lee & Associates represented Planet Fitness, while Jeff Hubley of Midland Atlantic represented Homenclature. Planet Fitness is a franchise of fitness centers based in Newington, N.H. Homenclature offers both new and used furnishings for homes in offices. The company is headquartered in Valparaiso, Ind.
TAMPA, FLA. — Tampa-based Plaza Advisors has brokered the $51 million sale of three Publix-anchored shopping centers totaling nearly 300,000 square feet in Florida and Alabama. The assets include Magnolia Plaza in Panama City Beach, Fla.; Palmer Ranch in Sarasota, Fla.; and Magnolia Place in Daphne, a suburb of Mobile, Ala. The shopping centers had an average occupancy rate of 98 percent at the time of sale. Jim Michalak and Mike Cvetetic of Plaza Advisors were the sole brokers involved and represented the seller, which developed all three shopping centers. The buyer was undisclosed.
ROYSTON, GA. AND SUMMERVILLE, S.C. — Wheeler Real Estate Investment Trust Inc. (Wheeler REIT) has acquired two BI-LO-anchored shopping centers located in Georgia and South Carolina for a combined $11 million. The acquisitions include Tri-County Plaza, a 67,577-square-foot shopping center located in Royston, Ga.; and Sangaree Plaza, a 66,948-square-foot shopping center located in Summerville, S.C. BI-LO recently executed lease extensions at both locations. Tenants at Tri-County Plaza include Maxway, Shoe Show and Snap Fitness. Tenants at Sangaree Plaza include H&R Block and Check Into Cash. Kyle Stonis and Pierce Mayson of SRS Real Estate Partners represented Wheeler REIT in the transaction.
GREENBELT, MD. — Rubenstein Partners LP and partner Trammell Crow Co. (TCC) have closed nearly 33,000 square feet of leases at Maryland Trade Center III, a 192,000-square-foot office building in the Washington, D.C., suburb of Greenbelt. The Class A building is located at the intersection of the Capital Beltway and MD 295. The transactions include a 18,280-square-foot lease renewal with The Retina Group, a healthcare firm specializing in retinal and macular practices; a new 4,214-square-foot lease with Allstate Insurance Co.; and three additional leases totaling roughly 10,000 square feet. Since purchasing Maryland Trade Center III in 2012, Rubenstein and TCC have upgraded the building’s lobby, restrooms and mechanical systems and installed a new HVAC system. Niel Beggy of Avison Young, Bill Zonghetti of Newmark Grubb Knight Frank and Todd Bosley and Tim Jaeger of CBRE provided tenant representation for the transactions.
REDMOND, WASH. — Equus Capital Partners has purchased Quadrant Willows B and D, a two-building office portfolio in Redmond, for $22.3 million. The Class B buildings are situated along Willows Road at the west end of the Redmond Valley. Notable employers in the area include Microsoft’s world headquarters and Nintendo USA’s headquarters. Equus purchased Quadrant Willows C and E in March 2016. The firm plans to make significant upgrades to all four buildings. The acquisition was made on behalf of Equus Investment Partnership X L.P. CBRE’s Scott Davis, Tom Pehl and Lou Senini represented the seller, Menlo Equities, in this transaction.
PORTLAND, ORE. — Second City Real Estate has acquired a 72,572-square-foot office building in Portland’s Lloyd District for $14.5 million. The building, known as 1500 Plaza, is located at 1500 N.E. Irving St. It was built in 1964 and designed by Skidmore, Owings and Merrill. The property is currently 95 percent leased. More than one quarter of the space has already been converted into modern, creative workspace. JLL’s Paige Morgan and Buzz Ellis executed the sale. The seller was Swift Real Estate Partners.
LONG BEACH, CALIF. — Seattle-based Nordstrom Inc. plans to relocate its Nordstrom Rack store in Lakewood Center to Long Beach Exchange in Long Beach. The 28,000-square-foot store is scheduled to open in spring 2018. Burnham Ward Properties LLC, an affiliate of Burnham USA Equities Inc., owns the property, which is occupied by Whole Foods 365 and a variety of dining and fitness offerings.
COLUMBIA, MD. — The Howard Hughes Corp. has acquired two office buildings in downtown Columbia for a combined $38.8 million. The firm purchased The American City Building, which is adjacent to a Whole Foods Market on Little Patuxent Parkway, for $16.5 million and One Mall North, a fully leased, four-story office building, for $22.3 million. Both purchases were underwritten in view of their future development potential. Howard Hughes plans to demolish the mostly vacant American City Building to make way for a mixed-use development with multifamily, retail and restaurant components. The company hasn’t unveiled plans for One Mall North, but the site is zoned for retail, office or multifamily use of up to nine stories. The redevelopment opportunity for these sites will aid in the city’s goal to revamp downtown Columbia. The Howard County government recently approved a $90 million tax increment financing (TIF) to fund public infrastructure improvements and a new parking garage in downtown Columbia’s Merriweather District, a 5 million-square-foot mixed-use development. Currently downtown Columbia has nearly 14 million square feet of vertical entitlements, including the Merriweather District.
INDIANAPOLIS — Cushman & Wakefield has brokered the sale of Georgetown Commerce Park in Indianapolis. The sales price was not disclosed. The property consists of two buildings located at 7301 Georgetown Road. The property is 83 percent occupied by 19 tenants. Jeff Castell of Cushman & Wakefield represented the sellers, Mann Properties and GCP Investments. Todd Vannatta and Kevin Archer of Cushman & Wakefield will manage the leasing of 25,000 square feet of vacant space. Cushman & Wakefield will also manage both buildings, comprising 148,977 square feet. Congaree River LLC was the buyer.