DETROIT — Colliers International has arranged a 1,728-square-foot office lease in the Grand Park Centre building, a 20-story office tower, in Detroit. Nowak & Fraus Engineers, an engineering, surveying and planning company, will occupy the space at 28 W. Adams St. The company headquarters will remain in Pontiac, Mich. Nowak & Fraus expect its move into the Grand Park Centre building to be complete in January 2017. Peter McGrath of Colliers International Detroit represented Nowak & Fraus in the lease transaction.
Campus First, CF Real Estate Services Buy Student Housing Property Near University of South Carolina
COLUMBIA, S.C. — Campus First Student Living and CF Real Estate Services LLC have formed a joint venture with a private commingled fund to purchase Club at Carolina Stadium, a 486-bed student housing property situated less than one mile from the main campus of the University of South Carolina in Columbia. The community is located adjacent to the Congaree River and across from the university’s new ballpark. Campus First will be overseeing a $2.7 million renovation and rebranding of Club at Carolina Stadium, which will be renamed Rivers Edge at Carolina Stadium. The renovations will include a new clubhouse with a fitness center, private and shared study lounges, gaming area, café and a deck overlooking the swimming pool and terrace area. Other improvements will include a new outdoor kitchen, renovated dog park with dog washing station, two fire pit areas, enhanced landscaping, new signage, kayaks and canoes for residents and a new shuttle bus and electric bikes for students to get to class. The overhaul will also include upgraded internet and cable packages, as well as the addition of VIP premium suites that will include gray faux-wood floors, painted interiors and renovated kitchens with subway tile backsplashes, stainless steel appliances, …
MARIETTA, GA. — Emma Capital has purchased two apartment communities in the Atlanta suburb of Marietta for a total of $15.7 million. KENCO Apartment Communities sold both Georgian Arms and Somerpoint to Emma Capital. Georgian Arms is located at 16 Beech Road, and the 144-unit Somerpoint is located at 1788 Austell Road. Josh Goldfarb, Tyler Averitt and Robbie O’Bryan of Cushman & Wakefield represented KENCO in the transaction.
FOUR CORNERS, FLA. — Marcus & Millichap has brokered the $7.3 million sale of Champions Gate Office Building, a 44,836-square-foot office property located at 8390 Champions Gate Blvd. in the resort community of Champions Gate, about 25 miles southwest of Orlando. The asset was fully leased at the time of sale. Dan Mulkey of Marcus & Millichap’s Tampa office represented the undisclosed buyer in the transaction. The buyer was a family based in Tampa that used the purchase to partially accommodate an exchange for a recent portfolio sale.
DAVIS, CALIF. — Fulcrum Properties has acquired University Research Park, a 304,912-square-foot campus in Davis, for $70 million. The 17-building park is located at 1440-1590 Drew Ave., 1850-2020 Research Park Drive and 1947 Galileo Court, less than one mile from the University of California, Davis. The property was 92 percent occupied at the time of sale. Major tenants include Novozymes, Marrone Bio Inovations and UC Regents. CBRE’s Russell Ingrum, Joe Moriarty, Tyler Meyerdirk, Sean Sullivan, Stuart Wright and Matt Post represented the seller, Interland LLC. The firm’s Mike Stassi and Daniel Baker provided leasing market expertise .
MONTCLAIR, CALIF. — JCH Consulting Group has arranged the $15.5 million sale of a 119-unit assisted living and memory care community in the Los Angeles suburb of Montclair. The community was built in 1990 and was 67 percent occupied at the time of sale. An investment company sold the community to a regional owner-operator as a value-add opportunity. The name of the facility was not disclosed. Nick Stahler and Jim Hazzard of JCH arranged the transaction.
LAS VEGAS — Strategic Storage Trust has purchased two self storage facilities in Las Vegas for $28.1 million. The 771-unit Storage Direct-Silverado is located at 9890 Pollock Drive. The 871-unit Storage Direct- Bermuda is located at 590 E. Silverado Blvd. CBRE’s Nick Walker represented both the buyer and the seller, Silverado Mini Storage LLC, in this transaction.
STOCKTON, CALIF. — Westcore Properties has purhcsed a 172,500-square-foot industrial property in Stockton for $6 million. The facility is located at 4545 Qantas Lane. The building is fully leased to PacTiv for three years. JLL’s Robert Taylor and Tim Mustin represented the seller, the Friedman Family, in this transaction.
GREENVILLE, TEXAS — Rhino Linings Corp. is relocating its global production and blending headquarters to Greenville. Located at 1001 Ed Rutherford St., the revitalized 100,000-square-foot production plant sits on approximately 100 acres of land. The facility will include a lab, blending and material drumming machinery, large warehouse, showroom and offices. Additionally, the Greenville plant will serve as an industrial coating training facility, hosting hundreds of Rhino Linings customers and prospects interested in applying Rhino Linings products.
SAN ANTONIO — Berkadia has facilitated the sale of Ridge at Southcross, a 212-unit multifamily property located at 4700 Stringfellow Drive in San Antonio. The undisclosed buyer plans to complete the rehabilitation work that the seller started at the property, which was built in 1974. The property features studio, one- and two-bedroom floor plans and a variety of community amenities, including a clubhouse, hot tub, pool, on-site business center, fitness center and clothing care facility. Mike Miller, Chris Ross, Will Caruth and Cody Courtney of Berkadia brokered the transaction. The name of the seller and acquisition price were not released.