PARKER, COLO. – An unnamed buyer has purchased a 6,406-square-foot mixed-use property in Parker for $1.3 million. The property is located at 18575 Stage Run Road. It consists of retail and office space. The new owner plans to relocate an existing hair salon to the center, as well as add a full-service spa. Construction is set to commence immediately for the new tenants. Mitch Trevey and Nick Nickerson of Trevey Land and Commercial represented the seller, Martinez Global International, in this transaction.
HAMBURG, N.Y. — Monmouth Real Estate Investment Corp. has acquired an industrial building located at 3779 Lake Shore Road in Hamburg. An undisclosed seller sold the property for $35.1 million. Situated on 49 acres, the 338,584-square-foot facility is net leased for 15 years to FedEx Ground Packaging System Inc.
WALPOLE, MASS. — RK Centers has acquired a 12.5-acre ground lease of a Stop & Shop in Walpole for $6.3 million. Located at 565 Main St., the ground-lease property includes a freestanding 75,096-square-foot Stop & Shop grocery store. Constructed in 2002, the building also features an in-store Citizens Bank and the site has 398 parking spaces. Geoffrey Millerd and Justin Smith of NGKF Capital Markets represented the buyer in the deal. The name of the seller was not released.
CHICAGO — HFF, acting on behalf of University of Chicago, has arranged the sale of a housing portfolio that includes 11 properties and five land sites in Chicago. Pioneer Acquisitions LLC acquired the 394-unit housing portfolio free and clear of existing debt for an undisclosed price. The portfolio includes six graduate student housing properties, four faculty/staff buildings, one retail property and five land sites. The properties have a total of 520 beds and approximately 272,593 square feet with residential units averaging 692 square feet. Located in Chicago’s Hyde Park, the properties are within walking distance of campus and six miles south of Chicago’s central business district. Michael Higgins and Brian Kelly of HFF represented the seller in the deal.
NORMAL, ILL. — Podolsky|Circle CORFAC International has arranged the sale of College Plaza Shopping Center, a retail center located in Normal’s primary retail trade area near Bloomington. Phillips Edison acquired the property from Normal Properties of Illinois LLC for an undisclosed price. In 1999, the single-tenant property was redeveloped into a 100,000-square-foot multi-tenant retail center. Alissa Adler, John Homsher and Steven Tick of Podolsky|Circle CORFAC International represented the seller in the transaction.
SAN ANTONIO — The Tobin Endowment has closed on the sale of 44 acres surrounding the original residence of the late Robert L. B. Tobin. Dallas-based Rosewood Property Co. purchased the property and plans to build a mixed-use development on the tract. The property is in the Oakwell Farms area of north-central San Antonio. The sale will preserve the residence, which was designed by Tobin, a San Antonio arts patron, philanthropist and businessman. Two surrounding acres will also be preserved. Before his death in 2000, Tobin converted the residence to the offices of The Tobin Endowment.
TOMBALL, TEXAS — Marcus & Millichap has brokered the sale of North Eldridge Showrooms, a 19,456-square-foot retail property located in Tomball. Ron Hebert of Marcus & Millichap’s Dallas office and Christopher Jones of the firm’s Houston office marketed the property on behalf of the seller, a limited partnership. Watt Harrison of Marcus & Millichap’s Houston office secured and represented the buyer, a limited liability company. North Eldridge Showrooms is located at 16121 N. Eldridge Parkway.
WESLEY CHAPEL AND PLANT CITY, FLA. — Marcus & Millichap has arranged the $28.4 million sale of two affordable housing communities in the Tampa Bay metro area. The properties include Pasco Woods Apartments, a 200-unit community in Wesley Chapel, and Park Springs, a 200-unit community in Plant City. The assets sold for cap rates of 5.9 percent and 5.34 percent, respectively. Both properties were built in 2000 under the Section 42 Low Income Housing Tax Credit (LIHTC) program, and both properties were 100 percent occupied at the time of sale and have long histories of high occupancy. Ray Turchi, Chris Travis and Kristin Boekhoff of Marcus & Millichap’s Orlando office represented the seller, a private investor, in the transaction. The trio also secured the out-of-state institutional buyer.
MOORESVILLE, N.C. — Slate Retail REIT, a Toronto-based owner and operator of U.S. grocery-anchored properties, has acquired Mooresville Town Square, a Lowes Foods-anchored retail center in Mooresville, a northern suburb of Charlotte. The publicly traded REIT purchased the asset for $16.7 million, or $186 per square foot. The shopping center was 88 percent leased at the time of sale to tenants such as Famous Toastery, Jimmy Johns, Firestorm Pizza and Fusion Bowl. Mooresville Town Square is the sixth property in North Carolina for Slate Retail REIT.
MCKINNEY, TEXAS — SRS Distribution Inc., a roofing supply company, has signed a lease expansion for its office at Valliance Plaza in McKinney. The company will now occupy 5,452 square feet. Stephen Hemphill of Mohr Partners represented the tenant, and Heather Shover and Sean Dalton of Younger Partners represented the landlord in the leasing transaction.