CANTON AND SAGINAW, MICH. — Tjader Gerdom and Larry Siedell of Gerdom Realty and Investment represented both the buyer and seller in the sale of two net leased restaurants, Hayden’s Grill and Bar in Canton and Harvey’s Grill and Bar in Saginaw. Both locations are freestanding casual dining restaurants spanning 7,000 square feet. A private investor from the Detroit area bought the restaurants as a package deal.
SAN ANTONIO — Electra America and Robbins Property Associates have acquired Vantage at Alamo Ranch, a 288-unit apartment complex in San Antonio. The JV bought the asset from Vantage Communities and will rebrand it as Verandas at Alamo. With this acquisition, Electra/Robbins’ Texas portfolio now includes over 7,000 apartment units in cities including San Antonio, Houston and Dallas. Constructed in 2015, Vantage at Alamo is located at 6831 Alamo Parkway and features one-, two- and three-bedroom units. The project totals 240,916 square feet. Community amenities include swimming pools, a fitness center, on-site maintenance, gated access, business center, picnic area, pet park and high-speed Internet. The property is 87 percent occupied. Unit amenities include nine-foot ceilings, balconies/patios, hardwood floors, walk-in closets and granite countertops.
FORT WORTH, TEXAS — JLL has secured an office lease renewal and expansion on behalf of accounting firm Auldridge-Griffin P.C. The 8,614-square-foot office lease includes a nearly 1,500-square-foot expansion for the Fort Worth-based company. JLL’s Pat McDowell negotiated the lease on behalf of the tenant. John Grace of Colliers International represented the unnamed landlord. Auldridge-Griffin’s office is located in the Ridglea Bank Building at 6300 Ridglea Place.
HOUSTON — Marcus & Millichap has arranged the sale of Broadway Shopping Center, a 6,793-square-foot retail property located in Houston. Gus Lagos and Alex Bouchard of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, an individual/personal trust partnership. Lagos and Bouchard also secured the buyer, a limited liability company. Broadway Shopping Center is located at 3933 Broadway St.
TAMPA, FLA. — Marcus & Millichap has brokered the $30 million sale of a four-property apartment portfolio in Tampa. The properties include the 70-unit Palm River Apartments, the 122-unit Laurel Chase, the 228-unit Rivertree Landing and the 232-unit Puritan Place. Michael Donaldson and Nicholas Meoli of Marcus & Millichap’s Tampa office represented the seller and procured the buyer.
MARIETTA, GA. — Emma Capital Investments Inc. has purchased two apartment communities in Marietta, a northern suburb of Atlanta, for a combined $15.7 million. The two properties include the 144-unit Somerpoint Apartments located at 1788 Austell Road and the 100-unit Brix on Beech located at 16 Beech Road S.E. Emma Capital plans to invest in upgrades for the two properties. This is Emma Capital’s 17th and 18th acquisitions in the United States and brings its total units acquired to date to approximately 4,000.
BAKER CITY, ORE. — ValueRock Realty Partners has acquired a 48,239-square-foot building in Baker City for an undisclosed sum. The property is net leased to an Albertsons grocery store. The building is located at 1120 Campbell St. Nick Foster, Mark West and Nick Kassab of HFF represented the seller in this transaction.
CHICAGO — The Missner Group has acquired the Oxxford Building, located at 1220 W. Van Buren St. in Chicago. The firm plans to redevelop the 115,000-square-foot office/showroom and manufacturing building into a Class A loft office building. The seven-story property includes a basement and an 8,000-square-foot adjacent vacant lot, which serves as parking. Located in Chicago’s West Loop, 1220 West Van Buren is surrounded by new residential and commercial developments and offers frontage off the Eisenhower Expressway (I-290). The Missner Group’s redevelopment plans for 1220 West Van Buren include building out the space to include open floor plans, exposed ductwork, concrete and brick features as well as a tenant lounge with rooftop deck, fitness center, conference center, locker rooms and bike parking facilities. Oxxford Clothing, a manufacturer of men’s clothing, currently occupies the property. The firm has occupied the building for the past 67 years and at one time manufactured 35,000 suits per year. After a short-term lease, Oxxford will complete its transition to a new facility near Midway Airport. Ed Adler of The Missner Group led the acquisition for the firm. Ari Klein, Larry Goldwasser and Colin Green of Cushman and Wakefield represented Oxxford in the transaction.
ST. LOUIS — Mid-America Real Estate Corp. has brokered the sale of the Chippewa Center in St. Louis on behalf of the seller, an investment partnership with St. Louis-based Pace Properties Inc. Springfield, Ill.-based Jared Commercial purchased the 147,920-square-foot retail center for $10.6 million. Chippewa Center is located at the northwest corner of Chippewa Street and River Des Peres Boulevard. Tenants at the center include Shop ’n Save, Value City Furniture and Dollar Tree. Ben Wineman of Mid-America Real Estate Inc., in cooperation with Mid-America Real Estate Group-Missouri LLC and Scott Seyfried of Pace Properties Inc. were the brokers in the transaction.
MENTOR, OHIO — Marcus & Millichap has negotiated the sale of Holiday Inn Cleveland East-Mentor, a 132-room hotel, for $9.4 million. The hotel is located at 7701 Reynolds Road in Mentor. The full-service hotel opened as a Holiday Inn in 2013 and features 8,772 square feet of attached meeting space as well as an on-site restaurant and lounge. Alexandre Duong, an investment specialist in Marcus & Millichap’s Cleveland office, marketed the property on behalf of the seller, a private investor. Duong also secured and represented the buyer, a limited liability company.
