more_sales_and_leases

25-fid-kennedy-raymond-l-flynn-marine-industrial-park

Auburndale Realty Co. Represents Manufacturing Tenant in 157,000 SF Boston Lease

by Jaime Lackey September 14, 2016

BOSTON — J.C. Cannistraro LLC has signed a lease to relocate to a 157,000-square-foot building at 25 Fid Kennedy in Boston’s Raymond L. Flynn Marine Industrial Park and will consolidate its machine shops currently located in Wilmington, Stoughton and Watertown, Mass. Robert Cleary, now at Colliers International, and Rob Nahigian, of Auburndale Realty Co., handled the tenant advisory assignment for the company, which offers plumbing, HVAC, piping, sheet metal and fire protection services. Cannistraro will move roughly 140 manufacturing jobs to the property after its renovation. The lease term with the Economic Development and Industrial Corporation is 50 years with a control period of 70 years.

September 14, 2016

New Jersey Northeast Retail

Marcus & Millichap Brokers Wawa Sale with 4.46 Cap Rate

by Jaime Lackey September 14, 2016

MARLTON, N.J. — Marcus & Millichap has arranged the sale of a 6,387-square-foot net-leased Wawa property, located at 250 Route 70 West in Marlton, for $7.02 million, which represents a cap rate of 4.46 percent. Josh Ein, Dean Zang and Mark Taylor of Marcus & Millichap had the exclusive listing to market the property on behalf of the preferred developer. The buyer, a partnership, was secured and represented by Alan Cafiero and Ben Sgambati of Marcus & Millichap as one of a series of 1031-exchange purchases represented by the agents. The property is in a new 20-year triple-net lease with 19 years remaining. Per CoStar, the 4.46 cap rate is the lowest cap rate for any Wawa across the nation.

September 14, 2016

Retail Texas

SACA Brokers Sale of Shops at Overlook in San Antonio

by Haisten Willis September 14, 2016

SAN ANTONIO — San Antonio Commercial Advisors (SACA), an independently owned and operated member of the Cushman & Wakefield Alliance, has brokered the sale of Shops at Overlook located at 26108 Overlook Parkway in San Antonio. Built in 2008 on a 5.1-acre lot, the two-building, 54,000-square-foot shopping center occupies the corner of Overlook Parkway and Canyon Golf Road. Tenants at Shops at Overlook include MedFirst Primary Care, Canyon Springs Dental, Anytime Fitness, Sam Martin Orthodontics and Jack Brown Cleaners. SACA’s Brent Smith and Bradley Suttle marketed the property on behalf of the seller, Frater USA LLC, and procured the buyer, Omni Group LLC.

September 14, 2016

Industrial Texas

M&M Arranges Sale of Self-Storage Property in Round Rock

by Haisten Willis September 14, 2016

ROUND ROCK, TEXAS — Marcus & Millichap has arranged the sale of Round Rock Storage and Clark Street Annex, a 390-unit self-storage property located at 1400 E. Palm Valley Blvd. and 1320 Clark St. in Round Rock. Nicholas Ling of Marcus & Millichap’s Austin office marketed the property on behalf of the seller, a partnership. Ling also secured the buyer, a limited liability company. Round Rock Storage and Clark Street Annex includes two properties with a total of 39,895 square feet.

September 14, 2016

Retail Texas

US Property Trust Acquires South Main Shopping Center in Houston

by Haisten Willis September 14, 2016

HOUSTON — US Property Trust has acquired South Main Shopping Center in Houston. Shadow anchored by Target, South Main’s tenants include Chase Bank, FedEx, Schlotzsky’s, T-Mobile, Papa John’s, State Farm and Wing Stop. The 17,233-square foot property is located on Main Street near NRG Stadium, the Houston Medical Center and Rice University. Tom Clarkson of West Star was the broker for the transaction. Orr Commercial was the seller.

September 14, 2016

Georgia Office Southeast

Avison Young Arranges 62,000 SF Office Lease in Metro Atlanta

by John Nelson September 14, 2016

MARIETTA, GA. — Avison Young has arranged a nearly 62,000-square-foot lease for office space at 1600 Terrell Mill Road in Marietta, a northwest suburb of Atlanta. The tenant, First Data Corp., is a publicly traded finance technology firm. First Data signed the seven-year lease agreement with the undisclosed owner. Ben Parker, Rick Nash and Jillian Woodliff of Avison Young’s Atlanta office represented the owner in the lease transaction.

September 14, 2016

Illinois Industrial Midwest

Brennan Investment Group Acquires Seven-Building Industrial Park in Metro Chicago

by John Nelson September 14, 2016

LOMBARD, ILL. — Brennan Investment Group LLC has purchased the Woodlake Corporate Park located at 900 Parkview Blvd. in Lombard, roughly 21 miles west of Chicago. The seven-building, 262,697-square-foot is situated within Chicago’s East-West Tollway submarket. The 35-acre business park is in close proximity to I-355 and O’Hare International Airport. The sales price and seller were undisclosed.

September 14, 2016

Indiana Midwest Retail

Faris Lee Investments Completes $2.6M Sale of Retail Property Leased to CVS in Indiana

by John Nelson September 14, 2016

ANDERSON, IND. — Faris Lee Investments has completed the $2.6 million sale of a freestanding, 10,125-square-foot, single-tenant retail property triple net-leased to CVS/pharmacy in Anderson. Built in 1998, the property is situated on 1.7 acres at 2419 Nichol Ave. at the intersection of Nichol Avenue/State Road 32 and Raible Avenue. CVS/pharmacy has two years remaining on its lease. Jeff Conover of Faris Lee Investments represented the seller, Indiana-based Copper Development, in the transaction. Nick Cuneo of Clement Partners represented the 1031 exchange buyer, Cuneo Trust.

September 14, 2016

California Office Western

Gramercy, TPG Form Partnership, Purchase $187.5M Office Portfolio

by Nellie Day September 14, 2016

LOS ANGELES — Gramercy Property Trust and TPG Real Estate have formed Strategic Office Partners, a platform that will acquire single-tenant office assets in high-growth U.S. metro regions. The platform’s inaugural purchase was a six-property office portfolio valued at $187.5 million. The portfolio contains a total of 1 million square feet of single-tenant, net lease office assets in metro Los Angeles, San Francisco Bay and San Diego. It also includes assets in Nashville and Minneapolis. The buildings have an average tenant tenure of more than 11 years. Half of the assets have been occupied by the original tenant since the buildings were constructed. The weighted average remaining lease term was 3.6 years at closing. Gramercy and TPG committed $400 million to the new venture and secured a $200 million non-recourse credit facility from Morgan Stanley. Strategic Office Partners plans to buy up to $1 billion in assets over a three-year period.

September 14, 2016

Colorado Multifamily Student Housing Western

EdR Acquires Two Student Housing Complexes in Fort Collins

by Nellie Day September 14, 2016

FORT COLLINS, COLO. — EdR has acquired two student housing communities located in Fort Collins for an undisclosed price. The acquisition includes Pura Vida Place and Carriage House Apartments. Both Pura Vida and Carriage House Apartments are located near Colorado State University, and offer a total of 194 beds. Community amenities at each include a 24-hour computer lab, indoor bike storage and in-unit washers and dryers.

September 14, 2016

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