more_sales_and_leases

Avison Young Brokers $14.4M Sale of Mixed-Use Property in Metro Atlanta

by John Nelson July 25, 2016

CUMMING, GA. — Avison Young has brokered the $14.4 million sale of Shoppes at Vickery Village, a 77,794-square-foot mixed-use project located at 5802-5854 N. Vickery St. in Cumming. The property is situated within the master-planned Vickery Village community. Built in 2006, Shoppes at Vickery Village comprises roughly 47,000 square feet of ground-floor retail space below office or residential units; a 1,000-square-foot ice cream shop; a 1,200-square-foot, freestanding salon; a 2,525-square-foot medical space above retail; three two-story office buildings totaling 15,550 square feet; and an outparcel site approved for a 2,300-square-foot retail building. A.J. Belt III and David Duckworth of Avison Young represented the seller, Vickery Village Holding LLC, an entity led by Atlanta-based Cannon Equities that owned the project for 18 months and sold it at a $3 million premium. Vickery Village Community LLC purchased the asset.

July 25, 2016

Industrial North Carolina Southeast

Trinty Capital, SilverCap Partners Purchase 272,396 SF Warehouse in Durham

by John Nelson July 25, 2016

DURHAM, N.C. — A joint venture between Trinity Capital Advisors and SilverCap Partners has purchased Research Tri-Center North III and IV, a 272,396-square-foot warehouse and distribution facility located at 2910 and 2710 Weck Drive in Durham. The facility features 25 dock-high doors, 40-foot by 40-foot column spacing, an ESFR sprinkler system and a truck court with trailer parking. Trinity Capital plans to upgrade the facility with new T5 lighting, renovated office space and paved access off Alson Avenue, which will re-orient the property as a rear-loading facility. Bryan Everett of CBRE | Raleigh represented the seller, B F Properties II NC LLC, in the transaction. The joint venture has selected Trinity Partners to manage the property and Everett and Daniel Jackson, also with CBRE | Raleigh, to lease the project.

July 25, 2016

Alabama Retail Southeast

DRA Advisors Sells The Colonnade Shopping Center in Birmingham

by John Nelson July 25, 2016

BIRMINGHAM, ALA. — DRA Advisors LLC has sold The Colonnade, a 127,031-square-foot shopping center located at the intersection of Highway 280 and I-459 in Birmingham. The property is shadow-anchored by The Summit, Bayer Properties’ 981,714-square-foot regional mixed-use center. The Colonnade was 91 percent leased at the time of sale to tenants such as Gold’s Gym, Edgar’s Old Style Bakery, Taziki’s Mediterranean Café, Scottrade, Cracker Barrel, Johnny Ray’s BBQ, Jimmy John’s, Asian Rim Sushi Co., Drapery Studio, Teach Me Beauty and Schaeffer Eye Center. Richard Reid and Jim Hamilton of HFF’s Atlanta office represented DRA Advisors in the sale of the property to Colonnade Retail Partners LLC, a group led by Shannon Waltchack, a Birmingham-based commercial real estate management firm. Terms of the sale were not disclosed.

July 25, 2016

Retail Texas

Nordstrom Rack Retail Store to Open in Frisco

by Haisten Willis July 25, 2016

FRISCO, TEXAS — Seattle-based Nordstrom Inc. plans to open a Nordstrom Rack at The Centre at Preston Ridge in Frisco. The 33,000-square-foot store is scheduled to open in fall 2017. Brixmor Property Group owns the retail center. Nordstrom Rack will join Saks Off 5th, T.J. Maxx, Target, DSW, Ross Dress for Less, Ulta Beauty, Old Navy and Best Buy. The Centre at Preston Ridge is located at the corner of Gaylord Parkway and Preston Road, just northwest of the Dallas North Tollway and Sam Rayburn Tollway intersection. This will be the sixth Nordstrom Rack in the Dallas area. The company also operates four Nordstrom stores: Stonebriar Centre, NorthPark Center, Galleria Dallas and North East Mall. Nordstrom Rack is the off-price retail division of Nordstrom, offering apparel, accessories and shoes at a savings of 30 to 70 percent compared with regular prices.

July 25, 2016

Industrial Texas

JLL Brokers Industrial Lease in Grand Prairie

by Haisten Willis July 22, 2016

GRAND PRAIRIE, TEXAS — JLL has brokered an 86,100-square-foot industrial lease for Shorr Packaging in Grand Prairie. The packaging solutions company’s new distribution center will be in Wildlife Commerce Park, Building II located at 2250 Lion Country Parkway. This is the company’s first location in Texas. JLL’s Craig Jones and Elizabeth Jones negotiated the lease on behalf of the tenant. Will Mundinger, John Bateman and Drew Tappan internally represented the landlord, Crow Holdings. Shorr Packaging is based in Aurora, Ill., and currently has 15 locations across the United States.

July 22, 2016

Multifamily Texas

M&M Arranges Sale of 16-Unit Apartment Building in Denton

by Haisten Willis July 22, 2016

DENTON, TEXAS — Marcus & Millichap has arranged the sale of Palmwood, a 16-unit apartment property located in Denton. Nick Fluellen, Bard Hoover and Evan Burke of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Fluellen, Hoover and Burke also procured the buyer, an individual/personal trust. Palmwood is located at 1100 Palmwood Place. Constructed in 1970, Palmwood consists of 16 one-bedroom units, each spanning 710 square feet. The property recently underwent more than $149,000 in capital improvements, including a new asphalt parking lot, coin-operated laundry facility and 30-year dimensional shingle roof. The property is situated within three miles from both Texas Woman’s University and the University of North Texas.

July 22, 2016

California Office Western

Douglas Emmett, QIA Purchase Brentwood Office Building for $225M

by Nellie Day July 22, 2016

LOS ANGELES — A joint venture between Douglas Emmett and Qatar Investment Authority (QIA) has purchased a 365,000-square-foot office property in the West Los Angeles submarket of Brentwood for $225 million. The Class A office building is located at 12100 Wilshire Blvd. The property will be 77 percent leased after a few impending vacancies. The space was acquired using a new secured, non-recourse, $90 million, interest-only loan that matures in July 2019. The loan bears interest at a floating rate of LIBOR plus 1.55 percent.

July 22, 2016

California Retail Western

SRS Real Estate Partners Arranges Sale of 125,000 SF Retail Center in Antioch

by Nellie Day July 22, 2016

ANTIOCH, CALIF. — SRS Real Estate Partners has brokered the sale of The Crossings, a retail center located at the corner of Hillcrest Avenue and Deer Valley Road in Antioch, for an undisclosed price. A limited partnership managed by Beverly Hills-based CNA Enterprises sold the property to a partnership controlled by Campbell-based JK Properties. Safeway and Rite Aid anchor the 125,000-square-foot property. Michael Federle of SRS represented the seller, while Mark Thomas, also of SRS, represented the buyer in the deal.

July 22, 2016

North Carolina Office Southeast

Origin Investments Acquires Office Building in Raleigh for $23.5M

by John Nelson July 22, 2016

RALEIGH, N.C. — Chicago-based Origin Investments has purchased Trinity Place, a four-story, 114,547-square-foot office building located at 1201 Edwards Mill Road in west Raleigh. Origin Investments acquired the Class A building via the $150 million Origin’s Fund 3 from an unnamed institutional real estate fund for $23.5 million. Trinity Place was fully leased at the time of sale and has maintained an average occupancy of 97 percent since 2003. Ryan Clutter and Scott Humphrey of HFF brokered the transaction. Origin Investments has retained Ed Pulliam and Brad Corsmeier of CBRE to market Trinity Place and Foundry Commercial to manage the asset.

July 22, 2016

Industrial Massachusetts Northeast Office

Nordblom Co. Sells Two Flex Buildings in Massachusetts

by Amy Works July 22, 2016

MARLBOROUGH, MASS. — Nordblom Co. has completed the disposition of two high-tech flex buildings located at 450 and 500 Donald Lynch Blvd. in Marlborough. Atlantic – Fulcrum Realty LLC, a joint venture between Atlantic Management Corp. and Fulcrum Real Estate Partners, purchased the properties for an undisclosed price. At the time of sale, the properties were 92 percent leased with only 9,521 square feet left available for lease at the 59,667-square-foot building at 450 Donald Lynch Blvd. The facility at 500 Donald Lynch Blvd. totals 62,224 square feet. Tenants at the two buildings include New England Cryogenics Center, SENKO Advanced Components and WaterSep BioSeparations Corp. The buildings are part of the 50-acre Solomon Pond Park, a 1 million-square-foot mixed-use development.

July 22, 2016

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