MADISON HEIGHTS AND HOWELL, MICH. — Signature Associates has arranged three industrial leases totaling just shy of 110,000 square feet in Southeast Michigan. In the first transaction, Signature negotiated the lease of 52,045 square feet at 1044 Durant Drive in Howell. Jim Montgomery of Signature Associates represented the landlord, North Star Ranch, and the tenant, Hatch Stamping. In the second transaction, Signature negotiated the lease of 38,776 square feet at 900 E. Whitcomb Ave. in Madison Heights to Martin Fluid Power Co. Paul Hoge of Signature Associates represented the landlord, Aventura Properties. In the third transaction, Signature negotiated the lease of 18,800 square feet of industrial space located at 31201 Mally Drive in Madison Heights. Paul Hoge of Southfield, Mich.-based Signature Associates represented the landlord, Mallco Co. and the tenant, Superior Cam Inc.
OVERLAND PARK, KAN. — Charles Dunn Co. has arranged the $16.6 million sale of Metcalf 103, a regional retail center in Overland Park. Located at 10303 Metcalf Road and situated on 18.5 acres, Metcalf 103 includes 148,560 square feet of multi-tenant retail space in 12 buildings. Tenants at the center include Walmart Neighborhood Market, Pier 1 Imports, Buffalo Wild Wings and Subway. Barry Rothstein of Charles Dunn Co. represented the seller, a tenant-in-common group, as well as the buyer, a local investment company.
DARIEN, ILL. — Adelphia Properties has brokered the $3.1 million sale of Crossroads of Darien, a 14,300-square-foot retail center located at 2805-2819 W. 83rd St. in Darien, a suburb of Chicago. The asset was fully leased at the time of sale. George Spirrison and Simeon Spirrison of Adelphia Properties represented the undisclosed seller in the transaction. The buyer was a private investor based locally.
HOUSTON — Carroll Organization has secured the sale of an apartment community known as ARIUM Fall Creek in Houston. Carroll’s investment vehicle Carroll Co-Invest Fund I previously owned the property. Carroll originally purchased the 264-unit property in February 2012. ARIUM Fall Creek is located 14 miles north of downtown Houston and is situated along the Sam Houston Tollway. The buyer was unnamed.
CORSICANA, TEXAS — Marcus & Millichap has arranged the sale of Motel 6 Corsicana, a 110-room hotel located in Corsicana. Skyler Cooper, Chris Gomes and Allan Miller of Marcus & Millichap marketed the property on behalf of the seller, an individual/personal trust. Cooper, Gomes and Miller also procured the buyer, a local private investor. Motel 6 Corsicana is located at 2018 S. Highway 287 off of I-45. The two-story hotel was built in 1986 as a Days Inn and converted to a Motel 6 in 2006. Amenities at the property include an updated lobby and an indoor swimming pool.
HOUSTON — JLL has negotiated the extension and expansion of a 50,208-square-foot office lease at One Briarlake Plaza located at 2000 W. Sam Houston Parkway in Houston. Lubrizol signed a lease comprising the entire third and fourth floors of the 20-story building. The Wickliffe, Ohio-based chemical company, originally leased 38,133 square feet in the Class A office building. Ryan Barbles of JLL negotiated the terms on behalf of the tenant. John Pruitt and Jessica Ochoa, also with JLL, represented the landlord, TIER REIT Inc. One Briarlake Plaza is a LEED Gold certified office building located in the Westchase submarket, approximately 20 miles from Houston’s Central Business District. Built in 2000, the building’s amenities include a conferencing facility, fitness center and dining services.
MOORESTOWN, N.J. — An affiliate of Endurance Real Estate Group has purchased a two-building warehouse portfolio, located at 550 Glen Ave. and 600 Glen Court in Moorestown, for $5.7 million. The 85,337-square-foot warehouse at 600 Glen Court is fully occupied by The Goodyear Tire and Rubber Company and FinishMaster Inc. The 102,232-square-foot building at 550 Glen Ave. features 22-foot clear heights, 2,000 amp three-phase electric service, 40-foot by 40-foot bays, 14 loading docks and the potential for rail service. Shortly after closing, Endurance signed a lease for half of the vacancy at 550 Glen Avenue, which increased the portfolio’s occupancy to 73 percent. Tony Rod of Flynn Company represented the undisclosed seller in the deal.
HARLEYSVILLE, PA. — Green Courte Partners through its fund, Green Courte Real Estate Partners IV and its affiliates, has acquired Arbour Square of Harleysville. Built in two phases and completed in 2014, the 275-unit independent living community was 78 percent occupied at the time of closing. Heritage Senior Living will manage the property. Matt Pyzyk of Green Courte Partners originated the transaction for Green Courte Partners.
MIAMI BEACH, FLA. — Ivy Realty has purchased Miami Beach Towers, a two-building, Class A office portfolio in Miami Beach, for $48.8 million. Ivy Realty acquired the assets from Beach Tower LLC, an affiliate of South Florida-based Terranova Corp., which has owned the assets since 2004. Situated 400 feet from Miami Beach’s famous Lincoln Road, the properties are located at 1674 and 1688 Meridian Road and total nearly 120,000 square feet. The office buildings were 69 percent leased at the time of sale to tenants such as Regus, Next Model Management, Verizon Wireless, Barclay’s Real Estate Group, SCPF and Merchant Data Systems. With this purchase, Ivy Realty’s South Florida office portfolio spans roughly 1.7 million square feet. Terranova is currently constructing two neighboring three-story retail buildings that will be anchored by Marshalls and Antropologie. New York City-based design firm James Corner Field Operations plans to overhaul the Lincoln Road District using roughly $32 million from the Community Redevelopment Agency to redevelop the street’s pedestrian-only promenade, as well as Meridian Road and other side streets. Ivy Realty believes the facelift will help boost the visibility and occupancy of Miami Beach Towers.
CARROLLTON, TEXAS — Lee & Associates has completed a lease renewal for a 126,882-square-foot industrial space located at 1440 Lemay Drive in Carrollton. Nathan Denton and Adam Graham of Lee & Associates represented the landlord, Evergreen Industrial Properties. Greg Nelson and Conrad Madsen with Paladin Partners represented the tenant, Hilex Poly Co.