CARROLLTON, TEXAS — Lee & Associates has negotiated the sale of a 26,088-square-foot land parcel located at 2423-2427 Welwood Drive in Carrollton. Corbin Blount of Lee & Associates’ Dallas/Fort Worth office facilitated the land sale between the seller, Med IT Associates Inc., and the buyer, RRK Ltd.
ADDISON, TEXAS — Soar United, an obstacle course adventure park, has leased 53,120 square feet at 4207 Simonton Drive in Addison. Soar United will open this summer. JT Samford, then of Younger Partners, represented the tenant. Samford is now at ML Realty. George Billingsley of Billingsley Cos. represented the landlord. The retailer selected the location based on its visibility and proximity to major highways.
SAN RAMON, CALIF. — DivcoWest has purchased Plaza San Ramon, a 312,000-square-foot office complex in the Silicon Valley submarket of San Ramon, for an undisclosed sum. The Class B complex is located at 2000-2010 Crow Canyon Place. The two-building plaza is currently 85 percent leased. It was built in the late 1980s and renovated by the prior owner in 2008. DivcoWest plans to implement a capital improvement program designed to reposition the asset as a Class A location for small- and mid-sized tenants.
CHESAPEAKE, VA. — Lingerfelt CommonWealth Realty Partners LLC has purchased Towne Place at Greenbrier, a 76,827-square-foot lifestyle retail center located in Chesapeake, a city within the Hampton Roads region. Built in 2007, the property was 94.7 percent leased at the time of sale to tenants such as Taste Unlimited, Jason’s Deli, Chico’s, Sola Salon, Jos. A. Bank, Moe’s Southwest Grill and Surf Rider Restaurant. Commonwealth Commercial Partners, Lingerfelt’s property management affiliate, will handle property management of the retail center, and S.L. Nusbaum will handle leasing and marketing.
RIALTO, CALIF. — New York Life Real Estate Investors has purchased a 609,888-square-foot distribution center in Rialto for an undisclosed sum. The Class A center is situated at the northeast corner of North Locust and West Bohnert avenues. It is known as CapRock Distribution Center I. The center was recently completed by CapRock Partners, which acquired, entitled and developed the site over 18 months. New York Life Real Estate Investors is the real estate investment arm of NYL Investors, a subsidiary of New York Life Insurance Co. Paul Earnhart, Jeff Smith, Brian Pharris, Steve Haston and Ryan Lal at Lee & Associates executed the transaction.
DALLAS — Citadel Partners LLC has represented the Richardson Independent School District in the acquisition of an 86,310-square-foot office building situated on 4.5 acres in Dallas. The property will undergo an adaptive reuse process to transform from an office building into an elementary school. Scott Morse, Scott Jessen, Andy Goldston and Mac Morse of Citadel Partners represented the buyer, and Grant Brodeur of Novus Realty Advisors LLC represented the seller, Cocanougher Asset 2 Ltd.
SAN ANTONIO — InvestCore Commercial has secured the sale of a 50,150-square-foot building that is net leased to the City of San Antonio Pre-K Education Center. The 5.4-acre site is located at 1235 Old Highway 90 W. A private California-based REIT purchased the property, which was built in 2014. The city of San Antonio maintains a long-term lease at the facility, with options to extend. Ed Colson Jr. and Michael Campbell of San Diego-based InvestCore Commercial represented the seller, the developer of the property, in the transaction.
EULESS, TEXAS — Marcus & Millichap has arranged the sale of Arbor Creek, a 12,652-square-foot retail property located in Euless. Philip Levy and Chris Gainey of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a developer. Levy and Gainey also secured the buyer, a developer. Built in 2005 on 1 acre, Arbor Creek is 88 percent leased to tenants including T-Mobile, Little Caesars, Check ‘n Go and Euless Swiftcare. Albertson’s, which anchors the property, was remodeled in 2014.
NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Mohawk Apartments, a six-building apartment complex located at 369-379 Washington Ave. and 76-84 James Place in Brooklyn. An undisclosed buyer acquired the 91,514-square-foot asset for $56.5 million. Built in 1905 and rehabilitated in the 1980s, the complex features 86 apartment units in a mix of one-, two- and three-bedroom layouts, as well as a commercial unit. Peter Von Der Ahe, Joe Koicim, Shaun Riney, James Saros and Michael Salvatico of IPA represented the undisclosed seller and procured the buyer.
FLORENCE, N.J. — NAI Mertz has arranged the sale of an industrial development parcel located at 400 Cedar Lane in Florence. First Industrial Realty Trust acquired the 33-acre site for an undisclosed price. Scott Mertz of NAI Mertz was the sole broker in the transaction. First Industrial Realty Trust has started construction of First Florence Logistics Center, a 577,200-square-foot, cross-docked distribution facility on the site. Slated for completion in the fourth quarter of 2016, the property will feature 36-foot clear ceilings and more than 100 loading docks.