PARKER, COLO. — Pinnacle Real Estate Advisors has arranged the $5 million sale of 12311 Pine Bluffs Way, a 20,230-square-foot retail building located in Parker. Pete Foster of Pinnacle represented the buyer, The SmartCap Group Inc., in the transaction.
SAN ANTONIO — Strategic Storage Growth Trust (SSGT), which is sponsored by SmartStop Asset Management, has acquired a self-storage facility in San Antonio for $12.3 million. The facility consists of 385 self-storage units and 49,250 square feet of storage space. In addition, the property contains 5,800 square feet of cold storage space, 8,300 square feet of office space and 9,000 square feet of warehouse space. The property, located at 875 E. Ashby Place, will offer climate-controlled units.
MCALLEN, TEXAS — Hunington Properties has arranged the sale of a 5,000-square-foot Burger King restaurant located at 700 W. Nolana St. in McAllen. The tenant operates 275 Burger King restaurants in Texas and Florida. The premises are subject to a long-term triple net lease.
LITHONIA, GA. — Chicago-based Stage Equity Partners LLC has purchased Stonecrest Medical Office Building, a 31,000-square-foot, hospital-sponsored property in Lithonia, a suburb of Atlanta in DeKalb County. Stage Equity purchased the Class A medical office building from a private investment group for $6 million in an off-market transaction. DeKalb Regional Health System anchors the two-story, multi-tenant property. MB Financial Bank provided acquisition financing for the medical office facility, which is located at 8225 Mall Parkway, across the street from The Mall at Stonecrest.
OCALA, FLA. — Crossman & Co. has brokered the $4.4 million sale of Pearl Britain Plaza, an 82,216-square-foot, Publix-anchored shopping center in northeast Ocala. A private investor based in Coral Gables, Fla., purchased the shopping center and its 18.5-acre site from Troy, Mich.-based Pearl Britain Development. The property was 70 percent leased at the time of sale. Mark Thompson of Crossman & Co. represented the seller in the transaction. Thompson has recently negotiated the sale of two other Central Florida shopping centers: the Shoppes at Andover in Orlando and the Plaza Del Sol in Longwood.
MEMPHIS, TENN. — CBRE has arranged the $3.2 million sale of a 3.2-acre tract of land in downtown Memphis. The buyer, C&O Memphis LLC, an entity affiliated with Ceres Enterprises LLC and The Orlean Co., plans to build a 166-unit Cambria Hotel & Suites at the site. The seller of the vacant property was CCL Label. The land is located along Union and Gayoso avenues east of South Fourth Street and south of AutoZone Park. The parcel has been vacant since 2008. Choice Hotels International Inc., the parent company of the Cambria Hotels & Suites brand, provided a $3 million mortgage to fund the transaction. Lewis Miller of CBRE’s Atlanta office and Brian Whaley and Stephen Steinbach of CBRE | Memphis represented the buyer in the transaction.
PHILADELPHIA — Shorenstein Properties LLC has acquired the 848,000-square-foot 1700 Market Street building, located in Philadelphia’s Center City submarket. The Philadelphia Business Journal reported the asset was purchased for just under $200 million. The 32-story office tower is located at the intersection of Market and 17th streets and provides more than 675 parking spaces and 30,000-square-foot floor plates. Shorenstein plans to renovate and upgrade the building. Amenities at 1700 Market Street include a fitness center, a child care facility, dry-cleaning facility, travel agency, restaurants, florist, pharmacy and branch bank.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of an industrial site located at 102 Sandford St. in Brooklyn’s Bedford-Stuyvesant neighborhood. American Almond Products sold the property, which served as its national headquarters, sold for $11.9 million, or $409 per square foot, in an all-cash transaction. The 37,500-square-foot property features a 29,125 square feet of factory and warehouse space and approximately 8,375 buildable square feet for additional development. Michael Amirkhanian of Cushman & Wakefield handled the transaction. The name of the buyer was not released.
WACO, TEXAS — Central Texas Medical Investments, a physician-owned limited partnership, through a joint sale, has transferred ownership of two medical office buildings in Waco. The Class A assets are located at 601 W. Highway Six and 6600 Fish Pond Road and are known as the Six West and Fish Pond Medical office buildings. They were built in 2006 and 2000 and span 107,744 and 54,901 square feet, respectively. Six West is 100 percent occupied, while Fish Pond is 94 percent occupied. HP Waco Six Medical is the new owner. Triliji Group of Waco served as the listing broker and advisor to Central Texas Medical Investments, while Medical Real Estate, with cooperation from Stealth Realty Advisors of Houston, procured HP Waco.
MESQUITE, TEXAS —Binswanger has negotiated an industrial lease of 300,283 square feet at Skyline Business Park Building 1, located at 951 Town E. Blvd. in Mesquite. The lease was arranged on behalf of the tenant, We Pack Logistics. We Pack Logistics is a national supply chain management firm providing clients with contract packaging and distribution services. The company is launching operations in the facility this month for a new client contract in the food and beverage industry. Skyline Business Park Building 1 is a rail-served, 457,076-square-foot warehouse/distribution facility located on 27.7 acres. The property is located at Chase Road and Skyline Drive, adjacent to the Union Pacific Railroad Intermodal yard with access to I-635 and US-80. Holmes Davis of Binswanger’s Dallas office handled the transaction for the tenant. John Hendricks with CBRE represented the landlord, LIT Industrial.