COLCHESTER, VT. — Doug Nedde of Nedde Real Estate, along with Tracy Cresta, has acquired a 62,000-square-foot office and warehouse facility located at 784 Hercules Drive in Colchester. The vacant building, which was the former Reinhart Food Service building, sold for an undisclosed price. Planned Parenthood of Northern New England has leased the office portion of the property, leaving 47,000 square feet of warehouse space available for lease. The name of the seller was not released.
OLD SAYBROOK, CONN. — The Geenty Group has brokered the lease of 2,299 square feet of space at a multi-tenant flex building located at 20 Research Parkway in Old Saybrook. Iterum Therapeutics US Limited, a biotech start-up firm, will occupy the space within the 20,000-square-foot property. Kevin Geenty of The Geenty Group arranged the transaction. The landlord is Mill Meadow Development LLC.
LEWISVILLE, TEXAS — The Praedium Group has acquired Pine Prairie Apartments in the Dallas suburb of Lewisville. Praedium purchased the Class A, 300-unit apartment community from Westwood Residential. Pine Prairie was built in 2014 and includes 296 apartment units and four townhome-style residences. Select units feature 13-foot vaulted ceilings, attached garages, outdoor terraces or balconettes and vinyl wood-plank flooring. The pet-friendly community also includes a laundry facility, clubhouse with a fireplace and kitchen, internet café, swimming pool, outdoor BBQ grill stations and a fitness center.
KINGWOOD, TEXAS — Marcus & Millichap has arranged the sale of The Commons at Kings Crossing, a 22,147-square-foot retail property located in Kingwood. Gus Lagos and Nik Kapetanakis of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. Kapetanakis and Lagos also secured the buyer, another limited liability company. The Commons at Kings Crossing is located on West Lake Houston Parkway.
HOUSTON — NAI Partners has negotiated the sale of the 7207 Regency Square office building. The 52,000-square-foot, multi-tenant office property is 10 percent occupied. Doug Pack of NAI Partners facilitated the negotiation between the seller, Malladi Partners, and the buyer, the Ardenwood Group.
DENVER, N.C. — Baum Realty Group has arranged the $7.6 million sale of a single-tenant net-leased Walgreens located in Denver, roughly 26 miles north of Charlotte. Patrick Forkin and Brad Teitelbaum of Baum Realty represented the buyer, a private international investor, in the transaction. The seller was a private East Coast developer. Walgreens has a 20-year lease at the store, with rental increases every 10 years.
CHICAGO — CBRE has arranged a 6.1-acre land sale in Chicago. The site, located at 3440 N. Kedzie Ave., will be the location of a new 130,000-square-foot car dealership for Berman Automotive Group. A new and used car dealer, Berman Automotive plans to begin construction on the project in the spring of 2016. Mike Nardini of CBRE represented Berman Automotive Group in the purchase of the land, and Mitch Adams of CBRE represented the seller, Federal Mogul. The project will result in 70 permanent jobs, 250 temporary construction jobs and $3.67 million in property tax revenue, according to CBRE.
DURHAM, N.C. — Lincoln Harris has arranged two retail leases that will kick off new construction at Phase II of Patterson Place, a mixed-use property located at 5324 McFarland Drive in Durham. Kaler Walker and John Mikels of Lincoln Harris’ Raleigh office represented the landlord, BP Phase2 LLC, in both transactions. The deals included Blaze Pizza signing a 2,650-square-foot lease and Phenix Salon Suites signing a 3,842-square-foot lease. Additionally, Laboratory Corp. of America has signed a 1,545-square-foot lease at an existing medical office building in the development. Existing tenants include Moe’s Southwest Grill, Applebee’s, AT&T, Five Guys Burgers and Fries and Duke Medicine.
ORANGE, CALIF. — Xchange Solutions has purchased a 25,900-square-foot office building in Orange for $3.3 million. The building is located at 2230 W Chapman Ave. It is situated on 1.1 acres. Chris Migliori of DAUM’s Orange County office represented both the buyer and seller, Wells Fargo Bank, N.A. in this transaction.
SAN ANTONIO — NAI Partners represented Waste Management Inc. in subleasing a 180,000-square-foot recycling distribution facility located at 1228 Cornerway in San Antonio. Chris Caudill of NAI Partners, along with John Greg Tourcotte of REOC San Antonio, represented Waste Management in the sublease negations. Southern Warehousing & Distribution is the subtenant.