SALT LAKE CITY — Standard Industries has purchased the former Corsicana Bedding Building, a 155,106-square-foot office and manufacturing facility in Salt Lake City, for an undisclosed sum. The building is located at 879 South 4400 West. This is the restaurant supply company’s second distribution center in Salt Lake City. Bryce Blanchard and Kelsie Akiyama of Newmark Grubb ACRES represented the landlord, BH Properties, in this transaction.
PASADENA, CALIF. — Social Vocational Services (SVS) has leased 7,847 square feet of office space in downtown Pasadena. The space is located at 595 E. Colorado Blvd. The property was built in 1928. SVS is a nonprofit that provides services to individuals with intellectual and developmental disabilities throughout California. The landlord is the Swig Company.
HOUSTON — Colliers International has arranged the sale of 16055 Space Center Blvd. in Houston. The property is a multi-tenant, seven-story office building containing 149,144 square feet. The Class A building is situated on seven acres in the NASA/Clear Lake submarket of Houston. Colliers International represented the seller, Parfinco TX LLC.
WICHITA FALLS, TEXAS — Marcus & Millichap has arranged the sale of MainStay Suites, a 90-room hospitality property located in Wichita Falls. Chris Gomes and Skyler Cooper of Marcus & Millichap’s Dallas office, along with Allan Miller of the firm’s San Antonio office, marketed the property on behalf of the seller, a private investor. Cooper, Gomes and Miller also procured the buyer, a private investor. MainStay Suites is located at 1917 Elmwood Ave. N., just east of Kemp Boulevard. Constructed in 1999 and renovated in 2014, the extended stay hotel is situated on 1.9 acres. The hotel offers meeting space and high-speed wireless Internet access throughout the common space and in guest rooms. Additional property amenities include complimentary breakfast, free newspapers, guest laundry facilities and free guest parking. Recreational amenities at the hotel include an on-site fitness center and a business center.
EULESS, TEXAS — The Boulder Group, a net lease investment brokerage firm, has completed the $2.7 million sale of a single-tenant Panera Bread ground lease located at 2911 Highway 121 in Euless. The newly constructed Panera Bread is an outparcel to the 194-acre Glade Parks development. Glade Parks’ tenants include Belk, Dick’s Sporting Goods, Dave & Busters, Michael’s and other national retailers. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the seller and the purchaser in the transaction. The purchaser was a private investor from Florida utilizing a 1031 tax-deferred exchange, and the seller was a Midwestern developer. The Panera Bread ground lease is for 15 years and features 10 percent rental escalations every five years.
ORLANDO, FLA. — InvenTrust Properties Corp. has acquired Rio Pinar Plaza, a 124,283-square-foot, Publix-anchored shopping center in Orlando, for $34 million. The recently renovated property was fully leased at the time of sale. The shopping center is located at 401 S. Chickasaw Trail near the Florida Hospital East Orlando. As of Sept. 30, InvenTrust Properties, a self-managed REIT, owned 128 multi-tenant retail properties, including 18 joint venture assets, comprising 19 million square feet of retail space in 24 states.
DURHAM, N.C. — CBRE has brokered the sale of Level 51 Ten Apartments, a 242-unit apartment community located at 5110 Old Chapel Hill Road in Durham. Built in 2003 as student purpose-built apartments, the complex features one-, two- and three-bedroom units. The undisclosed buyer plans to invest capital to improve the property’s unit interiors, amenities and operations. Phil Brosseau, Kevin Kempf, Jeff Glenn and Jaclyn Fitts of CBRE represented the seller, Chicago-based Blue Vista Capital Management LLC, in the transaction.
JACKSONVILLE, FLA. — Colliers International’s Northeast Florida office has brokered the $4.4 million sale of a 105,737-square-foot Kmart located at 9600 San Jose Blvd. in Jacksonville. Atlantic Mini-Storage of America Inc. purchased the retail property from Jacksonville KM LLC. Jason Ryals and Gary Montour of Colliers represented the buyer in the transaction.
WEST ALLIS, WIS. — The Dickman Company Inc./CORFAC International has arranged the sale of four industrial buildings totaling 240,000 square feet in West Allis, a Milwaukee suburb, for an undisclosed price. Stag West Allis LLC purchased the buildings from 114th St West Allis LLC and 114th St Acquisition LLC. Samuel M. Dickman Jr., Samuel D. Dickman and Cale Berg of The Dickman Company Inc./CORFAC International brokered the transaction. The assets are located at 2025, 2075, 2145 and 2207 S. 114th St.
FARMINGTON HILLS, MICH. — Lee & Associates has brokered the sale of a 187,235-square-foot industrial building in Farmington Hills, approximately 25 miles northwest of Detroit, for an undisclosed price. The building is located at 23333 Commerce Drive and was constructed in 1979. Features include a 30-foot clear height and 17 docks. Great Lakes Ace Hardware sold the asset to an undisclosed buyer. Jon Savoy of Lee & Associates represented both parties in the transaction.