COVINGTON, LA. — Monmouth Real Estate Investment Corp., a publicly traded industrial REIT based in Freehold, N.J., has purchased a 175,315-square-foot industrial facility for $18.4 million. Located at 450 Northpointe Court in Covington, a suburb of New Orleans, the distribution center is net-leased for 10 years to FedEx Ground Packaging System Inc. The property is situated on a 19.2-acre lot near I-12 and the Port of New Orleans. This is the first acquisition in Louisiana for Monmouth, which now owns 14.4 million square feet of industrial space in 29 states.
SANDY SPRINGS, GA. — The RADCO Cos. has sold Sierra Place, a 130-unit, Class B apartment community in Sandy Springs, for $7.2 million. RADCO originally purchased the 1970s era property in June 2012. The Atlanta-based multifamily investor sold the asset to a group of three investors. Multi Housing Advisors brokered the transaction. RADCO has four other properties under contract for sale and has three properties totaling 1,100 units in contract for acquisition.
MILFORD, CONN. — Cushman & Wakefield has brokered three new leases, totaling 48,525 square feet, at Crown Corporate Campus, located at 470, 472, 476, 478 and 488 Wheelers Farm Road in Milford. SurgiQuest Inc., a surgical device company, leased 40,542 square feet at 488 Wheeler Farm Road; The Berry Company, a provider of local online, search, video and directory solutions, leased 7,781 square feet at 488 Wheelers Farm Road; and Boys & Girls Village, a nonprofit agency specializing in children with special educational needs, children in crisis or children with learning difficulties, leased 2,002 square feet at 472 Wheelers Farm Road. Situated on 47 acres, Crown Corporate Campus is a five-building, 425,000-square-foot office campus. Kevin Foley, Mike Dillon and Will Mercorella of Cushman & Wakefield represented the landlord, Crown Milford LLC, a division of Crown Properties, in the three deals. Dave Hansen and Matt O’Hare of CBRE represented SurgiQuest; Sean O’Neill of JLL represented The Berry Company; and Marie Pelaccia of First Equity Real Estate represented Boys & Girls Village in the transactions.
PLYMOUTH, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 22,252-square-foot industrial building for an undisclosed price. The property is located at 46301 Port St. in Plymouth, approximately 27 miles west of Detroit. Venture Aerospace LLC sold the building to E Group LLC, which will occupy the space along with Regional General Contracting LLC. Phil Konopitski of Friedman represented the buyer in the transaction.
GARLAND, TEXAS — Through its U.S. Industrial Fund II, Hillwood Investment Properties has acquired 3838 W. Miller Road, a Class A distribution building totaling 200,000 square feet located in Garland. The property is located on Miller Road, a named exit off of I-635, and provides access to U.S. 75 and I-35E. The cross-dock facility is available for lease and offers 31-foot clear heights, T-5 lighting, a sprinkler system and 140-foot truck courts. The building provides up to 30,000 square feet of office and showroom areas along with parking for 260 cars.
TULSA, OKLA. — CBRE Capital Markets’ Investment Properties has arranged the sale of a complex including 180,000 square feet of warehouse space and 220,000 square feet of office space at the Hilti North America Operations Center in Tulsa. Educational Development Corp. (EDC), an educational children’s book publishing company based in Tulsa, purchased the warehouse and office space from Hilti for an undisclosed price. Hilti will lease back 180,000 square feet of the office space to house its North America Operations Center, which includes customer service, accounting, training and other functions. Hilti will continue to be located in Tulsa after the company’s headquarters relocated to Plano, Texas in June. Located at 5404 S. 122 E. Ave., the remaining 221,000 square feet will house EDC’s new headquarters, including a 180,000-square-foot warehouse operation. Adam Rumsey, Bob Pielsticker, Angela West and Matt Reese of CBRE represented the seller. EDC sells children’s books, including Usborne Books and the Kane Miller line of international children’s titles, through a sales organization of independent consultants, through 5,000 retail stores and online. Hilti is a manufacturer and supplier of tools and fastening systems.
AUSTIN, TEXAS — Berkadia has negotiated the sale of Villas del Sol Apartments, a multifamily property located in Austin. Forrest Bass and George Deuillet of Berkadia’s Austin office completed the sale. Austin-based ACA Villa del Sol LLC was the buyer, and San Diego-based LLJ Quez Rutland Place LLC was the seller. Built in two phases during 1978 and 1982, Villas del Sol Apartments is located at 1647 and 1711 Rutland Drive. The 294-unit property consists of studio, one- and two-bedroom floor plans and is 96 percent occupied. Unit amenities include fully equipped kitchens, walk-in pantries, faux-wood vinyl flooring, built-in desks and bookshelves, ceiling fans, walk-in closets, linen closets and patios or balconies. Select units also include fireplaces and vaulted ceilings. Community amenities include a swimming pool, clubhouse, fitness center, business center, playground, picnic areas with barbeque grills, two laundry facilities and a dog park. Accessible from U.S. Highway 183 and I-35, Villas del Sol Apartments is less than three miles from The Arboretum shopping center and less than two miles from The Domain shopping center.
AUSTIN, TEXAS — CIM Group has funded the acquisition for the purchase of 1.7 acres located at the northeast corner of West Third Street and West Avenue in downtown Austin. The transaction marks a milestone in the development of The Independent, a 58-story, 370-unit condominium tower. The property was acquired from the city of Austin under the terms of a master development agreement. Demolition and site work activity will commence this month. The Independent will be located in downtown Austin, surrounded by shopping, dining and entertainment destinations, offering retailers, casual and fine dining, daily needs services and grocers. CIM Group, Aspen Heights and Constructive Ventures are co-developers of The Independent.
VOORHEES, N.J. —Comcast Corp. has expanded its lease at Voorhees Technology Center, located at 401 White Horse Road in Voorhees, by 42,000 square feet. This expansion brings the company’s footprint to more than 150,000 square feet at the 215,000-square-foot building. Brian Sherlock and Evan Zweben of Colliers International represented the landlord, while Marc Policarpo and Bob Corr of Binswanger represented Comcast in the transaction.
HENDERSON, NEV. — GK Development Inc. has acquired Lake Mead Crossing, a 407,000-square-foot shopping center located in Henderson, for $42.8 million. The center is approximately 85 percent leased to tenants including Target, Ross Dress for Less, Big Lots, PetSmart, Marshalls, Ulta Beauty and Staples. Las Vegas-based Juliet Realty LLC will manage and lease the shopping center. Eastdil Secured represented the seller, Lake Mead Crossing LLC, in the transaction. Nevada State Bank and Wintrust Community Bank provided financing.