ROCHESTER HILLS, MICH. — Colliers International has arranged a 26,280-square-foot flex lease in Rochester Hills, approximately 30 miles north of Detroit. Nichols Paper & Supply Co. leased the space from ADCO Investments LLC and will use the property as a warehouse for distributing paper and janitorial supplies. Gary Glotzhober of Colliers International represented the tenant in the transaction. The property is located at 1685 Northfield Drive.
PHOENIX — The El Cortez condominium complex in Phoenix has sold to FPA Multifamily LLC for $6.4 million. The community is located on 7th Avenue within the Melrose District. The acquisition included 146 of the 165 units. CBRE’s Bert Kempfert represented FPA. Brian Smuckler and Jeff Seaman of the same firm represented the seller, El Cortez Condominiums LLC.
DENVER — First National Bank of Santa Fe has signed a 10-year lease for 22,198 square feet of office space in Denver. The space is located at 1400 16th St. in the LoDo (Lower Downtown) district. First National Bank of Santa Fe is composed of First National Denver, First National Santa Fe and First National Rio Grande. Dorit Fischer and Hayden Hirschfeld represented the bank in this transaction. Todd Wheeler of Cushman & Wakefield represented the landlord.
ORLANDO, FLA. — Liberty Property Trust has sold a 713,585-square-foot industrial property located at 8201 Chancellor Drive in Orlando for $35.5 million. Liberty recently completed a long-term lease renewal with CVS at the facility. Frank Fallon, Mike Hines and David Murphy of CBRE represented Liberty in the transaction. Exan Capital LLC advised the undisclosed buyer. Liberty, an $8 billion, publicly traded REIT, currently owns and manages 3.6 million square feet of industrial space in Orlando.
RALEIGH, N.C. — Avison Young has brokered the $14.4 million sale of Atlantic Business Park, a two-building, 10-acre office campus located at 4401 and 4501 Atlantic Ave. in north Raleigh. The office campus totals 114,365 square feet and was fully leased at the time of sale to tenants such as Advance Auto Parts Inc., City of Raleigh Police Department and Regional Acceptance Corp., a division of BB&T. Braxton Anthony and Gary Lyons of Avison Young’s Raleigh office represented the sellers, SJ Co. LLC and SJ1 Co. LLC, in the transaction. William Allen of Trinity Partners represented the buyers, 4401 Atlantic Avenue LLC and 4501 Atlantic Avenue LLC.
WAYCROSS, GA. — SRS’ Southeast investment sales team has brokered the $4.3 million sale of Satilla Square, a 117,212-square-foot shopping center in Waycross. The property is located at 1803 Knight Ave. at the intersection of Knight Avenue and South City Boulevard. Dollar General Market and Big Lots anchor the center. Baer Asset Management Co. purchased the property from Satilla Square LLC, Henderson Satilla LLC and Satilla Land LLC. Kyle Stonis and Pierce Mayson of SRS represented the sellers in the transaction. The buyer didn’t have representation.
EARLY, TEXAS — The Heartland Mall in Early has been sold to Victoria Retail Group LLC, according to the Brownwood Bulletin. The sale to the retail group, headquartered in Austin, was finalized last Wednesday, according to founding partner Todd Routh. The sale was made through Coldwell Banker Mark Campbell & Associates. Routh plans to renovate the 215,000-square-foot mall and add additional tenants. Work is expected to begin next week. Victoria Retail Group owns more than 55 malls and shopping centers in Texas. Opened in 1980, Heartland Mall is located at 300 Early Blvd. and sits on close to 24 acres with tenants including JC Penny, Hibbett Sports and Bath & Body Works, along with Regal Cinemas Heartland 8. Restaurants include Chick-fil-A and Corn Dog 7. The Retail Coach is handling leasing assignments for the property.
DENTON, TEXAS — Lee & Associates has arranged a lease transaction for a 10,000-square-foot industrial building located at 2834 Geesling Road in Denton. Corbin Blount of Lee & Associates’ Dallas/Fort Worth office represented the tenant, Automotive Tensioners. Donald Frazier of Frazier Commercial represented the landlord, Jim/Heritage LP.
ANGLETON, TEXAS — UC Funds has secured a $4.8 million bridge loan for the acquisition and renovation of a 152-unit apartment community located in Angleton. The sponsor will implement a renovation program focused on repositioning the property. The renovation will convert the existing clubhouse into four additional units, bringing the total unit count of the property to 156. The property is situated on a seven-acre site and spans 13, two-story buildings. Angleton is located 40 miles south of Houston.
OMAHA, NEB. — Carter Validus Mission Critical REIT II Inc. has acquired Old Mill Rehabilitation in Omaha for $13 million. The property is a 40,402-square-foot skilled nursing facility that was built in 2014. Old Mill offers 44 private rooms with in-suite bathrooms and showers. Amenities include 24-hour room service and a full-service salon. Rehabilitation services at the facility include physical, occupational and speech therapy, IV therapy, medication management and wound care. Carter Validus Mission Critical REIT II is a non-traded real estate investment trust.