SMITHTOWN, N.Y. — Sovereign Realty Group has brokered the sale of a freestanding restaurant property located at 942 W. Jericho Turnpike in Smithtown. The 3,610-square-foot property sold for $2.6 million in an all-cash transaction. Burger King occupies the property under a long-term lease, which begin in late 2014. Frank Caporrino and Clem Cote of Sovereign Realty Group represented the buyer and seller, which were not disclosed.
EL SEGUNDO, CALIF. – Cherryman Industries has leased 17,223 square feet at Campus 2100 in El Segundo. The three-building campus is the former home of Rhythm & Hues Studios. The furniture manufacturing company signed a 10-year lease at the property. It will serve as the firm’s corporate headquarters. Cherryman was represented by Wes Honeycutt and Matt Moore of Newmark Grubb Knight Frank. Tom Sheets and Chris Sinfield of Cushman & Wakefield represented the landlords, Rockwood Capital, LLC (Rockwood) and Marshall Property & Development, in this transaction.
VISALIA, CALIF. – Stihl Inc. has acquired a 139,655-square-foot industrial building in Visalia for nearly $6 million. The building is located at 9810 Ferguson Ave. It was built in 2008. Stihl, a chainsaw manufacturing company, will occupy 67 percent of the building. It will share the space with Sorma USA LLC, a produce packaging company that occupies 45,967 square feet. Stihl was represented by Craig “Cap” Caprioffi of Fortune Associates. Westcore Properties was represented by Doug Burr of Burr Commercial.
TEMPE, ARIZ. – Kyrene Corporate Center has sold to RMK Holdings for $3.3 million. The 30,000-square-foot office building is located at 9280 South Kyrene Road. It was about 50 percent occupied at the time of sale. Notable tenants include enChoice, Triton Medical Solutions and Great American Title Agency. RMK Holdings is a joint venture between Kent Nielson, Ryan Sandell and Michael Jones, the local principals of Primary Residential Mortgage (PRMI). Holdings will lease 15,000 square feet at the center to PRMI. The seller, Kyrene 919280 LLC, was represented by DTZ’s Eric Wichterman and Mike Coover.
AUSTIN, TEXAS — Muskin Commercial has arranged the sale of Anderson Oaks Apartments in Austin. Ellen Muskin and Daniel Elam of Muskin Commercial represented the seller, a California-based investor, in the transaction. An undisclosed buyer purchased the property. Anderson Oaks is located at 9219 Anderson Mill Road in northwest Austin. Renovations were made to 24 units at the property. Amenities at the community include a swimming pool, a management office and business center and an on-site laundry facility. Arbor Property Management of Austin will continue to manage the property.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a multiple-property portfolio, known as the Lee Estate Portfolio, for $107 million. Spanning Brooklyn, Manhattan and Ulster County, N.Y., the portfolio consists of 17 retail and residential properties in Williamsburg, Brooklyn, which were acquired by L3 Capital LLC and ASB Real Estate Investments; a grocery store on Linden Boulevard in East New York; a three-story residential building in East Williamsburg; a co-op apartment on the Upper East Side; and a 108-acre site in Ulster County. Adelaide Polsinelli and Benjamin Tapper of Eastern Consolidated represented the seller, Lee Estate, and procured the buyers in the multi-faceted transactions. Additionally, Chris Matousek of Eastern Consolidated served as analyst for the transaction, and Roy Martin of Hodgson Russ Attorneys was the attorney for seller.
PARK RIDGE, N.J. — CBRE Group has brokered the sale of an office building located at One Sony Dr. in Park Ridge. Hornrock Properties purchased the 220,877-square-foot building from Sony Electronics Inc. for an undisclosed price. As part of the sale, the building will be partially leased back to Sony Electronics for two years. Jeffrey Dunne, Kevin Welsh, Brian Schulz, Jeffrey Babikian of CBRE represented the seller and procured the buyer in the transaction.
LILBURN, GA. — Wheeler Real Estate Investment Trust Inc. (Wheeler REIT) has purchased Beaver Ruin Village, a 74,038-square-foot shopping center located at the intersection of Beaver Ruin Road and U.S. Route 29 in Lilburn, a suburb of Atlanta. The Virginia Beach-based REIT purchased the center for $12.4 million, or approximately $166.81 per square foot, using a combination of cash and bank debt. The shopping center was 94.9 percent leased to tenants such as Chase Bank, State Farm Insurance, T-Mobile, Firehouse Subs and Sally Beauty Supplies. The property also features three outparcels leased to McDonald’s, Popeyes and Captain D’s.
CULLMAN, ALA. — Birmingham-based Merchants Retail Partners (MRP) has signed Ross Dress for Less and Ulta Beauty to join the tenant roster at Cullman Shopping Center, a 325,000-square-foot center in Cullman. MRP has also signed The U.S. Department of Labor Career Center to occupy a renovated 8,000-square-foot outparcel building. The 22,000-square-foot Ross Dress for Less and 10,000-square-foot Ulta will join Publix, PetSmart, Dick’s Sporting Goods, Belk and Books-A-Million at the expanded Cullman Shopping Center. Publix, Dick’s and Ulta are slated to open in late 2015; Ross and PetSmart are slated to open in early 2016; and the career center is slated to open in early summer 2015.
DENVER – A 32,900-square-foot manufacturing facility in Denver has sold to 1425 Market LLC for $3.2 million. The facility is located at 2800 Walnut Street. The seller, Gold Star Sausage, had used the facilities to manufacture its sausages and hot dogs. It plans to keep its headquarters in Denver. The buyer intends to renovate the USDA certified food processing facility. Gold Star Sausage was represented by NGKF’s Russell Gruber and Pete Staab.
