ANN ARBOR, MICH. — Colliers International Ann Arbor has arranged the sale of an 8,662-square-foot office building in Ann Arbor. Sleeping Bear Press purchased the property, located at 2395 S. Huron Parkway, for an undisclosed sales price. The children’s book publisher is relocating its Ann Arbor offices to this location. Jim Chaconas and Brendan Cavender of Colliers International Ann Arbor represented both the undisclosed seller and the buyer in the transaction.
SOUTHFIELD, MICH. — Gerdom Realty & Investment has arranged the sale of a 3,400-square-foot, two-story office building in Southfield. A dental practice in the area purchased the freestanding office asset located at W. 10 Mile Road for an undisclosed sales price. Tjader Gerdom of Gerdom Realty & Investment represented the seller, a private owner, and procured the buyer.
PHOENIX – A 3,848-square-foot building in Phoenix that is net leased to Raising Cane’s has sold to an unnamed buyer for $3.5 million. The space is located at 4506 E. Cactus Road. The seller, a developer, was represented by Jamie Medress and Mark Ruble of Marcus & Millichap’s Phoenix office.
TUSTIN, CALIF. – A 16,986-square-foot industrial building in Tustin has sold to Subaru Research and Development for $3.3 million. The building is located at 14282 Chambers Road. Subaru was represented by CBRE. The seller, Shabani Investments LLC, was represented by Matt Durkin of Lee & Associates – Newport Beach.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building, located at 974 Saint Nicholas Ave. in Manhattan’s Washington Heights neighborhood. The asset sold for $15.5 million, or $330,000 per unit. Located between 159th and 160th streets, the six-story property features 33 market-rate units, 13 rent-stabilized apartments and one rent-controlled unit. Recent renovations to the building include new parapets, new elevator and mechanicals, new stone flooring through the common areas, new hallway lighting and a full roof replacement. Additionally, the units have been upgraded with new wood floors, new plumbing and electrical, stainless steel appliances and granite countertops. Peter Von Der Ahe, Scott Edelstein, Seth Glasser and Rafi Moskowitz of Marcus & Millichap’s Manhattan office represented both the seller and the buyer in the transaction.
WILMINGTON, DEL. — NAI Emory Hill has arranged the sale of a warehouse building, located at 1320 Clifford Brown Walk in downtown Wilmington. 1320 CBW LLC purchased the four-story, 83,000-square-foot building, which is situated on two acres of riverfront property along the Brandywine River. The owner plans to convert the property into an 80-unit residential development called The Lofts at Clifford Brown Walk. The building was formerly home to Iron Mountain, Security Archives & Storage Company, and Kaumagraph. Jon Hicky of NAI Emory Hill Real Estate Services represented the seller, Sasco Realty Too Inc., in the transaction. Brett DiClemente of Newmark Grubb Knight Frank represented the buyer, which is an affiliate of Chatham Bay Group, a Wilmington-based development company.
PLAINFIELD, N.J. — Bussel Realty Corp. has brokered the sale of an industrial facility, located at 1280 North Ave. in Plainfield. TJK Associates sold the 19,400-square-foot property to 1280 North Avenue Associates for $1.45 million. The fully-leased building features 18-foot ceiling heights, 40-foot by 40-foot column spacing, two loading docks and two drive-in doors. Additionally, the property offers access to Routes 28 and 22 and close proximity to Interstate 78. Gregory Irving and Manny Judah of Bussel Realty Corp. represented the seller, while Cresa New Jersey represented the buyer in the transaction.
MEMPHIS, TENN. — Target has leased 900,000 square feet of industrial space at 5461 Davidson Road in Memphis, a distribution center that features 30-foot clear heights. The retail giant will invest $50 million to reposition the property as a regional online fulfillment center. Patrick Walton and Kemp Conrad of Cushman & Wakefield-Commercial Advisors LLC represented the property’s owner, an asset management and investment firm, in the lease transaction. Patrick Burke of CBRE represented Target. The property, which is slated to be operational by mid-2015, is expected to generate more than 400 jobs. Target by Innotrac, a third-party logistics firm, will manage the facility.
MIAMI BEACH, FLA. — Nakash Holdings, an investment firm controlled by founders of jean designer Jordache Enterprises, has purchased The Setai Hotel in Miami Beach’s South Beach neighborhood for an undisclosed price. Nakash Holdings will own and operate 130 guest rooms in the historic Art Deco building, as well as units in the tower portion of the hotel. The hotel’s amenity package includes three infinity pools, four food and beverage outlets, an upscale spa and fitness center and more than 45,000 square feet of indoor and outdoor function space. The hotel’s Art Deco portion was built in the 1930s, and in 2004 Jean Michel Gathy and Jaya Ibrahim developed the hotel’s tower portion. The Art Deco building was redesigned in 2004 as well.
BROOKHAVEN, GA. — Colliers International has brokered the sale of The Clairmont, a 288-unit apartment community located at 3078 Clairmont Road in Brookhaven, a northeast suburb of Atlanta. New York-based GFI Capital Resources Group Inc. sold the asset to an affiliate of Equus Capital Partners Ltd., which will rename the property Madison Brookhaven. Equus plans to invest $3 million in capital improvements to the property, which was 95 percent occupied at the time of sale. The apartment community features a clubhouse, fitness center, two pools and a dog park. Equus affiliate Madison Apartment Group will manage the property. Ron Cameron and Will Matthews of Colliers International’s Atlanta office represented GFI Capital in the transaction.