BUFFALO, N.Y. — A REIT has sold the McKinley Plaza shopping center to a private real estate investment firm. The price was not disclosed. The 95,544-square-foot retail center at 3670 McKinley Parkway is 98 percent leased to 12 tenants and has 503 parking spaces. T.J. Maxx and A.C. Moore Arts & Crafts anchor the center, occupying 32,000 and 22,000 square feet, respectively. Built in 1991, the center underwent extensive renovations in 2015. Cushman & Wakefield’s Metropolitan Area Capital Markets Group was the agent for the property and procured the buyer as well as the seller. Brian Whitmer, Andrew Merin, Seth Pollack, and Kubby Tischler of Cushman & Wakefield worked in conjunction with Joyce MacKnight and Ben Borruso of Pyramid Brokerage Company.
PLANO, TEXAS — Marcus & Millichap has arranged the sale of Interface Security Systems Office, a 30,100-square-foot, Class B office property situated on 2.5 acres at 6340 International Parkway in Plano. Built in 1999, the property was 100 percent leased at the time of sale. Ron Hebert of Marcus & Millichap represented the seller and procured the buyer, both private investors, in the transaction.
WACO, TEXAS — A partnership between Civitas Capital Group and Atlantic Hotels Group has purchased the 120-room Holiday Inn Express & Suites in Waco. The property is situated within Legends Crossing, a 150-acre mixed-use development near Baylor University’s campus. Hotel amenities include 1,922 square feet of meeting space, an indoor pool and a business center. The seller and sales price were not disclosed.
WESTON, FLA. — Cushman & Wakefield has negotiated a 67,200-square-foot lease with VPX Sports within Weston Commerce Park, an industrial park located at 1951 N. Commerce Parkway in Weston, a town in Broward County roughly 23 miles west of Fort Lauderdale. Chris Metzger, Richard Etner Jr., Christopher Thomson and Matthew McAllister of Cushman & Wakefield represented Mississippi-based owner EastGroup Properties in the lease transaction. JLL represented VPX Sports, a health supplement manufacturer that sells products in brick-and-mortar stores throughout the U.S. and 37 other countries. The company will use the space for its warehouse and distribution needs. The 134,000-square-foot building features 30-foot clear heights, dock-high loading, drive-in doors, an ESFR fire safety system, T5 lighting, 40-foot by 40-foot column spacing and an 118-foot truck court. The building is located roughly one mile from VPX Sports’ 102,000-square-foot corporate headquarters at Weston Distribution Center. With the addition of VPX Sports, Weston Commerce Park is fully leased. The company is expected to move into the building in the third quarter.
PHILADELPHIA —Morris Iron & Steel Co. has acquired a 58.12-acre industrial waterfront site and a 13-acre site in Philadelphia. The properties are located at 7777 State Road and 7777R State Road. Morris Iron & Steel is a family-owned, fourth-generation company that has operated since 1938. The company serves the scrap metal and recycling needs of the eastern part of Pennsylvania and plans to use 10 acres of the land for barge loading. Chris Pennington of Binswanger represented the buyer in the acquisition. Binswanger has also been hired to lease the additional acreage, which offers barge access.
NEW YORK CITY — Marcus & Millichap has brokered the $15 million sale of The Jefferson-MacDonough Collection, a multifamily portfolio with 53 rent-stabilized units, located in Brooklyn. The portfolio consists of five multifamily apartment buildings located in the Bedford-Stuyvesant area, at 39 and 44 MacDonough Street between Marcy Avenue and Tompkins Avenue. Shaun Riney and Daniel Greenblatt of Marcus & Millichap’s Brooklyn office along with Peter Von Der Ahe and Joseph Koicim of Marcus & Millichap’s Manhattan office had the exclusive listing to market the property on behalf of the seller, a private investor. The team also secured the buyer, a developer.
GRAPEVINE, TEXAS — The Trade Group, a Carrollton, Texas-based provider of products and services for trade shows, will relocate its global headquarters to a 200,000-square-foot space in the Dallas-Fort Worth metro of Grapevine. The company expects to move into its new office space in late 2018 or early 2019. A groundbreaking ceremony will be held on Friday, June 8 at the new location, 2060 Enchanted Way.
CHANNAHON, ILL. — Cawley Chicago has brokered the sale of a 143-acre land site in Channahon, a southwest suburb of Chicago. The sales price was not disclosed. A joint venture partnership led by Venture One Real Estate acquired the land, which is part of a phased acquisition that will ultimately total 292 acres. Venture One also unveiled plans for the groundbreaking of Crossroads 55 Business Park and the commencement of a 1 million-square-foot speculative warehouse facility. The site is situated in the I-80/Joliet Corridor submarket with immediate access to the Route 6 and Bluff Road interchanges on I-55. Joshua Hearne of Cawley Chicago represented the buyer in the transaction. Marquette Properties represented the undisclosed seller.
GREENWICH, CONN. — Brennan Investment Group, a U.S.-based real estate firm, and a client of Arch Street Capital Advisors, a Greenwich, Conn.-based real estate investment advisory firm, have formed a fifth joint venture to acquire, own and manage a substantial portfolio of industrial properties throughout the United States. The venture will focus on acquiring individual industrial assets in major markets in the United States that are critical facilities to tenants and leased on a long-term basis. In conjunction with the formation of the venture, Goldman Sachs provided the venture with a financing line of credit facility to enhance the venture’s efficiency in closing both portfolio and individual asset purchases. The new venture has already purchased nearly 900,000 square feet of industrial real estate in Dallas; Charlotte, N.C.; and Green Bay, Wis. Brennan and Arch Street have collectively acquired 77 properties comprising more than 12 million square feet in the single-tenant, net lease sector during the last five years. The companies seek net leased industrial investments meeting the following criteria: location in the top 100 U.S. markets, remaining lease term of at least 10 years, non-investment grade credits, and significant facility investment by the tenant. They are interested in all industrial …
DANBURY, Conn. — CBRE represented the seller Beachwold Residential in the sale of Willow Grove, a 135-unit Class A apartment community located in Danbury to an affiliate of Friedkin Realty for $31.25 million. The property, built in 1999, features a clubroom, fitness center and oversized pool, and oversized apartments. Beachwold renovated three-quarters of the apartments in the last few years. Jeffrey Dunne, Gene Pride and Eric Apfel of CBRE represented the seller.