PHOENIX – A subsidiary of Griffin Opportunities has acquired a 145,000-square-foot flex-office showroom development in the Phoenix submarket of Deer Valley for $21.6 million. The building is located at 2851 W. Kathleen Road. The 9.5-acre property was developed in 1988 and renovated in 2009. It is fully leased to building technologies company Climatec. The subsidiary was represented by Ben Prater of Colliers International. The seller, Intravest 2851 Kathleen LLC, was represented by Bob Lundstedt and Chris Rogers of Daum. This is Griffin Opportunities’ first investment in Deer Valley. It also represents the largest transaction in the Deer Valley submarket so far this year, according to Daum.
PORT ORANGE, FLA. — Marcus & Millichap has brokered the sale of two retail centers in Port Orange totaling $32.3 million. The properties include an 86,464-square-foot BJ’s Wholesale Club and fuel center and the 63,257-square-foot Altamira Village shopping center. Altamira Village’s tenant roster includes LA Fitness, CVS/pharmacy and Golden Corral. John Nuzman of Marcus & Millichap’s Detroit office represented the seller, Collett, a developer based in North Carolina, in both transactions. Robert Horvath and Todd Tremblay of Marcus & Millichap represented the buyer. Kirk Felici of Marcus & Millichap’s Miami office is the firm’s broker of record in Florida. The BJ’s is under a 20-year lease that began in September 2013, and LA Fitness has a 15-year lease that started this year.
DANIA BEACH, FLA. — The Goodman Co. has acquired the 165,000-square-foot Bass Pro Shops Outdoor World in Dania Beach. The property is located near the Fort Lauderdale International Airport and adjacent to the IGFA Fishing Hall of Fame & Museum.
NEW YORK CITY — Deka Immobilien GmbH, in a joint venture with New York-based Ashkenazy Acquisition Corp., has acquired 522 Fifth Avenue in New York. Morgan Stanley sold the property for $170 million. The two-level asset offers 8,411 square feet of corner retail space with approximately 25 feet of frontage along Fifth Avenue. There is an opportunity to reposition and enhance the property, potentially adding approximately 16,000 square feet of retail space and expanding the property’s storefront by 44 feet. Robert Stamm of Savills Studley’s U.S. cross-border group represented Germany-based Deka in the acquisition. Deka has real estate assets under management globally on behalf of private and institutional clients. The total value of those assets is €25 billion (US$31.7 billion). This transaction is the firm’s first joint venture acquisition in the United States.
POTTSTOWN, PA. — Marcus & Millichap has brokered the sale of Hanover Courts, a 92-unit multifamily property located in Pottstown. An undisclosed partnership sold the property for $3.95 million to a regional limited liability corporation. Located at 371 N. Hanover St. and built in 1965, the property features 16 studio units, 52 one-bedroom units and 24 two-bedroom units. Clarke Talone, Ridge MacLauren and Andrew Townsend of Marcus & Millichap’s Philadelphia office represented the seller and buyer in the transaction.
FARMINGTON HILLS, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 17,873-square-foot retail strip center in Farmington Hills. Courtyard Shopping Center is located at 32500 – 32522 Northwestern Highway. The property was built in 1989 on nearly two acres. Courtyard Shopping Center was 92 percent occupied at the time of sale. Barry Swatsenbarg and Rich Deptula of Friedman represented both the undisclosed buyer and seller in the transaction.
HOUSTON — Marcus & Millichap has arranged the sale of Village Real shopping center, a 94,259-square-foot retail center in Houston. Jerry Goldstein of Marcus & Millichap’s Houston office arranged the sale on behalf of the seller, a local partnership. Goldstein also sourced the buyer, Dallas-based Dunhill Partners. The property is located at the intersection of Nasa Parkway and El Camino Real at 961 Nasa Parkway. It was built in 1976 on 4.4 acres and was renovated in 2008. Tenants include Office Depot, Half Price Books, Eduardo’s Mexican Restaurant, Subway, Nasa Liquor, Value Furniture, Masa Sushi, J.C. Jewelers and Hollywood Hair.
HOUSTON — Coldwell Banker Commercial United Realtors has arranged the sale of two retail centers in Houston in separate transactions. The first is a 4,800-square-foot building located at 3014 Scott Street near the University of Houston. Daniel Bekele of Coldwell Banker represented the seller, a law firm. Oscar Hoang of Annam Realty represented the buyer, an investor. The second is a 16,450-square-foot strip center located at 3922 Old Spanish Trail. Mark McGinley of Coldwell Banker represented the seller. Van Pham of Champions Real Estate Group represented the buyer, an investor.
CORTLAND, N.Y. — Binswanger has arranged the sale of a single-story industrial facility located at 3690 Luker Road in Cortland. Situated on approximately 24 acres, the 131,580-square-foot facility features an open floorplan, clear ceiling heights to more than 21 feet, wide-column spacing and heavy infrastructure loading, including 12,500-amp electrical service. Forkey Construction and Fabricating Inc. purchased the property, which was constructed in 1989, from BorgWarner Inc. for an undisclosed price. Jim Panczykowski of Binswanger’s New Haven, Conn., office brokered the transaction.
RAHWAY, N.J. — Terreno Realty Corp. has acquired an industrial property located in Rahway for approximately $7.2 million. Situated on 4.3 acres at 900 Hart St., the 84,000-square-foot building features eight dock-high and one grade-level loading positions. Additionally, the property is 52 percent leased to one tenant. Terreno Realty Corp. is an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington, D.C./Baltimore. Additional details of the transaction were not disclosed.