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Stan Johnson Co. Brokers Sales of Walmart-Occupied Properties in Michigan, Ohio for $31.6M

by Kristin Harlow August 17, 2020

HOWELL, MICH. AND CHILLICOTHE, OHIO — Stan Johnson Co. has brokered the sales of two Walmart Supercenter-occupied properties in the Midwest on behalf of Dayton, Ohio-based developer RG Properties. Daniel Herrold and Campbell Black of Stan Johnson represented RG Properties, the seller, in the transactions. The first property totals more than 214,000 square feet and is located at 3850 E. Grand River Ave. in Howell, about 38 miles southeast of Lansing, Michigan. Brandon Duff of Stan Johnson represented the buyer, Consolidated Tomoka Land Co., which purchased the asset for $20.6 million. The second property spans 204,184 square feet and is located at 85 River Trace Lane in Chillicothe, about 48 miles south of Columbus. It sold for approximately $11 million to Agree LP, an institutional investor. Both buildings were constructed in the 1990s and sit on roughly 20 acres.

August 17, 2020

Acquisitions California Industrial Western

Realty Advisory Group Brokers Sale of 214,436 SF Distribution Facility in Southern California

by Amy Works August 17, 2020

SANTA CLARITA, CALIF. — Realty Advisory Group has negotiated the sale of an industrial and distribution building located at 24903 Avenue Kearny within Valencia Industrial Center in Santa Clarita. Los Angeles-based Dedeaux Properties acquired the facility from AmerisourceBergen Corp. for an undisclosed price. The seller has owned and operated the property as a pharmaceutical warehouse/distribution center since 1988. Dedeaux Properties plans to reposition the 214,436-square-foot facility and place it on the market for lease. Jim Abbott of Realty Advisory Group handled the transaction.

August 17, 2020

Acquisitions Arizona Industrial Western

ViaWest Group Sells Bell 17 Industrial Campus in Phoenix’s Deer Valley Submarket for $8.3M

by Amy Works August 14, 2020

PHOENIX — ViaWest Group has completed the disposition of Bell 17 Industrial, a three-building industrial park in North Phoenix’s Deer Valley submarket. An undisclosed private investor acquired the asset for $8.3 million. Totaling 70,495 square feet, Bell 17 Industrial is located at 16602 N. 23rd Ave., 16601 N. 25th Ave. and 2401 W. Phelps Road. At the time of sale, the three buildings were fully occupied by multiple tenants. Geoffrey Turbow, Anthony DeLorezo, Rusty Kennedy, Daniel Calihan and Bryan Johnson of CBRE Capital Markets represented the seller, while Mark Trueblood of Glendale, Calif.-based Trumark Real Estate Management Services represented the buyer in the deal.

August 14, 2020

Acquisitions California Company News Restaurant Retail Western

FAT Brands to Acquire Johnny Rockets Restaurant Chain for $25M

by Amy Works August 13, 2020

LOS ANGELES — Fresh. Authentic. Tasty. (FAT) Brands has agreed to purchase the Johnny Rockets restaurant chain from an affiliate of Sun Capital Partners for $25 million. The deal will be funded through cash on hand and proceeds generated from FAT’s securitization facility. The transaction is slated to close in September. With the acquisition of Johnny Rockets, FAT Brands will have more than 700 franchised and company-owned restaurants around the globe with annual system-wide sales exceeding $700 million. Johnny Rockets was founded in 1986 with its first location on Melrose Avenue in Los Angeles. The 1950s-themed restaurant serves freshly made, classic burgers and hand-spun real ice cream shakes. Johnny Rockets currently has more than 325 locations across the United States and internationally, including nine company-owned locations. Duff & Phelps served as financial advisor to Sun Capital Partners and Morgan Lewis & Bockius acted as legal counsel to Sun Capital Partner. Loeb & Loeb acted as legal counsel to FAT Brands and Andersen Tax served as tax advisor to FAT Brands.

August 13, 2020

Acquisitions Healthcare Maryland Office Southeast

Cushman & Wakefield Negotiates $160M Sale of Medical Office Tower in Metro D.C.

by Alex Tostado August 13, 2020

CHEVY CHASE, MD. — Cushman & Wakefield has negotiated the $160 million sale of the Barlow Building, an 18-story, 293,852-square-foot medical office building in Chevy Chase. Amenities at the property include valet parking, a fitness center on the top floor, deli, conference center and a courtyard that houses a Starbucks. The property is located at 5454 Wisconsin Ave., less than one mile from the Friendship Heights Metro Rail Station and six miles north of downtown Washington, D.C. The undisclosed buyer has retained the seller, Carr Properties, for third-party management services. Bill Collins, Paul Collins, Drew Flood, Eric Berkman, Shaun Collins and Shaun Weinberg of Cushman & Wakefield represented the seller in the transaction.

August 13, 2020

Acquisitions Illinois Industrial Midwest

Avison Young Negotiates Sale of 125,000 SF Industrial Building in Mokena, Illinois

by Kristin Harlow August 13, 2020

MOKENA, ILL. — Avison Young has negotiated the sale of a 125,000-square-foot industrial building in Mokena, about 35 miles southwest of Chicago. Located at 9000 W. 192nd St., the facility serves as a Midwest distribution center for Dunkin’. The seller, DCP Real Estate Group LLC, is a supply chain management company serving the franchisees of Dunkin’. Exeter Property Group was the buyer. Erik Foster and Mike Wilson of Avison Young represented the seller in a partial sale-leaseback of the facility. The duo worked in conjunction with Chris Lydon and Brian Pomorski of Avison Young.

August 13, 2020

Acquisitions New York Northeast Office

TerraCRG Arranges $29.5M Sale of 151,357 SF Office Property in Brooklyn

by Taylor Williams August 13, 2020

NEW YORK CITY — Locally based brokerage firm TerraCRG has arranged the sale of a 151,357-square-foot office property located at 6201 15th Ave. in Brooklyn. The sales price was $29.5 million, or $195 per square foot. Ofer Cohen, Dan Marks, Daniel Lebor and Adam Tannenbaum of TerraCRG represented the seller, American Stock Transfer & Trust Co., in the transaction. The deal included an 8,400-square-foot parking lot located across the street. The buyer was not disclosed.

August 13, 2020

Acquisitions Arizona Multifamily Western

Taurus Investment Enters Phoenix Multifamily Market with $25.9M Acquisition of Avenel on 16th Apartments

by Amy Works August 12, 2020

PHOENIX — Boston-based Taurus Investment Holdings has entered the Phoenix multifamily market with the acquisition of Avenel on 16th Apartments. The recently repositioned property is located near 16th Street and Indian School Road in Phoenix’s East Camelback/Uptown submarket. Phoenix-based Rincon Partners sold the asset for $25.9 million. Built in 1980 and 1984, Avenel on 16th features 200 units in a mix of studio, one- and two-bedroom layouts. The seller recently spent over $4 million on capital improvements and interior renovations at the property. Trevor Koskovich, Jesse Hudson and Bill Hahn of NorthMarq’s Phoenix investment sales team represented both parties in the transaction. Additionally, Bryan Mummaw of NorthMarq arranged an $18.8 million Freddie Mac loan for the acquisition on behalf of the buyer.

August 12, 2020

Acquisitions Georgia Industrial Southeast

JLL Arranges $43.9M Sale of Industrial Property Leased to Bed Bath & Beyond in North Georgia

by Alex Tostado August 12, 2020

PENDERGRASS, GA. — JLL has arranged the $43.9 million sale of an 811,000-square-foot distribution center leased to Bed Bath & Beyond in northeast Georgia. The property is located at 860 John B. Brooks Road in Pendergrass. The asset, which is situated on 62 acres along Interstate 85, features tilt-up construction, 32-foot clear heights and a cross-dock configuration. Alex Sharrin, Britton Burdette, Brian Shanfeld, Matt Wirth and Dennis Mitchell of JLL represented the seller, Oak Street Real Estate Capital LLC, in the transaction. An unnamed institutional investment group purchased the property.

August 12, 2020

Foster-Ridge-Distribution-Center-San-Antonio

Acquisitions Industrial Texas

Koontz Sells 327,000 SF Foster Ridge Distribution Center in San Antonio

by Taylor Williams August 12, 2020

SAN ANTONIO — Locally based developer Koontz Corp. has sold Foster Ridge Distribution Center, a 327,000-square-foot industrial facility located at the junction of Foster Road and Interstate 10 in San Antonio. Koontz completed the Class A facility in October 2019. The buyer is metro Philadelphia-based industrial owner and developer Exeter Property Group. Building features at Foster Ridge Distribution Center include 32-foot clear heights, 75 dock-high overhead doors, 130-foot truck courts and an ESFR sprinkler system. Trent Agnew of JLL represented Koontz Corp. in the sale, and Exeter Property Group was self-represented.

August 12, 2020

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