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Divaris Arranges Sale of 310,745 SF Office Building Housing Norfolk Southern’s Headquarters

by Alex Tostado June 25, 2020

NORFOLK, VA. — Divaris Real Estate has arranged the sale of the Arnold B. McKinnon Norfolk Southern headquarters, a 310,745-square-foot office building in downtown Norfolk. The building has been home to Norfolk Southern Railroad’s headquarters since 1988. The company will finish out its lease, which has 18 months remaining, then move to Midtown Atlanta. A joint venture between TowneBank and Children’s Hospital of the King’s Daughter (CHKD) acquired the 22-story tower for an undisclosed price from Norfolk Southern. As part of the acquisition, the buyers also purchased the Commercial Place Garage, a 744-space parking garage connected to the tower via skybridge. The parking garage features retailers on the ground level. TowneBank and CHKD will each occupy 10 stories, with CHKD bringing over 475 employees and TowneBank relocating 400. TowneBank has hired WM Jordan as the general contractor to renovate the bank’s future home, on floors that Norfolk Southern is not currently occupying. Creative Development Partners will manage the renovations. Gerald Divaris, Michael Divaris and Jason Oliver of Divaris Real Estate represented the buyers in the transaction. Gayle Bartlett of Divaris Property Management Corp. will continue to manage the building, as well as the parking garage and retail on the first …

June 25, 2020

Acquisitions Industrial Self-Storage Texas

Bellomy Brokers Sale of 169-Unit Self-Storage Facility in Rio Grande Valley

by Taylor Williams June 25, 2020

MISSION, TEXAS — Bellomy & Co. has brokered the sale of A+ Storage, a 169-unit self-storage facility located in the Rio Grande Valley city of Mission. The property spans 24,100 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Harlingen, Texas-based seller and procured the Nebraska-based buyer in the transaction.

June 25, 2020

Acquisitions California Retail Western

Hanley Investment Group Arranges $2.6M Ground Lease Sale of Quick Quack Car Wash in Fontana, California

by Amy Works June 25, 2020

FONTANA, CALIF. — Hanley Investment Group has arranged the ground lease sale of Quick Quack Express Car Wash, a recently constructed car wash property located at 16988 S. Highland Ave. in Fontana. A Korea-based private investor acquired the asset from an undisclosed seller for $2.6 million. The property is situated on 0.77 acres and includes a 3,590-square-foot building. Kevin Fryman, Bill Asher, and Jeff Lefko of Hanley Investment Group Real Estate Advisors represented the seller in the deal.

June 25, 2020

Acquisitions Midwest Retail Wisconsin

Boulder Group Negotiates $1.6M Sale of Property Net Leased to BMO Harris Bank in Wisconsin

by Kristin Harlow June 24, 2020

SUPERIOR, WIS. — The Boulder Group has arranged the $1.6 million sale of a 4,566-square-foot property net leased to BMO Harris Bank in Superior in northwest Wisconsin. The single-tenant building is located at 1425 Tower Ave. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based investor. The buyer, a private investor, completed a 1031 tax-deferred exchange. There are 13 years remaining on BMO’s lease.

June 24, 2020

Acquisitions California Retail Western

Netflix Acquires Historic Egyptian Theatre in Hollywood

by Amy Works June 23, 2020

HOLLYWOOD, CALIF. — Netflix has acquired the Egyptian Theatre, a historic property that was originally built in 1922 in Hollywood. Netflix and the American Cinematheque, which purchased the theater in 1996, are collaborating to redevelop and continue operations at the theater. The Egyptian Theatre will remain the home of the American Cinematheque, a nonprofit, member-supported cultural organization, with its curation team continuing to autonomously program Friday, Saturday and Sunday events and showings. Netflix will invest in the property’s renovation and will use the revitalized space for special events, screenings and premieres during the week. The movie theater was originally built in during the silent film era and was the site of the first Hollywood movie premiere — Robin Hood, starring Douglas Fairbanks. In 2016, the theater was retrofitted to screen 35mm nitrate films and is now one of only four theaters in the United States capable of showing this rare, ultra-fragile and flammable film stock. Farshad Morè and Scott Sherwood of Gibson Dunn & Crutcher represented American Cinematheque in the transactions. Terms of the acquisition were not released.

June 23, 2020

Acquisitions Midwest Minnesota Retail

Upland Brokers $2.7M Sale of Property Occupied by Big O Tires in West St. Paul

by Kristin Harlow June 23, 2020

WEST ST. PAUL, MINN. — Upland Real Estate Group Inc. has brokered the sale of a retail property occupied by Big O Tires in West St. Paul for $2.7 million. Constructed in 2001, the 7,554-square-foot building is located at 1973 S. Robert St. Buyer and seller information was not disclosed. West St. Paul is a first-ring suburb of St. Paul. There are more than 450 independently owned and operated Big O Tires locations in 23 states.

June 23, 2020

Acquisitions Development Multifamily Southeast Tennessee

Capstone Negotiates Sale of Multifamily Community Made of Shipping Containers Under Construction in Nashville

by Alex Tostado June 22, 2020

NASHVILLE, TENN. — Capstone Apartment Partners has negotiated the sale of 83 Freight, a planned 83-unit multifamily community being built using shipping containers in Nashville. When complete, the community will offer rooftop balconies, as well as studio, one- and two-bedroom floor plans ranging in size from 320 to 1,280 square feet. The property is situated within Nashville’s Wedgewood-Houston neighborhood, which was historically an industrial district. Now the area is being reimagined and will include the 27,500-seat soccer stadium for the MLS’ Nashville SC. The seller, FMBC Investments, expects to deliver 83 Freight this summer. Adam Klenk, Jonathan Hawks, Tyler Mayo and Austin Heithcock of Capstone represented the seller in the transaction. The undisclosed buyer acquired the property for more than $11 million.

June 22, 2020

Acquisitions Midwest Ohio Retail

IPA Brokers $46M Sale of Giant Eagle-Anchored Shopping Center in Ohio

by Kristin Harlow June 22, 2020

CUYAHOGA FALLS, OHIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $46 million sale of The Plaza at Chapel Hill in Cuyahoga Falls, about 35 miles south of Cleveland. The 458,935-square-foot shopping center is home to Giant Eagle, Burlington and Dick’s Sporting Goods. Scott Wiles, Erin Patton, Craig Fuller, Joseph French Jr. and CJ Jackson of IPA represented the seller, a New York City-based private real estate investment trust. A partnership between Baltimore-based America’s Realty LLC, New York-based Borough Equities and Miami-based Dragonfly Investments purchased the asset. The center was 90 percent occupied by 26 tenants at the time of sale. It was built in several phases between 1985 and 2013. Chris Nevin of First National Bank originated acquisition financing.

June 22, 2020

Acquisitions Indiana Industrial Midwest

Colliers Arranges Sale of Two Industrial Facilities in Indianapolis

by Kristin Harlow June 22, 2020

INDIANAPOLIS — Colliers International has arranged the sale of two industrial facilities within Park 100 on the northwest side of Indianapolis. The sales price was undisclosed. Building 133, located at 5251 E. 81st St., is a 20,530-square-foot warehouse fully leased to Iron Mountain Information Management. Building 641, located at 6061 Guion Road, is an 87,064-square-foot property fully leased to Mauser Packaging Solutions. Alex Cantu and Alex Davenport of Colliers represented the seller, Shear Property Group. Thomas Wiley of Reliant Partners represented the buyer, California-based Tower Investments LLC. Park 100 is a 19 million-square-foot industrial park.

June 22, 2020

Acquisitions Healthcare Indiana Midwest

Stan Johnson Co. Brokers $2.7M Sale of Indiana Healthcare Facility

by Kristin Harlow June 22, 2020

KOKOMO, IND. — Stan Johnson Co. has brokered the $2.7 million sale of a 10,000-square-foot healthcare facility leased to Advanced Medical Imaging in Kokomo in central Indiana. The single-tenant property is located at 2008 W. Boulevard St. Constructed in 2003, the Class B building sits on 1.4 acres near two hospitals. Rachel Walz of Stan Johnson represented the buyer, a Chicago-based private investor. Advanced Nuclear Medicine LLC was the seller.

June 22, 2020

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