OXFORD, MICH. — Dominion Real Estate Advisors (DRA) has brokered the sale of a 20,000-square-foot industrial building in Oxford, about 40 miles north of Detroit. The sales price was not disclosed. The property is located at 675 S. Glaspie St. Barry Landau of DRA represented the seller, Village Building Rental LLC. North Oakland Transportation Authority Inc. purchased the building. The company is a transportation service for senior, disabled and low-income residents of Northern Oakland.
EL SEGUNDO, CALIF. — TA Realty has acquired 101 Continental, a soon-to-be-vacant office tower in El Segundo, for $138.5 million or $400 per-square-foot. VEREIT Inc. (NYSE: VER) sold the property. Developed by Continental Airlines in 1972, the 340,000-square-foot property was upgraded in 2008. The building is fully leased to Northrop Grumman and features floor-to-ceiling glass on every floor and unobstructed ocean views. TA Realty plans to begin a comprehensive building renovation at the end of May when Northrop Grumman’s lease expires. A timeline for the completion of the renovation was not disclosed. The property is located at 101 Continental Blvd., 18 miles southwest of downtown Los Angles and two miles south of Los Angeles International Airport. Selling 101 Continental decreases VEREIT’s office exposure and strengthens its overall portfolio, according to Thomas Roberts, chief investment officer of the company. As of Dec. 31, 2018, VEREIT managed and owned a 4,000-property, 95 million-square-foot portfolio that spanned across retail, office, restaurant and industrial space in 49 states. When Phoenix-based VEREIT purchased the property in 2014 for $98 million, it was fully leased to Northrop Grumman. VEREIT engaged Newmark Knight Frank (NKF) to market the property as a redevelopment opportunity. “The opportunity to acquire …
BURLESON, TEXAS — Venture Commercial has negotiated the sale of McAlister Square, a 169,378-square-foot shopping center located at 12700 South Freeway in Burleson, a southern suburb of Fort Worth. Anchored by Academy Sports + Outdoors, the property’s tenant roster includes national retailers like FedEx Office, Verizon Wireless and Firehouse Subs. Jonathan Cooper, John Zikos and Don Miller of Venture Commercial represented the seller in the transaction. Kevin McIntosh of KMAC Group Inc. represented the buyer. Both parties requested anonymity.
SUNNYVALE, CALIF. — A joint venture between Harvest Properties and Invesco Real Estate has acquired a three-building, Class A office development site in Silicon Valley’s Sunnyvale submarket. Terms of the transaction were not released. The acquisition marks the eighth joint venture that Harvest and Invesco have completed together. The fully entitled, shovel-ready development site is situated in Peery Park, minutes from downtown Sunnyvale. The project totals approximately 540,000 square feet across three buildings and can be delivered in phases. The partnership plans to break ground immediately and deliver the first building, a 190,000-square-foot asset at 684 W. Maude Ave., in the third quarter of 2020.
DUNDEE, MICH. — Greystone Bel Real Estate Advisors has arranged the $1.1 million sale of Highland Terrace in Dundee, about 50 miles southwest of Detroit. Built in 1984, the 24-unit apartment property is located at 625 Rawson St. The property traded at a cap rate of 8.6 percent. Buyer and seller information was not disclosed.
LINCOLNSHIRE, ILL. — The Boulder Group has brokered the sale of a single-tenant property net leased to Culver’s in Lincolnshire for $1.7 million. The building is situated on three acres at 401 Milwaukee Ave. Randy Blankstein and Jimmy Goodman of Boulder brokered the transaction. A Chicago-based real estate company sold the asset to a private investor. Culver’s is a fast-casual restaurant chain that operates primarily in the Midwest and is known for its frozen custards and burgers.
LANCASTER, CALIF. — Hanley Investment Group Real Estate Advisors has directed the sale of two multi-tenant pads adjacent to the Walmart Supercenter in Lancaster, approximately 70 miles north of downtown Los Angeles. San Diego-based The Niki Group and Costa Mesa, Calif.-based Wood Investment Cos. sold the properties to a Los Angeles-based private buyer for $6 million. Eric Wohl, Ed Hanley and Andrew Cunningham of Hanley Investment Group represented the sellers, while James Chin of Los Angeles-based Realtex Properties represented the buyer in the deal. Built in 2003, the fully occupied buildings total 13,760 square feet. AT&T, Papa John’s, Advance America and Mi Ranchito Mexican Bar & Grill occupy the 7,500-square-foot Pad B building, which is located at 1721 E. Avenue J. Panda Express, Smoke Rings, GameStop and It’s a Grind occupy the 6,260-square-foot Pad G building, located at 44421 20th St. East.
KANSAS CITY AND RIVERSIDE, MO. — NorthMarq’s investment sales division has arranged the sale of three multifamily properties in Missouri for $10.4 million. Northcrest Apartments is a 151-unit community in Riverside. A Midwest-based buyer purchased the asset. Rock Ridge Ranch and Belton Heights are both located in south Kansas City and total 119 units. A California-based buyer purchased the properties. Jeff Lamott of NorthMarq represented the seller, Worcester Investments, in each transaction.
CHICAGO — Podolsky Circle CORFAC International has brokered the sale of an 8,258-square-foot industrial building in Chicago for $1.4 million. Located at 215 N. Laflin St., the vacant, single-story property is situated in the West Loop. Adam Tarantur and Austin Vanderstappen of Podolsky Circle represented the seller, a family trust. An undisclosed buyer plans to use the property for an adaptive reuse project that is in line with other Fulton Market projects.
FRESNO AND PORTERVILLE, CALIF. — CBRE has negotiated the sales of two Smart & Final grocery stores in Central California. A private investor acquired the properties as corporate leasebacks for a combined total of $14.8 million. Matt LoPiccolo of CBRE and John Glass of Marcus & Millichap represented the seller, Smart & Final, a Los Angeles-based grocery chain with more than 300 locations in the western United States. Jerry Suyderhoud of Newmark Knight Frank represented the buyer in the deal. The properties are a 33,150-square-foot Smart & Final, located at 2425 Blackstone Ave. in Fresno, and a newly built, 31,341-square-foot property at 1419 W. Olive Ave. in Porterville. The Fresno asset was built in 1991 and renovated in 2018.
