LAWRENCE, MASS. — Marcus & Millichap has brokered the sale of a 135,770-square-foot industrial property located at 516 Broadway St. in Lawrence, located north of Boston. The sale included a 275-space parking lot. The property was originally built around the turn of the 20th century and upgraded over the years, most recently to include the additions of five new truck docks and an office showroom. Harrison Klein and Luigi Lessa of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties requested anonymity.
LEXINGTON, KY. — NAI Isaac has brokered the sale of 771 Corporate Drive, a 120,000-square-foot office building in Lexington. An entity doing business as Corporate Drive LLC sold the 10-story property was sold to a private, undisclosed buyer. Al Isaac of NAI Isaac represented the seller in the transaction. The price was not disclosed. The Corporate Plaza is located about four miles from Bluegrass Airport. The new property owner has retained NAI Isaac as the exclusive leasing agent and property manager for the building, marking over two decades of the local firm managing Corporate Plaza.
CHARLOTTE, N.C. — McCraney Property Co. has purchased 150 acres in an off-market assemblage of four parcels at the intersection of Garrison Road and West Boulevard in Charlotte. This transaction is believed to be the last remaining premium parcel in Charlotte’s Southwest Airport industrial submarket. If the site plan is approved by the City of Charlotte, McCraney will build 485 Logistics Industrial Park, a speculative, Class A industrial park encompassing approximately 1.2 million square feet across five buildings. The new park would bring McCraney’s Charlotte portfolio to more than 2 million square feet. Christopher Skibinski and Chris Loyd of Avison Young represented one of the four sellers in the land transaction.
DALLAS — Marcus & Millichap has brokered the sale of The Richelieu at Bluffview, a 100-unit multifamily complex in Dallas. The property was built in 1963 and consists of 11 buildings situated on 3.3 acres. Al Silva and Ford Braly of Marcus & Millichap represented the seller, family of the original developer, in the transaction. The duo also procured a California-based 1031 investor as the buyer. Both parties requested anonymity.
ELGIN AND URBANA, ILL. — Berkadia has brokered the sale of three apartment communities in Illinois for $43.2 million. Ralph DePasquale of Berkadia’s Chicago office led the teams representing, the sellers. Wing Park Apartments is a 184-unit, garden-style property in Elgin, a northwest suburb of Chicago. A joint venture between New York-based Trevian Capital and Crown Properties Inc. sold the asset to Illinois-based Cunat Inc. The Urbana Two Portfolio is comprised of 304 units across two properties, Parkside and Stone Ridge Square. They are located within a quarter mile of each other in Urbana. Loop Investments acquired the asset from Illinois-based BWCU LLC.
BEAVERTON, ORE. — Virtu Investments has completed the sale of Courtyard at Cedar Hills, a value-add multifamily property located in Beaverton, approximately seven miles from Portland. Comprising 14 garden-style residential buildings, the community features 145 units in a mix of one-, two- and three-bedroom units averaging 900 square feet. Community amenities include an indoor pool, fitness center, laundry facilities and a package locker room. The property underwent a $2 million renovation in 2016 that included updates to the common areas and select unit interiors. Located at 13643 SW Electric St., the transit-oriented community is within two blocks of the MAX light rail station, enabling connectivity across the Portland area. Ira Virden, Carrrie Kahn and Frank Solorzano of JLL Capital Markets represented the seller in the deal.
RINCON, GA. — JLL Capital Markets has arranged the sale of Georgia International Trade Center’s (GITC) Building 2B, a 1.1 million-square-foot bulk distribution center in the Savannah suburb of Rincon. Britton Burdette, Patrick Nally, Matt Wirth and Dennis Mitchell of JLL represented the seller, a joint venture between Stonemont Financial Group and The Davis Cos., in the transaction. Invesco Real Estate purchased the property for an undisclosed price. The cross-dock building is situated on 76.6 acres at 2008 Trade Center Blvd. within the broader, fully occupied GITC. Building 2B is less than 10 miles from Port of Savannah’s Garden City Terminal. Additionally, the property is located close to Interstates 16 and 95 and features access to every major destination east of the Mississippi River via two Class I railroads.
SPRING, TEXAS — Marcus & Millichap has brokered the sale of A-1 Mini Storage, a 280-unit self-storage facility in the northern Houston suburb of Spring that primarily offers climate-controlled space in. Brandon Karr, Danny Cunningham and Dave Knobler of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Other terms of sale were not disclosed.
RAVENNA, OHIO — Industrial Commercial Properties (ICP) has acquired a GE Lighting warehouse and distribution building spanning 420,500 square feet in Ravenna, about 15 miles east of Akron. The property sits on 37.5 acres at 150 Loomis Parkway. GE will remain in a portion of the building for a short period of time, but 150,000 square feet will be available for lease immediately, according to ICP. Building features include more than 30 docks, 100 trailer parking spots and rail service. ICP plans to make substantial upgrades to the property, including upgrades to both interior and exterior lighting, a modernized sprinkler system and pavement and interior renovations. Additionally, the developer has 12 acres contiguous to the property under contract. The land could support expansion of the building to 800,000 square feet. This transaction marks ICP’s eighth acquisition in 2021, bringing the company’s portfolio to more than 150 properties and 42 million square feet across five states.
PALM SPRINGS, CALIF. — Faris Lee Investments has brokered the sale of Gene Autry Plaza, a grocery-anchored retail property located in Palm Springs. Santa Barbara, Calif.-based Investec Real Estate Cos. sold the asset for $23.4 million. The name of the buyer was not released. Smart & Final Extra is the anchor tenant of the retail center. The property is historically 98 percent occupied. Don MacLellan and Rick Chichester of Faris Lee represented the seller and buyer in the deal.