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Dornin Investment Group Sells Office Building in California’s Inland Empire for $16M

by Amy Works August 7, 2020

RIVERSIDE, CALIF. — Orange County, Calif.-based Dornin Investment Group has completed the disposition of an office building located in Riverside. A Chicago-based institutional buyer acquired the asset for $16 million, or $361 per square foot. CBRE’s Anthony DeLorenzo, Sammy Cemo, Gary Stache, Doug Mack and Bryan Johnson represented both the seller and the buyer in the deal. Located at 3480 Vine St. in the Inland Empire, the 44,354-square-foot office building was originally built in 2004 and features prominent freeway frontage. At the time of sale, the property was fully occupied by three tenants: the U.S. General Services Administration (GSA), Fidelity National Title and the County of Riverside.

August 7, 2020

Acquisitions California Multifamily Western

CBRE Negotiates $2.6M Sale of Inland Empire Multifamily Community in California

by Amy Works August 7, 2020

FONTANA, CALIF. — CBRE has arranged the sale of Juniper Apartments, a multifamily property located in Fontana. A local private investor sold the complex to another private buyer for $2.6 million. Located at 8945 Juniper Ave., the community offers 18 two-bedroom/two-bath units that average 856 square feet. Additionally, the property features gated access, 25 covered parking spaces, 16 storage units and 15 surface parking spaces. Located south of the historic Route 66, the property is within walking distance to Chaffey College-Fontana campus, Fontana Metrolink Station and downtown Fontana. Cray Carlson of CBRE represented the seller and buyer in the deal.

August 7, 2020

Acquisitions Industrial New York Northeast Self-Storage

Marcus & Millichap Brokers Sale of 348-Unit Self-Storage Facility in Rochester

by Taylor Williams August 7, 2020

ROCHESTER, N.Y. — Marcus & Millichap has arranged the sale of Central Storage, a 348-unit self-storage facility located in the Upstate New York city of Rochester. The property is situated on 1.5 acres and offers 51,209 net rentable square feet of non-climate-controlled space. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction. John Krueger of Marcus & Millichap assisted in closing the deal as the broker of record.

August 7, 2020

Acquisitions Industrial NAI Texas

NAI Partners Sells 66,530 SF Industrial Property in Houston

by Taylor Williams August 7, 2020

HOUSTON — NAI Partners has sold Leghorn Service Center, a 66,530-square-foot industrial property in Houston. NAI Partners acquired the three-building complex in 2019 through one of its investment funds. Charlie Strauss, Trent Agnew and Katherine Miller of JLL served as the listing brokers in the transaction and procured the buyer, a locally based private investment firm. Leghorn Service Center was fully leased at the time of sale.

August 7, 2020

Acquisitions Kansas Midwest Retail

Block & Co. Acquires 46,538 SF Former Best Buy Store in Kansas City

by Kristin Harlow August 7, 2020

KANSAS CITY, KAN. — Block & Co. Inc. Realtors has acquired a former Best Buy store located at 10500 Parallel Parkway in Kansas City. The purchase price was undisclosed. The 46,538-square-foot freestanding building sits on 4.2 acres within the 850,000-square-foot Plaza at the Speedway shopping center. David Block, Alex Block and Max Kosoglad of Block & Co. represented the buying entity. David Hickman of CBRE represented the undisclosed seller. Block & Co. will handle leasing and management of the vacant space, which can be leased to a single tenant or subdivided to allow for multiple tenants.

August 7, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $3.7M Sale of Two-Tenant Retail Building in Chicago

by Kristin Harlow August 7, 2020

CHICAGO — Marcus & Millichap has brokered the sale of a 6,000-square-foot retail building occupied by Chase Bank and European Wax Center in Chicago for $3.7 million. The property is located at 3730 N. Southport Ave. Mitchell Kiven of Marcus & Millichap marketed the building for sale on behalf of the seller, a private investor. Kiven also procured the buyer, a New York-based developer specializing in boutique hotels. The property went under contract at the end of February, but as the COVID-19 pandemic worsened and the tenants closed doors, the buyer became wary of proceeding. Dean Giannakopoulos of Marcus & Millichap Capital Corp. assisted the parties in restructuring the transaction, which closed in July.

August 7, 2020

Acquisitions Florida Healthcare Southeast

SRS Arranges $5.9M Sale of Single-Tenant Healthcare Property in South Florida

by Alex Tostado August 6, 2020

GREENACRES, FLA. — SRS Real Estate Partners’ National Net Lease Group has arranged the $5.9 million sale of a property leased to ChenMed, a medical provider focused on the care of senior citizens. The 13,635-square-foot property is located at 4998 10th Ave., 10 miles southwest of downtown West Palm Beach. ChenMed’s lease is corporate-guaranteed and has nine years remaining. The property, which sits on three acres, was originally developed in 1999 for Walgreens, which occupied the space until last year. The seller, The Morgan Cos., renovated the building specifically for ChenMed, which located there in 2019. Patrick Nutt and Andrew Fallon of SRS represented the Charlotte, N.C.-based seller in the transaction. Cornerstone Commercial Realty represented the buyer, a Seminole, Fla.-based private investor completing a 1031 exchange.

August 6, 2020

Acquisitions Kentucky Retail Southeast

Colliers Negotiates $4M Sale of CVS-Occupied Property in Paducah, Kentucky

by Alex Tostado August 6, 2020

PADUCAH, KY. — Colliers International has negotiated the $4 million sale of a 10,121-square-foot CVS/pharmacy-occupied property in Paducah. The building was originally developed in 1999 and is located at 3001 Lone Oak Road. There are 19 years remaining on CVS’ 20-year lease extension. Jon Busse of Colliers represented the buyer, Emerald Paducah LLC, in the transaction. The new ownership acquired the asset to partially complete a 1031 exchange. Matt Berres of Newmark Knight Frank (NKF) represented the seller, WEC 99J-32 LLC.

August 6, 2020

Acquisitions Multifamily Utah Western

DB Capital Management Sells Edgewood Park Apartments in Salt Lake City for $15.5M

by Amy Works August 6, 2020

SALT LAKE CITY — Playa Vista, Calif.-based DB Capital Management has completed the disposition of Edgewood Park, a multifamily community located in Salt Lake City’s Cottonwood Heights submarket. A private investor acquired the property for $15.5 million. The seller originally purchased the asset in September 2018 for $11 million and immediately implemented an interior and exterior renovation program that included quartz countertops, stainless steel appliances and vinyl-plank flooring, as well as an updated leasing office and pool area. Additionally, DB Capital enhanced the community amenities with a fire pit, barbecue area and dog park, as well as the addition of managed high-speed internet for the residents. Greg Barratt of Berkadia represented the seller, while Greg Pavich of Colliers International represented the buyer in the deal.

August 6, 2020

Acquisitions Healthcare Texas

Colliers Brokers Sale of 30,000 SF Medical Office Building in Metro Houston

by Taylor Williams August 6, 2020

KATY, TEXAS — Colliers International has brokered the sale of the Mason Creek medical office building, a 30,000-square-foot facility in the western Houston suburb of Katy. The property was fully leased to Village Family Practice LLP and Memorial MRI & Diagnostics LLC at the time of sale. Beth Young and Bob Parsley of Colliers represented the seller, Read King, in the transaction. The buyer was Montecito Medical Real Estate. Arch-Con Construction served as general contractor of the newly built facility. Several healthcare systems have recently opened hospital campuses within a four-mile radius of Mason Creek, including Houston Methodist Hospital, Memorial Hermann Hospital, Texas Children’s Hospital and MD Anderson Cancer Center.

August 6, 2020

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