CHEYENNE, WYO. — Marcus & Millichap has arranged the sale of AAA Self Storage, a self-storage property in Cheyenne. A local investor sold the asset to an undisclosed buyer for $8 million. Located at 200 S. College Drive, the 74,750-square-foot AAA Self Storage features 517 drive-up units and 103 rentable outdoor parking spaces. Marcus & Millichap’s Adam Schlosser, Charles LeClaire and Neville Rustomjee, as Wyoming broker of record, represented the seller in the deal.
ATLANTA AND SAVANNAH, GA. — Plymouth Industrial REIT Inc. has purchased a five-property, 924,036-square-foot industrial portfolio in Atlanta and Savannah for $34.7 million. Fully leased to four tenants with weighted average lease terms of approximately seven years, the portfolio comprises two buildings in the Northwest and I-20 East industrial submarkets of Atlanta and three buildings in Savannah. The acquisition also includes 39 acres of developable land in Atlanta. The seller(s) was not disclosed.
SAN FRANCISCO — CBRE has arranged the sale of 200 Kansas Street, a production, distribution and repair facility located in San Francisco. An entity sponsored by Ascent Real Estate Advisors sold the property to a joint venture between Presidio Bay Ventures and Kinship Capital for an undisclosed price. The two-story, 90,060-square-foot building was fully leased to four tenants at the time of sale. Mike Taquino, Kyle Kovac, Russell Ingrum, Mandy Lee and Giancarlo Sangiacomo of CBRE represented the seller in the deal. Additionally, Mike Walker, Brad Zampa, Megan Woodring and Taylor Shepard of CBRE Capital Markets’ Debt & Structured Finance group arranged a five-year, non-recourse loan with full-term interest-only payments for the buyer. A Los Angeles-based asset management company provided the financing.
SCHAUMBURG, ILL. — Marcus & Millichap has brokered the sale of a 5,145-square-foot property net leased to Jason’s Deli in Schaumburg for $2.7 million. The building is located at 1530 McConnor Parkway. It was constructed as a build-to-suit for Jason’s Deli in 2011. There are three years remaining on the lease. Austin Weisenbeck, Sean Sharko and Brian Munn of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Joseph Sigal of Marcus & Millichap represented the buyer, a private investor.
GAINESVILLE, GA. — Marcus & Millichap has brokered the $5.5 million sale of Washington Street Commons, a 73,618-square-foot retail center in Gainesville. The shopping center was leased to 15 tenants at the time of sale, including Bargain Hunt, El Patron, SalonCentric and World Finance. Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented both the buyer and seller in the transaction. Atlanta-based shopping center owner Mimms Enterprises sold Washington Street Commons. The buyer, Mark Nelkin of M.B.D. Properties, is a multifamily owner phasing out of apartment assets who was attracted to the yield that Washington Street Commons provides compared to apartments, according to Taylor.
CITY OF INDUSTRY, CALIF. — CBRE has arranged the sale of a single-tenant industrial property in City of Industry. A client of BentallGreenOak, a global real estate investment management firm, acquired the property for $61 million, or $265 per square foot. Cameron Merrill of CBRE represented the seller, 300 Baldwin Park LLC, a private owner, in the deal. Located at 300 N. Baldwin Park Blvd., the 230,247-square-foot property was completed in 2015. Jacmar Foodservice Distribution fully occupies the facility, which features 6 million cubic feet of multi-temperature storage with six different temperature zones, allowing for direct refrigerated and frozen receiving and loading.
BURBANK, CALIF. — Los Angeles-based SBH Real Estate Group has purchased a vacant, single-tenant retail building in Burbank for $3.6 million. Located at 1750 W. Olive Ave., the 5,324-square-foot building includes a grandfathered drive-thru. U.S. Bank formerly occupied the property, which was originally built in 1974. Lee Shapiro of Kennedy Wilson brokered the transaction.
CENTREVILLE, VA. — Hines Global Income Trust Inc. has acquired The Emerson, a 355-unit apartment complex in Centreville. The property offers studio, one-, two- and three-bedroom floor plans averaging 925 square feet. Communal amenities include a game room, grilling stations, pool, outdoor TV and fire pit, cyber lounge and a fitness center. The community was delivered in the second quarter of 2019 and was 65 percent occupied at the time of sale. The Emerson is situated at 5865 Trinity Parkway, 25 miles west of downtown Washington, D.C. Further details of the sale were not disclosed.
NEW YORK CITY — The Boulder Group has arranged the $6.9 million sale of a 2,156-square-foot retail property occupied by 7-Eleven in Manhattan. The space is located at the base of a 351 Bowery, a 15-story residential condominium on the border of NoHo and East Village. Randy Blankstein and John Feeney of The Boulder Group represented the seller, an East Coast-based real estate fund. The buyer was a private investor based in the Northeast. Both parties requested anonymity.
AURORA, ORE. — Columbia Helicopters has completed the sale-leaseback of its asset portfolio in Aurora. New York-based W.P. Carey, a net-lease REIT, acquired the properties for an undisclosed price. Columbia Helicopters, a helicopter manufacturing and operations company, fully occupies the portfolio, which totals 187,016 square feet. Located at 14451 Arndt Road, the campus features 15 buildings. Founded in 1957, Columbia Helicopters provides heavy-lift aviation services, military transport, firefighting, and oil and gas support helicopters. The facilities included in the portfolio sale are mission critical, including offices, shop facilities, an engine test center, training spaces and a wastewater treatment facility. Erik Foster, Mike Wilson and Ryan Carlino of Avison Young represented the seller in the deal.
