BELTON, MO. — Quantum Real Estate Advisors Inc. has brokered the $5.4 million sale of a 55,000-square-foot property occupied by Hobby Lobby in Belton, about 20 miles south of Kansas City. The single-tenant building is located at 520 E. Markey Parkway. Hobby Lobby has approximately 12 years remaining on its lease. Dan Waszak and Zack Hilgendorf of Quantum represented the seller, a Kansas City-based developer. A California-based investment fund purchased the asset.
CHICAGO, INDIANAPOLIS, COLUMBUS AND MILWAUKEE — Starwood Real Estate Income Trust Inc., a non-traded real estate investment trust managed by Starwood Capital Group, has acquired a 33-property industrial portfolio totaling 4.1 million square feet in the Midwest for approximately $319.6 million, excluding closing costs. The properties are located in Chicago, Indianapolis, Columbus and Milwaukee. The portfolio is 98 percent leased to 50 tenants. It is largely comprised of light industrial buildings of less than 250,000 square feet. Kurt Sarbaugh, Robin Stolberg, Michael Joseph and Dominic Espinosa of JLL represented the seller, Becknell Industrial and a joint venture partner. Becknell will retain its position in the portfolio. Ken Martin, Alex Witt, Troy Shiley and Nelson Almond of JLL arranged a 10-year, $210 million fixed-rate CMBS loan with a global investment bank on behalf of new ownership.
MANCHESTER, HUDSON AND NASHUA, N.H. — Cushman & Wakefield has brokered the $58.5 million sale of a four-building, 593,026-square-foot industrial portfolio in Manchester, located approximately 15 miles south of Concord. The portfolio includes Manchester Air Center, a 145,675-square-foot, single-story building; Brady Sullivan Airport Center, a two-story, 151,484-square-foot manufacturing property; 5 Wentworth Drive, a 139,000-square-foot warehouse and office building in Hudson; and Birch Pond Business Center, a 153,700-square-foot office complex at 22 Cotton Road in Nashua. The portfolio was 96.8 percent leased at the time of sale. Tom Farrelly, Denis Dancoes and Sue Ann Johnson of Cushman & Wakefield’s New Hampshire team partnered with Dave Pergola and Brian Doherty of Cushman & Wakefield’s Boston Capital Markets team to represent the seller, Brady Sullivan Properties, in the transaction. Boston-based Albany Road Real Estate Partners was the buyer.
NEW YORK CITY — Marcus & Millichap has arranged the $4.2 million sale of 17-27 Herkimer Place, a 12,825-square foot industrial property in Brooklyn. The property is located near the Nostrand Avenue Station and Flatbush Avenue Station Commuter Rails. Jakub Nowak and Jason Grunberg of Marcus & Millichap represented the seller, a limited liability company. The team also represented the buyer, a private investor.
SCOTTSDALE, ARIZ. — Los Angeles-based Stockdale Capital Partners has acquired a medical laboratory and creative office building, formerly known as Henkel Corporate Center, in the Scottsdale Airpark submarket. Terms of the sale including acquisition price and the name of the seller were not released. Located at 7201 E. Henkel Way, the 371,937-square-foot property features large, open floorplans, a rooftop amenity deck and ready-for-use medical lab and R&D space. Originally developed as a build-to-suit for Henkel’s North American headquarters in 2009, the property features wet-lab build-outs, rooftop garden, cafetorium and auditorium suites, and subterranean parking. Mark Stratz of Transwestern will provide leasing services for the property, which is available to new renters for the first time.
LAS VEGAS — JLL has negotiated the sale of an office building situated on 4.5 acres at 1551 Hillshire Drive in Las Vegas. A private capital investor acquired the property from Las Vegas-based Moonwater Capital for $18.3 million. Shift4, a payment processing and technology company, occupies the single-tenant, 66,780-square-foot property on a triple-net lease basis. Completed in 1993, the office building recently underwent a complete renovation between 2018 and 2019. The property serves as a mission-critical location for the tenant, which merged with Lighthouse Network in 2018 and expanded its Las Vegas presence. Tivon Moffitt, Peter Bauman and Bret Davis of JLL Capital Markets represented the seller in the deal.
LONG BEACH, CALIF. — West Coast Capital Partners has acquired the leasehold interest of Airport Plaza, two-building office property located at 500 and 5001 Airport Plaza Drive in Long Beach. FRO II Airport Plaza sold the plaza for an undisclosed price. Built in 1983 and 1984, the 121,841-square-foot asset was fully renovated in 2016. Situated on 2.7 acres, the buildings feature remodeled lobbies, modern finishes, new interior signage and lighting upgrades. At the time of sale, the office complex was 90 percent occupied by the Federal Aviation Administration, Embry Riddle and Advanced Medical Management, among others. Kevin Shannon, Scott Schumacher, Ken White, Sean Fulp and Ryan Plummer of Newmark Knight Frank represented the seller, while the buyer was self-represented in the transaction.
COLORADO SPRINGS, COLO. — Newmark Knight Frank (NKF) Multifamily has arranged the sale of Advenir at Spring Canyon, a multifamily asset located at 4510 Spring Canyon Heights in Colorado Springs. Aventura, Fla.-based Advenir LLC sold the asset to an undisclosed buyer. The acquisition price was not released. Kevin McKenna and Saul Levy of NKF provided strategic consulting services for the seller. Mitch Clarfield of NKF’s Multifamily Capital Markets Debt & Structured Finance also assisted on the transaction. Built in 1997, the 19-building, two- and three-story multifamily property features 292 apartments, a resort-style swimming pool with a deck, clubhouse, fitness center, hot tub, business center, dog park, detached garages and carports. Units offer nine-foot ceilings, full-size washers/dryers, private balconies/patios and fireplaces in select units.
SALT CITY LAKE — SSG Realty Partners has purchased a vacant retail property located at 30 W. 900 South in Salt Lake City. Terms of the transaction, including the acquisition price and name of the seller, were not disclosed. Situated in the West Temple Gateway District and adjacent to the Granary District, Pier 1 formerly occupied the property. Tenants surrounding the property include Publik Coffee Roasters, Blue Copper, Ruby Snap, Frida Bistro, R&R, Vertical Diner (Sage’s Café), Water Witch, Proper Burger, and Epic, Fisher & TF breweries. SSG plans to implement a capital plan to renovate, improve and repurpose the property and is considering several types of uses for the building, ranging from traditional retail to creative office, health and fitness, commercial kitchen, specialty grocer, pharmacy, restaurant, brewery or related food uses. Converting it into a transportation-oriented development is also being considered. Additionally, the property is located within a Qualified Opportunity Zone created pursuant to the 2017 Tax Cuts and Jobs Act to spur economic development and job creation. The acquisition marks the first asset to be acquired under SSG’s Opportunity Zone Fund.
MARANA, ARIZ. — Cushman & Wakefield|PICOR has arranged the sale of a retail space located at 3850 W. Orange Grove Road in Marana. Vincenza LLC sold the asset to The Church of Jesus Christ of Latter-Day Saints for $4.1 million. Westar Kitchen & Bath formerly occupied the 37,627-square-foot property. Dacie Hammack, Russell Hall and Stephen Cohen of Cushman & Wakefield|PICOR represented the seller, while Nacy McClure and Carol Schillne of CBRE’s Tucson, Ariz., and Salt Lake City offices represented the buyer in the deal.