ST. LOUIS — Hanley Investment Group Real Estate Advisors has negotiated the sale of a single-tenant property occupied by Raising Cane’s Chicken Fingers in St. Louis for $5 million. The 2,913-square-foot restaurant, located at 805 S. Vandeventer Ave., opened in August. Jeff Lefko and Bill Asher of Hanley, along with John Shuff of Pace Properties, represented the seller, Creve Coeur-based Noles Properties. A Newport Beach, Calif.-based private investor purchased the asset. The property sold at a cap rate of 5.97 percent.
TOLEDO, OHIO — Reichle Klein Group has brokered the sale of a 25,270-square-foot office and warehouse building in Toledo for $1.5 million. The property is located at 2940 Centennial Road. Ron Jurgenson of Reichle Klein represented the buyer, Toledo-based Tolson Investment LLC. Megan Malczeski of Signature Associates represented the seller, Toledo-based WaterStone Ltd.
BREA, CALIF. — Rexford Industrial Realty has acquired an industrial property, located at 404-407 Berry Way in Brea, for $27.6 million, or $53.72 per land square foot. Situated on 11.8 acres, the 120,250-square-foot asset was fully leased at the time of sale. The low-coverage site comprises three industrial buildings with excess paved land. The name of the seller was not released. Rexford funded the acquisition using cash on hand and the re-investment of proceeds from a previously announced disposition through a tax-deferred 1031 exchange.
HENDERSON, NEV. — PREH Paseo Verde LLC has purchased 2200 Paseo Verde, a Class A office building located at 2200 Paseo Verde Parkway in Henderson. Pacific Oak SOR II sold the asset for $19.4 million. Situated within The District at Green Valley Ranch, the 60,499-square-foot property features 24-hour access, a courtyard, balcony and on-site property management. At the time of sale, the building was 94 percent leased to a variety of tenants, including Berkadia Real Estate Advisors, Ticor Title, Umpqua Bank, Michaelson & Assoc. LTD and Ford & Friedman. Charles Moore, Marlene Fujita and Hunter Bradshaw of Cushman & Wakefield brokered the transaction. Cushman & Wakefield also handles leasing and property management for the building.
EVERETT AND EDMONDS, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of two multifamily properties in metro Seattle. Hacienda Apartments in Everett sold for $5.3 million and North Haven Manor in Edmonds sold for $5.2 million. A private investor sold the assets to Curtis Capital Group. Philip Assouad, Giovanni Napoli, Ryan Dinius and Sidney Warsinske of IPA represented the seller in the deal. Additionally, Ray Allen and Seth Heikkila of IPA secured acquisition financing for both acquisitions. Built in 1979, Hacienda Apartments features three buildings and offers a total of 36 apartments. North Haven Manor was built in 1977 and features 32 apartments.
ANDOVER, MASS. — Condyne, a Massachusetts-based developer, has sold 160 Dascomb Road, a 125,609-square-foot research facility in Andover, located approximately 20 miles north of Boston, for $26.2 million. The facility was 100 percent leased to Lockheed Martin and data and security company Accu-Tech at the time of sale. Boston Private Bank provided $17.2 million in acquisition financing. Coleman Benedict, Matthew Sherry, Kerry Hawkins, Ben Sayles and Michael Restivo of JLL represented Condyne in the transaction. An affiliate of Northbridge Partners was the buyer.
GRAFTON, WIS. — Cushman & Wakefield | Boerke has negotiated the $2.7 million sale of Creekside Plaza in Grafton, about 25 miles north of Milwaukee. The 11,823-square-foot retail center is located at 2225 W. Wisconsin Ave. It is fully leased to Athletico, Country Financial, H&R Block, Pizza Hut, Royal Nails and Sherwin-Williams. John Kuhn, David Tighe, Matthew Medvecz and Daniel McBride of Cushman & Wakefield | Boerke brokered the sale. Coastal Partners LLC sold the asset to an out-of-state, 1031 exchange buyer.
COLUMBUS, OHIO — Marcus & Millichap has brokered the sale of a 7,776-square-foot building net leased to NAPA Auto Parts in Columbus for $1.7 million. Dan Yozwiak and Nathan Coe of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Joseph Blatner of Marcus & Millichap represented the out-of-state, 1031 exchange buyer. The tenant recently completed an early extension on its lease.
LAS VEGAS — KeyBank Real Estate Capital has funded a $19.5 million commercial mortgage to MAXX Properties for the acquisition of Madison at Spring Valley, an apartment community located in Las Vegas. Built in 2000, Madison at Spring Valley offers 168 units in a mix of one-, two- and three-bedroom layouts ranging from 700 square feet to 1,600 square feet. The units feature open-concept, pet-friendly living with nine-floor ceilings, central air and in-unit washer/dryers. Community amenities include a swimming pool with sundeck, playground, clubhouse with coffee bar and 24-hour fitness center. The buyer plans to implement a capital expenditure program that includes unit and common-area renovations. Alan Isenstadt and Cathy Berbieri of KeyBank Real Estate Capital’s Income Property Group structured the financing for the borrower.
LAS VEGAS — NAI Vegas has arranged the sale Skyline Parc Apartments, a multifamily property located in Las Vegas. Pacific Ardent Capital acquired the asset from Cambridge Equity for $18.5 million, or $96,354 per unit. Located at 3675 Cambridge St., the property features 192 apartments. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of the Sauter Multifamily Advisors at NAI Vegas represented the buyer in the transaction.