NORTHGLENN, COLO. — Pinnacle Real Estate Advisors has arranged the sale of Huron Business Center, an industrial facility in Northglenn, 15 miles north of Denver. An undisclosed seller sold the property for $11 million, or $140.69 per square foot. The name of the buyer was not released. Located at 405-475 W. 115th Ave., the asset features 78,187 square feet of industrial space. Matt Lewallen and Kevin Calame of Pinnacle Real Estate Advisors represented the seller in the deal.
SOUTH PASADENA, CALIF. — An out-of-state family trust has sold the ground lease of a parking lot adjacent to a Rite Aid store located at 900 S. Fair Oaks Ave. in South Pasadena. A Southern California-based private investment company acquired the approximately 27,000-square-foot site for $7.2 million. Dan Elliott, Sean Lutz, Ara Rostamian, Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller, while Brandon Burns and Brandon Gill of Cushman & Wakefield represented the buyer in the transaction.
STAMFORD, CONN. — CBRE has arranged the $12.4 million sale of a 10-acre parcel in Stamford, a northeastern suburb of New York City. The parcel currently houses a vacant 196,000-square-foot office building. The buyer, a partnership between National Development and Epoch Senior Living, plans to redevelop the property into a 150-unit independent and assisted living senior housing community called Waterstone on High Ridge. National Development intends to raze 110,000 square feet of the existing building as part of the redevelopment project. Jeffrey Dunne, Steven Bardsley, Gene Pride, Jeremy Neuer and David Gavin of CBRE represented the Seller, Steven Wise Associates LLC.
GLASTONBURY, CONN. — Northeast Private Client Group (NPCG) has brokered the $11.4 million sale of Addison Mill Lofts, a multifamily property in Glastonbury, a southeastern suburb of Hartford. The property formerly served as a historic mill and was converted into a multifamily building with 55 apartments in studio, one- and two-bedroom floor plans. Brad Balletto, Rich Edwards and Jeff Wright of NPCG represented the seller, Addison Mill LLC, in the transaction. The team also procured the buyer, a private investor based in New York.
GREENWOOD, IND. — Monmouth Real Estate Investment Corp. has acquired a 615,747-square-foot industrial building located at 1151 S. Graham Road in Greenwood for $81.5 million. Amazon.com Services Inc. occupies the property on a 15-year, net lease basis. The building is situated on 78.6 acres. The seller was not disclosed.
WILKES-BARRE, PA. — NAI Mertz has brokered the $4.2 million sale of a 225,000-square-foot industrial property in Wilkes-Barre, located approximately 120 miles west of New York City. The buyer, pipe distribution company PSI, plans to renovate the property to the tune of $9 million and add a new pipe mill. David Weaver and Stephen Cole of NAI Mertz represented the seller, Medley Investments, in the transaction. Elijah Miller of Hinerfeld Commercial Real Estate represented PSI.
LUMBERTON, N.J. — Boston-based investment firm STAG Industrial has acquired a 120,000-square-foot distribution center in Lumberton, an eastern suburb of Philadelphia. At the time of sale, the property was 100 percent leased to FMP Inc., a producer and distributor of commercial kitchen appliances. WHPounds Commercial Real Estate LLC and OPAS Inc. represented the seller, J Grato Enterprises, in the transaction. The sales price was not disclosed.
SAN DIEGO — San Diego-based Sunroad Enterprises has completed the disposition of Sunroad Plaza, an office campus located in the Rancho Bernardo submarket of San Diego. Texas-based Virtus Real Estate Capital purchased the property for $19.9 million. Located at 11770 Bernardo Plaza Court, the 71,934-square-foot asset consists of one three-story building and one four-story building. The campus features on-site showers and lockers, executive conferencing facilities and 423 parking spaces. At the time of sale, Sunroad Plaza was 82 percent leased to a mix of government, medical and professional office users. Matt Pourcho, Anthony DeLorenzo, Gary Stache, Doug Mack and Bryan Johnson of CBRE represented the seller, while Lars Eisenhauer of CBRE represented the buyer in the deal.
HIGHLAND, CALIF. — Marcus & Millichap has arranged the acquisition of International Self Storage in Highland. A local investment company purchased the asset for an undisclosed price. The 17,905-square-foot International Self-Storage features 172 non-climate-controlled, drive-up units ranging in size from four feet by four feet to eight feet by 10 feet. Additionally, the property is fully fenced and equipped with security monitoring systems, including electronic gate access and individual alarms. The property also features an on-site manager’s office with residence. Keith Phillips of The LeClaire Group of Marcus & Millichap’s Encino, Calif., office procured the buyer, while the undisclosed seller was self-represented in the deal.
WARREN, MICH. — Innovative Industrial Properties Inc. (IIP) has acquired a 156,000-square-foot industrial property in Warren, a northern suburb of Detroit. The purchase price was $19 million. Concurrent with the acquisition, IIP entered into a long-term, triple-net lease agreement with LivWell Michigan LLC, a licensee of LivWell Holdings Inc. The tenant intends to operate the property as a licensed cannabis cultivation and processing facility. LivWell is expected to complete tenant improvements at the property and IIP has agreed to provide reimbursement of up to $23 million.
