CHICAGO, CINCINNATI AND COLUMBUS, OHIO — Plymouth Industrial REIT Inc. has acquired industrial assets in Chicago, Cincinnati and Columbus for $68.4 million in separate transactions totaling approximately 1.8 million square feet. Plymouth purchased a seven-building Class B portfolio totaling just under 1.1 million square feet in Chicago for $32.2 million. The portfolio is 97 percent leased to 15 tenants. Anchor tenants include Ply Gem Building Products, A-Reliable Auto Parts & Wreckers, Pactiv and Aryzta. Plymouth also purchased a six-building light industrial and flex portfolio in Cincinnati and Columbus totaling 591,695 square feet. The Cincinnati properties are 93 percent leased and consist of four buildings, Enterprise Business Center 1 & 2, Cornell Commerce Center and 6918 Fairfield Business Drive. The two Columbus properties, located on Orange Point Drive and Graphics Way, are fully occupied and total 217,289 square feet. Major tenants include Safelite Auto, Pilot Chemical, Modern Office Methods and Ohio National Life Insurance.
BARBERTON, OHIO — Marcus & Millichap has brokered the sale of Barberton Shopping Center within the Akron metro area for an undisclosed price. Giant Eagle anchors the 105,313-square-foot fully leased shopping center, which is located at the intersection of Robinson Avenue and 5th Street. Giant Eagle occupies 83 percent of the center’s gross leasable area and includes a drive-thru pharmacy, wine and beer selection, bank branch and gas station. Other tenants include Chipotle, Jimmy John’s, Little Caesars, Verizon, Ohio BMV, H&R Block and Best Cuts. Erin Patton, Scott Wiles, Craig Fuller, Joseph French Jr. and C.J. Jackson of Marcus & Millichap marketed the property on behalf of the seller, a New York-based privately held REIT. A Texas-based private company purchased the center.
DENVER — Estero, Fla.-based TerraCap Management, a privately held investment firm, has purchased Denver Corporate Center II & III, two eleven-story office buildings located within the Denver Tech Center in Denver. A joint venture between Bridge Investment Group Partners and DPC Cos. sold the assets for $71.7 million. Situated along Interstates 25 and 225 and Belleview Light Rail Station, the property offers a total of 381,466 rentable square feet. TerraCap plans to continue the capital upgrade program that is currently underway at the asset. Tim Richey and Charley Will of CBRE represented the seller. Citizens Bank provided debt financing for the buyer.
HUNTINGTON BEACH AND CULVER CITY, CALIF. — Marcus & Millichap has arranged the sales of two multifamily properties located in Southern California. The assets sold for a total of $41.6 million in two separate transactions. Undisclosed buyers acquired The Lamplighter, a 63-unit property located at 16102 Springdale St. in Huntington Beach, for $20 million, and The Sheffield Apartments, a 57-unit asset located at 5800 Green Valley Circle in Culver City, for $21.6 million. Tyler Leeson, Matt Zeigler and Matthew Kipp of Marcus & Millichap represented the seller and procured the buyers in both transactions.
GRAND JUNCTION, COLO. — Pinnacle Real Estate Advisors has brokered the purchase of a single-tenant retail property, located at 2742 U.S. Highway 50 in Grand Junction. A Denver-based investor acquired the property for $1.6 million in a 1031 exchange transaction. The seller was a Denver-based developer. Built this year, the asset consists of a 10,038-square-foot building on a 1.3-acre lot. Dollar Tree occupies the building on a net-lease basis. Justin Krieger of Pinnacle Real Estate Advisors represented the buyer in the deal.
DALLAS — Stream Realty Partners has negotiated the sale of a 48,993-square-foot industrial building located at 410-440 Hillburn Drive in Dallas. According to LoopNet Inc., the property was built in 1984 and is zoned for manufacturing. Ryan Boozer and Drew Feagin of Stream Realty Partners represented the undisclosed seller in the transaction. CBRE represented the buyer, Jona Real Estate LLC.
NEW YORK CITY — Terreno Realty Corp., a San Francisco-based investor, has acquired an industrial property located in Brooklyn for approximately $80.5 million. The property, 134-154 Morgan Avenue, consists of two distribution buildings containing approximately 192,000 square feet and 41 loading positions. The buildings are 100 percent leased to eight tenants. The seller was undisclosed.
NEWPORT BEACH, CALIF. — Newport Beach-based Real Estate Development Associates (REDA) has completed the disposition of Newport Heights Medical Center (NHMC), a 59,978-square-foot Class A medical office campus located in Newport Beach. LaSalle Investment Management acquired the fully leased asset for an undisclosed price. Built in 2017, NHMC consists of Building One, a 18,303-square-foot building located at 20350 Birch St., and Building Two, a 41,675-square-foot asset located at 20360 Birch St. Current tenants includes Starpoint Health Outpatient Surgery Center, UCI Health Newport, Eden Fertility Management, Newport Foot and Ankle, Grover Aesthetics and Lea Plastic Surgery. Chris Bodnar, Anthony DeLorenzo and Ryan Lindsley of CBRE represented the seller in the deal. REDA acquired the four-acre site in 2015 for $8.8 million and proceeded to re-entitle the land for construction of two two-story medical office buildings. The development team included Bank of the West, Bascom Group, Westminster Funds, Millie Severson and California Commercial.
SAN DIEGO — Southern California-based Rexford Industrial Realty has acquired an industrial building located 5725 Eastgate Drive in San Diego’s Miramar neighborhood. Valley Investment Services sold the asset for $8.2 million. Bill Dolan of CBRE represented the seller in the deal. The 27,267-square-foot property features 22-foot clear heights, eight grade-level loading doors, excess land and a secured yard. At the time of closing, the property was vacant. However, Rexford secured a long-term tenant prior to closing.
DENVER — Cushman & Wakefield has facilitated the sale of 1925 Blake Street, a 129-year-old mixed-use building in Denver’s Lower Downtown neighborhood. The property traded for $6.4 million, or $418 per square foot. The names of the seller and buyer were not released. Jon Hendrickson and Aaron Johnson of Cushman & Wakefield’s Denver Capital Markets group handled the transaction. Originally constructed in 1890 as a warehouse, the three-level building was converted into an office building in 1934. At the time of sale, the 15,375-square-foot building was fully leased to four tenants.