WOODSTOCK, ILL. — Marcus & Millichap has brokered the sale of a 10,336-square-foot, newly constructed retail property in Woodstock in northern Illinois for $4.9 million. Starbucks and Aspen Dental anchor the building. All of the tenants operate on a net-lease basis. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller. A local buyer completing a 1031 tax-deferred exchange purchased the asset.
Mid Cal Industrial Properties Directs Purchase of 21.3 Acres of Industrial Land in Tracy, California
TRACY, CALIF. — Mid Cal Industrial Properties has arranged the acquisition of 21.8 acres of industrial land in Tracy. Bigge Crane & Rigging Co. purchased the land parcel from Shimmick Construction/AECOM as a potential future site for its central valley heavy equipment yard. No date has been set for starting development on the site, which is currently being held for future expansion. Tim Pryor of Mid Cal Industrial Properties represented the seller, while Redwood Property Investors represented the buyer in the deal.
NORTH LAS VEGAS, NEV. — Marcus & Millichap has arranged the sale of City Centre Plaza, an office complex located in North Las Vegas. A California-based limited liability company sold the property to a California-based investor for $9.5 million. Tina Taylor of Marcus & Millichap’s Las Vegas office represented the seller and secured the buyer in the transaction. Located at 2225 and 2241 Civic Center Drive and 2290 McDaniel St., the three-parcel asset features 48,607 square feet of office space. At the time of sale, the office complex was 75 percent occupied by national and statewide tenants, with a large percentage being medical.
BURLINGTON, N.J. — National Realty & Development Corp. (NRDC) has signed three new retail tenants totaling 58,000 square feet at the Liberty Square Center in Burlington, a city located southwest of Trenton. The shopping center owned by NRDC is anchored by a Walmart, Marshalls and HomeGoods. Planet Fitness will open a 25,000-square-foot location at the property. Ross Dress for Less will move into a 22,000 square-foot portion of a former Toys ‘R’ Us location. Five Below will occupy the remaining 11,000 square feet of the former Toys ‘R’ Us location.
SALEM, MASS. — Bell Partners Inc., a North Carolina-based property investment and management company, has purchased Vinnin Square Apartment Homes, a 148-unit multifamily property in Salem, a city located northeast of Boston. The property, which will be renamed Bell North Shore, comprises two five-story buildings, 16 townhomes and two additional buildings containing six units each. Amenities include a fitness center, walking trails, tennis courts and a pool. The seller and sales price were undisclosed.
ROCKWALL, TEXAS — Marcus & Millichap has arranged the sale-leaseback of a 145,375-square-foot industrial property located at 2975 Discovery Blvd. in Rockwall, an eastern suburb of Dallas. The property was built on 12 acres in 2015. Adam Abushagur of Marcus & Millichap represented the seller and tenant, Col-Met Engineered Finishing Solutions, in the transaction. Abushagur also procured the buyer, an institutional investor.
RIVERSIDE, CALIF. — Seefried Properties, in partnership with Crow Holdings, has purchased a 24-acre site within Meridian Business Park, a 1,290-acre master-planned commerce and distribution center in Riverside. The buyers plan to develop three fully entitled speculative buildings totaling 375,000 square feet on the site. The buildings will feature 32-foot clear heights, 60 trailer spaces, 65 dock doors and 387 auto stalls. Construction is slated to begin in November with completion scheduled for second-quarter 2020. Phil Lombardo, Chuck Belden and Andrew Starnes of Cushman & Wakefield, along with Joe McKay and Chris Morrell of Lee & Associates, handled the transaction for Seefried Properties and Crow Holdings.
NORTH LAS VEGAS — Colliers International has arranged the purchase of The Craig Shops, a multi-lessee retail building located at 3052 W. Craig Road in North Las Vegas. Meyer S.F. Partners LP acquired the 8,000-square-foot property from an undisclosed seller for $3 million. David Grant of Colliers represented the buyer in the deal.
GREEN BAY, WIS. — Marcus & Millichap has arranged the sale of the Country Inn & Suites in Green Bay for $4.7 million. Built in 1995, the 75-room hotel is located at 2945 Allied St. Jake Erickson and Jared Plamann of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer.
PHILADELPHIA — Marcus & Millichap has arranged the sale of Eli Court, an 88-unit workforce housing property in Philadelphia, for $4.3 million. The property offers studio and one-bedroom units and access to public transit. Fred Paisley of Marcus & Millichap represented the seller, a locally based private real estate company, in the transaction, as well as the buyer, a limited liability company.