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SRS Arranges $3.4M Ground Lease Sale of Joe’s Crab Shack-Occupied Property Near Disneyland

by Amy Works June 11, 2019

GARDEN GROVE, CALIF. — SRS Real Estate Partners has arranged the sale of the ground lease for a single-tenant restaurant property, located at 12011 Harbor Blvd. in Garden Grove. A Southern California-based private investor sold the property for $3.4 million. Joe’s Crab Shack occupies the asset, which is situated along restaurant row approximately 1.2 miles from Disneyland. Patrick Luther and Matthew Mousavi of SRS’ National Net Lease Group represented the buyer, a Southern California-based private investor, in the all-cash transaction.

June 11, 2019

Acquisitions Hospitality Illinois Midwest

Syndicated Equities, Nath Cos. Acquire Two Hotels in Rosemont, Illinois

by Kristin Harlow June 10, 2019

ROSEMONT, ILL. — Syndicated Equities Group, in a joint venture with Nath Cos., has acquired the Hilton DoubleTree and Embassy Suites hotels in Rosemont for an undisclosed price. The separate hotels are located along River Road approximately one mile from Chicago O’Hare International Airport. The DoubleTree has 369 rooms while the Embassy Suites has 294 rooms. As part of the acquisition, new franchise agreements were secured with Hilton. Nath will serve as the manager.

June 10, 2019

Acquisitions Michigan Midwest Retail

Encore Arranges Sale of Two-Building Retail Property in Detroit

by Kristin Harlow June 10, 2019

DETROIT — Encore Real Estate Investment Services has arranged the sale of Redford Marketplace in Detroit for an undisclosed price. The two-building retail property serves as an outparcel to a Meijer store. The 12,046-square-foot center is home to eight tenants. Evan Lyons, Brandon Hanna and Deno Bistolarides of Encore represented the seller, development firm Lormax Stern. An East Coast-based private investor purchased the asset while completing a 1031 tax-deferred exchange.

June 10, 2019

Acquisitions California Industrial Western

Rexford Industrial Buys Two Properties in Southern California for $34.5M

by Amy Works June 7, 2019

CITY OF INDUSTRY AND SUN VALLEY, CALIF. — Rexford Industrial Realty has acquired two industrial properties in Southern California for $34.5 million. The company purchased a 190,900-square-foot industrial property at 218 S. Turnbull Canyon Road in City of Industry for $27.1 million, or $142 per square foot. Situated on 8.8 acres, the property was fully leased to a single tenant at a below-market rent. The facility features 30-foot clear heights, 44 dock doors and ESFR fire sprinklers. Additionally, Rexford Industrial acquired an asset located at 9750 San Fernando Road in Sun Valley for $7.4 million, or $63 per square foot. The fully leased, paved site features 35,624 square feet of improvements on 2.7 acres, with significant outdoor storage space and potential for future development of a new distribution building. Year-to-date, Rexford has acquired $463 million in assets.

June 7, 2019

Acquisitions Colorado Retail Western

Pinnacle Real Estate Advisors Arranges $7.2M Acquisition of Arvada West Town Center Retail Asset in Colorado

by Amy Works June 7, 2019

ARVADA, COLO. — Pinnacle Real Estate Advisors has arranged the purchase of The Arvada West Town Center, a retail strip center in Arvada, a suburb roughly 10 miles northwest of Denver. Courtyard on Vine St LLC and William Penn Apartments LLC acquired the asset for $7.2 million to complete a 1031 exchange. The name of the seller was not released. Located at 14455-14715 W. 64th Ave., the property features 40,859 square feet of retail space. Jeff Johnson and Andrew Monette of Pinnacle Real Estate Advisors represented the buyers in the deal.

June 7, 2019

Acquisitions Multifamily New Hampshire Northeast

CBRE Negotiates $67M Sale of Apartment Community in Manchester, New Hampshire

by Taylor Williams June 7, 2019

MANCHESTER, N.H. — CBRE has negotiated the $67 million sale of Waterford Place, a 384-unit multifamily community in Manchester. Built in phases between 2004 and 2005, the property is situated on nearly 67 acres just off I-93 and I-293. Floor plans consist of one- and two-bedroom units averaging 998 square feet. Amenities include an indoor pool, fitness center, theater room, tennis court, resident clubhouse, walking trails and outdoor grilling stations. Simon Butler and Biria St. John of CBRE represented the seller, SMC Waterford Place Apartments Ltd., in the transaction. The buyer was an affiliate of Cambridge, Mass.-based Forest Properties.

June 7, 2019

Acquisitions Midwest Ohio Retail

IPA Negotiates Sale of 127,645 SF Shopping Center in Cincinnati for $15.2M

by Kristin Harlow June 7, 2019

CINCINNATI — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Western Hills Marketplace in Cincinnati for $15.2 million. The 127,645-square-foot shopping center is anchored by Dick’s Sporting Goods, Best Buy and Aldi, which recently signed a 10-year lease. Six of the property’s eight tenants have been in place since 2002 or longer. Erin Patton, Scott Wiles and Craig Fuller of IPA represented the seller, an Ohio-based developer. The team also procured the buyer, a New York-based private real estate company.

June 7, 2019

Acquisitions Illinois Industrial Midwest Self-Storage

Marcus & Millichap Brokers Sale of 395-Unit Self-Storage Facility in Plano, Illinois

by Kristin Harlow June 7, 2019

PLANO, ILL. — Marcus & Millichap has brokered the sale of Store More, a 395-unit self-storage facility in Plano, about 50 miles west of Chicago. The sales price was not disclosed. The 49,500-square-foot property is located at 3980 Turner Ave., along Route 34. The nine-building facility features 17 climate-controlled units and 280 drive-up units as well as 97 boat and recreational vehicle (RV) parking spaces. Jeffrey Herrmann and Sean Delaney of Marcus & Millichap marketed the property on behalf of the seller. The team also represented the buyer.

June 7, 2019

Acquisitions Illinois Industrial Midwest Retail

Premier Commercial Realty Arranges $4.3M Sale of Industrial, Retail Portfolio in Cary, Illinois

by Kristin Harlow June 7, 2019

CARY, ILL. — Premier Commercial Realty has arranged the $4.3 million sale of an industrial and retail portfolio in Cary. The properties include a 32,000-square-foot, multi-tenant industrial building at 615 Industrial Drive; a 36,000-square-foot, multi-tenant industrial building at 700 Industrial Drive; and a 15,000-square-foot retail property at 395 Cary Algonquin Road. All of the properties were fully leased at the time of sale. Three individual investors purchased the assets. Bruce Kaplan and Kevin Kaplan of Premier represented the sellers on all three transactions.

June 7, 2019

Acquisitions Industrial Michigan Midwest

Tiberina Acquires 10-Acre Site, Plans Manufacturing Facility in Detroit

by Kristin Harlow June 6, 2019

DETROIT — Tiberina Group, an Italian automotive supplier, has purchased 10 acres of land at the former American Axle manufacturing site in Detroit with plans to build a manufacturing facility. The sellers, Industrial Commercial Properties LLC and Industrial Realty Group LLC, originally acquired the property in 2014 from American Axle, which leased back the buildings on a long-term basis. W. Emery Matthews of Real Estate Interests LLC represented Tiberina in the sale. The size of the plant or production plans have not been disclosed.

June 6, 2019

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