TULARE, CALIF. — Faris Lee Investments has arranged the sale of a three-tenant net-leased investment asset located within Tulare Pavilion Shopping Center in Tulare. Hillman Tulare LLC sold the property to an undisclosed buyer for $6.8 million. Totaling 62,500 square feet, Big Lots, Dollar Tree and Harbor Freight Tools occupy the property. Additional tenants at Tulare Pavilion Shopping Center include Ross Dress for Less and dd’s Discounts. Jeff Conover and Donald MacLellan of Faris Lee Investments represented the seller in the transaction.
SHELBYVILLE, IND. —Shelbyville Redevelopment Commission has purchased a 184-acre industrial site along I-74 in Shelbyville, about 30 miles southeast of Indianapolis, for $3.9 million. The organization plans to develop an industrial park. The site was assembled from two tracts owned by First Presbyterian Church of Shelbyville and Krone, a German farm equipment manufacturer. Shelbyville and Shelby County equally funded the acquisition through a 10-year bond sale.
PASADENA, CALIF. — A joint venture between Barker Pacific Group and Rockwood Capital has purchased a Class A office building, located at 301 N. Lake Ave. in Pasadena. The price was not disclosed. Washington Capital Management previously operated the asset on behalf of an unidentified seller. Built in 1989, the 11-story building features 227,019 square feet of office space. The buyers plan to improve the asset by modernizing the property. CBRE’s Mike Longo and Sean Sullivan brokered the sale. JP Morgan provided debt financing for the buyers.
CENTENNIAL, COLO. — Newmark Knight Frank has arranged the sale of an industrial asset in Centennial. GT INOVA LLC acquired the property from INOVA Flex I LLC for $16.1 million. Located at 7304 S. Joliet St., the property features 71,172 square feet of industrial space. Jason Addlesperger, David Lee, Mike Wafer and Keith Bell of Newmark Knight Frank represented the seller, while Cushman & Wakefield represented the buyer in the deal. First American Title Insurance Co. also participated in the transaction.
EVERETT, WASH. — JKL Real Estate Investment LP has acquired Everett Mall Way Plaza, a retail complex located at 500 S.E. Everett Mall Way in Everett. Robinson Properties & Investments sold the two-building asset for $6.2 million. Everett Mall Way Plaza features 30,000 square feet of retail space. XinXin Li of Colliers International and Godwin Moy of DBW Private Brokerage represented the buyer in the transaction.
EAST NORRITON, PA. — HFF has negotiated the $12.3 million sale of Norriton Medical Center, a 74,212-square-foot medical center in the Philadelphia suburb of East Norriton. Located at 160-190 W. Germantown Pike, the four-building complex is currently 92 percent leased and is anchored by Einstein Orthopedics and Moss Rehab. Ben Appel, Jim Cadranell, Doug Rodio and Brett Segal of HFF represented the seller, an indirect wholly owned subsidiary of Franklin Realty Development Corp., in the transaction. The buyer was undisclosed.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a vacant 3,750-square-foot industrial building in the Hunts Point neighborhood of the Bronx. The sales price was $975,000. Located at 1318 Oak Point Ave., the property consists of 2,500 square feet of industrial space with 14-foot ceilings on the ground floor, five roll-up garage doors and 1,250 square feet of space on the second floor. Jonathan Squires, Michael Fioravanti, Josh Neustadter and Addison Berniker of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was an Opportunity Fund formed by My Tool Rental, a Brooklyn-based tool rental firm that is expanding into the Bronx.
COMMERCE, CALIF. — Rexford Industrial Realty has purchased a multi-tenant industrial property in Southern California for $18.2 million, or $245 per square foot. Located at 6100 Sheila St. in Commerce, the 74,527-square-foot freezer/cooler building sits on 4.3 acres. The 22-foot clear height building features 40 dock positions with units from 6,000 square feet to 18,000 square feet. At the time of sale, the property was 100 percent leased to seven tenants. Rexford plans to improve the building’s functionality and energy efficiency with the potential to roll in-place leases to higher market rates. The name of the seller was not disclosed.
SAINT CHARLES, ILL. — Faris Lee Investments has brokered the sale of Main Street Commons in suburban Chicago for $16.7 million. The 171,564-square-foot shopping center is situated on 20 acres. At the time of the sale, the property was 85 percent leased to tenants such as Ross, TJ Maxx, Five Below, Ulta and Cost Plus. Rick Chichester, Donald MacLellan and Shaun Riley of Faris Lee represented the seller, Sabal Financial Group LP. The buyer was not disclosed.
ANTHEM, ARIZ. — SRS Real Estate Partners has arranged the sale of The Shops at Arizona, a neighborhood shopping center located at 3434 Anthem Way in Anthem. Abington Emerson, a private real estate investment company, sold the property to an individual buyer for $5.1 million. Built in 2003 and situated on 6.7 acres, the property features 35,710 square feet of retail space. Current tenants include Ace Hardware, Coldwell Banker, Pizza Hut, Princess Nails and Shanghai Club. Sean Thomas and Patrick Luther of SRS’ National Net Lease Group represented the seller in the transaction.