SEATTLE — Marcus & Millichap has brokered the sale of a retail property located at 5201 Ballard Ave. NW in Seattle. A limited liability company acquired the property from a private investor for $3.1 million. Built in 1905, the two-story building features 10,540 square feet of retail space. Brian Mayer and Clayton Brown of Marcus & Millichap’s Seattle office represented the seller, while Mayer also represented the buyer in the transaction.
ALTON, ILL. — U-Haul plans to acquire an 84,180-square-foot building formerly occupied by Kmart in Alton, about 25 miles north of St. Louis, in August. U-Haul, which currently leases the property, will transform the space into 700 climate-controlled, self-storage units with truck and trailer sharing and towing equipment onsite. The building, which had previously been vacant for eight months, is located within the Seminary Plaza shopping center. Madison Plaza Associates was the seller. U-Haul’s acquisition of the property was driven by its corporate sustainability initiative. The company says the adaptive reuse of existing buildings reduces the amount of energy and resources required for new-building materials and helps cities reduce their unwanted inventory of unused buildings.
HARTLAND, WIS. — Carter Validus Mission Critical REIT Inc. has sold its Milwaukee Data Center in Hartland, about 30 miles west of Milwaukee, for $21 million. The 59,516-square-foot property sits on nearly eight acres. Landmark Infrastructure Operating Co. LLC purchased the asset. The company also recently sold a data center in Alpharetta, Ga., for $64 million. Carter Validus Mission Critical (CVMC) REIT I owns one remaining data center in Andover, Mass., but CVMC REIT II owns 27 data center properties as of the end of the first quarter.
ALPHARETTA, GA. — Carter Validus Mission Critical REIT Inc. has sold the Alpharetta Data Center II in the northern Atlanta suburb of Alpharetta for $64 million. Delaware-based Alpharetta DC LLC acquired the asset, which totals 165,000 square feet. The facility include 50,400 square feet of powered-shell enterprise data center space, 58,814 square feet of office and administration space and 59,746 square feet of supporting infrastructure space. Carter Validus is a REIT that invests in mission critical real estate assets located throughout the United States. Defined as purpose-built facilities designed to support the most essential operations of tenants, mission critical real estate includes data centers and medical facilities.
ALEXANDRIA, VA. — A joint venture between Westport Capital Partners LLC and Galaxy Investments has acquired Tavern Square, a 171,008-square-foot office and retail building located at the intersection of King and Royal streets in Alexandria, roughly eight miles south of Washington, D.C. Gerry Trainor of Transwestern arranged the transaction on behalf of the seller, Tavern Square LLC. The sales price was not disclosed. Developed in 1967, the property includes 130,000 square feet of office space, 41,008 square feet of ground-floor retail and a 326-space parking garage. The new ownership plans to renovate the property by modernizing the lobbies, common areas, building exterior and courtyard. Cambridge Holdings will provide construction services for the renovations. In addition, Cambridge will manage the property and handle the building’s leasing assignment.
COVINA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $6.4 million sale of a two-tenant retail property located within Covina Shopping Center in the Southern California community of Covina. Tenants at the 39,159-square-foot building include dd’s Discounts and Stars Gymnastics. Bill Asher, Ed Hanley and Jeff Lefko of Hanley Investment Group arranged the transaction on behalf of the seller, an Orange County-based family partnership. Moon Lim of Marcus & Millichap represented the buyer, Cecelia LLC. Other tenants at Covina Shopping Center include Smart & Final Extra and CVS/pharmacy.
COLORADO SPRINGS, COLO. — Quantum Commercial Group has arranged the sale of a medical office building located at 1699 Medical Center Point in Colorado Springs. A private investor, 601 El Camino Real LLC, acquired the property for $2.9 million. The building features 9,585 square feet of medical office space. Kay Folan of Quantum Residential Group and Mary Frances Cowan of Quantum Commercial Group represented the seller, 1699 Medical Center Point LLC. Steve Ghirardo and Nick Ghirardo of Ghirardo Real Estate Group represented the buyer in the deal.
BENTONVILLE, ARK. — CBRE has brokered the sale of a 90-room Courtyard by Marriott hotel located at 1001 McClain Road in Bentonville. Nate Sahn, James Foxx, Pravin Boteju and David Erstine of CBRE arranged the transaction on behalf of the seller, Hawkeye Hotels. CBRE’s Marc Sallette and Olga Lepow arranged acquisition financing on behalf of the buyer, SMC Hotels. Other terms of the deal were not disclosed. The hotel, located near downtown Bentonville, features an indoor pool, fitness center and onsite dining at The Bistro.
SPARKS AND MCCARRAN, NEV. — NAI Alliance has brokered the sales of two industrial assets in Nevada. In the first transaction, Tolles Development Co. purchased a 202,760-square-foot industrial portfolio located at 1210-1280 Icehouse Drive, 575-585 Reator Way and 1355 Industrial Way in Sparks. Dan Oster and Chase Houston of NAI Alliance represented the buyer in the deal. In the second transaction, Rounds Bakery acquired a 11,961-square-foot light industrial property located at 96-114 Megabyte Drive in McCarran. Greg Shutt of Colliers international represented the buyer; while Oster and Houston represented the seller, PSG Resources LLC, in the deal.
BROOMFIELD, COLO. — Equus Investment Partnership XI, an equity fund managed by Equus Capital Partners, has received $18.8 million in financing for the purchase of 370 Interlocken Blvd. The 150,656-square-foot, Class A office building is located in Broomfield, a northwest suburb of Denver. Leon McBroom and Eric Tupler of HFF secured the seven-year, fixed-rate loans through Guggenheim Partners for the borrower. Completed in 1998 and renovated in 2017, the six-story building features a two-story lobby with a fireplace, touchscreen directory, WiFi access, a fitness center with showers and lockers, a high-end tenant lounge and a bike storage center. At the time of financing, the property was 94 percent leased to a variety of tenants, including Stantec, CliftonLarsonAllen and New York Life Insurance Co.