TROY, MICH. — Signature Associates has arranged the sale of a 31,549-square-foot industrial building in Troy for an undisclosed price. The property is located at 1401 Axtell Drive. John Boyd and Paul Hoge of Signature Associates represented the buyer, Perspective Properties LLC. The seller was not disclosed.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has negotiated a 1,526-square-foot retail lease for Urban You Beauty Bar in Grand Rapids. The property is located at 3152 Peregrine Drive. Urban You is a beauty bar that offers hair styling, makeup application, nail design, brows, lashes and medical spa services. The company will use this space as a pop-up shop until its other locations are completed in East Grand Rapids, Knapps Corner and Holland.
NORTHRIDGE, CALIF. — Encino-based Investment Real Estate Associates (IREA) has arranged the $54.7 million sale of the Northridge Plaza Shopping Center in Northridge. The property had been family owned for 37 years and this transaction is the first time it has changed hands since being built in 1980. The 235,000-square-foot shopping center is located at 8741-8840 Corbin Ave. on a 16.5-acre tract. Anchor tenants include Target, Kohls and Wells Fargo. Yubin Tao of IREA and Greg De Rubeis of LBPM represented both the buyer, Paragon Commercial Group, and the seller, NLSR LP.
EL PASO AND PLANO, TEXAS — Dallas-based healthcare real estate firm Caddis has acquired two medical office properties in El Paso and Plano. The company has purchased George Dieter Medical Plaza, a 15,005-square-foot property located at 1393 George Dieter Drive in El Paso, a transaction for which Capital One provided the acquisition financing. Caddis has also acquired a 21,246-square-foot building located at 5228 W. Plano Parkway in Plano, which is currently leased to Plano Orthopedic Sports Medicine & Spine Center.
DALLAS — Biel Partners has arranged the sale of a 14,000-square-foot office property located at 13748 Neutron Road in Dallas’ Northwest Business District. NoPiers.com, a company that provides home foundation maintenance services, purchased the property and will establish its headquarters within a 5,000-square-foot space beginning this summer.
DUNWOODY, GA. — Transwestern Corporate Properties I has reached an agreement to purchase Park Center I, a 13-story office tower in Atlanta’s Central Perimeter submarket. Situated on four acres adjacent to the Dunwoody MARTA station, the 602,000-square-foot asset is fully occupied by State Farm Auto Insurance. KDC developed Park Center I, the first office building delivered within State Farm’s three-building, 2.2 million-square-foot campus. Transwestern will purchase the asset for an undisclosed price in a sale-leaseback transaction with State Farm. Transwestern also recently acquired the 2.2 million-square-foot State Farm campus in Richardson, Texas, which was also developed recently by KDC.
STOCKBRIDGE, GA. — CBRE has brokered the $47 million sale of a multifamily portfolio in Stockbridge, about 20 miles south of Atlanta. The two adjacent properties, Carrington Ridge and The Retreat at Eagles Landing, total 490 units. Mesa Capital Partners purchased the communities from TIC Properties Management. Shea Campbell, Kevin Geiger and Ashish Cholia of CBRE’s Southeast Multifamily Group represented TIC Properties Management in the sale. Richard Jordan and Matt Forgione of CBRE’s Debt and Structured Finance team arranged acquisition financing on behalf of Mesa Capital Partners.
GLENDALE, CALIF. — Kennedy Wilson has purchased a 437,000-square-foot office campus in Glendale for $144 million. The campus contains two Class A office buildings located at 400 and 450 N. Brand Blvd. The property was purchased through Kennedy Wilson Real Estate Fund V. It is currently 88 percent leased to 21 tenants, including Cigna, DineEquity and Learner’s Digest International.
NEWPORT, ORE. — A 1031 exchange buyer has acquired the 44-room Econolodge motel in Newport for an undisclosed amount. The motel is located at 606 S.W. Coast Highway 101. The roadside property is situated on the Central Oregon Coast and features ocean views. Joseph P. Kennedy of Crystal Investment Property represented the buyer.
LAS VEGAS — Simon is adding The Slanted Door to The Forum Shops at Caesars Palace, opening in 2018. It will be the Vietnamese restaurant’s first location outside of California. A modern Vietnamese restaurant with roots in San Francisco’s Mission District, the 8,200-square-foot restaurant will be located on Las Vegas Boulevard. The Slanted Door opened its first restaurant in 1995 and received the James Beard Outstanding Restaurant award in 2014, which is given to only one restaurant nationally a year. The Forum Shops at Caesars Palace first opened in May 1992. After two subsequent expansions, The Forum Shops now offers 675,000 square feet of retail, dining and entertainment. Simon owns shopping, dining, entertainment and mixed-use properties.
