CHICAGO — Baum Realty Group has arranged the sale of a Chase Bank ground lease in Chicago for $4.5 million. The 4,195-square-foot retail property is located at 7180 W. Grand Ave. and includes four drive-thru lanes. Patrick Forkin and Brad Teitelbaum of Baum brokered the sale on behalf of the seller, a private West Coast investor. An institutional buyer purchased the property.
CHESTERLAND, OHIO — The Cooper Commercial Investment Group has brokered the sale of a single-tenant property net leased to AutoZone in Chesterland, about 30 miles east of Cleveland, for $1.4 million. The lease has approximately 10 years remaining. Dan Cooper of Cooper Group represented the buyer, a private investor based in Ohio. The seller was a Louisiana-based private investment group.
SIERRA VISTA, Ariz. — A limited liability company has purchased the 60-unit Sierra Antigua apartments for $2 million. The community is located at 800 N. Lenzner Ave. in Sierra Vista, just southeast of Tucson. Hamid Panahi and James Crawley of Marcus & Millichap represented the buyer. Panahi, Crawley and Cliff David and Steve Gebing of the same firm represented the seller, also an LLC.
FARMERS BRANCH, TEXAS — Holt Lunsford Commercial (HLC) has arranged the sale of a 68,092-square-foot distribution warehouse in the Dallas-Fort Worth metro of Farmers Branch. Situated on 3.3 acres at 14335 Gillis Road, the property, which was built in 1977, features 18-foot clear heights, three dock-high loading doors and a sprinkler system. Joshua Barnes of HLC represented the undisclosed seller in the transaction. John Nguyen and Heather Nguyen of NewQuest Properties represented the buyer, 85C Bakery & Café, a Taiwanese bakery and coffee shop chain.
LAREDO, TEXAS — Marcus & Millichap has brokered the $4.7 million sale of Walker Plaza, a 63,714-square-foot office building located at 5810 Bernardo Ave. in the south Texas city of Laredo. James Bell and Keith Lloyd of Marcus & Millichap represented the seller, an undisclosed partnership. The name and representative of the buyer were not released.
SOUTHFIELD, MICH. — Dembs Development has acquired the former Federal-Mogul Corp. headquarters in Southfield, a northern suburb of Detroit. The purchase price was not disclosed. The 360,000-square-foot office building, located on Northwestern Highway, has been vacant for over a year. The property was built in the early 1970s. Amenities include an underground parking garage, collaborative workspaces, auditorium, restaurant and outdoor seating. The property most recently sold for $12.7 million in July 2004, according to CoStar Group. Dembs Development purchased the property in a joint venture with Pitt Investments.
PORT HURON, MICH. — HP Pelzer Automotive Systems has signed a 90,000-square-foot industrial lease in Port Huron, about 60 miles north of Detroit. The manufacturer of acoustic and thermal components for the automotive sector will occupy the entire building located at 2336-2356 Beard St. HP Pelzer maintains additional facilities in Port Huron. Jason Capitani and Joe DePonio of L. Mason Capitani CORFAC International brokered the lease transaction.
MATTESON, ILL. — Namdar Realty Group has acquired Matteson Town Center in Matteson, approximately 35 miles south of Chicago. The purchase price was in excess of $1 million, but the exact price was not disclosed. Developed in 1982 and expanded in 1990, the 181,169-square-foot shopping center is located at 104 Town Center Road. OfficeMax and Chuck E. Cheese’s anchor the center. Other tenants include FootLocker, GameStop, Check ‘n Go, Cricket Wireless, Hibachi Grill & Buffet and Subway. At the time of sale, 91,143 square feet of the center was vacant. Joel J. Gorjian of Namdar completed the acquisition on the company’s behalf. Derrick Almassy of CBRE represented the undisclosed seller.
GALVESTON, TEXAS — Weingarten Realty Investors (NYSE: WRI) has sold Broadway Shopping Center, a 74,604-square-foot retail center located at 5908 Broadway Ave. in Galveston. At the time of sale, the property was 100 percent leased to tenants such as Big Lots, Family Dollar, Subway and Anytime Fitness. Ryan West of HFF represented the seller in the transaction. The name and representative of the buyer, a private investor, were not disclosed.
TEMPE, ARIZ. — A partnership between Gramercy Property Trust and TPG has acquired Nexus at ASU Research Park, a 123,864-square-foot office building in Phoenix, for $27.6 million. The Class A building is situated just off Loop 101 in the ASU Research Park. The building is fully leased to an online retailer. Amenities at the park include a day care center, six miles of jogging and bike trails, lakes, a helipad and security patrol. JLL’s Mark Detmer, Bo Mills, Mark Gustin and Ryan Sitov executed the sale. The seller was a joint venture between ViaWest Group and Blue Vista Capital.
