KANSAS CITY, MO. — AutoAlert has signed a 48,839-square-foot office lease for its new headquarters in downtown Kansas City. AutoAlert will occupy four floors in the former Kansas City Railway building, which was built in 1935 and is located at 114 W. 11th St. The new location for the California-based tech firm and software provider for auto dealers will bring 300 jobs to the area. Bill Maas and Larry Larsen of Block & Co. Inc. Realtors negotiated the lease transaction on behalf of AutoAlert.
CHICAGO — ZWL Properties has purchased a 138,000-square-foot office and warehouse property in Chicago. The two-story building is situated on 5.1 acres at 5000 W. Bloomingdale Ave. ZWL plans to convert the building for multi-tenant use. Exterior remodeling will include new roofing, gutters, fencing and window replacement. Interior remodeling will involve the construction of new tenant spaces and restrooms in addition to new plumbing, heating and electrical systems. An adjacent 31,250-square-foot land parcel will be resurfaced for parking. Shai Romirowsky of Eastern Union Funding arranged $2.2 million in acquisition and renovation financing for the purchase.
CARROLLTON, TEXAS — The Vitorino Group has closed the sale of Hebron Parkway Shopping Center, a 17,836-square-foot strip retail center in Carrollton, a northern suburb of Dallas. Bryce Gissler of Vitorino Group listed the property on behalf of the seller, an undisclosed private investor. The name and representative of the buyer, also a private investor, were not disclosed. The property was 100 percent leased at the time of sale.
COLUMBIA AND GLEN BURNIE, MD. — First Potomac Realty Trust (NYSE: FPO) and an affiliate of AEW Capital Management have sold two office developments in Maryland for $59.5 million. An affiliate of Adler Kawa Real Estate Advisors purchased the two assets: Rivers Park I and II in Columbia and Aviation Business Park in Glen Burnie. The sale of the 428,268-square-foot portfolio is part of First Potomac Realty Trust’s strategic plan, which includes the sale of $350 million of non-core assets. First Potomac owned a 25 percent interest in Rivers Park I and II and a 50 percent interest in Aviation Business Park. “The sale of these joint-venture assets marks another meaningful step forward at FPO,” says Robert Milkovich, CEO of First Potomac Realty Trust. “In 2017, we have generated over $100 million of proceeds, at our share, providing capital to repay debt and fund our redevelopment program, and have now sold $311 million of assets. As we progress through 2017, we remain focused on completion of our strategic plan and driving long-term value for our shareholders.” First Potomac’s share of the gross proceeds from the sales — approximately $19 million — was utilized to pay down its share of mortgage …
DALLAS — Colliers International Group Inc. has brokered the sale of Banner Place, a two-building office property located at 12660 and 12770 Coit Road in north Dallas. Built in 1985, the property, which consists of a 12-story, 258,493-square-foot tower and a three-story, 27,018-square foot mid-rise and medical office building, was 70 percent leased at the time of sale. Creighton Stark and Chris Boyd of Colliers represented Gaedeke Group, which sold the property to Mark Jordan of JP Realty Partners for an undisclosed amount.
SANTA MONICA, CALIF. — DivcoWest has acquired The Telephone Building in Santa Monica for $52.5 million. The six-story creative office building is located at 1314 7th St. As part of the deal, DivcoWest also acquired 58,538 square feet of office condominiums in the building. The remaining 33,254 square feet of office condominiums houses a telephone switching hub owned by Frontier Communications and was not included in the sale. The building is 86 percent leased. HFF’s Doug Bond and Andrew Harper represented the seller, a joint venture between Alcion Ventures and Pacshore Partners, in this transaction.
REDWOOD CITY, CALIF. — An undisclosed nonprofit corporation has acquired the 55-unit Atherton Court Apartments in Redwood City for $17.1 million. The community is located at 3762-3770 and 3752 Rolison Road. Atherton was built in 1961. It is situated near U.S. Highway 101 and Interstate 280. Taylor Flynn and Philip Batlin of Marcus & Millichap represented both the buyer and seller, a private investor, in this transaction.
SANTA BARBARA, CALIF. — Senior Living Investment Brokerage has arranged the sale of Oak Cottage of Santa Barbara, a 44-bed memory care facility in Santa Barbara. Although the sales price was not disclosed, the $465,000-per-unit price for the facility’s 40 units translates to $18.6 million. The 27,217-square-foot community was built in 2015 on 0.65 acres. The community was still in lease-up at the time of sale, and had an occupancy of 82 percent. A California-based operator purchased the facility. Jason Punzel and Brad Goodsell of Senior Living Investment Brokerage negotiated the transaction on behalf of the undisclosed seller.
BIRMINGHAM AND HUNTSVILLE, ALA. — Birmingham-based GCP has closed four separate lease deals totaling 833,927 square feet with automotive suppliers in Birmingham and Huntsville. The landlord has signed Mercedes-Benz U.S. International Inc. to a 225,496-square-foot lease for parts storage at Shelby Commerce Park, a 1.5 million-square-foot industrial park in Birmingham’s Shelby County submarket. The lease brings the project to full occupancy. Two of Mercedes-Benz’s vendor companies, Antolin Alabama Inc. and Neovia Logistics Services LLC, signed leases at GCP-Gazelle II within Jefferson Metropolitan Park in Birmingham’s I-20/59 West industrial submarket. Antolin Alabama signed for 240,240 square feet and expects to start operations at GCP-Gazelle II in late 2017, and Neovia Logistics Services renewed its 160,160-square-foot lease at the facility. In Huntsville, Navistar Inc. has renewed its 208,031-square-foot lease at GCP’s Airport Distribution Center.
INDIANAPOLIS — Huff, Niehaus & Associates Inc. has brokered the sale of the Holiday Inn Express Indy NW-Park 100 in Indianapolis for $6 million. Park Property Investments LLC purchased the 121-room hotel, with plans to convert the property into a Best Western Plus by the end of the year. Brandt Niehaus of Huff, Niehaus & Associates represented the undisclosed seller in the transaction.
