sales_and_leases

BKM Buys Northwest Business Center in Phoenix for $17.2M

by Nellie Day March 6, 2017

PHOENIX — BKM Capital Partners has purchased the Northwest Business Center, a 227,603-square-foot industrial facility in Phoenix, for $17.2 million. The warehouse is located at 2310-2440 W. Mission Lane, 9014-9034 N. 23rd Ave. and 9013-9033 N. 24th Ave. BKM plans to implement a $3.5 million capital improvement program at the property. Planned improvements include a new roof, new parking lot, improved HVAC system and upgrades to the exterior including paint, landscaping and signage. Robert Buckley of Cushman & Wakefield represented the undisclosed seller.

March 6, 2017

California Industrial Western

Ring Power Corp. to Occupy Industrial Space in Rancho Dominguez

by Nellie Day March 6, 2017

RANCHO DOMINGUEZ, CALIF. — Ring Power Corp. has leased a 70,640-square-foot industrial building in Rancho Dominguez. The facility is located at 18700 Laurel Park. The five-year lease is valued at $3.1 million. The new facility will allow the company to expand its California regional center. Ring is one of the largest Caterpillar dealers in the Southeast. Todd Taugner, Frank Schulz and David Prior of Klabin Co. represented the landlord, TA Associates, in this transaction.

March 6, 2017

Industrial Midwest Wisconsin

Dickman Co. Arranges Sale of 7,700 SF Industrial Building in West Allis, Wisconsin

by Kristin Harlow March 6, 2017

WEST ALLIS, WIS. — The Dickman Co. Inc./CORFAC International has arranged the sale of a 7,700-square-foot industrial building in West Allis, a suburb of Milwaukee. P & Z Properties purchased the building, located at 11408 W. Lincoln Ave., from Golden Site Management LLP. Samuel M. Dickman Jr. and Samuel D. Dickman of the Dickman Co. represented the seller in the transaction, while Brett Garceau of MLG Commercial represented the buyer.

March 6, 2017

Mixed-Use South Carolina Southeast

NASH, Newland Acquire 4,000-Acre Nexton Community Near Charleston

by John Nelson March 6, 2017

SUMMERVILLE, S.C. — North America Sekisui House LLC (NASH) and development partner American Newland Communities LLP (Newland) have purchased 4,000 acres in Summerville from WestRock Land and Development for an undisclosed price. The acquired land is situated within the Nexton master-planned development near Charleston. WestRock will continue to develop its commercial land fronting I-26 and US 176, including the PPCP Medical Campus, the Nexton town center retail space and other commercial and retail projects. Nexton has been approved for up to 13,000 residential units, comprising single-family detached, single-family attached and multifamily. Currently, more than 200 homes have been sold or are currently under construction within Nexton. The Nexton acquisition is the first development project in the Charleston area for both NASH and Newland, whose plans for the project were not disclosed.

March 6, 2017

Retail Texas

Consolidated-Tomoka Acquires Retail Center in Fort Worth for $15M

by Taylor Williams March 3, 2017

FORT WORTH, TEXAS — Consolidated-Tomoka Land Co., a Florida-based real estate investment firm, has purchased WestCliff Center, a 136,185-square-foot shopping center located at 3563 Alton Road in Fort Worth, from RD Management for roughly $15 million. Situated on 10.3 acres and located less than a mile from Texas Christian University, the property is divided into three contiguous parcels, the asset encompasses four single-tenant properties and one multi-tenant property. The shopping center is currently 96 percent leased to tenants such as Albertsons, which occupies the anchoring 39,000-square-foot property; Cook Children’s Health Foundation, which leases the second largest property, a 38,000-square-foot office building; and Dollar General and Ace Hardware, which share the 55,000-square-foot, multi-tenant building. DuWest Realty represented the buyer in the transaction.

March 3, 2017

Multifamily Student Housing Texas

Preiss Purchases Student Housing Property Near Sam Houston State University

by Taylor Williams March 3, 2017

HUNTSVILLE. TEXAS — The Preiss Co., a Raleigh, N.C.-based firm specializing in student housing development, has acquired Gateway at Huntsville, a 160-unit complex located at 5050 Sam Houston Ave. in Huntsville, roughly an hour north of Houston. Situated on a 12-acre site about a mile from Sam Houston State University, the property consists of six four-story buildings comprising 416 bedrooms and bathrooms. In addition to a swimming pool, grilling station and basketball and volleyball courts, the complex also offers a complimentary shuttle to and from campus.

March 3, 2017

Midwest Minnesota Multifamily

CBRE Arranges $32M Sale of Apartment Property in Cottage Grove, Minnesota

by Kristin Harlow March 3, 2017

COTTAGE GROVE, MINN. — CBRE has arranged the sale of Hinton Heights in Cottage Grove, 10 miles south of St. Paul, for $32 million. The 249-unit apartment property is located at 7750 Hinton Ave. South. The community features amenities such as a clubhouse with community room, game room, business center, fitness center, indoor swimming pool, sauna, hot tub, sport courts, outdoor lounge, picnic area, putting green, dog park and playground. Apartment sizes range from one- to three-bedroom units, with an overall average of 1,081 square feet. Hinton Heights was built from 1990 to 1995 and was 98 percent occupied at the time of the sale. Curtis Capital Group LLC, an entity controlled by Curtis Capital Group in Bellevue, Wash., purchased the property. Abe Appert, Keith Collins, Ted Abramson and Laura Hanneman of CBRE arranged the sale on behalf of the seller, Cottage Grove Investors IV Limited Partnership LLLP, an entity related to the St. Louis Park-based Belgarde.

March 3, 2017

Midwest Missouri Office

Gershman Mortgage to Move Headquarters to Chesterfield, Missouri

by Kristin Harlow March 3, 2017

CHESTERFIELD, MO. — St. Louis-based Gershman Mortgage will be moving its headquarters from a 16,000-square-foot office in Clayton, Mo. to 16253 Swingley Ridge Road in Chesterfield this month. The new office space of more than 24,000 square feet will allow the company to grow. Over 100 employees will be located at the new office. The mortgage company will be closing its existing Chesterfield location at 187 Hilltown Village Center, but will maintain its Clayton presence with an office located at 7801 Forsyth Blvd. Gershman also maintains local offices in Kirkwood, South St. Louis City and St. Peters. Additional offices in the Midwest are located in Branson and Springfield, Mo., Illinois, Iowa and Oklahoma.

March 3, 2017

California Retail Western

Hanley Investment Arranges $62M Sale of 156,000 SF Arcadia Gateway Center

by Nellie Day March 3, 2017

ARCADIA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of Arcadia Gateway Center, a retail, medical and office property located at 300-450 E. Huntington Drive in Arcadia. JLJ (USA) Investment acquired the property for $62 million. Situated on 7.9 acres, the five-building complex features 156,046 square feet of retail, office and medical space. At the time of sale, the 43,587-square-foot retail portion was 91 percent leased, the 48,455-square-foot medical office building and the 64,013-square-foot office building were 100 percent. The complex also features two freestanding restaurant pads leased to BJ’S Restaurant and Brewhouse and Olive Garden. Ed Hanley, Pat Kent and Corey Olson of Hanley represented the sellers, Arcadia Gateway Centre Delaware Partners and Post Exchange, while Henry Hong of Lee & Associates represented the buyer in the deal.

March 3, 2017

California Retail Western

Marcus & Millichap Facilitates $3.3M Sale of Vacant Retail Building in Concord

by Nellie Day March 3, 2017

CONCORD, CALIF. — Marcus & Millichap has arranged the sale of a formerly net-leased Sizzler restaurant property located at 1353 Willow Pass Road in Concord. A private investor sold the property to an undisclosed buyer for $3.3 million. Constructed in 1977, the 5,901-square-foot building was vacant at the close of escrow. The site’s corner lot also features 70 parking space. David Ching of Marcus & Millichap represented the seller in the transaction.

March 3, 2017

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