sales_and_leases

Brown Commercial Negotiates Sale of 126,537 SF Industrial Facility in Elk Grove Village, Illinois

by Kristin Harlow February 5, 2018

ELK GROVE VILLAGE, ILL. — Brown Commercial Group has negotiated the sale of a 126,537-square-foot industrial facility in Elk Grove Village for an undisclosed price. The 4.2-acre property is located at 2001 Arthur Ave. The buyer, Seefried Industrial Properties Inc., plans to build an 80,000-square-foot warehouse to replace the existing building. Mike Antonelli and Mason Hezner of Brown Commercial represented the seller, Spirit Realty Capital, in the transaction. Jonathan Kohn of Colliers International represented Seefried.

February 5, 2018

Midwest Ohio Retail

Marcus & Millichap Arranges $3.2M Sale of Retail Center in Kent, Ohio

by Kristin Harlow February 5, 2018

KENT, OHIO — Marcus & Millichap has arranged the sale of the Discount Drug Mart Center in Kent, about 40 miles south of Cleveland, for $3.2 million. The 31,762-square-foot retail center is located at 1763 E. Main St. The property is 100 percent occupied by tenants such as Discount Drug Mart and NAPA Auto Parts. Three of the four tenants have resided at the center since its construction in 1999. Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company based in northeast Ohio. Russ Panowicz, also of Marcus & Millichap, secured and represented the buyer, an Indiana-based private investor.

February 5, 2018

California Industrial Western

Stos Partners Sells Industrial Building in San Diego for $21M

by Nellie Day February 2, 2018

SAN DIEGO — Stos Partners has sold a 91,541-square-foot industrial building in the National City submarket of San Diego for $21 million. The single-tenant building is located at 901 Bay Marina Drive. The asset is fully occupied. An undisclosed Fortune 500 company anchors the building. A large institutional investor acquired the property after it underwent several improvements, including a new roof, new exterior paint, an upgraded parking lot and new monument signage. CBRE’s Anthony DeLorenzo, Matt Pourcho and Gary Stache represented Stos in this transaction.

February 2, 2018

Arizona Multifamily Western

Stoneweg Buys 300-Unit Apartment Complex in Tucson for $20.5M

by Nellie Day February 2, 2018

TUCSON, ARIZ. — Stoneweg has acquired the 300-unit River Oaks Apartments in Tucson for $20.5 million. The community is situated along East Broadway Boulevard. River Oaks is surrounded by the Central Tucson Office Corridor, a 5 million-square-foot concentration of office space. The corridor is home to the Williams Centre and 5151 East Broadway office complexes, along with employers like ASARCO Mining, 3M Motor Vehicle Systems and IBM. Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors represented both the buyer and seller, HSL Properties, in this transaction.

February 2, 2018

Connecticut Industrial Northeast

Angel Commercial Brokers $1.2M Sale of Industrial Building in Bridgeport, Connecticut

by Amy Works February 2, 2018

BRIDGEPORT, CONN. — Southport, Conn.-based Angel Commercial has negotiated the sale of an industrial building located at 146 Davis Ave. in Bridgeport. Black Rock LLC sold the property to J.E.T. Corp. for $1.2 million. The buyer is a Bridgeport-based manufacturer of non-ferrous sand castings. Situated on 1.7 acres, the property features 17,088 square feet of space. The building was previously occupied by Black Rock Fireproof Column Co. Jon Angel of Angel Commercial facilitated the transaction.

February 2, 2018

Retail Texas

Rainier, CIL2 Acquire 380,600 SF Retail Power Center in Corpus Christi

by Taylor Williams February 2, 2018

CORPUS CHRISTI, TEXAS — Rainier Realty Investments LP, an affiliate of Dallas-based The Rainier Cos., has acquired Moore Plaza, a 380,600-square-foot retail power center in Corpus Christi. The company purchased the big box center in a joint venture with CIL2 LLC, an institutional investment platform managed by Continuum Investments Ltd. The Class A center was 99 percent leased at the time of sale to national retailers such as Hobby Lobby, Stein Mart, Office Depot/Office Max, Old Navy and Party City. Metropolitan Capital Advisors arranged an undisclosed amount of acquisition financing for the transaction, which marks Rainier’s fourth investment in a retail power center over the past six months.

February 2, 2018

Multifamily Student Housing Texas

SRE Purchases 384-Bed Student Housing Property Near Sam Houston State University

by Taylor Williams February 2, 2018

HUNTSVILLE, TEXAS — Saban Real Estate (SRE) has purchased Midtown Sam Houston, a 384-bed student housing property in Huntsville that serves Sam Houston State University students. The pet-friendly property offers two- and four-bedroom units and amenities such as a pool, fitness center and a resident clubhouse. Will Baker and William Shell of Walker & Dunlop provided an undisclosed amount of Fannie Mae financing for the acquisition. Chris Epp and Chris Bancroft of FourPoint Student Housing Investments represented the seller in the deal. SRE’s student housing portfolio now exceeds 20,000 beds across 17 university markets.

February 2, 2018

Retail Texas

Entertainment Concept Glowzone to Open 46,039 SF Center in Metro Dallas

by Taylor Williams February 2, 2018

LEWISVILLE, TEXAS — Glowzone, an entertainment concept that offers laser tag, mini golf, rock climbing and bumper cars, will open a 46,039-square-foot center at Lakepointe Crossing in the northern Dallas metro of Lewisville. Glowzone, which has centers in California and Nevada and will soon enter the Houston market, joins tenants such as Academy Sports + Outdoors, home décor store At Home and furniture retailer Conn’s. Weitzman, which manages Lakepointe Crossing, represented the landlord in the lease negotiations. Colliers International represented Glowzone. The center is expected to open in October.

February 2, 2018

Industrial Midwest Wisconsin

Connected Technology Solutions Signs 42,590 SF Industrial Lease in Menomonee Falls, Wisconsin

by Kristin Harlow February 2, 2018

MENOMONEE FALLS, WIS. — Connected Technology Solutions Inc. has signed a 42,590-square-foot industrial lease in Menomonee Falls, about 20 miles northwest of Milwaukee. The kiosk hardware and software solutions provider will occupy the entire building located on Garwin Mace Drive. TJ Huenerbein, Samuel M. Dickman Jr. and Samuel D. Dickman of the Dickman Co. Inc./CORFAC International represented the landlord, AJR Properties South LLC, in the lease transaction. Brett Garceau of NAI/MLG Commercial represented the tenant.

February 2, 2018

Georgia Multifamily Southeast

Cushman & Wakefield Brokers $51M Sale of Apartment Community in Metro Atlanta

by Camren Skelton February 2, 2018

NORCROSS, GA. — Cushman & Wakefield has arranged the $51 million sale of The Reserve at Gwinnett, a 370-unit apartment community in the northeast Atlanta metro of Norcross in Gwinnett County. Mike Kemether, Josh Goldfarb and Travis Presnell of Cushman & Wakefield arranged the transaction on behalf of the seller, Duck Pond Realty Management LLC. Broadtree Residential Inc. acquired the property. Constructed in 1999, The Reserve at Gwinnett features a new fitness center, attached and detached garages, car care center, dog park, swimming pool and two lighted tennis courts.

February 2, 2018

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