CUDAHY, WIS. — The Dickman Company Inc./CORFAC International has arranged a 45,958-square-foot industrial lease in Cudahy, seven miles south of Milwaukee. Action Industries Ltd. will occupy the space located at 2200 E. College Ave. Nick Keys of The Dickman Company represented the tenant in the transaction. Pat Hake of Colliers International represented the landlord, CrossLake Partners.
ASHEVILLE, N.C. — Greenville, S.C.-based Davis Property Group has sold Verde Vista, a 257-unit apartment community located in Asheville’s East submarket. Raleigh-based Chaucer Creek Capital LLC purchased the asset for $41.5 million. Built in 2012, Verde Vista’s units feature nine-foot ceilings, plank faux-wood flooring, washer and dryer units and black EnergyStar appliances. Phil Brosseau and Kevin Kempf of CBRE represented Davis Property Group in the transaction. Steve Heffner, Nate Sittema and Kristen Reilley of CBRE’s Charlotte office arranged a 10-year, fixed-rate, $33.2 million acquisition loan through Fannie Mae on behalf of the borrower.
NORWOOD, MASS. — Hilco Global has acquired an office building located at 825 University Ave. in Norwood from KBS Realty Advisors/KBS Capital Markets Group for $26 million. The 169,000-square-foot Class A building is fully occupied by Xcerra and operates as Illinois Tool Works’ R&D production space. Camille Renshaw of Stan Johnson Co. brokered the transaction.
INDIANAPOLIS — The original developer of the Indianapolis Marriott Downtown has reacquired a property it opened more than 15 years ago. Affiliates of Merrillville, Ind.-based White Lodging Services Corp. and REI Investments bought the 622-room hotel from LaSalle Hotel Properties (NYSE: LHO) for $165 million and plan to begin renovations in the first quarter of 2017. White Lodging has managed the hotel since its inception. The renovation will include 10 additional guestrooms as well as two new restaurants and a new lobby bar. White Lodging, REI Investments and Kite Cos. originally owned and opened the Indianapolis Marriott Downtown in February 2001. The hotel offers more than 40,000 square feet of meeting and event space with two restaurants and a Starbucks.
TOPEKA, KAN. — Minneapolis-based Timberland Partners has acquired Woodland Park at Soldier Creek, a 236-unit apartment community in Topeka, for an undisclosed price. The community was built in 2008. Timberland plans to add a variety of upgrades, including a new swimming pool, signage and improvements to the parking lot. Timberland used capital from its Timberland Partners Investment Fund V LLC to fund the acquisition. Reid Teaney and Mac Crowther of ARA Newmark Kansas City represented the seller in the deal. Timberland Partners is a real estate investment and management firm that currently owns over 11,000 apartment units in 12 states.
MINNEAPOLIS — Ackerberg has executed a long-term lease with HeadFlyer Brewing, a newly founded taproom and brewery, to occupy 9,435 square feet in the Miller Textile Building located at 861 E. Hennepin Ave. in northeast Minneapolis. The speculative project is now 61 percent leased. Renovation of the property began in December 2015 as part of the transformation of the former Miller Bag Building into office and retail space. The newly branded Miller Textile Building now includes 10,000 square feet of retail and 38,000 square feet of office space, with 84 free off-street parking stalls in a four-story building. HeadFlyer Brewing will open this fall. According to the Minneapolis Star-Tribune, for decades the Miller Bag Co. produced potato sacks, seed bags and feed bags for the agricultural market, later adding a production line for bags for Toro lawn mowers. In 1999, the Miller Bag Co. merged with another firm and today that entity is known as The Airtex Group, which provides multi-faceted textile design and manufacturing solutions. Ackerberg is developing the project. Additional project partners include general contractor Bainey Construction and project architect RoehrSchmitt. First Western Bank and the City of Minneapolis provided financing. The Metropolitan Council and the Department of …
SANTA CLARITA, CALIF. — An unnamed buyer has acquired the 232-unit Monterra Ridge apartment complex in Santa Clarita for $45.5 million. The community is located at 28085 Whites Canyon Road. Monterra Ridge is situated near interstates 14 and 5, which provide access to greater Los Angeles. The property was built in 1985. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both the buyer and seller in this transaction.
NOVI, MICH. — Children’s clothing retailer Hanna Andersson and American Girl are set to open new locations at Twelve Oaks Mall, a 550,000-square-foot center located in the Detroit suburb of Novi. Both retailers are slated to open in early August on the mall’s upper level near Nordstrom. The American Girl store will be the retailer’s first in Michigan, and will be a temporary boutique, according to reports by Crain’s Detroit Business.
ORLANDO, FLA. — CBRE has brokered the $49.8 million sale of a three-property portfolio totaling 271,192 square feet of office space within Central Florida Research Park in Orlando. City Office REIT purchased the assets from DRA Advisors. Situated adjacent to the University of Central Florida, the properties include Research Commons at 12249 Science Drive; Technology Park I and II at 3045-3051 Technology Parkway; and University Tech Center at 12501-12565 Research Parkway. The 1,027-acre Central Florida Research Park is the largest research and technology development park in Florida and the fourth largest in the nation. Ron Rogg and Chip Wooten of CBRE brokered the transaction.
SAN DIEGO — SVN|Asset Advisory Group has arranged the sale Boulevard Plaza Shopping Center, located at 2800-2820 El Cajon Blvd. in the North Park section of San Diego. Boulevard Plaza San Diego LLC sold the 12,623-square-foot retail property to 2800 El Cajon Blvd LLC for $3.7 million. At the time of sale, the property was fully leased. Chris Rink of SVN|Asset Advisory Group represented the seller and buyer in the deal.
