sales_and_leases

Bridge Development Partners Leases 194,000 SF of Industrial Space to Three Tenants

by Christina Cannon May 6, 2016

MCCOOK, ILL. — Bridge Development Partners LLC has signed up three new tenants for a combined 194,000 square feet of space at Bridge Point McCook II. The leases bring the facility located at 8401 W. 47th St. in McCook, approximately 15 miles southwest of Chicago, to 86 percent occupancy. DHL Express USA Inc., a postal and logistics company, signed a deal for 36,440 square feet. Mark Baumhart and Jeanne Rogers of Arthur J. Rogers & Co. represented DHL. In the second deal, Video Equipment Rentals LLC, an AV, audio, broadcast and computer equipment rental company, inked a deal for 94,152 square feet and was represented by Sam Durkin of JLL. In the last transaction, an undisclosed international tire manufacturer signed a lease to occupy a 64,057-square-foot space. Vern Schultz of Colliers International represented Bridge Development in all three transactions.

May 6, 2016

Illinois Industrial Midwest

Transwestern Arranges 13,816 SF Industrial Lease in Chicago Suburb

by Christina Cannon May 6, 2016

BOLINGBROOK, ILL. — Transwestern has arranged a 13,816-square-foot industrial lease in Bolingbrook, approximately 30 miles southwest of Chicago. Cope Plastics will occupy space at the 55,480-square-foot building. The property, 4 Territorial Court, was built in 2002 and is one of five buildings located in the Territorial Business Center. Cope Plastics, which makes and distributes plastic sheet, rod and tubing products, previously leased 10,700 square feet of space within the same business center. Scott Mueller of Transwestern represented the tenant in the transaction.

May 6, 2016

California Retail Western

Net-Leased Del Taco Property in Los Angeles Sells for $2.5M

by Nellie Day May 6, 2016

LOS ANGELES — A local family trust has acquired a single-tenant, net-leased Del Taco property located at 2060 S. La Cienega Blvd. in Los Angeles. An Orange County, Calif.-based private investor sold the 1,804-square-foot property for $2.5 million, or $1,386 per square foot. Built in 1965, the 24-hour Del Taco features a drive-thru lane and was remodeled in 2004. Jeremy McChesney of Hanley Investment Group represented the seller, while Shah Noorvash of Coldwell Banker Commercial represented the buyer in the all-cash transaction.

May 6, 2016

Arizona Office Western

Presidio Leases Office Space in Phoenix

by Nellie Day May 6, 2016

PHOENIX — Presidio has leased 2,915 square feet of office space at 24th at Camelback, a Class A office building in Phoenix. The building is also home to Cisco Systems, Presidio’s largest vendor. Other notable tenants in the building include AAA Arizona, Greenberg Traurig and Regus Business Centre. Presidio has been in the Phoenix market for seven years. It will open its newest office with 12 local employees. Peter Menna of Cushman & Wakefield represented the IT services provider. Jeff Hartland and Scott Boardman of the same firm represented the landlord, Hines, in this transaction.

May 6, 2016

Office Texas

Drever Capital Acquires 50-Story Downtown Dallas Skyscraper

by Haisten Willis May 5, 2016

DALLAS — Drever Capital Management has acquired 1401 Elm St., a 50-story office tower in downtown Dallas. The property was bought out of bankruptcy. The building will be renovated into 335 rental apartments, a 225-room luxury hotel and spa, multi-level retail shops and restaurants. The iconic building was constructed in 1965 by oilman H.L. Hunt for the First National Bank of Dallas, and was designed to look like a banker’s pinstriped suit. It was also the fictional leather-floored office of J.R. Ewing of the “Dallas” TV series. The 1.5 million-square-foot landmark, vacant for the last five years, was sold by a partnership between New York-City based Olympic Property Partners and BDRC Partners, a Dallas-based development company. Drever Capital has appointed Dallas-based Andres Construction as construction manager. There are 450 underground parking spaces at 1401 Elm and another 450-plus spaces will be added by converting four of the bank’s storage floors to parking.

May 5, 2016

New Jersey Northeast Retail

CBRE Brokers Sale of 92,431 SF Lifestyle Center in New Jersey

by Amy Works May 5, 2016

DENVILLE, N.J. — CBRE Group has arranged the sale of The Shoppes at Union Hill, a lifestyle center located at 3056 State Route 10 West in Denville. Stanbery Development sold the 92,431-square-foot retail property for an undisclosed price. Built in 2003, the property was 93 percent occupied at the time of sale to a variety of tenants, including Gap, Pier 1 Imports, Banana Republic, Ann Taylor LOFT, Talbots, Jos. A. Bank, Starbucks Coffee and Panera Bread. Brad Nathanson and Jeff Dunne of CBRE represented the seller in the transaction. The name of the buyer was not released.

May 5, 2016

Illinois Midwest Mixed-Use

Structured Development Sells Chicago’s Blackhawk on Halsted Project

by Christina Cannon May 5, 2016

CHICAGO — Structured Development has sold Blackhawk on Halsted, a 224,000-square-foot mixed-use development. A foreign institutional investment fund represented by LaSalle Investment Management purchased the property, which is located at 1460 N. Halsted St. in Lincoln Park, for an undisclosed price. The fully leased development was completed in 2009 and consists of three structures with retail and medical office space. Buildings include an 82,901-square-foot structure that houses the British School of Chicago, whose lease runs through 2040; an adjacent mixed-use building that includes 48,016 square feet of retail and 93,287 square feet of medical office space; and a 550-vehicle parking garage with an additional 48,016 square feet of ground-level retail. Retail tenants at Blackhawk on Halsted include The Tile Shop and REI, whose 28,000-square-foot store is the retailer’s only location in Chicago. Northwestern Memorial Physicians Group, Advocate Health Care and Town & Country Pediatrics anchor the development’s medical office space. Structured Development acquired the property in 2012 for $82 million.

May 5, 2016

Illinois Midwest Multifamily

Essex Realty Brokers $4M Sale of 31-Unit Multifamily Property in Chicago

by Christina Cannon May 5, 2016

CHICAGO — Essex Realty Group has brokered the $4 million sale of a 31-unit multifamily property in Chicago. The building, located at 3747 W. Sunnyside Ave. in the Albany Park neighborhood, was fully renovated in 2014. Upgrades include all new electrical wiring, new plumbing, new windows and tuck-pointing. Interior renovations include granite countertops, new cabinets, refinished hardwood floors, new in-unit HVAC systems and fully updated kitchens and bathrooms. Doug Imber, Kate Varde and Brian Kochendorfer of Essex Realty brokered the transaction. The buyer and seller in the transaction were undisclosed.

May 5, 2016

Midwest Office Ohio

CBRE Arranges $3.1M Sale of 42,000 SF Office Building in Cincinnati

by Christina Cannon May 5, 2016

CINCINNATI — CBRE Group Inc. has arranged the sale of a two-story office building in Cincinnati for $3.1 million. The 42,000-square-foot property, 111 Tri-County Parkway, is 100 percent leased to Cincinnati Bell Technology Services, which uses the facility as a support center for help desk functions, bench-testing and fulfillment services. Keith Yearout, Jim Vondran and Hank Davis of CBRE represented the seller, OA Development, in the transaction. Wang Brothers Investment, a California-based private equity investor, was the buyer.

May 5, 2016

Industrial Kansas Midwest

Colliers International Brokers Sale of 142,308 SF Industrial Building Near Kansas City

by Christina Cannon May 5, 2016

SHAWNEE, KAN. — Colliers International has arranged the sale of a 142,308-square-foot industrial building in Shawnee, approximately 10 miles southwest of Kansas City, for an undisclosed price. ECM Real Estate Holdings LLC sold the facility, located at 23501 W. 84th St., to Shawnee Logistics Centre LLC. John Stafford, Ed Elder and Tom Haverty of Colliers International represented the seller in the transaction. The buyer was self-represented.

May 5, 2016

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