SOUTHFIELD, MICH. — Sandler & Travis Trade Advisory Services Inc. has signed a 38,773-square-foot lease at the Galleria Officentre in Southfield, approximately 17 miles northwest of Detroit. Sandler & Travis will occupy space on the first and fourth floors of the 350,000-square-foot building. The five-story, Class A office building was constructed in 1987. David Friedman and Robert Gagniuk of Friedman Integrated Real Estate Solutions represented the ownership in the transaction.
CHICAGO — CIM Group, a Los Angeles-based real estate investment firm, has agreed to acquire Four40, a 39-story, 1 million-square-foot office tower located at 440 S. LaSalle St. in Chicago’s financial district. Dallas-based TIER REIT Inc. (NYSE: TIER) is reportedly selling the asset for $200 million, according to Crain’s Chicago. Sources say the deal has not closed, however, and CIM Group declined to comment. Crain’s also reports that between 2013-2014 the REIT sold the other three Chicago assets that it purchased in a four-property portfolio transaction in 2007. According to its 2015 financial results, TIER REIT’s goal for 2016 includes selling $200 million to $400 million of “non-strategic properties.” Built in 1984 and renovated in 2014, the office tower features a 40,000-square-foot amenity floor for tenants, 45,000-square-foot landscaped plaza, café, underground parking, 150-seat conference room, 24-hour staffed security and bay windows that offer 180-degree views. The tower also houses the Chicago Stock Exchange, the Arciel bar and lounge, The Everest Room and The Buckingham Club and Hotel. The Chicago Stock Exchange Inc. (CHX) signed a long-term lease renewal in May 2014 for 33,000 square feet within Four40, a consolidation of its original footprint. In addition to the office tower, new …
PORT CHESTER, N.Y., AND NEW HAVEN, CONN. — Marcus & Millichap has brokered the sale of a two-property, 2,000-unit self-storage portfolio for $16 million, or $139 per square foot. The properties are the 937-unit Byram Self Storage in Port Chester and the 1,063-unit New Haven Self Storage in New Haven. Kevin Menendez, Michael Mele and J.D. Parker of Marcus & Millichap represented the seller, a Delaware-based limited liability company, and procured the buyer, a Santa Monica, Calif.-based company, in the transaction.
LOS ANGELES — An affiliate of Z Capital Partners, the private equity management arm of Z Capital Group, has agreed to acquire chain restaurant brand Pink Taco for an undisclosed price. Z Capital Partners is the largest shareholder in restaurant group Real Mex Restaurants, and plans to expand the Pink Taco brand via new locations and improvements to operations and marketing. Third-generation restaurateur Harry Morton founded Pink Taco in Las Vegas in 1999, and the franchise also has locations in Los Angeles. Hard Rock Hotel will still own and operate the original Las Vegas location. Morton will continue to guide strategic marketing, design and future locations of the chain, as well as help launch take-home products for the brand. The transaction is expected to close in the second quarter of 2016.
LA MESA, CALIF. — Hanley Investment Group has arranged the sale-leaseback of a 2,806-square-foot, single-tenant Wendy’s restaurant in the San Diego suburb of La Mesa. The triple-net-leased property sold for $4.1 million. The sale included both the land and the building, and featured a new 20-year lease with increases every five years. Eric Wohl of Hanley represented the San Diego-based seller, which operates 54 Wendy’s locations in California. The buyer, represented by Thomas Ahn of Integrity Capital, was a private investor based in San Diego.
HOLLYWOOD, FLA. — Kimco Realty Corp. has purchased the remaining 45 percent ownership interest in the Oakwood Plaza shopping center and the Dania Pointe mixed-use development in Hollywood for a gross purchase price of $299.2 million. Kimco acquired the interest and assumed $100 million of mortgage debt from its joint venture partner, Canada Pension Plan Investment Board. The adjacent properties have a combined two miles of frontage on I-95 and are near the Fort Lauderdale-Hollywood International Airport and the Port Everglades international cruise port. Oakwood Plaza is a 900,000-square-foot open-air retail center that is fully leased to tenants such as Home Depot, Marshalls, HomeGoods, Ross Dress for Less, Michaels, PetSmart, BJ’s and Regal Cinemas. Dania Pointe is a mixed-use, ground-up development project that will include approximately 900,000 square feet of retail stores and restaurants, 1,000 luxury apartments, two hotels totaling 300 rooms and two office towers. Phase I will be a traditional 318,000-square-foot open-air retail power center with construction expected to begin in the fall of 2016. Phase II will be a lifestyle center featuring 575,000 square feet of Main Street retail, residential towers and office buildings. Construction for Phase II is scheduled to start at the end of 2017.
GAHANNA, OHIO — Mainfreight USA Inc. has signed a 20,000-square-foot industrial lease at the Eastgate Business Center in Gahanna, approximately 10 miles northeast of Columbus. The 80,000-square-foot Eastgate Business Center is located within the Eastgate Industrial Park. Mainfreight, a global supply chain support and logistics service company, brings the building to full occupancy with its lease. Other tenants in the facility include HF Group, CORT Furniture Solutions and Distributor Wire & Cable. Mark F. Taggart Co. and Fed One Dublin are the landlords. Jeff Lyons of CBRE represented the tenant in the transaction.
OKLAHOMA CITY — Marcus & Millichap has arranged the sale of Mid America Business Park, a three-story, 84,373-square-foot office building located in Oklahoma City. Cody Payne of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a Fort Worth-based private partnership. The buyer is a private investor utilizing a 1031 tax-deferred exchange. Ron Hebert of Marcus & Millichap’s Dallas office partnered with Payne on the sale. Tom Mann of the firm’s Tulsa office is Marcus & Millichap’s broker of record in Oklahoma. Built in 2002, the property is located at 7919 Mid America Blvd., a few miles from downtown Oklahoma City. The Veterans Administration and CNI Administration Services anchor the property and account for 65 percent of the gross leasable area. Other tenants include AAR Services, Deaconess Home Care and Edward Jones.
LOCKPORT, ILL. — UPS has leased a 273,640-square-foot building within Panattoni Development Co.’s recently delivered 355 Corporate Center in Lockport, approximately 35 miles southwest of Chicago. The facility features 65 docks, four drive-in doors and parking for 268 cars. UPS leased the first of two buildings delivered within the industrial park. The second building is 228,690 square feet and includes 65 docks, four drive-in doors and parking for 240 cars. Both buildings also feature 32-foot clear heights and ESFR sprinkler systems. Frank and Matt Minik of Jupiter Realty Services represented UPS in the transaction. Mark Barbato and Adam Stokes of Nicolson, Porter & List represented Panattoni Development Co.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of a six-building multifamily portfolio located in the West Bronx’s Fordham Heights neighborhood. John LaRocca of Arena Real Estate acquired the portfolio from Bernard Miller for $45.7 million. The portfolio contains 305 apartments across 271,000 square feet, including three six-story elevator-serviced buildings and three five-story walk-ups. The properties are located at 2063-2065, 2075, 2084 and 2095 Creston Ave., 108 Field Place and 2324 Morris Ave. David Berger of Rosewood Realty Group represented the seller and buyer in the transaction.
