TROY, MICH. — Signature Associates has brokered the sale of a 38,000-square-foot industrial building located at 1731 Thorncroft Drive in Troy, a northern Detroit suburb. Terms of the transaction were not disclosed. The building is located off West Maple Road with several automotive tenants nearby, including Midas, Belle Tire and Troy Auto Glass. Joe Banyai of Signature Associates represented the buyer, Troy Industrial Properties LLC, and the seller, First Industrial LP.
BAKER, CALIF. — Progressive Real Estate Partners has arranged the sale of the Baker Burger King location. A private North Hollywood-based investor bought he 3,705-square-foot outpost for $2.45 million. Frank Vora of Progressive represented the seller, a private investor, in this transaction.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a five-story, mixed-use building located at 165 W. 23rd St. in New York City’s Chelsea neighborhood. The asset sold for $11.9 million, or $1,471 per square foot. The property features a two-story restaurant and four multifamily units consisting of one studio, two one-bedroom units and one two-bedroom apartment. The apartment units were delivered vacant to the buyer. Peter Von Der Ahe, Shlomo Manne, Joe Koicim and Sean Lefkovits of Marcus & Millichap’s Manhattan office represented the seller and procured the buyer in the transaction. The names of both parties were not released.
HOUSTON — Dalfen America Corp. (DAC) has acquired Lockwood International’s corporate headquarters and distribution facilities in Houston in a sale-leaseback transaction. Lockwood International is a privately held supplier of valves and valve automation. The three-building portfolio includes two warehouses and one office building totaling 201,000 square feet. The properties were built in 1998, 2002 and 2004 as a build-to-suit project for Lockwood. Located two miles from Union Pacific’s Englewood and Settagast intermodal terminals, the property is also about 15 miles from downtown Houston. Joseph Smith of CBRE represented Lockwood International in the sale-leaseback transaction to DAC.
BROOKHAVEN, GA. — GLL Real Estate Partners has acquired TOWN Brookhaven, a 460,609-square-foot shopping center located at 4330 N.W. Peachtree Road E. in Brookhaven, an affluent suburb of Atlanta. The mixed-use property was 94 percent leased at the time of sale, with anchors including Cinebistro, Costco, LA Fitness, Marshalls and Publix. In addition to retailers and restaurants, TOWN Brookhaven features 22,000 square feet of office space. GLL Real Estate Partners purchased the property from a partnership between The Sembler Co. and Bell Partners. Eastdil Secured’s Atlanta office brokered the transaction. The sales price was undisclosed but media outlets are reporting TOWN Brookhaven sold for $162 million. TOWN Brookhaven is the retail and office component of a $400 million mixed-use development featuring 949 existing luxury apartment units and 374 units under construction.
NORWOOD, MASS. — Transwestern | RBJ has brokered the sale of an office building located at 2 Edgewater Drive in Norwood. ElmTree Funds LLC acquired the 98,000-square-foot property from Norwood One LLC for an undisclosed sum. Located in the master-planned Brookside Office Park, the Class A property features a full-service cafeteria, ample parking and easy access to I-95. The property is fully leased to Siemens Corp. on a long-term basis. Chris Skeffington, John Lasher, Roy Sanderman and Rob Byrne of Transwestern | RBJ represented the seller and sourced the buyer in the deal.
TAMPA, FLA. — PCCP has formed a joint venture with Banyan Street Capital to purchase Rivergate Tower, a 515,965-square-foot office complex located at 400 N. Ashley Drive in downtown Tampa. PCCP and Banyan Street Capital purchased the property for $70 million, according to Tampa Business Journal. CBRE brokered the sale and arranged acquisition financing for the joint venture. The property comprises a 31-story office tower and an adjacent five-story pavilion office building that houses the Florida Museum of Photographic Arts. Other tenants include Malio’s Prime Steakhouse, an upscale café, full-service bank branch, dry cleaner, two-story parking garage and a fitness center. The office complex was built in 1988 for $150 million.
NEW YORK CITY — Madison Realty Capital has acquired The Brooklyn Whale Building, located at 14 53rd St. in Brooklyn’s Sunset Park neighborhood, for $82.5 million. The seven-story building offers 400,000 square feet of industrial space. Currently 79 percent occupied, the property is nearing the completion of a more than $8 million renovation program to fully reposition the building into a state-of-the-art office hub. The seller initiated the capital expenditure program and Madison Realty plans to add substantially more to the building’s renovation plans as it assumes ownership. Built in 1918 by E.W. Bliss, the property served as the headquarters for the Whale Oil Co. Renovations to the building include the installation of energy-efficient windows, new elevators, a new roof and improved power infrastructure, as well as the addition of a new lobby with concierge desk along with spaces for amenity shops and restroom facilities. Aaron Jungreis of Rosewood represented both the buyer and undisclosed seller in the off-market transaction.
CHICAGO — Harrison Street Real Estate Capital has acquired Dwight Lofts, a 771-bed student housing property located in Chicago’s South Loop neighborhood, for a reported $105 million. During the school year, the property serves as housing for students attending Columbia College Chicago, which recently executed an 11-year lease extension. The institution specializes in art and media disciplines. Harrison Street acquired the 178-unit building, built in 2009, from Bethesda, Md.-based ASB Capital Management. The high-quality amenities and central location of Dwight Lofts make the property an ideal living space for students as well as those seeking housing during the summer months, says Joey Harrison, Harrison Street’s core fund portfolio manager. Dwight Lofts is located a quarter-mile from the main campus building of Columbia College Chicago, and within walking distance of four CTA “L” stations, the LaSalle Street Metra Station, Grant Park, lakefront running and bike paths, and retail and restaurant establishments. The property offers two- and four-bedroom units that are fully furnished. The building features amenities designed to cater to Columbia students, including art studio space, music practice rooms, study lounges, a sky lounge, an on-site fitness center and three food-service providers. The Dinerstein Cos. will manage the property.
OVERLAND PARK, KAN. — Tower Properties will completely renovate and revitalize the 6601 College Boulevard building, when engineering and consulting firm Black & Veatch vacates the premises at the end of this year. The $20 million project will include a new glass façade, updated mechanical systems and new interior finishes and amenities. The renovation is expected to position the six-story, 101,000-square foot office building constructed in 1979 as one of the upper-echelon properties in the Overland Park office market. Tower Properties has hired RMTA Architects to design the improvements, and Jonkman Construction to renovate the building’s interior and exterior. The building’s mechanical systems will be designed by SNS Engineering and will be completely modernized. Construction will begin in January 2016, and Tower anticipates the renovated building will be available for occupancy in the fall of 2016. Tower Properties has retained Rollie Fors and Adam Tilton, both senior partners with Colliers International, to market the building. New tenants will benefit from the extensive natural light throughout the building and collaborative exterior green space, says Tilton. According to the Kansas City Business Journal, Black & Veatch is consolidating a total of 700 employees into a single 175,000-square-foot space at Overland Park Xchange, …
