sales_and_leases

Grubb Properties, New York Life Acquire Office Tower in Uptown Charlotte

by John Nelson January 6, 2015

CHARLOTTE, N.C. — Grubb Properties has partnered with New York Life Real Estate Investors to acquire a 19-story office building in Uptown Charlotte. The partnership purchased the 405,000-square-foot office tower located at 525 N. Tryon St. from Parkway Properties Inc. for an undisclosed price. The office tower is located adjacent to the new SkyHouse apartment tower that Grubb is developing with Novare Group and Batson-Cook Development Co. The office building features a conference center, café, on-site management, 24-hour security surveillance and a vacant restaurant site.

January 6, 2015

New York Northeast Office

RFR Holding LLC Acquires 281 Park Avenue South in NYC’s Midtown South

by Amy Works January 6, 2015

NEW YORK CITY — RFR Holding LLC, along with Real Estate Capital Partners, has acquired 281 Park Avenue South, a landmark building formerly known as the Church Mission House in Midtown South. RFR purchased the six-story, 45,000-square-foot building from the Federation of Protestant Welfare Agencies for $50 million. Following upgrades that will include new storefronts, mechanical systems and a new office lobby with entrance on 22nd Street, the building will be repositioned as a showpiece for a single office user requiring 28,000 to 40,000 square feet. The building features approximately 6,700-square-foot rentable floor plates, ceiling heights up to 20 feet, a cooper and terra-cotta roof, marble mosaic flooring, stained glass windows, wood wainscoting and plaster ornamentation.

January 6, 2015

Arizona Retail Western

Sahuarita Plaza Shopping Center Near Tucson Sells for $12.2M

by Nellie Day January 6, 2015

TUCSON, ARIZ. – Sahuarita Plaza Shopping Center, a 160,000-square-foot retail power center near Tucson, has sold to Colt Valley Development Company for $12.2 million. The center is located at the interchange of I-19 and Duval Mine Road in Sahuarita. It’s anchored by Ross, Big Lots, PETCO, Jo-Ann Fabric and Crafts and Ace Hardware. The seller was Canada Life Real Estate LLC. The transaction was executed by Greg Furrier of Cushman & Wakefield | PICOR and Greg Valladao of Cushman & Wakefield.

January 6, 2015

Arizona Multifamily Western

Cove on 44th Apartment Community in Phoenix Changes Hands

by Nellie Day January 6, 2015

PHOENIX – Cove on 44th, a 256-unit apartment community in Phoenix, has sold to Cove Phoenix LLC for $7.7 million. The Class B community is located at 4030 N. 44th Ave. It was built in 1983. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International’s HSK Multifamily Southwest team represented both the buyer and seller, Cove at 44th LLC, in this transaction.

January 6, 2015

Colorado Retail Western

MonkeySports Opens First Superstore in Colorado

by Nellie Day January 6, 2015

DENVER – MonkeySports has opened its first superstore in Colorado. The 15,125-square-foot outpost is located at 6578 S. Yosemite Circle in Greenwood Village, just east of Littleton. MonkeySports is the nation’s largest retailer of hockey and lacrosse equipment. It also operates locations in California, Massachusetts, New Hampshire, New Jersey and Sweden. MonkeySports was represented by Frank Griffin of Newmark Grubb Knight Frank. The landlord was not named.

January 6, 2015

Colorado Retail Western

Aurora Strip Center Sells for $1.8M

by Nellie Day January 6, 2015

AURORA, COLO. – A 34,589-square-foot retail strip center in Aurora has sold to M&M Corporation LLC for $1.8 million. The five-building center is located at 3113-3191 Peoria Street. The property was leased to 16 retailers, many of which were long-term tenants, at the time of sale. M&M was represented by Lan Than of Landmark Real Estate Services. The seller, THS Properties LLC, was represented by Marc Lippitt, Scott Shwayder and Justin Herman of Unique Properties Inc. – TCN Worldwide.

January 6, 2015

Office Texas

Cousins Properties Sells Office Tower in Fort Worth

by Haisten Willis January 5, 2015

FORT WORTH, TEXAS — Cousins Properties Inc. has sold 777 Main, a 980,000-square-foot, Class A office tower in downtown Fort Worth, for $167 million. Cousins purchased 777 Main for $160 million in September of 2013 as part of its Crescent Texas acquisition, which included the 4.3 million-square-foot Greenway Plaza office complex in Houston. Cousins is a fully integrated, self-managed real estate investment trust. The Atlanta-based company primarily invests in Class A office assets located in Georgia, Texas and North Carolina.

January 5, 2015

Loans Michigan Midwest Restaurant Retail

Bernard Financial Group Arranges $2.7M Loan for Applebee’s Property

by Danielle Everson January 5, 2015

SOUTHFIELD, MICH. — Bernard Financial Group has arranged a $2.7 million loan to refinance an Applebee’s property in Southfield. The 5,430-square-foot building is a new construction. Dave Dismondy of Bernard Financial Group arranged the loan for the borrower, Kinaia-Ko LLC, through a life insurance company.

January 5, 2015

California Industrial Western

Temecula Industrial Building Sells for $2.8M

by Nellie Day January 5, 2015

TEMECULA, CALIF. – A 24,000-square-foot industrial building in Temecula has sold to Anderson Living Trust for $2.8 million. The building is located at 41973 Remington, within the Legacy Corporate Center. The space was built in 2006. It is triple-net leased to Daltile, a subsidiary of Mohawk Industries. The company manufactures, distributes and markets ceramic tile and natural stone products. The trust was represented by Joe Brady of Colliers International. The seller was Legacy Corporate Center.

January 5, 2015

California Industrial Western

San Diego Industrial Building Sells for $2.6M

by Nellie Day January 5, 2015

SAN DIEGO – A 15,488-square-foot industrial building in the Miramar submarket of San Diego has sold to Empire Electrical Supply for $2.6 million. The building is located at 7150 Carroll Road. Empire will use the building for the storage and distribution of electrical supplies. It will also contain office space for contracting work. The seller, Charter Industrial Supply, was represented by Nick Price of Voit Real Estate Services’ San Diego office. The transaction was an owner-user exchange.

January 5, 2015

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