COHASSET, MASS. — Black Creek Capital has completed the disposition of Cohasset Village Plaza, a convenience-oriented shopping center located in Cohasset. Crosspoint Associates acquired the 49,561-square-foot property for an undisclosed price. Situated along Route 3A, the property is co-tenanted by CVS/pharmacy, Curtis Liquors and Starbucks Coffee. Geoffrey Millerd, Justin Smith and Christian Brannelly of NKF Capital Markets’ Boston office represented the seller in the transaction.
AUSTIN, TEXAS — HFF has negotiated the sale of 5508 Parkcrest, a 40,798-square-foot office building located in northwest Austin. The Class B property was 92 percent occupied at the time of sale. HFF represented the seller, a family trust, in the transaction. An affiliate of Austin-based F&B Capital purchased the asset for an undisclosed price.
WICHITA FALLS, TEXAS — Coldwell Banker Commercial Advisors (CBCA) has arranged the sale of a 36,879-square-foot office property located at 2236 Airport Drive in Wichita Falls, about 100 miles northwest of Fort Worth. The property, which was built in 1992 and is currently leased to USA 800, a Missouri-based call center provider. Gary Walker of CBCA represented the buyer, SkyWalker Property Partners, in the transaction. Sandalwood Pacific LP of Hawaii sold the net-leased asset for an undisclosed price.
FOUNTAIN INN, S.C. — CBRE has arranged the $5.4 million sale of 110 Milacron Drive, a 182,534-square-foot industrial facility in Fountain Inn, a suburb of Greenville. Campbell Lewis of CBRE arranged the transaction on behalf of the buyer, 844 S.E. Main LLC. CBRE’s Marcus Cornelius and Nick Hollstegge represented the undisclosed seller. Constructed in 1980, the facility features 28-foot clear heights, motion-activated T-8 lighting in the warehouse, eight dock-high doors, 130 parking spaces and 26,941 square feet of office space. The new owner plans to improve the facility’s exterior and interior features, as well as parking and truck court surfaces.
PORT CHARLOTTE, FLA. — GBT Realty Corp. has acquired a 75-year ground lease, including a 108,500-square-foot retail building and nine-acre land site, in Port Charlotte, roughly 40 miles south of Sarasota. The Brentwood, Tenn.-based real estate firm acquired the asset from 19400 Cochran Boulevard Holdings LLC for an undisclosed price. GBT Realty plans to renovate and upgrade the building, which currently houses a vacant Kmart. The firm will also expand the building with new structures to accommodate retail, services and restaurant tenants. Best Buy, Walmart and The Home Depot anchor the corridor, located at the intersection of Tamiami Trail/US Highway 41 and Cochran Boulevard.
MINNEAPOLIS — Cushman & Wakefield has arranged the sale of Riverwalk Townhomes and Flats in the North Loop neighborhood of Minneapolis for $19.2 million. The property features 96 residential units and 10,000 square feet of office condo space. The unit mix includes 40 rental townhomes and 56 apartments. Lance Steiger and Robert Dulin of Cushman & Wakefield represented the seller, James Stanton Estate. Seattle-based Goodman Real Estate purchased the property.
CRESTWOOD, ILL. — Marcus & Millichap has brokered the sale of a 4,800-square-foot retail property in Crestwood, about 25 miles southwest of Chicago, for $2.4 million. The building, located at 13430 South Cicero Ave., is 100 percent leased to T-Mobile, Jersey Mike’s and Sport Clips. Sean R. Sharko and Austin Weisenbeck of Marcus & Millichap marketed the property on behalf of the seller, a developer. Brendan Lee of Marcus & Millichap secured and represented the buyer, a limited liability company.
LAS VEGAS — Penn National Gaming Inc. (NASDAQ: PENN) has agreed to purchase fellow gaming property owner Pinnacle Entertainment Inc. (NASDAQ: PNK) in a cash and stock transaction valued at $2.8 billion. The deal has been approved by the boards of directors of both companies and is expected to close in the second half of 2018 following an approvals process involving the two companies’ shareholders and applicable gaming authorities. Pinnacle employs roughly 16,000 team members and owns and operates 16 gaming and entertainment facilities located in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada, Ohio and Pennsylvania. The Las Vegas-based company is also a manager and majority owner of Retama Park Racetrack near San Antonio. As part of the transaction, Wyomissing, Pa.-based Penn National will sell four of the newly acquired assets to Las Vegas-based Boyd Gaming Corp. (NYSE: BYD) for $575 million. The properties include Ameristar St. Charles and Ameristar Kansas City in Missouri; Belterra Casino Resort in Florence, Ind.; and Belterra Park in Cincinnati. Penn National has also negotiated with Gaming and Leisure Properties (NASDAQ: GLPI), the landlord for Penn National and Pinnacle’s master lease agreements, to sell and lease back the real estate associated with Belterra Park and …
SALT LAKE CITY — PolarityTE has leased a 178,000-square-foot industrial facility in Salt Lake City. The facility is located at 1960 S. 4250 West. PolarityTE is developing tissue-regenerative medical procedures and technology. Jim Sheldon of Newmark Grubb ACRES executed the transaction.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of two contiguous four-story apartment buildings in the Prospect-Lefferts Gardens section of Brooklyn. The buyer, 558-566 Parkside LLC, acquired the properties from 566 Parkside LLC for $14.6 million. Located at 558-566 Parkside Ave. the buildings offer a total of 59 apartments. Michael Guttman of Rosewood represented the buyer, while Aaron Jungreis, also of Rosewood, represented the seller in the transaction.
