LOS ANGELES – An 8,900-square-foot industrial building in Los Angeles has sold to E.R. Mehr-Grand LLC for $3 million. The building is located at 1314-1320 S. Grand Ave. E.R. Mehr-Grand was represented by William O. Morrison and Thomas M. Williams of Heger Industrial. The seller, South Grand LLC, was represented by Mollie Dietsch, Jim Halferty and Mike Smith of Lee & Associates-Commerce.
FORT WORTH & BRYAN, TEXAS — Lee & Associates has negotiated the sale and lease back of a two-building industrial portfolio in Fort Worth and Bryan. Mark Graybill and Adam Graham of Lee & Associates’ Dallas/Fort Worth office represented the unnamed seller for the two properties. The portfolio consists of a 48,000-square-foot industrial building located at 7200 Jack Newell Blvd. in Fort Worth, and a 26,000-square-foot industrial building at 2801 N. Earl Rudder Freeway in Bryan. Both properties are manufacturing facilities with outside storage and long-term leases. Triple Net Acquisitions purchased the property and was represented in-house in the transaction.
REDMOND, WASH. – Guitar Center has announced plans to open at the Redmond Town Center next spring. The Southern California-based music company will occupy 15,000 square feet on the second level of the shopping complex, just above Eddie Bauer. Four new retailers are also set to join the center, which is located in Redmond, just northeast of Bellevue. They include Big 5 Sporting Goods, Evereve, Cow Chip Cookies and Jujubeet. The landlord is JSH Properties.
TEMPE, ARIZ. – A 38,225-square-foot retail building at Emerald Design Center has sold to Otium Real Estate Co. for $2.6 million. The free-standing building is located at 1725 West Ruby Drive. Otium is the owner/user entity of the current tenant, Salt Creek Home, a furniture store that has occupied the building since 2010. The showroom was built in 2006 as part of the 250,000-square-foot Emerald Design Center. The center features an eclectic mix of home furnishing retailers in the East Valley. Rick Robertson, Dave Johnson and Jerry Marrell of Lee & Associates represented both the buyer and the seller, Granco Enterprises, in this transaction.
OAK CREEK, WIS. — Marcus & Millichap has arranged the $17 million sale of a 279,828-square-foot Staples distribution facility in Oak Creek. The sale equates to $61 per square foot. Situated on a 28-acre parcel at 120 W. Opus Drive, the building features 20,000 square feet of office space and 259,828 square feet of warehouse space with a clear span of 33.5 feet. The building can be expanded by an additional 51,748 square feet. The facility is part of two-property, single-tenant industrial portfolio. The other asset, a 63,740-square-foot FedEx freight terminal in Aurora, Ill. sold for $15.9 million in May. Opus Group developed the property. Nick Manganais and Matthew Fitzgerald of Marcus & Millichap arranged the transaction for the seller, an Illinois-based family trust.
ST. LOUIS — Hilliker Corp. has arranged a five-year lease of a 64,000-square-foot building for St. Louis Language Immersion Schools Inc. (SLLIS) in St. Louis. The federal non-profit organization, which operates a network of independent charter public schools, moved two of its schools into one building located at 3740 Marine Ave. The property, built in 1929, sits on more than an acre of land and previously served as the site of a Salvation Army. H. Meade Summers of Hilliker represented the tenant.
ROYAL OAK, MICH. — Howard Schwartz Commercial Real Estate LLC has arranged the lease of 9,144 square feet in Royal Oak. Buffalo Wild Wings will occupy space at the former Barnes & Noble bookstore located at 500 S. Main St. Diversified Restaurant Holdings Inc. leased the space and will complete $2.6 million in renovations for the restaurant. The new eatery is expected to open January 2015.
NEW YORK CITY — Clarion Partners has acquired Printhouse Lofts, an apartment building located in Williamsburg, from New York City-based Greystone for an undisclosed price. Located at 139 North 10th St., the 1900s industrial-style warehouse was converted into a luxury rental apartment building by Greystone. The pet-friendly property offers 28 one-bedroom units, six two-bedroom units and two three-bedroom units. Community amenities include laundry machines on all floors, bike storage and 2,500 square feet of shared roof deck space. The property was 100 percent leased at the time of sale. Jeff Julien, Rob Hinckley and Andrew Scandalios of HFF arranged the sale.
CHARLOTTE, N.C. — Beacon Partners has purchased four fully leased industrial building in Charlotte’s Northwest submarket totaling 386,000 square feet. Beacon Partners has re-branded the park “NorthWest Industrial Park” and has planned capital improvements to the property, including enhancements to the building entrances, truck loading areas, building exteriors, signage, landscaping, parking lots and lighting. The industrial park is rail-served and features outside storage, trailer storage and 22- to 28-foot clear heights with dock-high and drive-in loading. Pete Pittroff and Brad Cherry of JLL represented the seller, Carlson Real Estate, in the transaction. Wells Fargo provided acquisition financing. Pete Kidwell of Beacon Partners will handle NorthWest Industrial Park’s leasing responsibilities.
BEVERLY HILLS, CALIF. – Jenel Management Corp. has acquired a 26,500-square-foot office building in Beverly Hills for $47.2 million. The building is located at 461-469 N. Beverly Drive, within the Beverly Hills Triangle. The former Bank of America building was fully redesigned in 1995 by Richard Meir and the Paley Center for Media, which previously was known as the Museum of Television and Radio. It is situated on the southwest corner of North Beverly Drive and Little Santa Monica. Jenel Management was represented by John Bertram of Savills Studley. The seller in this all-cash transaction was composed of several trusts representing several generations of the original business partners who had initially purchased this property in the 1920s from Burton Green. At the time, the space served as the buyers’ lumber company headquarters. The seller was represented by Chris Holland and Patrick Sheekey of Coldwell Banker Commercial WESTMAC.
