sales_and_leases

DP Electric Buys 34,370 SF Office Building in Tempe for $3.4M

by Nellie Day November 2, 2017

TEMPE, ARIZ. — DP Electric has purchased a 34,370-square-foot office building in Tempe for $3.4 million. The building is located at 2210 S. Roosevelt St. The space will serve as the firm’s new corporate headquarters. The office will be renovated to house the company’s entire staff under one roof. Renovations will include an open-concept floor plan with offices flanking work stations, and many areas for conferences and collaboration. It will also include an employee gym, locker rooms, and a café and event space that open to the outdoors with an adjacent large patio for entertaining. DP Electric has been at its current Tempe location since 2005, and will begin operating out of the new corporate headquarters by summer 2018. Kurt Saulnier of Lee & Associates Arizona represented the electrical contracting firm while Eric Jones of Commercial Properties Incorporated represented the seller, Robert Coleman Trust.

November 2, 2017

Industrial New Jersey Northeast

Cushman & Wakefield Brokers Sale of 580,000 SF Manufacturing Facility in Vineland, New Jersey

by Amy Works November 2, 2017

VINELAND, N.J. — Cushman & Wakefield has arranged the sale of a manufacturing and warehouse facility located at 500 W. Elmer Road in Vineland. F&S Produce Co. acquired the 580,000-square-foot property for an undisclosed price. The buyer will use the new facility to accommodate its future expansion. Matthew Marshall, Brian Hilger and Gerry Blinebury of Cushman & Wakefield represented the undisclosed seller in the deal.

November 2, 2017

Florida Multifamily Southeast

Walker & Dunlop Arranges $135M Sale of Multifamily Community in South Florida

by Camren Skelton November 2, 2017

DORAL, FLA. — Walker & Dunlop has arranged the $135 million sale of The Manor CityPlace Apartments, a 398-unit multifamily community in Doral, a city in South Florida roughly 14 miles west of Miami. Roberto Pesant and Chris Conklin of Walker & Dunlop arranged the transaction on behalf of the seller and property developer, The Related Group. TA Realty acquired the asset, which is situated on a 5.7-acre site within walking distance to CityPlace Doral, a 55-acre retail center that opened in March. Constructed in 2014, The Manor includes studio, one-, two- and three-bedroom floor plans with private patios and balconies. Community amenities include a waterfall Jacuzzi, pool with personal cabanas and daybeds, outdoor kitchen with a fireplace and barbeque area, game room, private movie theater, yoga studio, virtual spinning room and a fitness center.

November 2, 2017

North Carolina Office Southeast

Highwoods Properties to Sell Two Office Towers in Raleigh for $65.3M

by Camren Skelton November 2, 2017

RALEIGH, N.C. — Highwoods Properties Inc. is selling two office towers in Raleigh for a combined $65.3 million. Highwoods Tower One, a 187,000-square-foot office tower in Raleigh, sold for $34.3 million. The Triangle Business Journal reports BB&T, a tenant, acquired the asset. BB&T also acquired an adjacent, two-acre land parcel as part of the acquisition. The 26-year-old building was 85.5 percent leased as of Sept. 30. In addition, Highwoods Properties is selling Highwoods Tower Two for $31 million. The transaction, which is scheduled to close in the second quarter of 2018, will include another adjacent, two-acre land parcel. The 168,000-square-foot building is 15 years old and was 90.8 percent leased as of Sept. 30.

November 2, 2017

Office Retail Southeast Tennessee

Magnolia Capital Acquires Office, Retail Properties in Tennessee for $22.4M

by Camren Skelton November 2, 2017

MEMPHIS AND SHELBYVILLE, TENN. — Magnolia Capital Investments has acquired two properties in Memphis and Shelbyville for a combined $22.4 million. The Nashville-based company acquired Trustmark Centre, a 163,446-square-foot office building located at 5350 Poplar Ave. in Memphis, for $19.7 million. The nine-story building was 93.5 percent leased at the time of sale to tenants including TrustMark Bank, Aetna Insurance and Evergreen Packaging. Shane Soefker and Jacob Biddle of Avison Young represented Magnolia Capital in the transaction. In Shelbyville, Magnolia Capital acquired Big Springs Shopping Center for $2.7 million. Located at 108 Lane Parkway, the 86,077-square-foot retail center was 86 percent leased at the time of sale to tenants including Dollar General, Factory Connection, United Grocery Outlet and Goodwill. Avison Young will manage Big Springs Shopping Center and handle the property’s leasing activity.

November 2, 2017

Midwest Minnesota Multifamily

CBRE Arranges $77M Sale of 10-Property Apartment Portfolio in Suburban Minneapolis

by Kristin Harlow November 2, 2017

MINNEAPOLIS — CBRE has arranged the sale of a 10-property apartment portfolio in suburban Minneapolis for $77 million. The portfolio spans 768 units in Bloomington, Brooklyn Center, New Hope and St. Paul. Aeon, a local nonprofit affordable housing developer and owner, purchased the portfolio. Constructed between 1964 and 1970, the units range in size from studios to three-bedroom units and average 1,012 square feet. Keith Collins, Ted Abramson, Abe Appert and Laura Hanneman of CBRE represented the seller, Hillaway Investments LLC. Prior to the sale, the seller completed $2.4 million in capital improvement projects over the past three years.

November 2, 2017

Illinois Midwest Office

Principal Real Estate Investors Sells 559,204 SF Office Property in Lincolnshire, Illinois

by Kristin Harlow November 2, 2017

LINCOLNSHIRE, ILL. — Principal Real Estate Investors has sold Tri-State International Office Center in Lincolnshire, a northern suburb of Chicago. The sales price was $75 million, according to local media reports. The Class A office park spans five buildings and 559,204 square feet. The buildings are 79.3 percent leased to tenants such as CDW Corp., LTD Commodities, Solo Cup and Wells Fargo Bank NA. CDW, a computer hardware and software company, occupies two buildings at the property for its corporate headquarters. Amenities include a conference center, 135-seat auditorium, fitness center and deli. Patrick Shields, Bryan Rosenberg, Jaime Fink, Jeff Bramson and Mark Katz of HFF represented Principal Real Estate Investors. Bradford Allen Investment Advisors represented the undisclosed buyer.

November 2, 2017

Industrial Texas

Colliers Arranges Sale of Two Industrial Properties Totaling 400,000 SF in Metro Houston

by Taylor Williams November 2, 2017

STAFFORD AND SUGAR LAND, TEXAS — Colliers International has arranged the sale of two industrial properties totaling 400,000 square feet in the Houston metros of Stafford and Sugar Land. Jim Pratt and Trey Erwin of Colliers represented the seller of a 70,000-square-foot distribution facility located at 10702 Cash Road in Stafford. The tenant, Capital Plastics International Inc., will relocate from that property to a 330,000-square-foot facility located at 1601 Gillingham Lane in Sugar Land. Colliers recently represented the seller of that property as well.

November 2, 2017

Michigan Midwest Self-Storage

Marcus & Millichap Brokers Sale of 65,810 SF Self-Storage Building in Eastpointe, Michigan

by Kristin Harlow November 2, 2017

EASTPOINTE, MICH. — Marcus & Millichap has brokered the sale of EZ Storage in Eastpointe, about 10 miles north of Detroit. The sales price was not disclosed. The 65,810-square-foot self-storage building is located at 21500 Gratiot Ave. Brett Hatcher of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. He also secured and represented the buyer, an out-of-state limited liability company.

November 2, 2017

Multifamily Texas

JLL Negotiates Sale of 238-Unit Apartment Community in Galveston

by Taylor Williams November 2, 2017

GALVESTON, TEXAS — JLL has negotiated the sale of Driftwood Apartments, a 238-unit multifamily community located at 7019 Lasker Drive in Galveston. The garden-style property consists of 15 buildings offering one- and two-bedroom units. Gulf Coast Kington Properties, an affiliate of San Angelo-based multifamily investment firm Kington Properties, purchased the asset for an undisclosed price. Chip Nash, Greg Austin and Bob Heard of JLL brokered the transaction.

November 2, 2017

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