Marcus & Millichap brokered the sale of Phoenix Self Storage, a 128,240-square-foot property offering 1,031 rentable units. Devin Beasley, Luke Elliott and Michael Mele—self-storage investment specialists at Marcus & Millichap’s The Mele Group—marketed the property on behalf of the seller, a private investor.

The same team represented the seller, a limited-partnership investment firm based on the East Coast. Ryan Sarbinoff, regional manager of the firm’s Phoenix office, assisted in closing the deal. According to Luke Elliot, the property traded for nearly twice the value estimated by local brokers…

The Phoenix office of JLL arranged the $18.4 million sale of Phoenix Logistics Center. Colony Northstar purchased the property from a joint venture between Overton Moore Properties and PCCP LLC.

Located at 420 S. 53^rd Ave. and 1002 S. 56^th Ave., in Phoenix’s Southwest submarket, the center totals 245,890 square feet across two buildings. Both properties have been recently refurbished with $1.8 million in capital improvements, which included new roofing, HVAC, T-5 lighting, paint, landscaping and power and plumbing upgrades. Each facility can accommodate single- and multi-tenant configurations with dock-high and grade-level loading and 24- to 30-foot clear heights. The center sits on a 13.8-acre parcel that includes two acres of vacant land that can be developed, paved or used to expand the 53^rd Avenue building…

Oxford Properties Group and Norges Bank Real Estate Management, the real estate branch of the Norwegian Government Pension Fund Global, joined forces in order to acquire two prime office buildings in Washington, D.C. The LEED Gold-certified assets total more than 500,000 square feet and will be managed by Oxford, the operating partner in the joint venture.

Friedman Integrated Real Estate Solutions, on behalf of Noble Appliances LLC, purchased a 10,992-square-foot retail property in Clawson, Mich., from Kemerko Clawson LLC. Mike Koeningbauer, Friedman’s vice president, led the negotiations.

STRONG RETAIL CORRIDOR

Located at 1066-1072 W. 14 Mile Road, the property is right across Clawson Shopping Center, which includes a Staples and an Aldi store, among other tenants. The nearby area is served by several restaurants such as The HideOut and Red Olive and a CVS Pharmacy. Oakland Mall is also just a few miles away.

The Boulder Group has arranged the sale of a single-tenant net-leased Fresenius Medical Care property in Enola, Pa., on behalf of the seller, a Northeastern private partnership. A West Coast-based real estate investor purchased the asset for $1.9 million.

The 15-year triple net lease features 1.8 percent annual rental escalations throughout the primary term and three five-year renewal options.

Aston Properties arranged a 127,000-square-foot lease with T-Mobile at a former retail building in North Charleston, S.C. The tenant will use the space as a customer care center, once Aston Properties completes the property’s conversion into an office building. The adaptive reuse project is scheduled for delivery in early 2018.

TOTAL RECONFIGURATION PLANS

Located at 8571 Rivers Ave., the 168,000-square-foot property was previously occupied by a Kmart store that closed in March. Aston Properties acquired the building in May and plans to invest in an extensive improvement program featuring a new exterior façade, renovated parking and landscaping. Further planned tenant amenities include a basketball court, an outdoor grilling area and an on-site café…

HFF secured $50.7 million in financing for U.S. Bank Center, a 359,212-square-foot, 31-story office building in Phoenix. Senior Managing Directors Jeremy Womack and Tom Wilson arranged the three-year, floating-rate loan through an affiliate of Walton Street Real Estate Debt Fund I.

Starlight Investments bought two office buildings in the Greater Toronto Area upon entering a joint venture with a European investor. The two low-rise properties add 200,000 square feet of office space to the company’s real estate portfolio in Canada.

CENTRAL LOCATION IN MISSISSAUGA, ONT.

Both buildings are situated in the downtown area and provide immediate access to the Mississauga MiWay Transit, the 400 series highways (401, 409 and 403) and the upcoming Hurontario Light Rail Transit system connecting Mississauga to Brampton, Ont…

Olive Hill Group began a redevelopment process at its 205,135-square-foot Class A creative office campus in Culver City, Calif. The company is set to invest up to $1.5 million in upgrades. Additionally, Olive Hill Group will also be rebranding the property to the Courtyard at Culver Pointe.

Transwestern brokered the $15.2 million sale of One Enterprise Center, a 317,571-square-foot, Class A officetower in downtown Jacksonville, Fla. According to public records, the buyer was Rosecrans 2004 LLC, an entity affiliated with Los Angeles-based Michael Development Corp. The seller was 225 Water Street West Holdings LLC, an entity connected to CWCapital Asset Management LLC.

The Stratosphere Casino, Hotel and Tower and the Aquarius Casino Resort will now be part of Best Western’s soft brand, BW Premier Collection. The integration of the assets owned by American Casino and Entertainment Properties (ACEP) marks the largest deal ever closed by Best Western.

Government Properties Income Trust said its planned acquisition of First Potomac Realty Trust for approximately $1.4 billion will increase its exposure to the metro Washington, D.C., market, almost doubling its ownership and operation of office properties leased to government and private sector tenants in the region.

San Antonio has a diversified economy and employment is growing in most industries. That has fueled demand for apartments, which is expected to remain high as the metro continues to add jobs and households at a rate above the national trend, and as more residents move south to avoid the growing cost of housing in Austin.

Cammeby’s selected Suffolk as the construction manager for a new retail, commercial and residential development that will be part of Neptune/Sixth, a mixed-use destination in the Coney Island neighborhood of Brooklyn, New York City.

Located at 532 Neptune Ave., the development will include a 42-story residential tower, parking, a 50,000-square-foot community facility and more than 100,000 square feet of retail space. Construction is currently underway and is set for occupancy in the second half of 2018…

Castellum began construction on the first WELL-Certified office building in the Hyllie district of Malmö, Sweden. The investment is estimated at $41 million, including the acquisition of land for the property.

The building dubbed Eminent, will offer around 103,000 square feet of leasable office space. Completion of the project is set for the first quarter of 2019.

Stream Realty Partners sold 555 N. Park Center in Santa Ana, Calif., to Gold Acceptance. The company will occupy a portion of the 24,737-square-foot multi-tenant office building as an owner/tenant.

UPGRADES & LOCATION

In 2016, Stream renovated the two-story building, which was originally constructed in 1977. Upgrades included a new standing seam metal roof, new entry with stained wood slats, drought-tolerant landscaping, exterior paint, smooth coat stucco and corridor renovations. The property contains 1.31 acres of land and offers 79 parking spaces. 555 N. Park Center is in close proximity to Interstate 5 and the 55, 22 and 405 Freeways. The asset is located minutes from the Civic Center of downtown Santa Ana and John Wayne Airport…

Houston-based Transwestern is expanding its property management services with Griffin Capital Co.’s 22 Class A properties. The portfolio is spread across seven states.

“The Transwestern Experience is an innovative approach that reflects our unique culture while producing measurable results by emphasizing that everyone–from building owner to occupants to vendors and customers visiting a property–is our client. We look forward to using this approach to continue driving greater value for the Griffin team and their tenants in our expanded assignment,” said Rob Bridges, executive managing director of asset services with Transwestern.

ArcWest Partners, a joint venture between Arc Capital Partners and Belay Investment Group, acquired a historic office building, with ground floor retail, in the Silver Lake neighborhood of Los Angeles. This purchase marks the partnership’s second acquisition in Los Angeles.

Located at 2807 Sunset Blvd., the 30,000-square-foot asset was originally built in 1928 and was last renovated between 2005 and 2007. The property features three retail units, a creative office space and a warehouse component…

WPT Industrial Real Estate Investment Trust has agreements in the works to acquire two separate distribution properties for a total of $96.4 million. One asset is located in the Portland, Oregon, metro area and one in the Houston, Texas, metro area.

“These contemplated acquisitions reflect our commitment to continued growth and diversification of the REIT,” Scott Frederiksen, WPT’s CEO, said in a prepared release. “Upon closing, these acquisitions represent a strategic expansion into two new target markets and demonstrate the REIT’s ability to source attractive opportunities in today’s market.”

Robert Wheatley Properties has purchased an 18,000-square-foot Menlo Park, Calif. office building from Oak Grove Associates. The property changed hands for $15.5 million. At the time of the transaction, the asset was 94 percent occupied. CBRE’s Scott Prosser, Seth McKinnon and Jack DePuy represented the seller.

ATTRACTIVE LOCATION

The two-story building is located at 855 Oak Grove Ave., in the heart of Menlo Park, near the intersection of Santa Cruz. The asset offers convenient access to transportation, dining and shopping options, including Santa Cruz Avenue & Evelyn Street Bus Station, The Refuge and LB Steak Menlo Park…

CBRE Group Inc. arranged the sale of an 81,836-square-foot industrial property in Anaheim, Calif., for $12.2 million. CBRE’s Gary Stache, Anthony DeLorenzo and Doug Mack represented the seller, Makena Properties.

Located at 5065 E. Hunter Ave., directly adjacent to Orangethorpe Avenue, the building is fully leased to retailer Discount Dance Supply. The asset has easy access to Route 91 and is close to several restaurants and fitness centers.

San Francisco-based PCCP LLC has provided a $78.6 million construction loan to Lane Partners for Broadway Station, a 114,859-square-foot, Class A office building in downtown Redwood City, Calif.

Lane Partners, of Menlo Park, Calif., has already preleased all of the four-story building’s office space to the Chan Zuckerberg Initiative. CZI was founded in 2015 by Facebook founder Mark Zuckerberg and his wife Priscilla Chan, with the mission to “advance human potential and promote equality in areas such as health, education, scientific research and energy.”

Shailendra Group Property Services acquired a two-building medical office portfolio in Douglasville, Ga. Totaling 41,772 square feet, Douglasville Medical Center and Prestley Mill Medical Center changed hands in a $7.5 million deal.

Located at 8820 Hospital Drive, the two-story, 16,167-square-foot Douglasville Medical Center is part of WellStar Douglas Hospital’s campus. Its tenants include a neck and back pain specialist and an oral surgery office, along with the 108-bed hospital…

SGPS Snaps Up Atlanta-Area Medical Office Portfolio

Colliers International brokered the sale of a 23,784-square-foot office building in downtown Fort Lauderdale, Fla. The $3 million off-market deal included an adjacent 22,000-square-foot lot originally used for parking, just northwest of the property.

Sapphire Investment Fund LLC sold the asset to 955 S Federal LLC, an entity controlled by Skyland Management. Located at 955 S. Federal Highway, the four-story, Class C property has been vacant for several years. Australia-based Sapphire Investment Fund LLC acquired the building in December 2013 with plans to renovate the building. However, due to geographical limitations, the company had to abandon the improvement project…

Amstar acquired The Citadel in the Cherry Creek submarket of Denver from KBS Realty Advisors. The 131,000-square-foot office building changed hands for $37 million, according to public records. Amstar is set to invest approximately $2 million in interior/exterior upgrades. CBRE’s Mike Winn, Tim Richey and Chad Flynn represented the seller. Brady O’Donnell, Jeff Halsey and Jill Haug of CBRE Capital Markets were in charge of arranging the financing.

In order to serve as managing director of Commonwealth Commercial’s North and South Carolina offices, Crouch moved to Charlotte. N.C. He will be responsible for the current property portfolio as well as the long-term planning and growth in the markets within the Carolinas…

Meridian Design Build completed leasehold improvements at a 112,288-square-foot property in Glendale Heights, Ill. The tenant buildout was provided for Prologis and OSM Worldwide. Daniel Smolensky, principal & founder of Taurus Modal Group, represented OSM Worldwide while Brian Kling and Jonathan Kohn, both principals with Colliers International’s Industrial Advisory Group, represented Prologis.

SIGNIFICANT IMPROVEMENTS

Located at 601 Regency Drive, the facility has been going through major renovation work since its completion in 2016. Meridian’s work resulted in 10,601 square feet of office space, as well as several warehouse improvements. The project features:

The acquisition will be transferred to the holdings of open-ended real estate fund Unilmmo: Europa, which focuses on investments in Europe but occasionally buys properties overseas.

CRE Florida Partners arranged the sale of a medical office building in Tamarac, Fla. The approximately 42,481-square foot asset changed hands in a $3.8 million deal on a 6.9 percent capitalization rate.

Located at 8333 W. McNab Road, the multi-tenant property offers office solutions for both medical and professional uses. According to public records, Pamata Inc. sold the property to Laundry Service LLC in May, while City National Bank of Florida provided $2.9 million in acquisition financing to facilitate the transaction…

Griffin Industrial Realty Inc. closed on the acquisition of an approximately 277,000-square-foot warehouse building in Concord, N.C. The company purchased the 2015-built facility for $18.6 million, using approximately $9.7 million of cash held in escrow for a like-kind exchange under Section 1031 and approximately $8.9 million of Griffin’s cash on hand. The funds in escrow were from the sale of roughly 67 acres of undeveloped land in Connecticut that closed in April.

The John Madden Co. tapped JLL to secure a $66 million loan from the Bellco Credit Union for the refinancing of Fiddler’s Green Center I & II in Greenwood Village, Colo. The 10-year term loan features a 4.6 percent fixed interest rate and has a 30-year amortization schedule. JLL’s Managing Director Baxter Fain led the financing team.

Federal Realty has secured $125 million to refinance Plaza El Segundo, a 380,558-square-foot, high-quality retail center in El Segundo, Calif.’s South Bay community.

HFF arranged a 10-year, fixed-rate loan through PGIM Real Estate Finance for the company.

“Despite some recent headwinds in the retail market, this transaction is a great example of the availability of capital for premiere retail properties with best-in-class sponsorship,” Kevin MacKenzie, HFF’s senior managing director, said in a prepared release. “There was strong interest in the opportunity given the A-plus location and tenant line-up, and it was a true team effort from all parties to get the most efficient capital in place for the asset plan.”

CBRE Group Inc. arranged leases for the entire Comstock Industrial Center in San Leandro, Calif., the first new industrial development in San Leandro in 15 years, according to the broker. Senior Vice Presidents Michael Barry and Bob Ferraro represented the landlord, Comstock Realty Partners. Wayfair and CEVA Freight have inked leases for the 163,000-square-foot property before its completion.

CBRE Capital Markets, on behalf of ZMI Real Estate, has arranged a $16 million loan for the refinancing of Carlsbad Commerce Center in Carlsbad, Calif. CBRE’s Mark McGovern, Scott Peterson and Brian Cruz negotiated a five-year loan through Aetna Life Insurance Co. ZMI Real Estate will use the loan to pay off the existing mortgage.

Construction on the first phase of a $1 billion mixed-use development plan in Union Square in Somerville, Mass., should begin next year now that the city’s Board of Aldermen has approved a rezoning plan for the project.

The zoning approval, which took about three years with community input, sets the stage for the strategic, long-term growth of 2.3 million square feet of new mixed-use, transit-oriented development in the Boston suburb that will be part of a $2.3 billion extension of the Massachusetts Bay Transportation Authority’s Green Line light rail system, according to Greg Karczewski, president of the Union Square Station Associates (US2) development team…

Aldi has just taken its bold U.S. expansion strategy to a new level. The German discount grocery store chain revealed that it will invest $3.4 billion to increase its presence to 2,500 stores by the close of 2022. The news comes just four months after the company announced its $1.6 billion plan to remodel 1,300 shops by 2020.

Boston Properties announced the disposition of one of its Essex County properties, located at 40 Shattuck Road in Andover, Mass. The buyer was Cummings Properties, which made its first purchase in the area. According to public records, the Class A asset traded for $12 million, marking the building’s first sale.

“We have been seeking an investment-grade property for our employee equity program, and 40 Shattuck offered a good value for an extremely well-built and well-maintained building within a thriving business cluster,” Cummings Properties President & CEO Dennis Clarke said in a prepared statement…