MonthLEE Featured Transactions: May 2019

Lee & Associates of Illinois Negotiated a Long-Term Lease on a 308K SF Industrial Building in Addison, IL

(Addison, IL) -Lee & Associates of Illinois closed a long-term lease renewal and expansion for a 308,782-square-foot industrial space located at 880 S. Rohlwing Road in Addison, Ill.  The tenant, Ferguson Enterprises, is renewing their lease on 260,099 SF and expanding into an additional 48,683 SF.

Jeff Janda, SIOR, Jeff Galante, and Tim McCahill, Principals of Lee & Associates’ Illinois office, represented the owner, BREIT Industrial Canyon, LLC (DBA Link Industrial Properties).

Kevin Segerson and Tom Sorrell of CBRE represented the tenant.

Lee & Associate Pasadena Brokered a $10.6M Mixed-Use Retail & Office Sale with Plans for Renovations in Old Pasadena

(Pasadena, CA) - Lee & Associates Pasadena brokered the sale of the 10,755-square-foot Brunswick Court Building in Pasadena, California. Jodi Shoemake and Dan Bacani represented the seller, Barbara K Nyberg Trust, and the buyer was the Doheny Family Trust.

The new owner, the Doheny Family Trust, will invest significant capital improvements to renovate, restore, and re-tenant the historically significant property located at 32 West Colorado Boulevard in Pasadena, California. This mixed-use retail and office building sits along Colorado Boulevard’s Rose Parade route and was built in 1887, and is situated in Pasadena’s premier shopping and entertainment district, Old Pasadena.

“I realize the opportunity to list a building on Colorado Boulevard in Old Pasadena is rare.  But the potential for me to positively impact the business community was something that I relished.  I truly enjoyed every challenging and exhilarating minute of the process.  Our team at Lee, the City of Pasadena, Old Pasadena Management District, and many others were instrumental in this successful transaction. The buyer presently owns real estate in the Old Pasadena district and understands the property’s inherent value.  Based on my personal experience, the new owners are sophisticated and hands-on who I believe will complete a renovation that we can all be proud of.  I’m excited to see the finished product.”  said Jodi Shoemake, principal of Lee & Associates-Pasadena, Inc.

Lee & Associates Houston Brokered the Sale of 640 Acres in Katy, TX

(Katy, TX) - Reed Vestal, SIOR, CCIM, Taylor Schmidt, SIOR, CCIM, and John Erck of Lee & Associates Houston brokered the off-market sale of a 640-acre site on Pattison Road in Katy, Texas.

Lee & Associates New Jersey Brokered a $13.3M Industrial Sale-Leaseback in Avenel, NJ

(Avenel, NJ) - Lee & Associates New Jersey brokered the sale-leaseback of an 80,244-square-foot industrial distribution facility at 80 Essex Avenue East in Avenel, New Jersey. Rick Marchisio, Crista Governara, and Drew Maffey of Lee & Associates represented the seller, Mizco Realty, and the buyer, TA Realty LLC.

Strategically located at the crossroads, the property is located on 5.6 acres in the desirable Exit 12 Submarket off the New Jersey Turnpike. Property attributes include 7,500 SF of office space, 25' clear ceiling height, 11 loading dock doors, and ample car and truck parking. of NJ Turnpike, Route 440, the Goethals Bridge, Route 1 & 9, and the Garden State Parkway. 80 East Essex Avenue East offers a location near local ports, airports, and access to more than a third of the US population within a days drive.

Recent property upgrades include a brand-new roof and HVAC unit and a wet sprinkler system.

Lee & Associates LA Long Beach Negotiated the Sale of a 5,600 SF Lot for $1.65M

(Sunset Beach, California) - Lee & Associates LA Long Beach negotiated the sale of a 5,600-square-foot lot, formerly the Irish Mist, located at 16655 Pacific Coast Highway in Sunset Beach, California. Josh Reilly of Lee & Associates represented both the buyer and the seller in this off-market transaction.  

Lee & Associates Atlanta Brokered the Sale of a 64-Unit Apartment Complex Near the University of Georgia for $5.7M

(Athens, GA) - Lee & Associates Atlanta represented Nove Georgia Properties in the sale of the 64-unit Red Oak Village Condominium apartment complex located at 232 Epps Bridge Road in Athens, Georgia. Trey Burgess, Brian Costas, and Allen Eager represented the seller, the buyer was EW3, LLC.

Lee & Associates Naples-Ft. Myers Brokered a 36 Acre Site To Be Used for Multi-Family Development

(Naples, FL) - Lee & Associates Naples-Ft. Myers brokered the sale of a 36.07-acre land site located at 195 & 170 Bedzel Circle in Naples, Florida. Skip Thinnes of Lee & Associates represented both the buyer, Watermark at Naples FL, LLC, and the seller, 93 FLRPT, LLC & WR-I Associates, Ltd. This site sold for $8,750,000 and has approximately 22-acres of buildable land that will be used for multi-family development.

Lee & Associates NYC Represented ComplySci in an 18.3K SF Office Lease on Madison Avenue

(New York, NY) - Lee & Associates NYC represented ComplySci in the lease of an 18,300-square-foot office space which encompasses the entire eighth floor at 136 Madison Avenue in New York. Dennis Someck and Justin Myers of Lee & Associates represented the tenant, the landlord is Williams Equities.

Lee & Associates Pleasanton Represented Powermatic Associates Inc in a $3.3M Industrial Sale

(Pleasanton, CA) - Lee & Associates Pleasanton represented Powermatic Associates Inc. in a 13,392-square-foot industrial sale at 1057 Serpentine Lane in Pleasanton, California. Brett Holden & Blake Dicus represented the seller, and Mike Tanzillo of MTC represented the buyer, Ramirez Holding Co., Inc.

Lee & Associates Vancouver Brokered the Sale of an 8,000 SF Industrial Building for $3.8M

(Vancouver, BC) - Lee & Associates Vancouver represented 1110722 BC Ltd. In the purchase of an 8,000-square-foot industrial building at 200 Victoria Drive in Vancouver, British Columbia. Mitch Ellis and Ryan Saunders of Lee & Associates represented the buyer, the seller was Ironworks Development Ltd.

Lee & Associates Charleston Represented Charleston Metro Chamber of Commerce in a $6.3M Office Lease

(Charleston, SC) - Lee & Associates Charleston represented Charleston Metro Chamber of Commerce in a 12,111-square-foot office lease at 960 Morrison Drive in Charleston, South Carolina. Kimberly Beier of Lee & Associates represented the tenant, the landlord was GARCo Mill Three.

Lee & Associates Santa Barbara Brokered the Sale of a $1.75M Retail Property

(Santa Barbara, CA) - Steve Leider and Clarice Clarke of Lee & Associates Santa Barbara brokered the sale of a 2,790-square-foot owner-user retail property located at 1812 Cliff Drive in Santa Barbara, California.