The buildings at 202-208 Greenfield Drive and 1308 Magnolia Ave. had a total of 99,135 square feet and were 99% occupied by more than 35 tenants at the time of sale.
PWI Greenfield L.P. bought the property with plans of modernizing and improving it with sustainable landscaping and new paint, signage, parking lot asphalt, and automated gates.
The seller was Almansor Properties, L.P.
Mike Conger and Brian Jenkins, principals of Commercial Asset Advisors, represented the buyer.
The seller was represented by Mark McEwen, Kurtis Blanchard, and Marc Posthumus of Colliers International.
Peter Litton with City National Bank coordinated financing for the project, and Cameron Aldrich and Rob Shaw at Chicago Title assisted with title insurance and escrow services.
“Industrial properties remain one of the most coveted asset classes for investors in this environment, and assets like this one rarely trade hands,” Jenkins said.