IRVINE, CALIF. — IRA Capital has purchased 2722 Michelson, a Class A creative office building in Irvine, for $103 million. Situated on nine acres at the intersection of Jamboree Road and Michelson Drive, the building features 24-foot ceilings, a light-filled open plan to encourage collaboration, multiple meeting spaces, a fitness center, landscaped courtyards and a well-equipped kitchen and cafeteria. Anduril Industries fully occupies the building, which was renovated in 2019.
CORONA, CALIF. — Barret Woods & OERP LLC has purchased The Shops at Dos Lagos, a lifestyle shopping center in Corona, for $47.4 million, or $135 per square foot. Built in 2006, The Shops at Dos Lagos offers 351,200 square feet of retail space on 47.4 acres with four in-line shop buildings, four ground-leased restaurant pads, a 15-screen movie theater and a 7,000-square-foot pad available for lease or development. Current tenants include Trader Joe’s, Express, Sunglass Hut, Bath & Body Works, Daniel’s Jewelers, Sleep Number, Papaya, Fatburger, Pinkberry, Miguel’s California Mexican Cocina, Woodranch BBQ & Grill, RA Sushi, Citrus City Grille and TAPS Fish House & Brewery. At the time of sale, the property was 91 percent occupied. The asset was the first phase of a two-phase retail shopping center development. The second phase was not included in the sale. Steve Liu, Roger Niez, Nikki Liu, Daniel Vlessing and Mohit Uppal of NAI Capital Commercial represented the seller and the buyer in the deal.
WEST HOLLYWOOD, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Terraces at La Cienega, an apartment building located near West Hollywood’s Sunset Strip. LaTerra acquired the asset from the original builder for $29 million. Built in 1990, the property features 42 apartments. LaTerra plans to upgrade the asset’s exterior, common areas and interior with luxury finishes and build 10 accessory dwelling units as part of the AB3182 tenant protection act, which was created to help alleviate the housing crisis by giving owners the opportunity to add 25 percent of the existing density to properties. Greg Harris, Kevin Green and Jose Grabiec of IPA, along with Paul Darrow of Marcus & Millichap, represented the seller and buyer in the deal.
NORWALK, CALIF. — Paragon Commercial Group has purchased a vacant retail property situated on 2.3 acres at 10710 Firestone Blvd. in Norwalk. RSM Properties sold the asset for $7.1 million. Paragon plans to redevelop the 25,977-square-foot building for Chick-fil-A. An Office Depot and a coffee chain formerly occupied the property. Pat Wade and Alex Kozakov of CBRE represented Paragon in the off-market transaction.
LINCOLN, NEB. — Northmarq has brokered the sale of Fairways at Lincoln for an undisclosed price. The 613-unit multifamily property, built in 2007, is located at 375 Fletcher Ave. in Lincoln. Fairways at Lincoln is situated on a nine-hole golf course. Parker Stewart and Dominic Martinez of Northmarq represented the seller, Kansas City-based Cohen-Esrey. John Reed of Northmarq secured acquisition financing on behalf of the buyer, Connecticut-based Hamilton Point Investments. Northmarq provided the loan through its status as a Freddie Mac Optigo lender. The five-year loan features one year of interest-only payments, a 30-year amortization schedule and a fixed interest rate of 2.75 percent.
TROY, OHIO — Plymouth Industrial REIT has purchased a three-building industrial portfolio totaling 396,800 square feet in Troy, about 20 miles north of Dayton. The purchase price was $22.5 million. The portfolio includes: a 160,000-square-foot building at 2180 Corporate Drive that is leased to F&P America; a 160,000-square-foot building at 1520 Experiment Farm Road that is leased to F&P America; and a 76,800-square-foot property at 952 Dorset Road that is home to Remedi SeniorCare and Cox Media Group. Steve Timmel, Jeff Johnston, Will Roberts, Chris Prosser and Doug Whitten of CBRE represented the seller, Culmen Real Estate Services.
SKOKIE, ILL. — Newcastle Properties has purchased Orchard Plaza in Skokie for an undisclosed price. This is the first time the 42,452-square-foot retail center has sold in over 60 years. Located near Old Orchard Mall at the corner of Skokie Boulevard and Gross Point Road, the property is home to tenants such as Bonefish Grill, Men’s Wearhouse, Advance Auto and the U.S. Post Office. Beth Sansiper and Jeff Gurian of Becker Gurian represented Newcastle Properties in the transaction. Drew Trammell of Newcastle Properties managed the underwriting and closing. The seller was not provided.
ATLANTA — Atlanta-based Hodges Ward Elliott (HWE) has arranged the $305 million sale of the real estate holdings of Bethesda, Md.-based Condor Hospitality Trust, including a portfolio of 15 select-service hotels located across the Southeast, Texas and Kansas. Daniel Peek, Clint Hodges, John Bourret, Austin Brooks, Mike Tormey and Carolina Bernal of HWE represented Condor Hospitality in the transaction. The buyer was not disclosed. The Condor Hospitality Trust portfolio has an average age of less than 10 years and is affiliated with Marriott, Hilton and IHG brands. The hotel collection spans 1,908 rooms in total. The Texas properties include: Home2 Suites Austin Round Rock in Austin; Residence Inn Austin Airport in Austin; TownePlace Suites Austin Parmer/Tech Ridge in Austin; SpringHill Suites San Antonio Downtown/Riverwalk Area in San Antonio and Fairfield Inn & Suites El Paso Airport in El Paso. The portfolio also comprises hotels in Florida including Hampton Inn & Suites Lake Mary @ Colonial Townpark in Lake Mary; Courtyard Jacksonville Flagler Center in Jacksonville and Home2 Suites Tallahassee State Capitol in Tallahassee. The other properties include Aloft Atlanta Downtown in Atlanta; Hotel Indigo Atlanta Airport – College Park in Atlanta; Home2 Suites Summerville in Summerville, S.C.; Home2 Suites Lexington …
MOUNT PLEASANT, S.C. — Cushman & Wakefield has brokered the sale of a movie theater-occupied property on a seven-acre site located in Mount Pleasant, about 9.5 miles from Charleston. The sales price was $14.3 million. Nick Tanana and Brady Dashiell of Cushman & Wakefield represented the seller, Knoxville, Tenn.-based Regal Cinemas, which operates a 33,000-square-foot movie theater onsite called Regal Cinebarre. Collett Capital was the buyer. Built in 2005, the site currently has no tenants now that Regal Cinemas sold the property. Located at 963 Houston Northcutt Blvd., the site is just over the Arthur Ravenel Jr. Bridge and is easily accessible from downtown Charleston.
DALLAS — Tampa-based multifamily development and investment firm ZMR Capital has acquired Pecan Square and Bayou Bend, two communities totaling 748 units in northwest Dallas. The properties were built in the 1980s and are located within a half mile of each other. Both the 440-unit Pecan Square and the 308-unit Bayou Bend offer one- and two-bedroom units and amenities including pools, playgrounds and onsite clubhouses. ZMR Capital will upgrade unit interiors with new appliances, vinyl plank flooring, kitchen cabinets and tile backsplashes. The multimillion-dollar capital improvement plan also will include the enhancement of building exteriors and common areas.
