BUCKEYE, ARIZ. — Shopoff Realty Investments and Contour Real Estate have acquired 54 acres of land in Buckeye for the development of two warehouse logistics-oriented buildings. Terms of the transaction were not released. Located at the southeast corner of Southern Avenue and Rainbow Road, the proposed development will feature 900,000 square feet of warehouse space. Additionally, the property is located immediately adjacent to the Union Pacific rail line.
MILFORD, CONN. — CBRE has negotiated the sale of Milford Plaza, a 180,315-square-foot shopping center located in the southern coastal part of the state. Anchored by grocer G-Mart, Milford Plaza was 65 percent leased at the time of sale, with other tenants including Planet Fitness, Dollar Tree and Hartford Healthcare. Jeffrey Dunne, David Gavin, Steve Bardsley, Jeremy Neuer and Travis Langer of CBRE represented the owner, The Hampshire Cos., in the transaction. The team also procured the buyer, Northpath Investments. Michael Klein, Max Custer and Ryan Carroll of JLL arranged $9 million in fixed-rate acquisition financing through Easthampton Savings Bank on behalf of the new ownership.
BRISTOL, CONN. — Marcus & Millichap has brokered the $5 million sale of a 69,494-square-foot industrial property in Bristol, located in Hartford County. The property was built in 1969 and renovated in 2020. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, a private investor, in the transaction. The duo also procured the buyer. Both parties requested anonymity.
DAYTONA BEACH, FLA. — Nashville-based Nicol Investment Co. has acquired Madison Pointe, a 240-unit, four-story, garden-style apartment community located at the intersection of Interstate 95 and LPGA Boulevard in Daytona Beach. The purchase price was $68.5 million. The seller was not disclosed. Madison Pointe offers one-, two- and three-bedroom floorplans with a size range of 731 to 1,275 square feet, according to Apartments.com. Constructed in 2020, Madison Pointe units feature quartz countertops, stainless steel appliances, wood-style plank flooring and full-size washers and dryers. Community amenities include a pool, elevators, outdoor kitchen and gathering area, fitness center with a separate yoga and spin studio and a clubhouse with multiple gathering and game areas. Located at 1310 Tomaka Town Center Drive, the property is situated adjacent to the 125-acre Tomoka Town Center mixed-use project that features retail tenants including Dave & Busters, Sam’s Club and Academy Sports + Outdoors. Madison Pointe is also across from Tanger Factory Outlets and near employers such as AdventHealth Daytona Beach, Halifax Health Medical Center and Daytona International Speedway.
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.