TEMECULA, CALIF. — Sentre has purchased Temecula Heights, an industrial property located at 42301 Zevo Drive in Temecula, for $40.7 million, or $178 per square foot. The name of the seller was not released. Constructed in 1998 on 11 acres, Temecula Heights features 229,000 square feet of industrial space, 26-foot clear heights, ESFR sprinklers and 27 dock doors. At the time of sale, the property was 84 percent leased to a Fortune 100 medical product company.
TUCSON, ARIZ. — Marcus & Millichap has brokered the sale of a retail building located at 4755 S. Calle Santa Cruz within Tucson Spectrum in Tucson. A limited liability company acquired the property from another limited liability company for $4.8 million. Planet Fitness occupies the 25,000-square-foot property, which was built in 2018, under a net lease. Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the transaction.
PENNSAUKEN, N.J. — Wharton Industrial, a division of New York City-based development and investment firm Wharton Equity Partners, has acquired a 153,400-square-foot portfolio in the Southern New Jersey community of Pennsauken. The portfolio consists of three buildings that are located within the 1.1 million-square-foot Twinbridge Industrial Park and that were 100 percent leased at the time of sale. Tom Palumbo and Bill Sitar of Sitar Realty brokered the deal.
WOBURN, MASS. — Horvath & Tremblay, a national brokerage firm based in metro Boston, has negotiated the $11 million sale of a 10,646-square-foot, newly built retail property in the northern Boston suburb of Woburn. Walgreens occupies the property and has 14 years remaining on its lease. Peter Butler and Brendan Conway of Horvath & Tremblay represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The deal traded at a cap rate of 5.37 percent.
WICHITA FALLS, TEXAS — Lee & Associates has arranged the sale of a 458,810-square-foot industrial property located on a 97.1-acre site in Wichita Falls, about 115 miles northwest of Fort Worth. According to LoopNet Inc., the property was built in 1978 and features 21- to 45-foot clear heights and 12 dock-high doors. Nathan Denton, Reid Bassinger and Trey Fricke of Lee & Associates represented the seller, an entity doing business as 8600 Central Venture, in the transaction. Michelle Hudson and Tom Hudson of Hudson Peters Commercial represented the buyer, Panda High Plains.
AUSTIN, TEXAS — Bellomy & Co. has brokered the sale of a 463-unit CubeSmart self-storage facility that is located approximately eight miles outside of downtown Austin. The property was built in 2019 and totals 57,707 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, a Dallas-based entity doing business as I35 South LP, in the transaction. The duo also procured the buyer, a locally based entity doing business as PG Cactus Bulldog I LLC.
GLEN COVE, N.Y. — Locally based owner-operator Fairfield Properties has acquired Avalon Glen Cove, a 367-unit apartment community located about 30 miles northeast of New York City on Long Island. The property offers studio, one- and two-bedroom units with walk-in closets, individual washers and dryers and private patios/balconies. Amenities include two pools, two fitness centers, an outdoor picnic area and a cinema room. Maryland-based investment firm FCP served as Fairfield Properties’ preferred equity partner in the acquisition. The new ownership has since rebranded the community as Fairfield Metro at Glen Cove.
MEMPHIS, TENN. — LRC Properties, in a joint venture with funds managed by Miami-based Rialto Capital Management, has purchased a 1.1 million-square-foot industrial portfolio in Memphis for $57 million. The seller was not disclosed. The portfolio is currently 100 percent occupied by tenants including Geodis Logistics and Dayco. The properties are located at 3530 East Raines Road, 5510 East Holmes Road and 5540 East Holmes Road. LRC Properties plans to do minor capital improvements to the portfolio. With this purchase, New York City-based LRC Properties owns approximately 6 million square feet of commercial properties in the Southeast. LRC has recently purchased the 640,000-square-foot Technicolor Building in Memphis; a 288,860-square-foot industrial property at 2 Dell Parkway in Nashville; and a 469,830-square-foot industrial property in Jacksonville.
WAUWATOSA, WIS. — JLL Capital Markets has arranged the sale of a 69,749-square-foot shopping center anchored by Pick ’n Save in Wauwatosa near Milwaukee for $19 million. The fully leased property was built in phases in 2008 and 2012. Other tenants include Mattress Firm, Firehouse Subs and Bubon Orthodontics. Clinton Mitchell, Amy Sands, Michael Nieder and Jaime Fink of JLL represented the seller, a partnership between Newport Capital Partners and Artemis. JRW Realty represented the buyer, ExchangeRight.
TAMPA, FLA. — Plaza Advisors has arranged the sale of Horizon Park, a 215,713-square-foot shopping center located at 3904 W Hillsborough Ave. in Tampa. An entity doing business as CRP II – Horizon Park LLC sold the property for $21.9 million. The buyer was not disclosed. Jim Michalak and Keith Nurre of Plaza Advisors represented the seller and were the only brokers involved in the transaction. Built in 1971, Horizon Park was renovated in 1980 and 1988 and was 86 percent leased at the time of sale. In 2011, Plaza Advisors arranged the sale of the center to the seller for $18.9 million. The shopping center’s anchor tenants include dd’s Discount, Conn’s Home Plus, Northern Tool + Equipment and Guitar Center. Additional tenants include Dollar General, Pizza Hut, Metro PCS, Amscot and Sally Beauty, as well as two outparcels occupied by Wells Fargo, Optical Outlets and Applebee’s.
