CENTRAL FALLS, R.I. — An affiliate of Milwaukee-based Phoenix Investors has acquired a 660,000-square-foot industrial property in Central Falls. The 12-acre property was originally built as a textile mill in 1900 and most recently served as a manufacturing plant for the seller, LEDVANCE, a provider of lighting fixtures. The new ownership will implement a capital improvement program that will include demolition of portions of the plant and expects to begin leasing space in late 2021.
SUNNYVALE, CALIF. — Lane Partners has purchased The Fujitsu Campus, an office and R&D complex in Sunnyvale. WJFS sold the six-building asset for $104 million. Situated on 26.3 acres, the six one- and two-story buildings are located at 1230, 1240, 1250, 1260, 1270 and 1280 E. Arques Ave. Fujitsu has occupied the 313,740-square-foot campus as its headquarters since the asset was completed in 1974. The campus offers a rare repositioning opportunity for the buyer as Fujitsu phases out of the campus and relocates to its owned facility at 350 Cobalt Way in Sunnyvale. Will Connors, Daniel Renz, Michael Manas, Bart Lammersen, Kyle Caldwell and Toss Vallentine of JLL represented the seller. Jordan Angel of JLL’s debt team secured acquisition financing for the buyer.
SANTA MONICA, CALIF. — ValueRock Realty has purchased Mel’s Drive-In, an iconic restaurant building in Santa Monica, for $6.2 million. The name of the seller was not released. Situated on a 22,344-square-foot land parcel on Lincoln Boulevard, the 4,717-square-foot building offers on-site parking and is considered a historic landmark within the Santa Monica community. Restaurant and dental office tenants have occupied the property since 1959.
PHOENIX — CapRock Partners has completed the disposition of an industrial property located at 225 S. 51st St. in Phoenix’s Sky Harbor submarket. A global real estate investment advisor acquired the asset for an undisclosed price. Greif, a global leader in industrial packaging products and services, currently occupies the 110,710-square-foot building. CapRock acquired the property in 2017 in an off-market transaction as part of its value-add strategy. The company enhanced the property’s functionality and curb appeal with a new storefront, windows and landscaping and upgraded the 30-foot clear dock-high building with new ESFR sprinklers. Additionally, CapRock reconfigured the yard area to create a fully secured truck court and added trailer parking stalling. The renovated building features 2,000 square feet of high-image office space with Loop 202 freeway frontage, 22 dock-high doors and LED warehouse lights. Will Strong of Cushman & Wakefield represented the seller, while the buyer was self-represented in the deal.
UPLAND, CALIF. — CBRE has arranged the sale of Stewart Plaza, an office complex located at 400 and 440 Mountain Ave. in Upland. A private investor sold the asset to Long Beach-based Harbor Associates, in joint venture with The Bascom Group, for $10.2 million in an off-market transaction. Comprising two three-story buildings, Stewart Plaza features 84,498 square feet of multi-tenant office and medical office space, communal plazas and landscaped walkways. The property offers suites ranging from 493 square feet to 9,138 square feet. At the time of sale, Stewart Plaza was 56 percent leased. The buyer plans to renovate and reposition the property with a million-dollar capital improvements program. Renovations will include an upgraded entry and lobby, elevator improvements, a new roof and replacement HVAC units on both buildings. Gary Stache, Sammy Cemo, Anthony DeLorenzo, Doug Mack and Bryan Johnson of CBRE represented the seller in the deal. Shaun Moothart, Jennifer Ansari, Dana Summers and Bruce Francis of CBRE arranged the financing for the project with Ready Capital Structured Finance.
KNOXVILLE, TENN. — Cushman & Wakefield has arranged the $47 million sale of The Village at Westland Cove, a 240-unit multifamily community in Knoxville. The property offers one-, two- and three-bedroom floor plans ranging from 717 square feet to 1,521 square feet. Communal amenities include a business center, pool, clubhouse, fitness center, car washing area, dog park, pet washing area and storage space. Jimmy Adams and Robert Stickel of Cushman & Wakefield represented the seller, StoneRiver Co., in the transaction. H3 Real Estate Advisors acquired the property.
PARSIPPANY, N.J. — A partnership between Harbor Group International (HGI) and Turnbridge Equities has sold a 550,000-square-foot warehouse located at 100 Jefferson Road in the Northern New Jersey city of Parsippany for $85.2 million. The building’s primary tenants are electronics manufacturer PNY Technologies and dietary supplement provider Vitaquest. The partnership acquired the property from PNY Technologies in 2018 in a $60.3 million sale-leaseback deal and implemented a value-add program that brought the occupancy rate from 28 percent to its current mark of 64 percent. The buyer was not disclosed.
NEW HAVEN, CONN. — CBRE has arranged the sale of New Haven Plaza, a 153,000-square-foot office complex located less than a mile from Yale University in New Haven, for $6.8 million. David Hansen and Matthew O’Hare of CBRE represented the seller, New Haven Plaza LLC, which acquired the site in 1972 and developed a third building for New Haven Adult Education in 1990, in the transaction. The buyer was SP Capital LLC.
GRAND PRAIRIE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Destino, a 192-unit apartment community located in the central metroplex city of Grand Prairie. Built on 11 acres in 2000, the garden-style property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, playground and a dog park. Drew Kile, Will Balthrope, Joey Tumminello, Grant Raymond and Asher Hall of IPA, along with Al Silva of Marcus & Millichap, represented the seller, MBP Capital, in the transaction. The team also procured Capital Vision Management LLC as the buyer.
ABILENE AND BROWNWOOD, TEXAS — Tennessee-based healthcare provider Community Health Systems Inc. (NYSE: CYH) has sold two hospitals totaling 419 beds in West Texas. Abilene Regional Medical Center totals 231 beds, and Brownwood Regional Medical Center totals 188 beds. The buyer was a subsidiary of Hendrick Health System, a locally based nonprofit provider. As part of the transaction, Hendrick has secured the assignment for the long-term lease and operations of Brownwood Regional Medical Center from the Brownwood County Hospital Authority. Community Health Systems owns, leases or operates 89 hospitals totaling approximately 15,000 beds in 16 states. The hospitals involved in this transaction are among the planned divestitures discussed on the company’s second-quarter 2020 earnings call.