LAGUNA HILLS, CALIF. — Faris Lee Investments has arranged the sale of Moulton Parkway Auto Spa, a full-service car wash and gas station located in Laguna Hills. The retail property is located at the intersection of El Toro Road and Moulton Parkway. A Newport Beach, Calif.-based seller sold the asset to an undisclosed buyer for $5 million. Moulton Parkway Auto Spa is the only full-service hand car wash in Laguna Hills. Tom Chichester and Nick D’Argenzio of Faris Lee Investments represented the seller in the deal.
SEATTLE — Skanska has sold a 95 percent stake of 2+U, a 38-story mixed-use tower in downtown Seattle. South Korea-based Hana Alternative Asset Management and parent firm Hana Financial Group purchased the majority interest from the Swedish developer for $669 million. According to Skanska, the sale of 2+U is the largest single-property commercial real estate transaction in the United States since the pandemic began. Office tenants at 2+U include job search giant Indeed.com, tech firm Dropbox, coworking operator Spaces and customer experience firm Qualtrics. Retail tenants include Italian eatery Ethan Stowell Tavolàta and Seattle-based specialty coffeeshop Caffe Ladro. Hana has hired Houston-based Hines to manage 2+U. The development is situated near Seattle Art Museum, Waterfront Park, Benaroya Hall, Pike Place Market and downtown’s Pioneer Square neighborhood. Skanska delivered the 701,000-square-foot office component of 2+U, which is named after its location at Second Avenue between Union and University streets, in late 2019. The office tower is raised 85 feet off the ground and the retail component, which is still under development, is tucked underneath the podium. 2+U also includes nearly a half-acre of open space for tenant and community gatherings. Skanska will retain a 5 percent interest in 2+U and is …
ROSEVILLE, CALIF. — San Diego-based Davlyn Investments has purchased The Terraces at Highland Reserve, an apartment property located in Roseville, a northeastern suburb of Sacramento, for $95 million. Davlyn plans to rebrand the 273-unit property as Ascent at the Galleria. Constructed in 2002, the community features 273 apartments with nine-foot ceilings, in-unit washers and dryers, built-in fireplaces, modern architecture, barrel-tiled roofs, more than 250 detached garages and an extensive amenity package. The property is Davlyn’s fourth acquisition in Northern California and its first in the greater Sacramento market. Mark Leary and Nate Oleson of Newmark represented the undisclosed seller in the deal.
EASTVALE AND RIVERSIDE COUNTY, CALIF. — Orbis Real Estate Partners has completed the sales of two industrial projects totaling 88.5 acres and approximately $140 million in the Inland Empire. Reno, Nev.-based Dermody Properties acquired The Homestead, a 47-acre logistics park in Eastvale. Orbis redeveloped an existing dairy into a six-building, Class A logistics campus. The buildings range from 48,315 square feet to 501,649 square feet and offer concrete tilt-up construction; 40-foot minimum clearance heights in the larger buildings; large, secured truck courts; ample parking with excess approved trailer stalls; and dock-high and grade-level loading for each building. Additionally, Orbis sold Riverside Logistics Center in Riverside County to Denver-based Black Creek Group. Situated on 41.5 acres, the logistics center features 938,685 square feet of industrial space. Bill Heim of Lee & Associates, along with Barbara Perrier, Eric Cox and Darla Longo of CBRE, represented Orbis Real Estate Partners in the transactions.
WENATCHEE, WASH. — Quality Pacific Inc. has completed the sales of two apartment communities located in the Eastern Washington city of Wenatchee. The two assets sold for a total of $28.3 million. Castlerock Wenatchee 139 LLC acquired the 14-building, 139-unit Castlerock Apartments for $20.1 million, or $144,604 per unit. Pacific Village-Wenatchee LLC purchased the six-building, 64-unit Pacific Village for $8.2 million, or $128,516 per unit. Zach Howe of Marcus & Millichap’s Seattle office represented the seller and procured the buyers in the deals. Ray Allen and Seth Heikkila of Marcus & Millichap Capital Corp. arranged $5.3 million in fixed-rate financing for the acquisition of Pacific Village.
SANTA MARIA AND FRESNO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sales of two retail assets located in Santa Maria and Fresno. The total price for the two transactions was $3.4 million. Located at 1104 S. Blosser Road in Santa Maria, 7-Eleven fully occupies the 2,413-square-foot property. The building was built in 1974. Hermosa Beach-based Equitas Investments sold the asset to a private investor from Fowler for $1.6 million. Jeremy McChesney of Hanley Investment represented the seller, while Luc Hawkshaw of Apex Partners represented the buyer in the deal. A Fresno-based private partnership sold the two-tenant retail property, located at 2414-2418 N. Fruit Ave. in Fresno, to a Los Angeles-based private investor for $1.8 million. The 4,640-square-foot building consists of a 3,120-square-foot 7-Eleven and a 1,520-square-foot coin laundromat. McChesney represented the seller, while Sandra Miller of Engel & Volkers represented the buyer in the transaction.
HOUSTON — Marcus & Millichap has brokered the sale of a 454-unit self-storage portfolio in Houston. The portfolio, which is operated under the Bargain Storage brand, consists of two properties totaling 69,757 net rentable square feet of non-climate-controlled space. The portfolio also includes 68 portable units that were delivered in 2019. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, an Oregon-based limited liability company, in the transaction. New York-based Merit Hill Capital purchased the portfolio for an undisclosed price.
PLAIN CITY, OHIO — Monmouth Real Estate Investment Corp. has acquired a 487,900-square-foot industrial facility located at 8341 Industrial Parkway in Plain City, located about 25 miles northwest of Columbus. The purchase price was $73.3 million. FedEx Ground Packaging System Inc. occupies the building on a 15-year net lease. The 100-acre property is situated near I-270. The seller was undisclosed.
PEARLAND, TEXAS — NAI Partners has arranged the sale of a 105,664-square-foot industrial and manufacturing campus located in the southern Houston suburb of Pearland. The property spans three buildings on 32.7 acres. Clay Pritchett and Zane Carman of NAI Partners represented the seller, 14800 Jersey Shore Drive LLC, in the transaction. Matt Rogers of Oxford Partners represented the buyer, BHVA Real Estate Holdings LLC.
BOILING SPRINGS, S.C. AND GASTONIA, N.C. — Capstone has negotiated the sales of Village at Mills Gap in Boiling Springs and Destination at Union in Gastonia. Alex McDermott, Austin Green and Caleb Troop of Capstone represented the seller, Read Property Group, in both transactions. In the first transaction, Read sold Village at Mills Gap, a 208-unit apartment community in Upstate South Carolina, to Southwood Realty for $25 million. The property offers one-, two- and three-bedroom floor plans that were 90 percent occupied at the time of sale. Communal amenities include a pool, fitness center, game room, dog park, grilling area, playground and a car care center. The asset is situated at 97 Mills Gap Road, six miles northwest of downtown Spartanburg. The buyer acquired the community as part of a 1031 tax exchange. In the second deal, URS Capital Partners purchased Destination at Union from Read for $19.5 million. Built in 1998, the property offers one-, two- and three-bedroom floor plans that were 93 percent occupied at the time of sale. The buyer plans to upgrade the communal amenities, which include a pool, fitness center and a dog park. The asset is situated at 1272 Union Road, 21 miles west …