VISTA, CALIF. — Pacific Coast Commercial has negotiated the sale of a multi-tenant strip center located at 1717 E. Vista Way in Vista. LB ONE LLC sold the asset to CDH Holdings V LLC for $3.5 million. The 30,600-square-foot property is occupied by a mix of local office and retail businesses. Martin Alfaro of Pacific Coast Commercial represented the seller and buyer in the deal. Ticor Escrow and Title handled escrow and title services for the transaction.
CHICAGO — Chicago-based shopping center owner Pine Tree has acquired sponsor interest in a 10-property portfolio recently appraised at $644 million and totaling 3.5 million square feet. The interest was acquired from SITE Centers (NYSE: SITC) in partnership with a large international investor. The transaction brings Pine Tree’s total acquisition activity over the past 12 months to more than $1 billion and grows the company’s assets under management to more than $4 billion. Spanning nine states, the primarily grocery-anchored portfolio is comprised of tenants such as Target, Sam’s Club, Publix, Aldi, Sprouts Farmers Market, Food Lion, The Fresh Market, Lowe’s, Dick’s Sporting Goods, Best Buy, Marshalls, HomeGoods and Ross Dress for Less. The properties include: Ahwatukee Foothills Towne Center in Phoenix; Ashley Crossing in Charleston, S.C.; Brookside Marketplace in Chicago; Commonwealth Center in Richmond, Va.; Connecticut Commons in Hartford, Conn.; Independence Commons in Kansas City, Mo.; Poyner Place in Raleigh, N.C.; Route 22 Retail Center in New York City; Towne Center Prado in Atlanta; and University Centre in Wilmington, N.C.
DENVER AND NEW YORK CITY — Global asset manager Apollo (NYSE: APO) and UDR Inc. (NYSE: UDR), a multifamily REIT based in Denver, are forming a new long-term joint venture involving an apartment portfolio valued at approximately $2 billion. The joint venture will own a portfolio of 19 communities totaling 7,059 apartments. The names and addresses of the properties were not released. Under terms of the agreement, Apollo’s affiliates and funds managed by Apollo will invest $1.34 billion of equity capital into the newly established joint venture, representing an approximate two-thirds interest. UDR will retain a one-third interest and consolidate the joint venture, as well as operate and manage the portfolio, for which it will earn an asset management fee. UDR plans to utilize the proceeds from the new equity capital infusion for investment in “higher-growth assets,” general corporate purposes and debt reduction. Tom Toomey, chairman, president and CEO of UDR, says that accessing low-cost, permanent equity capital has been a “strategic priority” for the company. “With this transaction, we believe we will be positioned to take advantage of compelling opportunities in the marketplace while improving the quality of our wholly owned portfolio and strengthening our balance sheet,” says Toomey. “This …
RED OAK, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Ovilla at Legacy Square, a 288-unit apartment complex in Red Oak, a southern suburb of Dallas. Built on 18 acres in 2023, Ovilla at Legacy Square offers one-, two- and three-bedroom units that range in size from 600 to 1,351 square feet. Amenities include a pool, clubhouse, outdoor grilling and dining stations and a dog park. Michael Ware, Joey Tumminello, Drew Kile and Taylor Hill of IPA represented the seller, a partnership between Thompson Realty Capital and Trez Capital, in the transaction. The quartet also procured the buyer, Fogelman Properties, which plans to make capital improvements to the complex.
KATY, TEXAS — Marcus & Millichap has brokered the $7.5 million sale of an 8,753-square-foot restaurant building in the western Houston suburb of Katy. The sales price equates to $874.84 per square foot. The building at 222 W. Grand Parkway was constructed on a 1.5-acre site in 2017 and is net-leased to Brazilian restaurant chain Fogo de Chao. Alvin Mansour and David Kern of Marcus & Millichap represented the seller, a developer, in the all-cash transaction. The buyer was a California-based 1031 exchange investor. Both parties requested anonymity.
NEW ALBANY, OHIO — JLL Capital Markets has arranged the sale of New Albany Tech Park 300, a 300,400-square-foot distribution center in the Columbus suburb of New Albany. John Huguenard, Sean Devaney, Ed Halaburt, Kurt Sarbaugh, Ross Bratcher and Will McCormack of JLL represented the seller, VanTrust Real Estate. Realty Income was the buyer. Completed in 2026, the facility features a clear height of 36 feet, 135-foot truck courts, 30 dock doors, four drive-in doors and a 3,600-amp power capacity. The asset is fully leased to a technology and artificial intelligence company on a long-term basis.
PLEASANT PRAIRIE AND WEST BEND, WIS. — Colliers has brokered the sale of two Extra Space-managed self-storage facilities in Wisconsin. Dan Lynch of Colliers represented Bruno Self Storage LLC in the sale to Inland Real Estate. Together, the properties total 171,825 square feet with 1,486 units. The transaction includes a 93,650-square-foot facility in Pleasant Prairie that was completed in 2020 and features 749 climate-controlled units. The other is an 82,175-square-foot property in West Bend completed in 2019 with 727 climate-controlled units.
HONOLULU — Benderson Development has entered the Hawaiian market with the purchase of a retail property, currently occupied by The Home Depot, in Honolulu. Terms of the transaction were not released. Located at 421 Alakawa St., the asset consists of a 130,000-square-foot building and an adjoining two-story parking structure with more than 600 stalls. Based in Sarasota, Fla., Benderson Development is a privately held, family-owned real estate company with more than 1,000 properties totaling over 58 million square feet across 41 states.
PHOENIX — DAUM Commercial Real Estate Services has negotiated the sale of a freestanding industrial building located at 2520 E. Rose Garden Lane in Phoenix. A private Taiwanese investment company acquired the asset from a privately held California company for $10.6 million. Situated in Phoenix’s Deer Valley submarket, the property offers 43,338 square feet of single-tenant industrial space, including 6,500 square feet of office space. Both the office and manufacturing areas are fully air conditioned. The building features a clear height of 18 feet, two dock-high loading doors and one ground-level loading door. Trevor McKendry, Chris Rogers, Parker Houston, Nick Reinhardt, Beau Citron and Nick Fajardo of DAUM represented the seller and procured the buyer in the off-market transaction.
ROCKLIN, CALIF. — Marcus & Millichap has arranged the purchase of an industrial property located at 4335 Pacific St. in Rocklin. Dees Burke Engineering Constructors acquired the asset from Kurt Steil, a private investor, for $8.2 million, or $202.67 per square foot. Edward Nelson and Eddie Nelson II of Marcus & Millichap represented the buyer, while Nathan Ballard of Keegan & Coppin and Rick Phillips of Gallelli Real Estate represented the seller in the deal. Built in 1984 on 2.9 acres, the property features 40,460 square feet of industrial space. The buyer plans to occupy all but 5,000 square feet of the property, which is currently leased to McCafferty’s Automotive.
