NEW YORK CITY — Cushman & Wakefield has arranged the $3.2 million sale of an 8,874-square-foot retail property located at 2542-2550 Boston Road in The Bronx. The sales price for the two-building property equates to $361 per square foot. Cushman & Wakefield’s Jonathan Squires, Eric Roth and Addison Berniker represented the seller, 2550 Boston Post Road Corp., in the transaction. The undisclosed buyer will have the option to expand the property to add more shop space.
KENT, WASH. — A joint venture between RISE Properties Trust and Tokyu Land US Corp. has acquired Waterford at the Lakes Apartments, a multifamily property located in Kent. An undisclosed seller sold the community for $83.2 million. CBRE brokered the transaction. Situated on 16.8 acres at 23605 62nd Ave. South, Waterford at the Lakes Apartments features 344 units, an on-site daycare, racquetball court, two pools, a sport court and residential lounge. Seattle-based Thrive Communities will manage the property. The apartment community is located within the Lakes at Kent, a neighborhood of 19 rental and for-sale communities with man-made lakes and landscaping.
CHULA VISTA AND SAN DIMAS, CALIF. — San Diego-based Stos Partners has completed the sales of two properties, totaling 221,448 square feet, for $33.5 million. In the first deal, Stos Partners sold two industrial buildings, located at 1670 and 1690 Brandywine in Chula Vista, to a large institution for $24.4 million. The 170,805-square-foot asset is divided into six industrial units ranging in size from 25,000 square feet to 55,000 square feet and is leased to a mix of national credit, regional credit and local companies. Bryce Aberg, Jeff Cole, Jeff Chiate and Brant Aberg of Cushman & Wakefield, along with Michael Mossmer of Voit Real Estate Services, represented the seller in the disposition. In the second transaction, Stos Partners sold a two-story, 50,634-square-foot office building, located at 650 W. Cienega in San Dimas. A trade union acquired the property for approximately $9.1 million. The buyer plans to use the facility as an owner-user. Taylor Ing at Newmark Knight Frank represented the seller, while Brandon Burns of Cushman & Wakefield represented the buyer in the deal.
MISSION VIEJO, CALIF. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of the retail component with Avery Center in Mission Viejo. Orange County-based Pacific Castle sold the property to an Orange County-based family for $12.9 million. The 16,568-square-foot retail portion includes two fully occupied retail buildings located at 28601-28621 Marguerite Parkway. Built in 1977 and renovated in 2016, the asset’s triple-net leased tenants include Jimmy John’s Gourmet Sandwiches, Epic Wings, Broken Yolk Café and Big Grill Mongolian BBQ, as well as four local retailers. Patrick Luther and Matthew Mousavi of SRS’ Investment Properties Group represented the seller in the deal. Terrison Quinn, also of SRS, advised the seller on repositioning the renovated center and leasing activities for the property.
ENCINITAS, CALIF. — Capstone Advisors has acquired El Camino Square, a retail property located in Encinitas. US Financial LP sold the asset for $12.2 million. Located at 191 N. El Camino Road, the two-level property features 28,037 square feet of retail space. Current tenants include T-Mobile, Salon Bella Bella, Golden State Bagels and Chiltonic. Vic Gausepohl and Kirk Allison of Colliers International San Diego Region represented the buyer, while the seller was self-represented in the deal. Gausepohl and Allison have also been retained to handle leasing for the property.
GREER, S.C. — Marcus & Millichap has arranged the $12 million sale of Riverside Crossing, a 58,358-square-foot, Lowes Foods-anchored shopping center in Greer. Other tenants include Smoothie King, Great Clips, Family Dentistry at Riverside Crossing, CT Nails and Madi Boutique. EA Riverside LLC built the center in 2017 and sold it to JohnCo LP, a private family office. Zach Taylor, Brian Munn and Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller in the transaction.
HOUSTON AND STAFFORD, TEXAS — Blue Stone Premier Properties LLC, which has offices in Houston and Charlotte, has purchased six apartment communities in Houston and one in the southwestern suburb of Stafford. The properties total 2,239 units and were between 84.5 and 94 percent occupied at the time of sale. All seven communities will receive value-add upgrades and will be rebranded. Prime Finance provided debt for the acquisition that was placed by Meridian Capital Group. The seller and sales price were not disclosed.
BENBROOK, TEXAS — Olympus Property, a locally based multifamily investment firm, has acquired Victorian Quarters at Team Ranch, a 248-unit community located in the Fort Worth suburb of Benbrook. The property, which was built in 2005, will be rebranded as Olympus Team Ranch. Communal amenities at the property include a pool, sundeck, outdoor grilling area with a TV and a dog park. Olympus plans to invest approximately $2 million in upgrades to unit interiors, including countertops, lighting and flooring. The seller was not disclosed.
LAKEWAY, TEXAS — NAI Partners has brokered the sale of a 7,119-square-foot office building located at 308 S. Meadowlark St. in Lakeway, a western suburb of Austin. Patrick Hill of NAI Partners represented the buyer in the transaction and negotiated a lease for the building’s new tenant, Claim Consultant Group, which will relocate its headquarters to the property later this year. Scott Studzinski and Grant McConnell of Elevate Growth Partners represented the seller.
PORTLAND, ORE. — PCCP has acquired Park Square, a two-building office asset on the south end of the Portland’s central business district, for $96.5 million. The name of the seller was not released. Park Square consists of two buildings connected by a lobby/great room, which includes multiple seating areas, a fireplace/lounge area and a high-end soup and salad bar. The asset was substantially repositioned in 2016, including the renovation of its 8,000-square-foot lobby. The first building is the single-tenant, six-story, 181,049-square-foot Woolworth Building, located at 1621 SW First Ave. The building was originally a build-to-suit for the tenant, which has occupied the space since the building was constructed in 1984. The second building, located at 100 SW Market St., was built in 1964. The seven-story asset totals 113,719 square feet and is leased to three investment-grade credit tenants. At the time of sale, the property was nearly fully-leased.