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Acquisitions

1670-1690-Brandywine-Chula-Vista-CA
AcquisitionsCaliforniaIndustrialOfficeWestern

Stos Partners Sells Two Industrial, Office Assets in Southern California for $33.5M

by Amy Works

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.

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Avery-Center-Mission-Viejo-CA
AcquisitionsCaliforniaRetailWestern

SRS Arranges $12.9M Sale of Avery Center Shops in Mission Viejo, California

by Amy Works

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.

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El-Camino-Square-Encinitas-CA
AcquisitionsCaliforniaRetailWestern

Capstone Advisors Buys 28,037 SF El Camino Square in Encinitas for $12.2M

by Amy Works

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.

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AcquisitionsRetailSouth CarolinaSoutheast

Marcus & Millichap Arranges $12M Sale of New Grocery-Anchored Shopping Center in Upstate South Carolina

by Alex Tostado

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.

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Siena-on-Westheimer-Houston
AcquisitionsMultifamilyTexas

Blue Stone Buys Seven Houston-Area Apartment Properties Totaling 2,239 Units

by Taylor Williams

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.

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Olympus-Team-Ranch-Benbrook-Texas
AcquisitionsMultifamilyTexas

Olympus Property Acquires 248-Unit Apartment Community Near Fort Worth

by Taylor Williams

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.

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AcquisitionsOfficeTexas

NAI Partners Brokers Sale of 7,119 SF Office Building in Lakeway, Texas

by Taylor Williams

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.

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Park-Square-Portland-OR
AcquisitionsOfficeOregonWestern

PCCP Purchases 296,000 SF Park Square Office Complex in Downtown Portland for $96.5M

by Amy Works

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.

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Raintree-Partners-Glendale-CA
AcquisitionsCaliforniaMultifamilyWestern

Raintree Partners Buys Seven-Asset Multifamily Portfolio in California for $79M

by Amy Works

GLENDALE, CALIF. — Orange County, Calif.-based Raintree Partners has purchased a seven-property multifamily portfolio in Glendale for $79 million. Totaling 231 units, the portfolio includes: Stanley Oaks Apartments, an 80-unit community located at 1435 Stanley Ave. Everett Apartments, an eight-unit community at 138 N. Everett St. Wilson Apartments, a 14-unit property located at 1458-1462 E. Wilson Ave. Justin Oaks Apartments, a 54-unit asset located at 1133 Justin Ave. Chestnut Apartments, a 33-unit property located at 120 W. Chestnut St. Galleria Pointe Apartments, a 22-unit community located at 1140 N. Columbus Ave. Burchett Apartments, a 20-unit asset at 314-320 W. Burchett St. Raintree Partners plans to implement a value-add renovation plan across the portfolio. The improvements will include addressing deferred maintenance; upgrading exteriors, amenity areas and unit interiors; and installing new washers and dryers in select properties. Additionally, the Raintree Partners will rebrand and operate the seven properties as The Indie Collection. Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller in the deal. Wells Fargo provided acquisition financing.

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Airways-Business-Center-Aurora-CO
AcquisitionsColoradoIndustrialWestern

CBRE Arranges Sale of Four Industrial Buildings at Airways Business Center in Aurora, Colorado

by Amy Works

AURORA, COLO. — CBRE has brokered the sale of four buildings at Airways Business Center, a Class A warehouse distribution center in Aurora. EastGroup Properties acquired the asset from Principal Global Investors for an undisclosed price. Built in 2007 and 2008, the four buildings — 2, 4, 5 and 6 — offer a total of 382,137 square feet of industrial space. At the time of sale, a mix of 11 tenants fully occupied the assets. Doug Viseur, Todd Witty, Tyler Carner, Jeremy Ballenger, Jessica Ostermick and Jim Bolt of CBRE’s Denver office represented the seller in the deal.

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