ST. PAUL, MINN. — Kraus-Anderson Realty has purchased Midway Marketplace in St. Paul for an undisclosed price. Built in 1994, the 324,430-square-foot retail center includes anchor tenants Cub Foods, Walmart, TJ Maxx, LA Fitness and Dollar Tree. Other tenants at the property include Sprint, Leann Chin, The UPS Store, Mother Nature’s Vitamins and Midway Tobacco & Cigar Place. Beachwood, Ohio-based RVI sold the asset.
MESA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Premiere at Dana Park, an apartment community located in Mesa. PCS Development sold the property to an undisclosed buyer for $41.9 million, or $211,869 per unit. Completed in 2018, The Premiere at Dana Park features 198 apartment units within walking distance of Village Square at Dana Park, a 365,000-square-foot urban lifestyle center. Steve Gebing and Cliff David of IPA represented the seller in the deal.
SOUTH GATE, CALIF. — Hanley Investment Group has negotiated the $29.5 million sale of The Crossroads at Firestone, a 53,262-square-foot, ALDI-anchored shopping center in South Gate. The property is located on six acres at 5802-5840 Firestone Blvd., 11 miles south of downtown Los Angeles. The Crossroads was built in in 2017 and was fully leased at the time of the sale to tenants including ALDI, AT&T, Bank of America, The Buffalo Spot, Burgerim, Churroholic, Fast 5 Express Car Wash, Flame Broiler, Hiccups Restaurant & Tea House, Jersey Mike’s Subs, La Michoacana Premium, Panera Bread, Pizza Studio, Sherwin-Williams and Tacos El Gavilan. Ed Hanley of Hanley Investment Group represented both the seller, Catellus Development Corp., and the buyer, SAFCO Capital Corp., in the transaction.
CYPRESS, CALIF. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of Cypress Village Shopping Center, a three-building retail asset located at 9515-9575 Valley View St. in Cypress. A Southern California-based private investor acquired the property from Cypress Village Partners LLC for $14.9 million, or $910 per square foot. Situated on 2.4 acres, a variety of restaurants and retailers occupy the 16,433-square-foot property. Current tenants include Pieology Pizzeria, 85°C Bakery Café, Burger Boss, WaBa Grill, Urban Cup and Churned Creamery. Rich Walter, Pat Kent and Parker Walter of SRS Real Estate represented the seller in the transaction.
REDMOND, ORE. — Compass Commercial Real Estate Services has negotiated the $2.3 million sale of an industrial building located in Redmond, approximately 20 miles northeast of Bend, Ore. Located at 2050 SW Deerhound Ave., the property features 13,602 square feet of industrial space. Bruce Churchill of Compass Commercial represented the undisclosed buyer and undisclosed seller in the deal.
SEATTLE — Real estate investment firm Ponte Gadea has acquired Troy Block, an 800,000-square-foot, Amazon-occupied office complex in Seattle. Although the price was not disclosed, The Puget Sound Business Journal was first to report it at $740 million. The full-block, two-building property is located at 300 Boren Avenue North in the South Lake Union district of Seattle. Miami-based Ponte Gadea is led by Spanish billionaire Amancio Ortega, a fashion mogul whose company is parent to retail brand Zara. Ortega’s net worth is $67 billion, making him the fifth richest person in the world, according to Bloomberg. Seattle-based developer Touchstone purchased the 2.5-acre property for $18.4 million in 2011 and built two L-shaped office buildings on the block, according to The Seattle Times. Amazon leases the entire office portion of the project, which opened in 2016 and 2017. Ground-floor retail at the development also includes an Amazon Go store, Maslow’s restaurant and Cascade Coffee Works. Mark Gibson, Stephen Conley, Manny De Zarraga, Michael Leggett, Gerry Rohm, Coleman Benedict, Kevin Freels and Logan Greer of HFF represented the seller, a partnership between USAA Real Estate and Touchstone, in the transaction. This transaction represents the largest single asset trade by volume in Seattle history, …
CHARLOTTE, N.C. — Blaze Partners has acquired The Gibson, a 250-unit apartment community in Charlotte’s Plaza Midwood neighborhood. Delivered in 2015 by Pollack Shores Real Estate, the property offers one-, two- and three-bedroom floor plans. Community amenities include a swimming pool, outdoor recreation area, courtyard with a firepit, grilling stations, fitness studio and a clubhouse. The seller and sales price were not disclosed.
FORT WORTH, TEXAS — Wilks Heritage Group LLC has sold three industrial buildings totaling 72,476 square feet within IH-20 West Business Park in Fort Worth. The buyer was a partnership between Fort Worth-based Corinth Land Co. and Prattco Creekway Industrial (PCI). Investors Royalty Inc., a subsidiary of Corinth, provided equity for the transaction and Simmons Bank originated acquisition financing. The partnership now owns more than 500,000 square feet of industrial space in North Texas.
MAHWAH, N.J. — Colony Industrial has acquired a 271,176-square-foot industrial facility in Mahwah for an undisclosed price. Located at 100 Performance Drive, the warehouse was constructed in 2018 and is fully leased to power tools manufacturer Snow Joe. The acquisition brings Colony Industrial’s holdings in Northern New Jersey to 910,857 square feet. Brian Fiumara, Michael Hines and Brad Ruppel of CBRE represented Colony Industrial in the transaction. The seller was undisclosed.
HORSEHEADS, N.Y. — Marcus & Millichap has brokered the $3 million sale of Holiday Inn Elmira/Horseheads, a 99-room hotel located at 2666 Corning Road in Horseheads, about 90 miles south of Syracuse. The two-story property is situated on 2.6 acres and features amenities such as a pool, fitness center, business center and airport shuttle service. Jerry Swon, Tim McCaffrey and Daniel Zagoria of Marcus & Millichap represented the seller and procured the buyer in the transaction.
