THOUSAND OAKS, CALIF. — Los Angeles-based Agora Realty & Management has purchased Office Depot Plaza, a shopping center located at 11-25 E. Hillcrest in Thousand Oaks. An undisclosed seller sold the property for $14.4 million. At the time of acquisition, the 33,708-square-foot shopping center was 96 percent occupied. Major tenants include Office Depot, Bank of the West, AT&T, Habit Restaurant and Wescom Credit Union. Agora Realty plans to remodel the center’s parking lot with new asphalt and striping, install new LED parking lot lights and upgrade the center’s landscaping.
Acquisitions
LA MESA, CALIF. — Pacific Coast Commercial has arranged the sale of a 12,215-square-foot retail/flex building located at 7575 University Ave. in La Mesa. La Mesa Retail LLC sold the property to MY & RY Enterprises LLC for $2.3 million. Constructed in 1993 for Fountain’s Aquarium, the showroom that was dedicated to tropical fish was remodeled and re-sold to an owner-user. Tommas Golia and Jason Vieira of Pacific Coast Commercial represented the seller, while Brandon Keith of Voit Real Estate represented the buyer in the deal.
JACKSONVILLE, FLA. — Graham Commercial Properties (GCP) has acquired Northport Logistics Center, an 872,627-square-foot industrial building in Jacksonville, for $49 million. The asset is situated less than three miles from the Jacksonville Port Authority (JAXPORT) and is leased to Gildan Activewear and Grimes Logistics. Wells Fargo provided acquisition financing. Colorado-based Real Capital Solutions was the seller.
CHARLOTTE, N.C. — Hamilton EQ has purchased seven buildings within Parkway Plaza, a 12-building business park in Charlotte’s Airport submarket. Hamilton’s purchase spans 368,871 square feet across 44.1 acres. The office park houses tenants such as Xylem Inc., a water technology provider; Roundpoint Financial; and Jack Henry & Associates, a payment processing services provider. The property is situated about six miles south of Charlotte Douglas International Airport and about six miles southwest of downtown Charlotte. New York City-based Hamilton will handle onsite management, while Trinity Partners will handle leasing efforts. The sales price was not disclosed.
LEXINGTON, KY. — Marcus & Millichap has arranged the $16.8 million sale of a 152,000-square-foot office building in Lexington. The building was constructed in 2009 at 1648 McGrathiana Parkway on the University of Kentucky’s 735-acre Coldstream Research Campus. The asset was 90 percent leased at the time of the sale to tenants such as The American Family Board of Medicine, the University of Kentucky, FBI, the Secret Service, Komatsu Mining and A&W Restaurants. Chris Vitori and James McHale of Marcus & Millichap represented the seller, Starwood Capital Group, in the transaction. The buyer was a private family investment office.
FOND DU LAC, WIS. — Marcus & Millichap has brokered the sale of Country Inn & Suites Fond du Lac, a 65-room hotel located about 65 miles north of Milwaukee. The property recently underwent a series of renovations. Jon Ruzicka, Jake Erickson and Jared Plamann of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was not disclosed. Minneapolis-based Country Inn & Suites is part of the Carlson Rezidor Hotel Group, a privately owned hotel firm with more than 1,370 properties in operation and under development in more than 110 countries.
HOUSTON — A joint venture between multifamily investment and management firm Fogelman Properties and New York-based DRA Advisors has acquired Artesian on Westheimer, a 660-unit multifamily community in Houston. The property was built in phases between 2006 and 2009 and was 92 percent occupied at the time of sale. Floor plans feature one-, two- and three-bedroom units. The new ownership will upgrade the property’s unit interiors and amenity spaces, including adding a new fitness center. The seller was not disclosed.
HOUSTON — Colliers International has negotiated the sale of a 26,000-square-foot warehouse situated on 2.2 acres at 4303 South Drive in Houston. The property is located within Southbelt Industrial Park on the city’s south side, just outside the Sam Houston Tollway. Christopher Winters and Walter Menuet of Colliers represented the buyer, Glenmorangie LLC, in the sale. Coy Wheeler of Keller Williams Commercial represented the seller, BL Fielder Investments LLC.
KATY, TEXAS — Marcus & Millichap has arranged the sale of a 5,000-square-foot retail property located at 9333 Spring Green Blvd. in the western Houston suburb of Katy. The property is currently leased to Starbucks Coffee and fast casual restaurant chain Salata. James Bell and Watt Harrison of Marcus & Millichap represented the buyer, a limited liability company that acquired the asset via a 1031 exchange. Other terms of sale were not released.
LITHIA SPRINGS, GA. — PointOne Holdings LLC has sold Crestmark Apartments, a 334-unit apartment complex in Lithia Springs, for $44.9 million. The asset is situated about 14 miles west of downtown Atlanta. The community offers one-, two- and three-bedroom floor plans with amenities including a business center, car wash area, jogging trails, two tennis courts, swimming pool and a spa with a hot tub. During its ownership, PointOne Holdings increased the property’s occupancy from 93 percent to 98 percent, according to PointOne’s Ben Colonomos. Chad DeFoor, now with Franklin Street but previously with ARA Newmark, marketed and brokered the sale of Crestmark Apartments. The buyer was not disclosed.