VIRGINIA BEACH, VA. — RD Management LLC, Heritage Capital Group and Summit Glory Investment have purchased Latitudes Apartments, a 448-unit multifamily community in Virginia Beach, for $67 million. When the renovation is complete, the asset will feature amenities including a new clubhouse, 24/7 fitness center and an expanded pool area/sundeck. The complex is located at 1701 Chase Point Circle in Virginia Beach, about 15 miles east of Norfolk. The seller was undisclosed.
HOUMA, LA. — Southern Properties Capital, a subsidiary of Dallas-based Transcontinental Realty Investors Inc., has purchased The Landing Apartments on Bayou Cane in Houma. The seller and sales were not disclosed. Built in 2005, the 240-unit, garden-style multifamily community features 13 buildings and offers a unit mix of studio, one-, two- and three-bedroom apartments ranging from 500 square feet to 1,500 square feet. Community amenities include a clubhouse with a lounge area, study room with computers, 24-hour exercise facility, volleyball court, open green space and a swimming deck surrounding a pool and hot tub.
DENVER — NAI Shames Makovsky has negotiated the sale of an office property, located at 820 16th St. in Denver. Harbor Associates purchased the building from 820 16th Street LLC for $24.5 million. Known as the Symes Building, the property recently underwent renovations and improvements, including to the common-area corridors. Renovations included flooring, wall treatments, lighting, signage and restrooms. The buyer plans additional improvements including amenities, interior and exterior improvements, and more creative office features to the existing space. Dorit Fischer, Hayden Hirschfield, Trent Rice and Connor Donahue of NAI Shames Makovksy represented the seller in the deal.
RIVERSIDE, CALIF. — Newmark Knight Frank (NKF) has directed the purchase of Center Tower Riverside, a five-story office building in downtown Riverside. De Anza Land and Leisure Corp. acquired the property from Irvine-based CIP Real Estate for $20.7 million. Located at 3880 Lemon St., the property features 73,645 square feet of Class A office space. Situated on 1.1 acres, the building was built in 1987 and underwent a more than $3 million renovation in 2017. Renovations included common area improvements and upgrades to the lobby, elevators, corridors, restroom and landscaping. At the time of sale, the building was 94 percent occupied by 11 tenants, including Best Best & Krieger, County of Riverside, Index Fresh, Kimley-Horn & Associates and Reid & Hellyer. Additionally, the property features 248 parking stalls in an adjacent four-level parking structure. John Ewart and John Daciolas of NKF represented the buyers, while Mike Longo, Todd Tydlaska, Sean Sullivan, Barbara Perrier and Darla Longo of CBRE represented the seller in the deal.
ARVADA, COLO. — Marcus & Millichap has arranged the sale of Life Storage, a newly constructed storage facility located in Arvada. Opened in January 2018, the 64,320-square-foot property features 637 climate-controlled self-storage units. The property features a leasing office, multiple elevators, two covered drive-in loading/unloading areas, drives for large vehicles and 24-hour video surveillance. Adam Schlosser and Charles LeClaire of Marcus & Millichap’s The LeClaire Group represented the seller, a local limited liability company, in the deal. The name of the buyer and acquisition price were not released.
TEMECULA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a newly delivered retail property located at 29920 Temecula Parkway in Temecula. An Irvine-based private developer sold the asset for $13 million. Completed earlier this year, the 37,000-square-foot property is situated on 3.7 acres with frontage on Temecula Parkway. LA Fitness occupies the single-tenant property on a net-lease basis. The asset is an anchor to The Gateway to Temecula, a lifestyle center that contains approximately 61,000 square feet of commercial space, including Starbucks Coffee, Chevron, Verizon Wireless, The Pizza Press and a 4,000 square feet of office space. Austin Blodgett and Eric Wohl of Hanley Investment represented the seller, while Corona-based R&L Properties-Cerritos represented the buyer in the transaction.
OCEANSIDE, CALIF. — Lucas Revocable Trust has purchased a retail property, located at 4180 Avenida De La Plata in Oceanside. Plata Property LLC sold the building for $4.4 million. Navy Federal Credit Union occupies the 6,788-square-foot retail building, which was built in 1992 and is situated within Rancho Del Oro business park. The tenant recently renewed its lease for an additional 10 years, extending the term through May 2028. Ryan Barr and Ryan Bennett of Lee & Associates – North San Diego County represented the seller, while HC&M Commercial Properties represented the buyer in the deal.
AVON, CONN. — Institutional Property Advisors has arranged the $24 million sale of Avon Place Apartments, a 164-unit multifamily community in Avon. Located at 46 Avonwood Road, the property was built in 1973 on more than 46 acres. The community is comprised of three brick residential buildings and a clubhouse. Victor Nolletti, Eric Pentore of IPA and Wes Klockner of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was the Clairmont Group LLC.
HARRISON, N.J. — CBRE has brokered the $14.5 million sale of a five-acre development site in Harrison. Located at 15 Essex St., the site consists of a 233,000-square-foot industrial facility as well as a vacant lot. Charles Berger, Elli Klapper, Mark Silverman, Thomas Sullivan and Paul Touhey of CBRE represented the undisclosed seller in the transaction. The buyer, which was also undisclosed, plans to demolish the existing industrial facility and build a multifamily development on the property.
WILLIAMSPORT, PA. — HFF has negotiated the sale of Loyal Plaza, a 293,607-square-foot shopping center in Williamsport. The sales price was undisclosed. Located at 1915-1965 E. 3rd St., the property is currently 94 percent leased to a tenant roster that includes Giant Food Stores, Dollar Tree, Verizon Wireless, Staples, Great Clips, BB&T Bank and Red Lobster. Chris Munley and Michael DiCosimo of HFF represented the undisclosed seller in the transaction. The buyer was PAG Investments.
