GARDEN GROVE, CALIF. — A private Northern California-based investor has purchased a retail center located at 11072 Magnolia St. in Garden Grove. DECMAC II, a local investor, sold the property for $5.1 million. 99 Cents Only occupies approximately half of the 36,469-square-foot property, with the remaining space vacant. Alex Kozakov, Patrick Wade and Matthew Greenberg of CBRE represented the seller, while Jeff Helm of Helm Properties represented the buyer.
STATE COLLEGE, PA. — HREC Investment Advisors has arranged the sale of the 149-room Atherton Hotel in State College. The sales price was not disclosed. Ketan Patel of HREC represented the seller, Atherton Street Partnership, in the transaction. The buyer was AJ Capital Partners, a Chicago-based real estate developer, owner, and operator. The property is located in downtown State College, one block from Pennsylvania State University. AJ Capital plans to renovate the hotel and convert it to Graduate State College, part of the Graduate Hotels collection.
PLAINVIEW, N.Y. — Lee & Associates NYC has negotiated the $2.8 million sale of an 18,000-square-foot self-storage facility in Plainview. Located at 1522 Old Country Road, the two-story property includes 1,500 square feet of office space on the second floor. Kelly Koukou of Lee & Associates represented the undisclosed seller in the transaction. The buyer was Safeguard Self Storage.
JERSEY CITY, N.J. — Marcus & Millichap has brokered the sale of a 9,400-square-foot mixed-use property in Jersey City. The property is located at 253 Academy St. Jonathan Zamora and Julienne Pape of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was a developer.
CONROE, TEXAS — Pinnacle Storage Properties, a self-storage development and investment firm based in the Houston area, has acquired Preferred Mini Storage, a 572-unit facility in Conroe, roughly 40 miles north of Houston. The property was built in 1996 and expanded in 2017. About 76 percent (434) of the units are climate-controlled. Daniel Hartnett of Greysteel arranged a non-recourse bridge loan on behalf of Pinnacle for the acquisition. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, Copra Holdings LLC.
ARLINGTON, TEXAS — Weitzman has negotiated the sale of Matlock Oaks, an 86,777-square-foot retail center in Arlington. Specialty grocer Indo Pak World Market anchors the center, which was renovated in 2014. Other tenants include Subway, Allstate Insurance and Matlock Family Dental. Kevin Butkus of Weitzman represented the seller, a Dallas-based joint venture. Michael Uhm of The Michael Group represented the buyer. Both parties requested anonymity.
BEAVERTON, ORE. — Security Properties has purchased Arbor Creek, a garden-style apartment community located at 3280 SW 170th Ave. in the Portland suburb of Beaverton. Jackson Square Properties sold the property for $84.3 million. Charles Halladay, Scott Gilson and Charlie Watson of HFF arranged a seven-year, floating-rate loan through Freddie Mac’s CME Program for the buyer. Situated on 22 acres and originally completed in 1984, Arbor Creek features one- and two-bedroom units, averaging 768 square feet, 360 of which have been renovated since 2012. Community amenities include a swimming pool, spa, fitness center, basketball/sport court, indoor racquetball court, playground, clubhouse and business center. Ira Virden and Carrie Kahn of HFF represented the seller in the transaction.
EUREKA, CALIF. — NAI Northern California has negotiated the $11.4 million sale of the Eureka Safeway, located at 2555 Harris St. in Eureka. Doug Sharpe of NAI Northern California represented the undisclosed buyer in the deal. Safeway occupies the 49,145-square-foot grocery store on a new 20-year, absolute triple-net lease with fixed rent increases. The name of the seller was not released.
PHOENIX — G2 Capital has acquired an office property, located at 3925-3945 E. Broadway Road in Phoenix, for $10.9 million. The seller was Glasir Capital Partners, which purchased the property 30 days prior from RBR Capital. Totaling 136,000 square feet, the asset is a pair of two-story office buildings at the intersection of 40th Street and Broadway Road. The property at 3945 E. Broadway Road is fully occupied by a long-term credit tenant, which has been in place since 2001. The other building is 50 percent leased to the State of Arizona, which has been a tenant since 2016. G2 Capital plans to renovate a 37,000-square-foot speculative suite to be move-in ready by January at the property. Brian Ackerman of JLL represented the buyer in the deal. G2 Capital has retained Karsten Peterson, Dave Seegar and Mark Gustin of JLL to handle leasing for the property.
MONTCLAIR, CALIF. — Epsteen & Associates San Diego and Progressive Real Estate Partners have arranged the sale of Shops at Mission Square, a retail center located at 4467 Mission Blvd. in Montclair. A San Diego-based private investor sold the property to a Yorba Linda-based private investor for $4 million, or $692 per square foot. Built in 2007, the 5,852-square-foot property is fully leased to four national retailers: Panda Express, Little Caesars, Dairy Queen and Boost Mobile. Joe Wojdowski of Epsteen & Associates and Greg Bedell of Progressive Real Estate represented the seller, while Scott Chang of 168 Realty represented the buyer in the all-cash transaction.
