Acquisitions

Irvine Co. Acquires 302,289 SF Office Campus in San Diego’s University Town Center

by Amy Works September 26, 2018

SAN DIEGO — The Irvine Co. has purchased Sunroad Corporate Center, a three-building office property located in San Diego’s University Town Center submarket. Sunroad Enterprises sold the property for an undisclosed price. Situated on 8 acres at 4401, 4435 and 4445 Eastgate Mall, Sunroad Corporate Center comprises three four-story buildings featuring a total of 302,289 square feet of Class A office space. The campus features a fitness facility and the buildings are adjoined by an outdoor environment complete with a newly constructed pavilion, which includes a floating café and lounge and modern water features. Additionally, each building has its own subterranean elevator-served executive parking facility, as well as ample surface parking and a standalone parking structure. Kevin Shannon, Brunson Howard, Paul Jones, Ken White and Rick Stumm of NKF represented the seller, while The Irvine Co. was self-represented in the transaction.

September 26, 2018

Acquisitions Arizona Multifamily Western

Colliers Arranges $49M Sale of 352-Unit Apartment Community in Phoenix

by Amy Works September 26, 2018

PHOENIX — Colliers International has arranged the sale of Siena on Baseline, an apartment community located at 4520 E. Baseline Road in Phoenix. Dallas-based Knightvest Acquisitions acquired the property from Scottsdale, Ariz.-based P.B. Bell Companies for $49 million. Situated on 14 acres, the 22-building property features 352 apartments in a mix of one-, two- and three-bedroom layouts. Built in 1986, the community features a clubhouse, three swimming pools, spa, fitness center and pet park. Cindy Cooke and Brad Cooke of Colliers International in Greater Phoenix represented the seller, while the buyer was self-represented in the deal.

September 26, 2018

Acquisitions Arizona Office Western

Merced Capital, Restart Investments Sell 178,792 SF Office Building in Phoenix for $25.3M

by Amy Works September 26, 2018

PHOENIX — Minnetonka, Minn.-based Merced Capital and California-based Restart Investments have completed the sale of Camelback Arboleda, an office building located in Phoenix’s Camelback Corridor. Solana Beach, Calif.-based Fenway Capital Advisors acquired the property for $25.3 million. Brian Ackerman and Dennis Desmond of JLL represented the sellers in the deal. The four-story building features 178,792 square feet of office space. Additionally, the property is located adjacent to Camelback Marketplace, a 107,000-square-foot retail center featuring a variety of tenants, including Starbucks Coffee, Chick-fil-A, McDonald’s, Subway, Einstein Bros. Bagels, Yogis Grill and Zoës Kitchen.

September 26, 2018

Acquisitions California Retail Western

CBRE Negotiates $4M Sale of Retail Building in San Diego

by Amy Works September 26, 2018

SAN DIEGO — CBRE has negotiated the sale of a retail building, located at 2801-2811 University Ave. in San Diego’s North Park submarket. Sally K. Butcher, special trustee of Donald L. Butcher and Sally K. Butcher Trust, sold the property to Cahuenga Lofts LLC for $4 million. Joel Wilson, Reg Kobzi and Michael Peterson of CBRE’s San Diego office represented the seller, while Cory Stehr of Lee & Associates represented the buyer in the deal. The Mission North Park, a breakfast and lunch restaurant, and Fido & Co. Canine Country Club, a dog daycare and grooming salon, occupy the two-tenant, 9,000-square-foot retail property.

September 26, 2018

Acquisitions Colorado Retail Western

Pinnacle Real Estate Brokers $2.7M Sale of Retail Building in Denver

by Amy Works September 26, 2018

DENVER — Pinnacle Real Estate Advisors has arranged the sale of a retail building located at 476 S. Broadway in Denver. An undisclosed buyer acquired the property for $2.7 million, or $114.83 per square foot. Situated in the Washington Park West neighborhood of Denver, the building features 23,513 square feet of retail space. Le Grues Flower and Gifts will continue to occupy the space. Cody Stambaugh of the Stambaugh|Sengelmann Team of Pinnacle Real Estate Advisors assisted the buyer and undisclosed seller in the deal.

September 26, 2018

Acquisitions Midwest Ohio Retail

Out of the Box Ventures Acquires 733,633 SF Shopping Mall in Mansfield, Ohio

by Kristin Harlow September 26, 2018

MANSFIELD, OHIO — Out of the Box Ventures LLC has acquired Richland Mall in Mansfield, located midway between Columbus and Cleveland. Wells Fargo Bank NA sold the property for $7.4 million, according to local media. Macy’s, JC Penney, Sears and AVITA Health Systems anchor the 733,633-square-foot enclosed mall. Other tenants include Victoria’s Secret, American Eagle Outfitters, Chuck E. Cheese’s, Bath & Body Works, Champs Sports, GameStop, Lenscrafters and The Finish Line. The acquisition includes all but Sears and AVITA Health Systems, which are both separately owned. Robert Marona of Madison Marquette will market the property. Out of the Box Ventures is a subsidiary of Miami-based real estate development firm, Lionheart Capital.

September 26, 2018

Acquisitions Midwest Retail Wisconsin

Form Development, Morgan Partners Acquire Single-Tenant Grocery Property in Appleton, Wisconsin

by Kristin Harlow September 26, 2018

APPLETON, WIS. — Form Development LLC and The Morgan Partners LLC have acquired a 54,000-square-foot, single-tenant grocery store in Appleton for an undisclosed price. The building is fully leased to Pick N’ Save. Wes Koontz, Christian Tremblay and Dan Cohen of Mid-America Real Estate Corp. represented all parties in the sale. The seller was the original developer of the property.

September 26, 2018

Acquisitions District of Columbia Office Southeast

JBG Smith Sells Office Building in D.C.’s East End to Exan Capital for $121.4M

by Camren Skelton September 26, 2018

WASHINGTON, D.C. — JBG Smith has sold Executive Tower, a 130,000-square-foot office building in Washington, D.C. Exan Capital acquired the asset for $121.4 million. The 11-story building is located at 1399 New York Ave. in D.C.’s East End submarket. Collins Ege and Nicholas Pappas of Eastdil Secured arranged the transaction on behalf of JBG Smith. Executive Tower was 93 percent leased as of June 30.

September 26, 2018

Acquisitions Florida Multifamily Southeast

Camden Property Trust Acquires New Apartment Community in Orlando for $90M

by Camren Skelton September 26, 2018

ORLANDO, FLA. — Camden Property Trust has acquired a newly constructed apartment community in downtown Orlando for $90 million. The nine-story property, formerly known as 420 East, includes 299 units and features a pool, 24-hour concierge, retail space and a three-story parking garage. Camden will rename 420 East as Camden Thornton Park. The community includes a mix of one- to three-bedroom units with monthly rents ranging from $1,741 to $3,369, according to Apartments.com.

September 26, 2018

Acquisitions North Carolina Retail Southeast

Regency Centers, Partner Acquire Whole Foods-Anchored Center in Raleigh for $46M

by Camren Skelton September 26, 2018

RALEIGH, N.C. — Regency Centers Corp. and its joint venture partner have acquired Ridgewood Shopping Center, a 95,300-square-foot retail center in Raleigh. Regency acquired a 20 percent interest in the asset. Other terms of the deal were not disclosed, but the Triangle Business Journal reports the Richards family sold the asset for $46 million. Ridgewood Shopping Center was originally developed in 1951, and Raleigh’s first Whole Foods Market anchors the center. Additional tenants include Walgreens, Orvis, Fleet Feet Sports and a collection of local tenants. The acquisition marks Regency’s 13th property in the Raleigh market.

September 26, 2018

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