NEWARK, N.J. — Newark-based PGIM Real Estate has sold a seven-property portfolio of grocery-anchored shopping centers in Florida. The buyer purchased the portfolio, which spans 608,314 square feet of retail space, for $223.9 million. Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL represented PGIM in the disposition. The buyer was not disclosed, but Business Observer reports that Publix Super Markets bought the portfolio from PGIM. The assets in the portfolio include Crestwood Square in Royal Palm Beach; Davie Shopping Center and Regency Square in Davie; Gladiolus Gateway in Fort Myers; Town Center at Orange Lake and Village Shops at Bellalago in Kissimmee; and Woods Walk Plaza in Lake Worth.
MELBOURNE, FLA. — TSCG has brokered the $16.5 million sale of Causeway Shopping Center in Melbourne, a city on Florida’s Space Coast. Ross Dress for Less, Michaels and Bealls anchor the 111,816-square-foot property. Anthony Blanco of TSCG represented the seller, a joint venture between Forge Capital Partners and The Sembler Co., in the transaction. Darrell Deshaw of Western Retail Advisors represented the California-based buyer. Originally built in 1966 and renovated in 2008, Causeway Shopping Center was 85 percent leased at the time of sale.
NORTH CHARLESTON, S.C. — Marcus & Millichap has negotiated the $7.6 million sale of two apartment communities in North Charleston. The properties include The Edge on Noisette Creek at 1005 Buist Ave. (32 units) and South Circle at 1079 Bexley St. (14 units). Both properties were built in the 1970s. Ryan Lipomi, William Graves and Nate McDaniel of Marcus & Millichap’s Charleston office marketed the properties on behalf of the seller and procured the buyer, both of which requested anonymity. Bobby Werhane of Institutional Property Advisors’ Charlotte office arranged an undisclosed amount of acquisition financing for the buyer.
SAMMAMISH, WASH. — Security Properties has acquired SKY Sammamish, an apartment community located along 228th Avenue in the Seattle suburb of Sammamish, for $70.2 million. Built in 2018, SKY Sammamish offers 159 apartments. Security Properties Residential, an affiliate of Security Properties, will manage the asset. With this transaction, Security Properties now owns 28 assets and more than 6,400 units in the greater Seattle marketplace.
OCEANSIDE, CALIF. — PRDO Retail Investors LP (A&C Properties, a private investment firm based in Phoenix, Ariz.) has completed the disposition of Plaza Rancho Del Oro, a neighborhood shopping center in Oceanside, to Lotfi and Flora Mehdian for $34.3 million. Located at 4120-4196 Oceanside Blvd., Plaza Rancho Del Oro features 65,054 square feet of retail, restaurant and service-retail space. Built in 1989, the property consists of eight buildings and more than 400 parking spaces. At the time of sale, the property was 92 percent occupied by a variety of tenants, including Starbucks Coffee, My Salon Suites, Upper Crust Pizza, Wells Fargo and Carl’s Jr. Currently, the property consists of 29 local and national retailers. Jimmy Slusher, Philip Voorhees, James Tyrrell, Megan Lanni, Reg Kobzi, Joel Wilson, Michael Peterson and Lane Robertson of CBRE’s National Retail Partners represented the seller in the deal.
DENVER — Pinnacle Real Estate Advisors has arranged the sale of Eliot Flats, a multifamily property located at 3233 Eliot St. in Denver. The asset traded for $8.8 million, or $220,000 per unit. Built in 2015, Eliot Flats offers 30 studio units and 10 one-bed/one-bath units. The property features a solar power system, Smart Water metering, and energy-efficient windows and finishes. Jim Knowlton of Pinnacle represented the undisclosed buyer in the deal. The name of the seller was not released.
BELVIDERE, ILL. — Cawley Commercial Real Estate (Cawley CRE) has brokered the sale of 140 acres in Belvidere, about 13 miles east of Rockford. A leading Fortune 500 company purchased the site with plans to build a 1.2 million-square-foot freezer cooler facility. Project costs are estimated at $1 billion. The project will include more than 1,000 trailer stalls as well as automation technology and will support the delivery of fresh and frozen food products across the Midwest. Completion is slated for 2027. David Conroy of Cawley CRE brokered the transaction.
EAGAN, MINN. — Transwestern Real Estate Services has arranged the sale of a 300,000-square-foot flex office building located at 1000 Blue Gentian Road in the Minneapolis suburb of Eagan. The sales price was undisclosed. The buyer, Hunt Electric Corp., will relocate its headquarters from nearby Bloomington. A national electric design, build and maintenance firm, Hunt Electric is currently headquartered in 160,000 square feet at 7900 Chicago Ave. S. Hunt Electric will own its new headquarters property and retain the four tenants currently occupying about half of the building. Chris Weirens, Nate Erickson, Alex Baron, Ben Youds and Max Stewart of Transwestern represented the buyer. Water Street Partners was the seller. Weirens, Erickson and Youds will also represent Hunt Electric in marketing its former property for sale or lease.
SOUTH BEND, IND. — A partnership between fifteenfortyseven Critical Systems Realty (1547) and Harrison Street has acquired the Global Access Point Union Station data center in South Bend for an undisclosed price. The data center sits atop the transcontinental fiber system connecting Chicago to the East Coast. Situated in the historic Union Station in northern Indiana, the property is ranked among the top U.S. carrier hotels and critical network hubs, according to 1547. The facility offers access to over 20 telecommunication network service providers. The buyers plan to make facility upgrades.
EL CAJON, CALIF. — Marcus & Millichap has arranged the sale of a multi-tenant retail property in El Cajon, an eastern suburb of San Diego. Two Squared LLC sold the asset to an undisclosed buyer for $1.5 million. At the time of sale, the 2,870-square-foot property was fully leased to two tenants, Final Touch Nails, Hair & Spa and Subway. The asset is located along the North 2nd Street retail corridor. Nick Totah and Ross Sanchez of The Totah Group of Marcus & Millichap’s San Diego downtown office represented the seller in the deal.