MESA, ARIZ. — SimonCRE has completed the sale of Mesa Ranch Plaza, a shopping center in Mesa. Mesa Ranch 24 LP acquired the asset for $26 million. Located at 1008, 1036, 1060 and 1142 E. Southern Ave., Mesa Ranch Plaza totals 130,000 square feet. At the time of sale, the property was 99 percent occupied. Alex Kozakov and Patrick Wade of CBRE’s South Bay Los Angeles office represented the buyer and seller in the transaction. Michael Hackett of CBRE served as the local market expert for the deal.
SAN DIEGO — Hill Properties and Westport Capital Partners have completed the disposition of 8250-8260 Camino Santa Fe in San Diego to CSF LLC for $17.1 million, or $282 per square foot. Situated on 3.6 acres, the two-building property offers 60,866 square feet of industrial space. At the time of sale, the asset was 96 percent occupied by eight tenants. The property, which was built in the late 1980s, recently underwent extensive capital improvements, including new exterior paint, suite and directional signage, monument signage, parking lot resurfacing and new landscaping. Matt Poucho, Anthony DeLorenzo, Matt Harris and Casey Sterk of CBRE’s Investment Properties represented the seller, while Chris Nelson of Matthews Real Estate and Brian Reyes of Tangram Commercial represented the buyer in the deal.
AMITYVILLE, N.Y. — Marcus & Millichap has brokered the $4.6 million sale of a 15,120-square-foot retail building leased to Walgreens in the Long Island community of Amityville. The building was constructed on 2.6 acres in 2001, and Walgreens recently extended its lease through 2035. Derrick Dougherty and Nick Geaneotes of Marcus & Millichap represented the sellers in the transaction and procured the buyer. Both parties were locally based entities that requested anonymity. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.
HOUSTON — Locally based investment firm Interra Capital Group has acquired the 600,000-square-foot historic Esperson complex in downtown Houston. Comprising two structures that are known as the Niels and Mellie Esperson Buildings, the complex is home to a mix of commercial users. The buildings were originally constructed in 1927 and 1941 to pay homage to real estate and oil magnate Niels Esperson and reflect the importance of those industries in the growth of the local economy during that time. Cameron Management manages the property, which Interra acquired by foreclosure through a note purchased from MetLife Investment Management earlier this year. Details on Interra’s plan to revitalize the property were not disclosed.
EL PASO, TEXAS — Los Angeles-based investment firm BH Properties has purchased a two-building, 203,499-square-foot industrial property located at 12100-12105 Esther Lama Drive in El Paso. The buildings are situated on a 17-acre site adjacent to I-10 on the city’s east side and were originally constructed in 1986 to house the manufacturing and storage operations of the Tony Lama boot company. Brett Preston and David Hingst of Cushman & Wakefield/PIRES International represented the undisclosed seller in the transaction. The sales price was also not disclosed.
FRISCO, TEXAS — Marcus & Millichap has brokered the sale of a 9,291-square-foot retail strip center in Frisco. The property was fully leased at the time of sale to five tenants: Active Dental, Stonebrook Eyecare & Eyewear, ATI Physical Therapy, Momo’s Coffeehouse and Jamba Juice. William Kim of Marcus & Millichap represented the buyer, JT Arlington, in the transaction. Duke Dennis of Marcus & Millichap Capital Corp. (MMCC) arranged $2.8 million in acquisition financing through a local credit union for the deal. The nonrecourse, five-year loan carried a fixed interest rate of 7 percent.
ORLANDO, FLA. — Colliers has brokered the $68.5 million sale of Lee Vista Promenade, a 313,981-square-foot regional power retail in Orlando. Brad Peterson, Whitaker Leonhardt and Eric AmRhein of Colliers represented the seller, SITE Centers, in the transaction. Donald Jennewein, also with Colliers, arranged an undisclosed amount of acquisition financing through City National Bank on behalf of the buyer, Dundas Real Estate Investments. Situated on 74.2 acres in Orlando’s North Airport submarket, Lee Vista Promenade was 95.5 percent leased at the time of sale to tenants including Academy Sports + Outdoors, Epic Theaters, Ross Dress for Less, HomeGoods, Michaels, Bealls Outlet, Petco, Ulta Beauty, Five Below and Famous Footwear. The shopping center was built in 2016 and also features three development parcels totaling 18.1 acres. A little more than one-third of the shopping center’s revenue is generated from restaurant tenants, according to Colliers.
AUBURNDALE, FLA. — The State of Florida has purchased a 423,000-square-foot warehouse within Midpoint Florida Logistics Center in Auburndale, a Central Florida city near Lakeland. Dalfen Industrial sold the newly delivered property for an undisclosed price. Florida’s Division of Emergency Management plans to use the facility, situated near I-4, as a hub for the storage and movement of emergency supplies during emergency activation and response throughout the state. Delivered in second-quarter 2023, the warehouse features 36-foot clear heights and 400 trailer parking spaces.
CENTREVILLE, VA. — Finmarc Management Inc. has purchased Trinity Centre, a four-building office portfolio in Centreville, for $39.4 million. Cushman & Wakefield represented the seller, a joint venture between Spear Street Capital LLC and Partners Group, in the transaction. Bethesda, Md.-based Finmarc was self-represented. The nearly 500,000-square-foot portfolio is located roughly 26 miles west of Washington, D.C., and comprises two 152,000-square-foot buildings and two 93,000-square-foot buildings. Trinity Centre was approximately 71 percent leased at the time of sale to tenants including Parsons Corp., CARFAX, Aerovironment, Microautomation, Specialized Carriers & Rigging Association, Systematic and TriVir.
PEACHTREE CORNERS, GA. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $9.1 million acquisition loan for Spalding Woods, an 84,000-square-foot shopping center located at 4015 Holcomb Bridge Road in Peachtree Corners, a northeast suburb of Atlanta. Garrett Fierstein of MMCC’s Orlando office, along with Simon Grigoryan of Marcus & Millichap’s Jacksonville office, arranged the financing through an out of state credit union on behalf of the borrower, an undisclosed, privately held investor. The 10-year loan was underwritten with a 25-year amortization schedule, 65 percent loan-to-value (LTV) ratio and flexible prepayment options. Spalding Woods’ tenant roster includes Dollar Tree, Peachtree Corners Eye Clinic, KFC/Taco Bell, Dunkin’ and Clean Eatz. Additional spaces are available for build-out, according to MMCC.
