ENCINITAS, CALIF. — West Village has completed the disposition of Rancho Santa Fe Plaza, a shopping center located at 162 S. Rancho Santa Fe Road in Encinitas, a northern suburb of San Diego. Corona del Mar-based Space Investment Partners acquired the asset for $26 million. Harvest Ranch Market anchors the 60,492-square-foot retail center. The new owners are planning major enhancements and aesthetic improvements to the property. Mike Moser of Retail Insite represented the seller in the deal.
LINDEN, N.J. — NAI DiLeo-Bram has arranged the $21 million sale of a 67,355-square-foot warehouse in the Northern New Jersey community of Linden. The facility at 1900 Lower Road is located adjacent to an Amazon fulfillment center and has housed the operations of electrical and industrial distribution company Turtle & Hughes since its original construction in 1960. Christopher Galiano of NAI DiLeo-Bram represented the buyer, Service Truck Tire Center, which plans to occupy the property and implement a value-add program, in the deal.
CARLSBAD, CALIF. — A joint venture between Harbor Associates and F&F Capital Group has acquired two industrial buildings at 5801 and 5807 Van Allen Way in Carlsbad, approximately 30 miles north of San Diego. An undisclosed seller sold the portfolio for $21.2 million, or $208 per square foot. Situated within Carlsbad Research Center, the 102,360-square-foot portfolio features passive solar cooling with operable windows, two dock-high doors, three grade-level doors and street frontage along Faraday Avenue. The sale included a leaseback with the seller at 5807 Van Allen Way. The buyers will market 5801 Van Allen Way to traditional industrial and life science users. Dennis Visser and Matt Pourcho of CBRE advised the seller in the deal.
GLENDALE, ARIZ. — Marcus & Millichap has arranged the sale of a ground lease at SWC Loop 101 and Northern Avenue in Glendale. A limited liability company sold the asset to a limited liability company for $2.3 million. The asset includes a 3,200-square-foot Slim Chickens location, which has an absolute triple-net ground lease with 20 years remaining. Nick Christifulli, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller and buyer in the transaction.
NEW YORK CITY AND MIAMI — Brookfield Infrastructure Partners LP (NYSE: BIP) and its institutional partners have entered into an asset purchase agreement (APA) with Miami-based data center owner-operator Cyxtera. Brookfield will acquire “substantially all” of Cyxtera’s assets for $775 million. As part of the agreement, the New York City-based investment firm will purchase the real estate supporting seven Cyxtera data centers in the United States. The locations of the affected properties were not disclosed. According to the company’s website, Cyxtera operates facilities in Albuquerque, Atlanta, Boston, Chicago, Columbus, Dallas/Fort Worth, Denver, Los Angeles, Minneapolis, New York/New Jersey, Northern Virginia, Phoenix, Seattle, Silicon Valley, Tampa and Canada. Brookfield will purchase the real estate that supports the data centers from several landlords, including Digital Realty Trust Inc. (NYSE: DLR) and Digital Core REIT. The court-supervised process stems from Cyxtera’s Chapter 11 bankruptcy proceedings. The company cited financial challenges and lack of funding when it filed for bankruptcy this past summer, about two years after it went public. Cyxtera’s stock price peaked at $14.60 per share in May 2022 before dipping below $1.80 by December 2022. “We are pleased to reach this agreement with Brookfield, which represents a favorable path forward for our …
RICHLANDS, VA. — Marcus & Millichap has brokered the $4.4 million sale of Brickyard Shopping Center, an 86,246-square-foot retail center located at 114 Kents Ridge Road in Richlands, a city in western Virginia. Zachary Taylor and Eric Abbott of Marcus & Millichap’s Atlanta office represented the seller, an unnamed developer, in the transaction. Dean Zang and David Crotts of the firm’s Washington, D.C., office procured the buyer, a private investor. Brian Hosey served as Marcus & Millichap’s broker of record in Virginia for the transaction. Built in 1989, Brickyard was 75 percent leased at the time of sale to its original anchor tenants, Food Lion and Big Lots. Food Lion is the sole national grocery store in Richlands, and there is only one other anchored shopping center in the area, according to Marcus & Millichap.
DESOTO, TEXAS — JLL has negotiated the sale of the 489,310-square-foot Building 5 at Southfield Park 35 in DeSoto, a southern suburb of Dallas. Delivered in fall 2022, the building sits on 33.9 acres and features 40-foot clear heights, 185-foot truck court depths, 117 dock doors and parking for 144 trailers (expandable to 194). A partnership between Atlanta-based Seefried Properties and Affinius Capital developed and sold the property to an undisclosed buyer. Trent Agnew, Tom Weber, Pauli Kerr, Parker McCormack, Matthew Barge and Keenan Ryan of JLL brokered the deal.
COSTA MESA, CALIF. — Continental Realty Corp. (CRC) has entered the California market with the acquisition of South Coast Collection (SoCo), a lifestyle retail center focused on home furnishing and design in the Orange County city of Costa Mesa. CRC purchased SoCo with funds from Continental Realty Opportunistic Retail Fund I, a closed-end fund for which $261 million has been raised since 2021. Constructed in 2007 on 20 acres, SoCo features 292,000 square feet of retail space. At the time of sale, the property was 97 percent leased to 60 tenants. Current tenants include COCO Republic, Design Within Reach, Roche Bobois, Pirch, Paul Mitchell the School, Brown Jordan, Natuzzi Italia, Room & Board, Arc Food and Libations, Butcher’s House, Greenleaf Kitchen & Cocktails, Moulin, Paragon and Portola Coffee. SoCo also features The OC Mix, a 15,000-square-foot shopping and dining space with more than 20 sit-down restaurants, coffee shops and quick-service restaurants, as well as a fine cheese retailer and an art gallery. Christopher Hoffman, Mark Damiani of Eastdil Secured represented the undisclosed seller in the deal. Terms of the transaction were not released.
UNION CITY, CALIF. — Transwestern Real Estate Services has arranged the sale of Summerhill Place Apartments, a multifamily property in Union City, located between Oakland and San Jose. An undisclosed seller sold the asset to Interstate Equities Corp. for $15 million, or $250,000 per unit. Located at 3900 Horner St., Summerhill Place was built in 1986 and originally acquired by the seller in 1993. The property features 60 one- and two-bedroom apartments. Community amenities include ample parking, onsite laundry and a pool. Shivu Srinivasan of Transwestern handled the transaction.
PEORIA, ARIZ. — CBRE has arranged the $12.7 million sale of Arrowhead Ranch Business Park, located at 21461-21509 N. 78th Ave in the Phoenix suburb of Peoria. Pacifica Real Estate Group sold the asset to a California-based private buyer in a 1031 exchange. Situated on 9.5 acres, the six-building business park features 18 suites, each with its own private secured yard. The transaction included 11 of the 18 units within the park, totaling nearly 50,000 square feet. Geoffrey Turbow, Gary Cornish, Anthony DeLorenzo and Nick Williams of CBRE Investment Properties, alongside CBRE’s Evan Koplan and Serena Wedlich, represented the seller in the transaction.
