TUCSON, ARIZ. — A joint venture between Vanbarton Group and Tramview Capital Management has purchased a three-property medical office portfolio, totaling 57,600 square feet, in Tucson. Terms of the transaction were not released. The portfolio was acquired through a sale-leaseback transaction with Banner Health, which will continue to lease and occupy each building.
COSTA MESA, CALIF. — CBRE has brokered the sale of Crestview Apartments, a multifamily community in the Orange County city of Costa Mesa. An Orange County-based private investor sold the asset to a local private investor for $5 million, or $264,474 per unit. Dan Blackwell and Mike O’Neill of CBRE represented the seller, while Blackwell, O’Neill and Jack O’Connor of CBRE represented the buyer in the transaction. Located at 859 W. 19th St., the two-story, 8,931-square-foot building features 19 apartments, primarily studio units with patios or balconies. The community also has an onsite laundry facility. Recent capital improvements include new exterior paint, repaved asphalt, new decks, new windows throughout and wood replacement.
LAGRANGE, GA. — Zach Taylor of Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $16 million sale of a newly built shopping center located in LaGrange, a Georgia city near the Georgia-Alabama border along I-85. The center’s anchor, Publix, has a 10-year lease on the store. Taylor represented the seller, a developer based in Atlanta, as well as sourced the 1031 exchange buyer in the transaction. Both parties requested anonymity. “This sale faced the market headwinds of increasing interest rates and low transactional velocity,” says Taylor. “Thankfully, we found a 1031 buyer attracted to the quality of the tenant mix and the growth of the submarket. We were able to clear the market at a very attractive cap rate.”
DORAL, FLA. — CBRE has arranged the sale of The Offices at Doral Square, a 141,246-square-foot office building located at 8600 N.W. 36th St. in Doral, a suburb of Miami. The Class A property is the office component of Doral Square, a mixed-use development that also features 150,000 square feet of shops and restaurants. A partnership comprising “several Miami families” purchased the asset from the undisclosed seller. The sales price was also not disclosed. Christian Lee, Sean Kelly, Amy Julian, Andrew Chilgren, Marcos Minaya, Tom Rappa, James Carr and Matthew Lee of CBRE represented the seller in the transaction.
TAMPA, FLA. — Cushman & Wakefield has brokered the $55.6 million sale of Tampa Airport Logistics, a newly constructed industrial park in Tampa’s Airport submarket spanning nearly 300,000 square feet. The two-building property is located at 5450 Johns Road and 5416 W. Sligh Ave., about six miles north of Tampa International Airport. Tampa Airport Logistics was fully leased at the time of sale and features 32- to 36-foot clear heights, 52- by 50-foot column spacing, ESFR fire protection and a 192-foot shared truck court. Clarion Partners purchased the property on behalf of a separate client from PCCP LLC. Rick Brugge, Mike Davis, Rick Colon, Dominic Montazemi, Ryan Jenkins and Chloe Strada of Cushman & Wakefield represented the seller in the transaction.
OAK BROOK, ILL. — The Inland Real Estate Group of Cos. Inc. has agreed to acquire a majority interest in the business of Devon Self Storage Holdings LLC. Financial terms of the agreement were not disclosed. Devon manages 202 properties totaling roughly 109,000 units nationally. Founded in 1988 by Ken Nitzberg, Devon has owned, managed or developed more than 350 self-storage facilities in 27 states and three European countries throughout its history. Since entering the self-storage sector in 2016, Oak Brook-based Inland has amassed a $1.7 billion self-storage portfolio of both stabilized assets and development projects across 30 states. Inland plans to grow Devon’s third-party management and development platform.
ROCKFORD, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a recently developed property occupied by Dollar General in Rockford for an undisclosed price. Constructed in 2021, the freestanding building totals 10,600 square feet. Dan Waszak of Quantum represented the buyer, a New York City-based investor. The seller was a Midwest-based developer.
TEMPE, ARIZ. — BKM Capital Partners has purchased two multi-tenant industrial parks in Tempe for $48 million, or $178.80 per square foot, from Stockbridge Capital Group. The properties, Gateway University Park I & II, total 268,409 square feet of industrial space. At the time of sale, the asset was 99 percent leased to 77 tenants. Located at 1605-1635 and 1705-1797 W. University Drive, the assets consist of 16 tilt-up buildings offering 81 units that range in size from 1,712 square feet to 22,352 square feet. Built in 1982 and 1983, the properties feature two dock-high and 106 ground-level loading doors, 16-foot to 22-foot clear heights and a parking ratio of 3.73 per 1,000 square feet. BKM plans to implement a $2.4 million capital improvement plan to update the asset’s efficiency and bring the building up to the brand’s standards. Planned improvements include upgrades to the roofs, parking lots, landscaping, HVAC systems, signage and paint scheme. Will Strong, James Carpenter, Kirk Kuller, Robert Buckley, Tracey Cartledge, Michael Matchett and Molly Hunt of Cushman & Wakefield represented BKM in the transaction.
SAN BERNARDINO, CALIF. — Harbor Associates, in joint venture with Taconic Capital Advisors, has completed the disposition of 451 E. Vanderbilt Way, a Class A office building in San Bernardino. An undisclosed buyer acquired the Inland Empire asset for $26.7 million. The sale marks the third and final transaction in a five-property $69.8 million office portfolio disposition. The joint venture originally acquired the 368,000-square-foot portfolio in October 2019 for $41.7 million. All five of the assets, ranging in size from 70,000 square feet to 115,000 square feet, are located within the Tri City Corporate Center, a 153-acre, master-planned, mixed-use office park with 1 million square feet of commercial office space and 390,000 square feet of retail space. Anthony DeLorenzo, Sammy Cemo, Philip Woodford, Kyle Yocum and Michael Longo of CBRE advised the joint venture in the portfolio sale.
CHULA VISTA, CALIF. — Rockefeller Group has sold Heritage Industrial Center, a three-building, 202,760-square-foot industrial project in Chula Vista, just south of San Diego. EQT Exeter purchased the complex for an undisclosed price. Situated on 11.5 acres, the project features a 105,550-square-foot building, a 56,470-square-foot building and a 40,740-square-foot building. Each building was developed on a separate land parcel and was vacant at the time of sale. Construction on Heritage begin in June 2022 and was completed in September 2023. Rockefeller Group acquired the land from Carlsbad-based HomeFed Corp. EQT Exeter’s San Diego office, led by Caitlin Little, will handle leasing and asset management for Heritage. Michael Mossmer and Patrick Connors of Voit Real Estate Services represented Rockefeller Group on the leasing efforts and the sale of the project. Jeffrey Cole, Jeff Chiate, Bryce Aberg, Brad Brandenburg, Zachary Harman and Mike Adey of Cushman & Wakefield’s National Industrial Advisory Group represented Rockefeller Group on the investment sale element of the project. The development team included SCA Architects, Kimley-Horn and TFW Construction.