BRISTOW, VA. — West Palm Beach, Fla.-based Sterling Organization has acquired Braemar Village Center, a retail center located in Bristow, roughly 40 miles outside Washington, D.C., for $31.4 million. A 57,860-square-foot Safeway anchors the property, which totals 111,635 square feet. Other tenants at the center include Subway, Bank of America, Dunkin’ and Arby’s. The seller was not disclosed.
COLUMBIA, MD. — Chesapeake Real Estate Group LLC (CREG) has purchased a three-building industrial portfolio in the Baltimore suburb of Columbia for $4.3 million. The Howard County portfolio, dubbed Rivers III, comprises a 16,411-square-foot facility at 10270 Old Columbia Road, a 16,623-square-foot property at 10280 Old Columbia Road and a 10,372-square-foot building at 10290 Old Columbia Road. The portfolio was 78 percent leased at the time of sale to tenants including American Health Associates, CARAFAP, G3 Technologies, Keysight Technologies, Maryland Works and Stage Front Trucks. Cris Abramson and Nick Signor of Newmark represented the seller, Adler Real Estate Partners, in the transaction. Baltimore-based CREG was self-represented.
FAIRFIELD, CALIF. — Kidder Mathews has arranged the sale of The Aviatrix, an 18.9-acre build-to-rent development site in the Bay Area city of Fairfield. Republic Urban Properties acquired the asset for an undisclosed price. Located at 5005 Peabody Road, The Aviatrix will offer 188 build-to-rent townhomes, a clubhouse, pool, spa, multi-use sport court and trail system. Matthew Clark of Kidder Mathews represented the buyer and undisclosed seller in the deal.
THOUSAND OAKS, CALIF. — The County of Ventura has acquired a vacant office building located at 2400 Conejo Spectrum in Thousand Oaks for $14.9 million. The county plans to utilize the 98,841-square-foot building for its fire department administrative headquarters. Kevin Shannon, Ken White, Rob Hannan, Laura Stumm and Michael Moll of Newmark represented the undisclosed the transaction. Built in 2001, the building features 16-foot ceiling heights, a 100-pound live load capacity on the second story and a 4:1,000-square-foot parking ratio with easy truck ingress/egress. The building was originally developed as a two-building office campus with 2380 Conejo Spectrum, which the seller plans to retain.
AUBURN, CALIF. — Gantry has secured a $9.6 million permanent loan for the purchase of The Plaza, a retail center in the Sacramento suburb of Auburn. Situated on 3.4 acres at 1730-1900 Grass Valley Highway, The Plaza features 74,000 square feet of retail space. Current tenants include Best Buy, Mel’s Original Diner, Little Caesars Plaza, Mattress Firm, Sola Salon Studios, Garden of Eat’n, Lyon Real Estate, Miracle Ear, Salon Centric and T-Mobile. Tony Kaufmann and Erinn Cooke of Gantry arranged the financing for the borrowers, a private real estate company. One of Gantry’s correspondent life company lenders provided the 30-year loan, which features a fixed rate for the life of the loan.
CASTLE ROCK, COLO. — NavPoint Real Estate Group has brokered the sale of 1609 and 1713 Park St. in Castle Rock. JGC2M LLC sold the asset to Four Square Properties II LLC for $3.2 million. The asset consists of four commercially zoned parcels totaling 1.6 acres. Two of the parcels are fenced outdoor storage and two parcels have buildings, totaling approximately 12,000 square feet combined. Matt Call of NavPoint represented the seller, while Jeff Brandon of NavPoint represented the buyer in the deal.
DARIEN, ILL. — Mid-America Real Estate Corp. has arranged the sale of Chestnut Court in Darien, a southwest suburb of Chicago. The 172,697-square-foot shopping center is home to tenants such as Ross Dress for Less and Jo-Ann Fabric. Rick Drogosz, Ben Wineman and Joe Girardi of Mid-America represented the seller, IRC Retail Centers/DRA Advisors. First-Tek Inc. was the buyer, and Pine Tree was the property manager.
GRAND RAPIDS, MICH. — Marcus & Millichap has brokered the $1.4 million sale of a 2,450-square-foot restaurant property net leased to Domino’s in Grand Rapids. The freestanding building, located at 6539 28th St., recently underwent a major remodel. John Nuzman of Marcus & Millichap represented the seller, a west Michigan-based development company. An all-cash buyer based in Virginia purchased the asset.
HARDEEVILLE, S.C. — HIC Land has acquired 2,600 acres in Hardeeville, a city within the Hilton Head Island-Bluffton metropolitan area, for $36 million. The land had been in the Morgan family for over 100 years before it sold to the the Charleston-based company. HIC Land, along with homebuilding partner D.R. Horton, plans to develop a master-planned community on the tract that will include homes, commercial spaces, amenities, parks, nature trails and sidewalks. The projected 20-year development is expected to break ground in 2024. As part of the transaction, HIC Land and D.R. Horton will improve the area’s infrastructure, including roads and utilities.
MARIETTA, GA. — Zach Taylor and Eric Abbott of Marcus & Millichap’s Atlanta office have brokered the $4.2 million sale of Windy Hill West, a retail center located at 1995 Windy Hill Road in Marietta, a northern suburb of Atlanta. A private investor based in Atlanta purchased the center. The buyer and seller were not disclosed. Windy Hill West is situated near Dobbins Air Force Base, Cumberland Mall, The Battery and Truist Park, home ballpark of the Atlanta Braves. “This deal closed all-cash above our list price to a private investor local to Atlanta,” says Taylor, senior managing director of investments at Marcus & Millichap. “Demand for quality unanchored retail centers remains at an all-time high, albeit in a challenging capital markets environment.”