Acquisitions

JLL Brokers $29M Sale of Adams Marketplace in Huntington Beach, California

by Jeff Shaw June 22, 2023

HUNTINGTON BEACH, CALIF. — JLL Capital Markets has brokered the $29 million sale of Adams Marketplace, a 65,116-square-foot shopping center located in Huntington Beach, approximately 35 miles southeast of Los Angeles. Built in 1974 and renovated in 2022, the property was 98 percent occupied at the time of sale. Smart & Final Extra anchors the center, with other tenants including Petco, Starbucks Coffee, MemorialCare Medical and Wingstop. Jiffy Lube, 76 Gas and Carl’s Jr. are also located at the center and were not included in the sale. Bryan Ley, Gleb Lvovich, Geoff Tranchina, Ti Kuruzar and Daniel Tyner of JLL represented the seller, affiliates of Fortress Investment Group and DJM Capital. A private, California-based buyer purchased the property.

June 22, 2023

Acquisitions California Industrial Western

Intersection Equities, Blue Buy Vista Riverside Business Park in Jurupa Valley, California for $19.5M

by Jeff Shaw June 22, 2023

JURUPA VALLEY, CALIF. — Intersection Equities and Blue Vista Capital Management have acquired Riverside Business Park, a 122,000-square-foot industrial park in Jurupa Valley, for $19.5 million. The park contains 30 suites ranging from 1,500 square feet to 11,000 square feet, offering a total of 30 drive-up doors. Intersection Equities plans to leverage its value-add strategy to make strategic capital improvements aimed at enhancing the attractiveness of the park for both existing and future tenants. Barret Woods of Lee & Associates represented the seller, Transition Properties, while Stefan Pastor of Stream Realty represented the buyers.

June 22, 2023

Acquisitions California Multifamily Western

CBRE Negotiates $5.9M Sale of Townhome Community in Anaheim, California

by Jeff Shaw June 22, 2023

ANAHEIM, CALIF. — CBRE has arranged the $5.9 million sale of a 14-unit multifamily townhome community in Anaheim. An unnamed buyer acquired the asset for $5.9 million. This transaction sets a new benchmark for the city of Anaheim, with a price per unit of $421,000, according to CBRE. The community is located at 129 S. Olive St. in downtown Anaheim. Built in 1986, the property spans about 15,517 square feet and features two-bedroom/two-bathroom, townhome-style floor plans with vaulted ceilings, central air, patios and balconies. The community was recently renovated with fresh paint and exterior wood replacement. CBRE’s Dan Blackwell represented both the buyer and seller in this transaction.

June 22, 2023

Acquisitions California Retail Western

Hanley Arranges $4.1M Sale of Retail Pad in Perris, California

by Jeff Shaw June 22, 2023

PERRIS, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $4.1 million sale of a 5,303-square-foot retail pad in the Inland Empire city of Perris. Altura Credit Union and Little Caesars Drive-Thru occupy the property, which was built in 2022 as an outparcel to a shopping center anchored by Cardenas Markets. Bill Asher and Jeff Lefko of Hanley represented the seller, a California-based private partnership. Howard Rosenthal and Guy Excell of Rosenthal & Excell Commercial Real Estate represented the buyer, a California-based family office.

June 22, 2023

Acquisitions Northeast Pennsylvania Retail

Matthews Brokers $22M Sale of Shopping Center in Erie, Pennsylvania

by Taylor Williams June 22, 2023

ERIE, PA. — Matthews Real Estate Investment Services has brokered the $22 million sale of Northgate Commons, a 180,000-square-foot shopping center in Erie, located near the Pennsylvania-Ohio border. Tenants at the property, which was 95 percent occupied at the time of sale, include Quest Diagnostics, DaVita Dialysis, MedCare and Dollar General. Joseph Nelson of Matthews represented the seller, an undisclosed private investor, in the transaction. The buyer was also not disclosed.

June 22, 2023

Acquisitions Hospitality Northeast Pennsylvania

Berkadia Negotiates Sale of 103-Room Hampton Inn & Suites Hotel in Washington, Pennsylvania

by Taylor Williams June 22, 2023

WASHINGTON, PA. — Berkadia has negotiated the sale of a 103-room Hampton Inn & Suites hotel in Washington, about 30 miles southwest of Pittsburgh. The hotel is situated adjacent to Hollywood Casino at The Meadows and offers a pool, fitness center, business center and 648 square feet of meeting and event space. Dan Hawkins, Kyle Stevenson and Jake Pietras of Berkadia represented the undisclosed seller in the transaction. The buyer was also not disclosed.

June 22, 2023

Acquisitions Hospitality Southeast Virginia

JLL Brokers Sale of 121-Room Hampton Inn & Suites Hotel in Fredericksburg, Virginia

by John Nelson June 22, 2023

FREDERICKSBURG, VA. — JLL has brokered the sale of Hampton Inn & Suites Fredericksburg South, a 121-room hotel located at 4800 Market St. in Fredericksburg. Sachs Companies Realty Investments sold the hotel for an undisclosed price. The buyer was also not disclosed. Ketan Patel, Phil White, Robert Westerfield and Greyson Fewin of JLL’s Hotels & Hospitality Group represented the seller in the transaction. Situated on a 2.4-acre parcel at the intersection of I-95 and U.S. Highway 1, the Hampton Inn & Suites hotel features an indoor swimming pool and hot tub, fitness center, guest laundry, business center and 1,890 square feet of meeting space.

June 22, 2023

Acquisitions Development Industrial Southeast Virginia

Lovett Industrial Acquires 328 Acres Near Port of Virginia, Plans 2.2 MSF Spec Development

by John Nelson June 21, 2023

JAMES CITY COUNTY, VA. — Lovett Industrial has acquired 328 acres in James City County, a county between Port of Virginia and I-95 near Williamsburg, Va. The Houston-based developer plans to build Enterprise Logistics Park, a 2.2 million-square-foot industrial park, on the site. In addition to the port and I-95, the speculative development will have direct access to I-64. Design is underway on the park, which will feature a variety of building sizes ranging from 100,000 to 1 million square feet and capabilities from light-industrial to manufacturing, as well as amenity space and conveniences for workers. Lovett plans to break ground in first-quarter 2024. Once completed, Enterprise Logistics Park will be the largest speculative industrial park developed on the I-64 corridor between Norfolk and Richmond, according to Lovett. Geoff Poston and Ellis Colthorpe of Cushman & Wakefield | Thalhimer will handle marketing and leasing efforts at the park.

June 21, 2023

Acquisitions California Office Western

Lee & Associates Brokers $4M Sale of Royale Oak Office Park in Covina, California

by Jeff Shaw June 21, 2023

COVINA, CALIF. — Lee & Associates-Pasadena has arranged the sale of the Royale Oak Office Park in the San Gabriel Valley city of Covina. An international investor acquired the asset for $4 million in an all-cash transaction. The 19,300-square-foot property, located at 1272-1274 Center Court Drive in the Village Oaks Business Park, comprises two multi-tenant office buildings. The property offers updated interior suites, private restrooms, exterior entrances and significant upside potential in rental rates. The seller recently implemented renovations, including new exterior staircases, paint and landscaping. Lee’s Jamie Harrison and Christopher Larimore represented the seller.

June 21, 2023

Acquisitions Industrial Self-Storage Washington Western

SecureSpace Acquires 57,700 SF Northlynn Mini-Storage in Seattle

by Jeff Shaw June 21, 2023

SEATTLE — SecureSpace has acquired Northlynn Mini-Storage in the Lynnwood area of Seattle. The facility is located at 15620 Highway 99. It contains a total of 57,700 net rentable square feet. The ground-floor units consist of drive-up and interior units, with two dozen rentable parking spaces. SecureSpace plans a substantial renovation to enhance the appeal of the facility for the 134,000 residents residing within a three-mile radius. The property will be rebranded as SecureSpace Self Storage Lynnwood, becoming the eighth store under that brand in the Seattle MSA.

June 21, 2023

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