REBusinessOnline

Prime Residential Acquires Agave Ridge Multifamily Community in San Diego for $107M

SAN DIEGO — San Francisco-based Prime Residential has purchased Agave Ridge, a multifamily property located in San Diego’s Kearny Mesa neighborhood. Los Angeles-based Goldrich & Kest sold the property for $107 million.Located at 7901 Harmarsh St., the 368,575-square-foot property features 369 townhome-style units in a mix of two- and three-bedroom layouts, with an average size of 1,000 square feet. On-site amenities include playgrounds, swimming pools and a fitness center. The …

Newmark Arranges $36.1M Sale of Mixed-Use Property in Beverly Hills

BEVERLY HILLS, CALIF. — Newmark has arranged the sale of a mixed-use building located at 139 S. Beverly Drive in Beverly Hills. Sakioka Farms, which owned the asset for more than 70 years, sold the property to Hakim Family for $36.1 million, or $1,216 per square foot.The three-story building features 29,735 rentable square feet with high-street retail on the ground floor and two levels of office space above. Additionally, the asset features a surface parking area.Kevin Shannon, Rob …

Chipotle Reports $1.6B in Third-Quarter Revenue as Digital Sales Triple

NEWPORT BEACH, CALIF. — Year-over-year revenue for Chipotle Mexican Grill (NYSE: CMG) increased 14.1 percent to $1.6 billion for third-quarter 2020. Digital sales soared 202.5 percent to $776.4 million, accounting for 48.8 percent of sales for the period.The company’s net income was $80.2 million. Despite the sales increase, the net income is a decrease from $98.6 million in third-quarter 2019 as expenses increased during the COVID-19 pandemic.In addition to increased revenue, the …

Quantum Commercial Group Brokers $2.5M Sale of Office Property in Colorado Springs

COLORADO SPRINGS, COLO. — Quantum Commercial Group has facilitated the sale of an office property located at 301 and 305 S. Union Blvd. in Colorado Springs. Hillside Community Preparatory School acquired the asset from the County of El Paso, Colorado, for $2.5 million.The property features 103,591 square feet of office space. Taylor Stamp, Dale Stamp and Andrew Oyler of Quantum Commercial Group represented the seller, while Mike Helwege of Core Commercial Brokerage Co. represented the …

UPS, Amazon to Lease Space at Visalia Industrial Park in Central California

VISALIA, CALIF. — The City of Visalia and the Visalia Economic Development Corp. have announced two new tenants at the Visalia Industrial Park currently under construction in Visalia. A 425,000-square-foot UPS hub is now complete and construction has begun on a 1.3 million-square-foot distribution center for Amazon.YS Industrial is also developing two 300,000-square-foot speculative facilities adjacent to Millipore Sigma and near VWR (Avantor). Additionally, current tenants — SORMA, …

IRA Capital Acquires North Hills Health Center in Suburban Milwaukee for $60M

MENOMONEE FALLS, WIS. — IRA Capital has acquired North Hills Health Center in Menomonee Falls, located about 20 miles northwest of Milwaukee, for $60 million. The medical campus comprises two Class A buildings totaling 119,000 square feet that are fully leased to Froedtert Health, a five-hospital system and the primary teaching affiliate of the Medical College of Wisconsin. Froedtert provides a range of outpatient services at the North Hills facility, including an imaging center, fertility …

Target Introduces More Safety Measures Ahead of Holiday Season

MINNEAPOLIS — Ahead of the holiday shopping season, Minneapolis-based Target Corp. is adding more safety measures for shoppers in response to the ongoing COVID-19 pandemic. Customers can download the Target app to utilize contactless payment options and employees throughout the store will have handheld checkout devices to make purchases more convenient. Shoppers can even reserve a spot in line by checking on their specific Target store on the website. Target is also doubling the number of …

Essex Purchases 121-Unit Active Adult Community Near Des Moines

URBANDALE, IOWA — Essex Communities has purchased The Reserve on Walnut Creek in Urbandale near Des Moines. The 121-unit active adult community is reserved for residents age 55 and older. Essex plans to convert the community from an entrance-fee model to a rental model. It will be rebranded as The Arbordale and undergo a multimillion-dollar renovation. Essex will update apartment interiors and community spaces as well as expand services and amenities. The seller and sales price were …

Matthews Brokers $9.8M Sale of Walgreens Portfolio in Iowa

JOHNSTON, WATERLOO AND URBANDALE, IOWA — Matthews Real Estate Investment Services has brokered the sale of three standalone properties, each occupied by Walgreens, in Iowa for $9.8 million. The assets are located at 6200 Merle Hay Road in Johnston, 3910 University Ave. in Waterloo and 4600 86th St. in Urbandale. Robert Goldberg, Ben Snyder and Bill Pedersen of Matthews brokered the transaction. The portfolio traded at a cap rate of 6.9 percent, but buyer and seller information was not …

Zilber Acquires 165,000 SF Industrial Building in Metro Milwaukee

PEWAUKEE, WIS. — Zilber Property Group has acquired a 165,000-square-foot industrial building in Pewaukee, located about 18 miles west of Milwaukee. The purchase price was undisclosed. The property is situated within a business park less than two miles north of I-94. It is currently vacant. Zilber plans to make various interior and exterior improvements to the building over the coming weeks. Scott Furmanski of CBRE represented the undisclosed seller. He will also market the property for lease …

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