SCOTTSDALE, ARIZ. – Galleria Corporate Centre, a 537,110-square-foot, mixed-use property in Scottsdale, has changed hands. It was acquired by a joint venture between Stockdale Capital Partners and funds managed by Oaktree Capital Management, L.P., for an undisclosed sum. The Class A office and retail center is located at 4301 and 4343 N. Scottsdale Road. It was nearly 90 percent leased at the time of sale. Notable tenants include McKesson Corporation, Yelp, SAP, Sagicor, Scottsdale Culinary Institute and CA Technologies. The seller, JEMB Realty Corporation, was represented by Jim Fijan and Will Mast of CBRE’s Phoenix office.
TEMPE, ARIZ. — Mill Avenue Retail LLC has purchased Centerpoint on Mill, a 127,027-square-foot, mixed-use property in Tempe, for $38 million. The project is located at the northwest corner of Mill Avenue and University Drive. The property was 87 percent leased overall at the time of sale. The office portion was fully leased. Notable tenants include Churchill's Fine Cigars, Devil's Diner, Fat Tuesday, Five Guys, Great Clips, The Handlebar Tempe, Jimmy John’s, Mellow Mushroom, P.F. Chang’s China Bistro, Pita Pit, Poppa Maize, Rita's Italian Ice, Robbie Fox's Public House and Sitewire. They will soon be joined by AMC Theatres, Zipps Sports Grill, El Hefe, Hot N Juicy Crawfish, Lincoln Strategy Group and One Energy. Mill Avenue represented itself in this transaction, while the seller, DMB, was represented by Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham of CBRE’s Phoenix office.
BETHESDA, MD. — HFF has secured $121.6 million in financing for the development of 8300 Wisconsin in Bethesda, which will include 359 luxury apartments and a 50,000-square-foot Harris Teeter grocery store. Sue Carras, Walter Coker and Brian Crivella of HFF arranged the construction financing through Wells Fargo Bank on behalf of the owner, StonebridgeCarras, a privately-held real estate investment and development firm based in Bethesda. Slated for completion in 2015, the nine-story building will occupy an entire city block. The community's amenities will include a landscaped courtyard, rooftop swimming pool with separate lap pool, rooftop demonstration kitchen, clubroom, fitness center, business center and 24-hour concierge services.
NEW YORK CITY — A local investor has sold a partial interest in a 72-year leasehold interest in the retail and medical suites at 2012-2018 Broadway on Manhattan’s Upper West Side in a transaction valued at more than $17 million. Long-time investor Isaac Shalom of Madison Realty purchased the interest. The lessee is under a 72-year leasehold rent with the co-op, which owns the building and the land. Three restaurants — Dan Japanese Restaurant, Luce Restaurant and Nanoosh Mediterranean — as well as a nail salon, occupy the four retail spaces along Broadway, while the space on the 69th Street side of the building is occupied by medical suites. Adelaide Polsinelli, senior director at Eastern Consolidated, represented the seller and procured the buyer in the sale of the corporation’s shares.
NORWALK, CONN. — Capital Construction has purchased a 22,500-square-foot mixed-use retail and office building in Norwalk for $2 million. Q SONO IV LLC sold the property. The two-story building is located in downtown Norwalk at 38-48 and 50 N. Main St. Several professional office tenants occupy the second floor of this building, and Bank of America anchors the street-level spaces, which also includes a convenience market, restaurants and a beauty store. Ralph Calabrese and Tony Valenti of the R. Calabrese Agency LLC were the sole brokers in the transaction.
SAN DIEGO — McMillin Communities has broken ground on the multi-billion-dollar Millenia urban center in the San Diego submarket of Chula Vista. It will be located just east of SR125 at Birch Road. The new community will include 3,000 multifamily units; 2 million square feet of Class A office space; and 1.5 million square feet of retail, hospitality, civic and mixed-use projects. It will also include six themed urban parks and a variety of tree-lined promenades, gathering spaces, bikeways and plazas. Once completed in about 20 years, the 210-acre Millenia will span the equivalent of about 80 city blocks. It will also serve as the urban center for the 22,899-acre Otay Ranch Master Plan. Millenia is one of 236 projects in eight countries that is participating in the pilot program for the Leadership in Energy and Environmental Design Neighborhood Development (LEED-ND) program. It has also been designated a Smart Growth Urban Center by the San Diego Association of Governments.
SAN DIEGO — McMillin Communities has broken ground on the multi-billion-dollar Millenia urban center in the San Diego submarket of Chula Vista. It will be located just east of SR125 at Birch Road. The new community will include 3,000 multifamily units; 2 million square feet of Class A office space; and 1.5 million square feet of retail, hospitality, civic and mixed-use projects. It will also include six themed urban parks and a variety of tree-lined promenades, gathering spaces, bikeways and plazas. Once completed in about 20 years, the 210-acre Millenia will span the equivalent of about 80 city blocks. It will also serve as the urban center for the 22,899-acre Otay Ranch Master Plan. Millenia is one of 236 projects in eight countries that is participating in the pilot program for the Leadership in Energy and Environmental Design Neighborhood Development (LEED-ND) program. It has also been designated a Smart Growth Urban Center by the San Diego Association of Governments.
CHICAGO — A 14,000-square-foot mixed-use building in Chicago has sold for $1.6 million. The eight-unit building located at 2643-51 N. Milwaukee Ave. is in the Logan Square neighborhood. Michael Weber and Ian Feinerman, senior commercial brokers for @properties Commercial, represented the buyer, a real estate investor, and the seller, two private sellers. The building includes four apartments and four storefronts, two of which were vacant at the time of the sale. The other two were leased to a pet groomer and a convenience store.
SCOTTSDALE, ARIZ. — Scottsdale Road Plaza, a 14,073-square-foot, mixed-use building in Scottsdale, has sold to RSFM 4253 LLC for an undisclosed sum. The net leasable building is located at 4253 N. Scottsdale Road in Old Town Scottsdale. Steve Julius, Jesse Goldsmith and Traci Russell of CBRE’s Phoenix office represented the seller, SCOTTSDALE 4253 LLC.
SCOTTSDALE, ARIZ. — Scottsdale Road Plaza, a 14,073-square-foot, mixed-use building in Scottsdale, has sold to RSFM 4253 LLC for an undisclosed sum. The net leasable building is located at 4253 N. Scottsdale Road in Old Town Scottsdale. Steve Julius, Jesse Goldsmith and Traci Russell of CBRE’s Phoenix office represented the seller, SCOTTSDALE 4253 LLC.