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3990-Ruffin-Rd-San-Diego-CA
AcquisitionsCaliforniaOfficeWestern

CAPL Building Divests of 45,940 SF Office Building in San Diego’s Kearny Mesa Submarket

by Amy Works

SAN DIEGO — CAPL Building LLC has completed the disposition of an office building, located at 3990 Ruffin Road in San Diego’s Kearny Mesa submarket. California Schools Voluntary Employee Benefits Association acquired the asset for $12.2 million, or $267 per square foot. Situated on two acres, the two-story, 45,940-square-foot building offers flexible floor plans and is leased through 2024. Matt Pourcho, Anthony DeLorenzo, Matt Harris and Casey Sterk of CBRE’s Investment Properties represented the seller, while Randy LaChance and Ryan Bracker of VOIT represented the buyer in the deal.

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AcquisitionsHealthcareMichiganMidwest

Dominion, Lee & Associates Arrange Sale of 11,892 SF Medical Office Building in Flint, Michigan

by Kristin Harlow

FLINT, MICH. — Dominion Real Estate Advisors and Lee & Associates have arranged the sale of an 11,892-square-foot medical office building in Flint for an undisclosed price. The property is located at 1321 S. Linden Road within the Cornerstone Office Complex. James Mitchell of Dominion and Michele Rosenblum of Lee & Associates represented the seller, LSPV Cornerstone Owner LLC, otherwise known as Versa Development. The buyer will occupy the building for its medical practice, Mid-Michigan Home and Health Hospice.

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AcquisitionsMidwestMinnesotaOffice

KW Commercial Premier Negotiates Sales of Two Office Condos in Woodbury, Minnesota

by Kristin Harlow

WOODBURY, MINN. — KW Commercial Premier has negotiated the sales of two office condos in the Twin Cities suburb of Woodbury. The properties, built in 2004, sold for $1.4 million each. The first property, 3060 Woodbury Drive, was previously a dental office and sold to a dentist. The second asset, 3020 Woodbury Drive, consisted of office space leased to several small companies. Scott Miller and Mike Olson of KW Commercial Premier represented the sellers, while Kevin Salmen of Transwestern represented the buyers.

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Express
Company NewsMidwestOhioRetailTop Stories

Fashion Retailer Express Files for Bankruptcy, Plans to Close 107 Stores

by Katie Sloan

COLUMBUS, OHIO — Fashion retailer Express Inc. (OTCMKTS: EXPR) has filed for Chapter 11 bankruptcy protection and announced plans to close 107 of its 602 stores. The Columbus-based company’s portfolio includes apparel brands such as Bonobos, Express and UpWest Express. As part of the proceedings, 95 stores under the company’s Express banner will be shuttered alongside all 12 of its UpWest Express locations. Express has been battling with soft consumer demand due to slowing spending patterns and increased price sensitivity in discretionary categories, according to Reuters. Further details on the specific locations set for closure were not provided, but closing sales at the impacted locations are anticipated to begin tomorrow, April 23. Business at all other brick-and-mortar locations and online is expected to continue as usual. Express concurrently announced that it has received a non-binding letter of intent from a consortium of investors led by WHP Global to acquire a substantial majority of the company’s retail stores and operations. The investment group includes an indirect subsidiary of Simon Property Group and Brookfield Properties. WHP Global, which purchased a controlling stake in the parent company of Toys ‘R’ Us in 2021, has held 7.4 percent ownership in Express Inc. since January 2023.  …

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GeorgiaLeasing ActivityOfficeSoutheast

Switchyards to Open 200 New Coworking Offices Over Next Five Years

by John Nelson

ATLANTA — Atlanta-based coworking startup Switchyards has announced plans to open 200 new members-only work clubs over the next five years. This announcement follows a $5 million investment led by Bullpen Capital, with existing investors including Cercano and Overline. Founded in 2019, Switchyards operates 24-hour coworking venues with internet and unlimited coffee and tea. Each location features quiet areas for focused work, as well as bookable conference rooms for meetings. The brand’s current portfolio includes 15 clubs in Atlanta, Nashville and Charlotte. Switchyards plans to open 10 of the new facilities by the end of the year.

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AcquisitionsRetailSoutheastTennessee

Greenberg Gibbons Acquires Shopping Center in Brentwood, Tennessee for $34.5M

by John Nelson

BRENTWOOD, TENN. — Greenberg Gibbons has acquired Cool Springs Pointe, a 198,103-square-foot shopping center located in Brentwood, a southern suburb of Nashville. The property was purchased through the Greenberg Gibbons Real Estate Income Fund for $34.5 million. The seller was not disclosed. Cool Springs Pointe was fully leased at the time of sale to tenants including Best Buy, Ross Dress for Less, Restoration Hardware Outlet, Golf Galaxy, Old Navy and Party City.

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AcquisitionsOfficeSoutheastVirginia

Newmark Arranges $33.5M Sale of Office Campus in Richmond

by John Nelson

RICHMOND, VA. — Newmark has arranged the $33.5 million sale of Atlee Station Corporate Campus, an office headquarters campus located along the I-295 beltway in Richmond. Andrew Sandquist, Adam Faulk, J.C. Asensio, Adam Petrillo, Briggs Goldberg, Will Bradley and Mark Williford of Newmark represented the undisclosed seller in the transaction. Constructed in 2006, the property comprises a 165,000-square-foot building and an additional 50-acre land parcel. The property recently underwent extensive renovations that included delivery of fully renovated restrooms and common areas, an onsite cafeteria, outdoor patio seating and a fitness center.

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DevelopmentFloridaMixed-UseMultifamilyOfficeSoutheast

Grover Corlew to Add 360 Residential Units, Renovate Office Buildings at Hillsboro Center in Deerfield Beach, Florida

by John Nelson

DEERFIELD BEACH, FLA. — Grover Corlew has received final site plan approval for the addition of 360 residential units and renovations to existing office buildings within the Hillsboro Center master-planned development at 600 and 700 Hillsboro Blvd. in Deerfield Beach, a city in South Florida’s Broward County. The developer has also been approved for the demolition of 45,000 square feet of existing two-story office space at the site. The residential units will be Mayla-branded luxury apartments. Plans also include upgrades to nearby public streets, parks, traffic signals and intersections, as well as onsite public plazas and a new road through the development. Grover Corlew is scheduled to break ground on the project in late 2025. The developer has already invested more than $10 million in interior renovations at 600 and 700 Hillsboro Blvd. Office tenants including GardaWorld Security Corp., Tomberg, Morris & Poulin and The Craneware Group have signed leases for more than 20,000 square feet of space at the property.

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AcquisitionsDevelopmentFloridaSelf-StorageSoutheast

CBRE Brokers $4.5M Sale of Self-Storage Development Site in Southwest Florida

by John Nelson

LEHIGH ACRES, FLA. — CBRE has brokered the $4.5 million sale of a self-storage development site located in Lehigh Acres, a city in Southwest Florida’s Lee County. A private investor acquired the 87,813-square-foot property, which is situated at 511 Lee Blvd. Upon completion, the development will feature 971 climate-controlled self-storage units. CBRE’s Self Storage Advisory Group represented the seller, a private investor, in the transaction.

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