NORTH BILLERICA, MASS. — RAM Cos. has acquired a 92,000-square-foot warehouse in North Billerica, located north of Boston, via a $14.5 million sale-leaseback with Boston-based information management services firm Iron Mountain. Built in 1985, the property features clear heights ranging from 28 to 45 feet and 10 loading docks. Michael Restivo and Lenny Pierce of JLL represented Iron Mountain in the deal. Mark Campbell internally represented RAM Cos., which plans to implement a value-add program.
SAN JOSE, CALIF. — JJ&W has purchased Montague Crossing, an office and R&D asset in San Jose. Four Corners Properties and Rockwood Capital sold the property for $94.7 million in an off-market transaction. Scott Prosser, Joe Moriarty and Jack DePuy of CBRE Capital Markets represented the buyer in the deal. Situated on a 12.4-acre campus, Montague Crossing features 209,425 square feet of space spread across three buildings at 2520 and 2540-2560 Junction Ave. and 541-555 E. Trimble Road. At the time of sale, the campus was fully leased to three R&D tenants in the semiconductor and advanced manufacturing sectors.
MESA, ARIZ. — IndiCap and AECOM-Canyon Partners have broken ground on Eastmark Center of Industry, a 113-acre industrial park in Mesa’s Gateway Airport submarket. Upon completion, the park will total 10 buildings offering more than 1.6 million square feet of mid-bay and cross-dock Class A industrial space. Situated in the Elliot Road Technology corridor, Eastmark Center of Industry will offer buildings ranging from 83,200 square feet to 426,400 square feet with 30-foot to 36-foot clear heights and 160-foot to 500-foot building depths. Future phases may include the opportunity for build-to-suit facilities. The project team includes Layton as general contractor, Kimley Horn as civil engineer and Deutsch Architecture as architect. IndiCap acquired the project site in April 2022 for $48 million. Steve Larsen, Pat Harlan and Jason Moore of JLL are handling leasing for the project.
SAN JOSE, CALIF. — AFL-CIO Building Investment Trust, advised by PNC Realty Investors, has completed the disposition of Centerra Apartments, a residential tower in San Jose. The name of the seller and acquisition price were not released. Located at 77 N. Almaden Ave., the 21-story Centerra Apartments features 325,169 square feet of residential space and 7,000 square feet of retail space. The 347-unit property offers a mix of one-, two- and three-bedroom apartments, including townhomes, live-work units, lofts and junior units. On-site amenities include a pool, spa, integrated parking structure, media lounge with bar and fireplace, fitness center, outdoor gathering spaces, conference center and game room. Scott Bales of Newmark represented the seller in the deal. Ramsey Daya and Chris Moritz of Newmark arranged acquisition financing for the undisclosed buyer.
CHULA VISTA, CALIF. — Olympus Property has acquired The Residences at Escaya, a multifamily community located in Chula Vista, between downtown San Diego and the Mexico border. Terms of the transaction were not released. Situated in the Otay Ranch neighborhood, The Residences at Escaya features 272 apartments, private garage and carport parking, a 30,000-square-foot walkable retail village, swimming pool, fitness center, clubhouse, outdoor lounge and barbecue area. Units range from 784 square feet to 1,560 square feet and offer quartz countertops, stainless steel appliances, full-height tile backsplashes, wood-style plank flooring, in-unit washers/dryers and ocean views from select units.
Norris & Stevens Brokers $5.1M Acquisition of River Road Plaza Office/Retail Asset in Eugene, Oregon
EUGENE, ORE. — Norris & Stevens has arranged the purchase of River Road Plaza, an office and retail property located at 155 Silver Lane in Eugene. KH Properties acquired the asset from River Road Plaza LLC for $5.1 million. Situated in Eugene’s Santa Clara neighborhood, River Road Plaza features 32,548 square feet of space. At the time of sale, the property was 92 percent occupied. Todd VanDomelen of Portland-based Norris & Stevens represented the buyer, while CPX LLC represented the seller in the deal.
LAGUNA BEACH, CALIF. — Houston billionaire Tilman Fertitta has acquired the Montage Laguna Beach Resort Hotel overlooking the Pacific Ocean along the California coastline. China-based Dajia Insurance Group Co. sold the asset for $650 million, according to the Los Angeles Times. The luxury hotel, which opened in 2003, features 260 rooms. The 30-acre resort includes a 20,000-square-foot spa; outdoor recreation areas including two pools and direct beach access; a fine art collection; and more than 20,000 square feet of indoor and outdoor meeting space. The Spa Montage offers eucalyptus steam rooms, dry redwood saunas, ocean air whirlpools, fireplace lounges, a fitness center, movement studio and lap pool. All of the guestrooms, including 60 suites, beach bungalow-style rooms and multi-bedroom villas, feature views of the Pacific Ocean. The hotel’s website shows that the nightly rate for a room with a king-sized bed and sitting area with sofa is $1,180. Fertitta, who purchased the NBA’s Houston Rockets for $2.2 billion in 2017, is no stranger to luxury hotels. In 2018, he built the Post Oak Hotel at Uptown Houston. He also owns 14 other hotels around the country, including the San Luis Resort in Galveston, Texas; five Golden Nugget casinos and hotels; …
FRANKLIN, TENN. — Highwoods Properties has selected Toro Development Co. and Ignite Realty Partners to develop Ovation, a mixed-use community located on a 145-acre site in the Nashville suburb of Franklin. Specific plans and construction timelines were not released as the project is in the planning stages, but Toro and Ignite will partner to transform a 60-acre portion of the Ovation campus into a walkable village that will feature shops, restaurants, apartments and lodging. Highwoods, which developed and owns the Mars Petcare headquarters on the Ovation site, will develop the office component of the project. Open Realty Advisors LLC, a Newmark company led by Mark Masinter, will serve as the leasing agent for Ovation.
LOUISVILLE, KY. — Duncan Commercial Real Estate (DCRE)/CORFAC International has brokered the sale of Distillery Commons, a historic distillery complex located at Lexington and Payne streets in Louisville’s Irish Hill neighborhood. The buyer, St. Louis-based Bamboo Acquisitions LLC, an affiliate of Intelica Commercial Real Estate, plans to redevelop the red-brick complex into a mixed-use project housing residences, offices, shops and restaurants. Barrel House Investments sold Distillery Commons to Bamboo for an undisclosed price. In 2019, the seller purchased the complex from Kinetic Properties, which had owned the site since the mid-1970s. The Courier-Journal reports that Distillery Commons operated as a bourbon warehouse that was constructed in the 1890s and that the proposed mixed-use development carries a price tag of $75 million. The City of Louisville recently condemned the rickhouse (Building 100 of the property), which was demolished last month.
CLEARWATER, FLA. — An affiliate of the Philadelphia Phillies has purchased the Clearwater Collection, a distressed shopping center spanning 13 acres at 21800 U.S. Highway 19 N in the Tampa suburb of Clearwater, for $22.5 million. The 134,362-square-foot property is located adjacent to BayCare Ballpark, a city-owned baseball arena that the Phillies lease for its Spring Training operations, as well as its Minor League Baseball affiliate team, the Clearwater Threshers. Control of the underlying land affords the Phillies the opportunity to plan for future redevelopment near the park. Michael Vullis of Avison Young was the court-appointed receiver of Clearwater Collection, which recently went into bankruptcy. Vullis and Avison Young colleagues John Crotty, Michael Fay, David Duckworth, Nick Robinson and Brian de la Fé represented the seller, an entity doing business as Clearwater Collection 15, in the transaction. Floor & Décor is the sole occupant of the shopping center and currently occupies 49 percent of the property’s leasable area.