STRATFORD, CONN. — Connecticut Distributors Inc., an importer and wholesaler of alcoholic beverages, has signed a 27,156-square-foot industrial lease at 280 Garfield Ave. in the coastal Connecticut city of Stratford. Bruce Wettenstein of Vidal/Wettenstein represented the landlord in the lease negotiations. Sean Cahill of Avison Young represented the tenant.
MILFORD, CONN. — CBRE has negotiated the $4.7 million sale of a 4,596-square-foot retail property in the coastal Connecticut city of Milford. The freestanding property is situated on 2.5 acres at 1651 Boston Post Road and houses a bank branch for JPMorgan Chase. Charles Berger, Elli Klapper and Samuel Bernhaut of CBRE represented the seller, Klein Automotive Parts, in the transaction. The buyer was an undisclosed national REIT.
COLORADO SPRINGS, COLO. — Newmark has arranged the sale of Blue Dot Place, an apartment community located at 412 S. Nevada Ave. in Colorado Springs. Darsey Nicklasson and Kathy Loo sold the asset to Ray, Tim and Brian Rhodes for $13 million, or $393,393 per unit. Developed in 2016, Blue Dot Place features 33 apartments and three commercial spaces. The community was the first for-rent multifamily product built in downtown Colorado Springs since the 1960s, according to the broker. Saul Levy and Kevin McKenna of Newmark represented the seller in the transaction.
VISTA, CALIF. — Lee & Associates – North San Diego County has brokered the sale a two-building medical office complex located at 1830-1840 West Drive in Vista. Turner Healthcare Facilities Acquisition LLC acquired the property from 1830-1840 West LLC for $3.8 million. The property offers a total of 24,147 square feet of medical office space. Jeff Abramson of Lee & Associates – North San Diego County represented the buyer, while Dave Dean of Commercial Property Advisors represented the seller in the deal.
LOS ANGELES — Terreno Realty has purchased an industrial building, located at 2425 Porter St. in Los Angeles. An undisclosed seller sold the asset for $4.4 million. Situated adjacent to Interstate 10 in downtown Los Angeles, the 13,000-square-foot building features seven dock-high loading positions and parking for 64 cars. At the time of sale, the property was fully leased to a single tenant.
TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of Pueblo Springs Apartments located at 3003 N. Alvernon Way in Tucson. Pueblo Springs by Bakerson LLC sold the asset to Pueblo Springs Holdings LLC for $4.2 million. The 41,850-square-foot multifamily property features 75 apartments. Allan Mendelsberg and Conrad Martinez of Cushman & Wakefield | PICOR represented the seller, while Anna Sepic of Levrose Commercial Real Estate represented the buyer in the transaction.
HENDERSON, NEV. — Rockstream Properties has purchased an industrial building located at 1172 Wigwam Parkway in Henderson. An undisclosed seller sold the asset for $1.3 million. Situated within Traverse Pointe Commerce Center, the property features 6,170 square feet of industrial space. Greg Pancirov and Mike De Lew of RealComm Advisors represented the buyer in the deal.
NEWPORT BEACH, CALIF. — A partnership between locally based private equity firm Eagle Four Partners LLC and development and management firm Lyon Living has acquired the 532-room Newport Beach Marriott Hotel & Spa for $216 million. The price equates to approximately $406,000 per room. The seller was Host Hotels & Resorts (NASDAQ: HST), a Maryland-based hospitality REIT. The Newport Beach Marriott is situated on 10 acres adjacent to Newport Harbor and Newport Beach Country Club. The hotel is located within the 3 million-square-foot Newport Center mixed-use development and across from the 1.3 million-square-foot Fashion Island shopping and dining destination. Eagle Four owns and operates the Newport Beach Country Club and recently developed the new clubhouse at Newport Center. The hotel features more than 32,000 square feet of indoor and outdoor meeting and event space, as well as a full-service, spa, pool and fitness center. A fine dining restaurant, grab-and-go food market and a Starbucks Coffee shop also operate within the property. The Newport Beach Marriott was built in 1975 and renovated in 2005. The new ownership plans to build on past capital improvements with its own upgrades. “The hotel will complete a comprehensive renovation of both public space and guestrooms …
Louisville is best known for the Kentucky Derby, the premier thoroughbred horse race that has occurred every year in the city since 1875. However, there is another continuous streak that is happening in Louisville, and that is 21 straight quarters of positive net absorption for industrial real estate as of second-quarter 2020. Louisville’s central location within the Southeast and Midwest, which gives area users the ability to reach two-thirds of the U.S. population within a one-day drive, is a major driver for industrial real estate. The UPS Worldport Hub in Louisville is its only “all-points” hub in the UPS network and provides warehouse and distribution businesses with the ability to process orders later and receive earlier deliveries. This is a tremendous benefit for e-commerce, pharmaceutical, laboratory and electronics companies, among many other industries. There is continual interest from West Coast companies seeking a central location to fulfill product as customer demand for shorter delivery times increases as part of the overall customer experience. UPS Supply Chain Solutions, the third-party, full-service fulfillment subsidiary of UPS, has a significant presence in Louisville. Many of the customers for which UPS Supply Chain provides fulfillment services are pharmaceutical-related businesses that require time-critical deliveries and …
CHARLOTTE AND MOORESVILLE, N.C. — Greystar has purchased two apartment communities in the Charlotte market totaling 660 units. Boca Raton, Fla.-based Waypoint Real Estate Investments sold the properties, Barrington Place in Charlotte’s University City district and Waterlynn Ridge in Mooresville, to Charleston-based Greystar. The sales price was not disclosed, but the Charlotte Business Journal reports that the Class A communities traded for a combined $121 million. Andrea Howard, John Currin, Allan Lynch, Caylor Mark and Jeff Glenn of JLL represented Waypoint in the transaction. Andy Scott and Cory Fowler of JLL arranged acquisition financing on behalf of Greystar.