Property Type

JLL Arranges Sale of 297,000 SF Industrial Building in Jacksonville

by Alex Tostado March 27, 2020

JACKSONVILLE, FLA. — JLL has arranged the sale of Grainger Distribution Center, a 297,000-square-foot industrial building in Jacksonville. W.W. Grainger, a distributor of maintenance, repair and operating supplies, fully occupies the facility, which is situated on 75 acres at 6590 Pritchard Road in Jacksonville’s West industrial submarket. The seller and developer, TriGate Capital LLC, delivered the property in December. The center features 32-foot clear heights, 65 dock-high doors, two drive-in doors, ESFR fire suppression and LED high-bay lighting. Britton Burdette, Pete Pittroff, Matt Wirth, Dennis Mitchell, Patrick Nally, Bret Felberg and Luke Pope of JLL represented the seller in the transaction. Further details of the deal were not disclosed.

March 27, 2020

Acquisitions North Carolina Office Southeast

CBRE Negotiates Sale of Four Office Buildings in Raleigh Totaling 275,554 SF

by Alex Tostado March 27, 2020

RALEIGH, N.C. — CBRE has negotiated the sale of four office buildings in Raleigh. The portfolio comprises Lake Plaza East and Brook Forest in the North Raleigh submarket, and Sunday Drive and Centerview III in the Southwest Raleigh submarket. The four office buildings total 275,554 square feet. At the time of sale, the buildings were leased to technology, healthcare, engineering and insurance tenants. Patrick Gildea, Matt Smith and Grayson Hawkins of CBRE, along with Ben Kilgore of CBRE|Raleigh, represented the seller, Continental Capital Real Estate, in the transaction. TriGate Capital LLC acquired the portfolio for an undisclosed price.

March 27, 2020

Acquisitions Kentucky Retail Southeast

Cotsworld Group Acquires 134,000 SF Shopping Center Near Cincinnati

by Alex Tostado March 27, 2020

FLORENCE, KY. — The Cotsworld Group has acquired Turfway Plaza, a 134,000-square-foot retail center in Florence. At the time of sale, the property was 96 percent leased to tenants including Big Lots, Party Town, Office Depot, Rent-A-Center, Family Dollar, Cosmo Prof, Check ’n Go and H&R Block. The property is situated at 167 Lloyd Ave., 12 miles south of downtown Cincinnati. Jeff Johnston and Chris Prosser of Colliers International represented the undisclosed seller in the transaction. The Harrison, N.Y.-based buyer purchased the property for an undisclosed amount.

March 27, 2020

Leasing Activity Retail Southeast Virginia

Big Lots Signs 36,815 SF Lease to Anchor The Shops at England Run in Northern Virginia

by Alex Tostado March 27, 2020

FREDERICKSBURG, VA. — Big Lots has signed a lease to anchor The Shops at England Run, a retail center in Fredericksburg. The Big Lots store will span 36,815 square feet and is expected to open this fall. England Run is located at the intersection of Warrenton Road and Plantation Drive, 50 miles south of Washington, D.C. The landlord, MTH Management, has also signed leases with Goodwill, PNC, H&R Block, Taco Bell, Pancho Villa Mexican Restaurant and Skrimp Shack.

March 27, 2020

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $3.6M Sale of Firestone-Leased Retail Property Near Tampa

by Alex Tostado March 27, 2020

SPRING HILL, FLA. — Marcus & Millichap has brokered the $3.6 million sale of a Firestone Complete Auto Care in Spring Hill. The property, which comprises 5,789 square feet, is situated at 4833 Commercial Way, 45 miles north of downtown Tampa. The property is triple-net-leased to Firestone. Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, FS Spring Hill LLC, in the transaction. David R. David of WA Development represented the buyer, 4 H Ranch LLC. McMinn says the property had multiple offers due to its long-term lease with rental increases and Firestone’s status as an internet-resistant business.

March 27, 2020

Acquisitions California Office Top Stories Western

TMG Partners Acquires 410,106 SF The Quad Office Campus in Santa Clara, California

by Alex Patton March 27, 2020

SANTA CLARA, CALIF. — TMG Partners, a San Francisco-based developer, has acquired The Quad, a 410,106-square-foot office campus in Santa Clara, a suburb of San Jose. J.P. Morgan Chase sold the property for an undisclosed price. Located at 3001 Tasman Drive, The Quad consists of seven two-story buildings that were constructed in 1982. Multiple owners and operators have acquired and renovated the property since its construction. The property is adjacent to the VTA Light Rail station three blocks from Levi’s Stadium, home of the NFL’s San Francisco 49ers. The Quad is also located four blocks from the upcoming Related Santa Clara, a 9.2 million-square-foot mixed-use project by Related Cos., which is also developing the high-profile Hudson Yards in Manhattan. Amenities include an outdoor courtyard, coffee shop, bocce ball court, food truck court and fitness center. The site is also entitled for an additional 150,000 square feet of construction. “TMG Partners was attracted to this property because of its stable, long-term cash flow; the Santa Clara location; our understanding of the need to provide office space for the many different size requirements of today’s tenants; and the existing suite of amenities,” says Ben Kochalski, regional partner with TMG Partners. “We will …

March 27, 2020

Acquisitions California Multifamily Western

Berkshire Residential Investments Divests of 438-Unit Multifamily Asset in Los Angeles

by Amy Works March 27, 2020

LOS ANGELES — Berkshire Residential Investments has completed the sale of One Santa Fe, a mixed-use, core-plus apartment community situated in Los Angeles’ Arts District. A Canada-based institutional investor acquired the property for an undisclosed price. Completed in 2015, One Santa Fe features 438 units in a mix of studio, one- and two-bedroom layouts and The Yards at One Santa Fe, an 81,000-square-foot retail component. Community amenities include a zero-edge swimming pool, custom cabanas, an outdoor dining area with grills, entertainment kitchen, resident lounge, billiards, CYBEX fitness center, private yoga and Pilates studio, outdoor theater, fireside retreat, electric car charging stations and concierge service. The asset is the final tranche of a 13-property multifamily portfolio that JLL marketed on Berkshire’s behalf. The sale of the other 12 properties, which totaled 3,904 units across six U.S. markets, was announced in July 2019. Blake Rogers, Matthew Lawton and Sean Deasy of JLL Capital Markets represented the seller in the deal.

March 27, 2020

Acquisitions California Net Lease Retail Western

Faris Lee Negotiates $16M Sale of LA Fitness-Occupied Property in Bay Area

by Amy Works March 27, 2020

HAYWARD, CALIF. — Faris Lee Investments has brokered the sale of a retail property located at 2401 Whipple Road in Hayward. A private investor acquired the asset from an undisclosed seller for $16 million. LA Fitness (City Sports Club) occupies the 41,000-square-foot facility on a corporate-guaranteed, absolute triple-net lease. Matt Brooks, Joe Chichester and Nicholas Coo of Faris Lee represented the seller and procured the buyer in the transaction.

March 27, 2020

Shops-Victoria-Gardens-Rancho-Cucamonga-CA

Acquisitions California Retail Western

Fit Development Sells Retail Strip Center in Rancho Cucamonga for $13.7M

by Amy Works March 27, 2020

RANCHO CUCAMONGA, CALIF. — Fit Development has completed the sale of Shops at Victoria Gardens, a retail strip center adjacent to the Victoria Gardens lifestyle center in Rancho Cucamonga. An undisclosed buyer acquired the property for $13.7 million. Constructed in 2007, the 31,405-square-foot property is leased to a diverse mix of service-oriented, daily needs and soft-goods tenants, including DXL Men’s Apparel, Pacific Dental and Shakey’s Pizza. The asset is situated on 2.6 acres at 12455 Victoria Gardens Lane. Daniel Tyner and Gleb Lvovich of JLL Retail Capital Markets represented the seller in the deal.

March 27, 2020

Acquisitions Arizona Retail Western

ORION Arranges $6.3M Sale of Brittany Square Retail Center in Glendale, Arizona

by Amy Works March 27, 2020

GLENDALE, ARIZ. — ORION Investment Real Estate has brokered the sale of Brittany Square, a retail center located at the corner of 67th and Peoria avenues in Glendale. An undisclosed seller sold the asset for $6.3 million, or $129 per square foot. Situated on 5.2 acres, Brittany Square features 49,004 square feet of retail space and on-site parking. At the time of sale, the property was 69 percent occupied by a variety of tenants, including Walmart Neighborhood Market, Starbucks Coffee, Chase Bank, Goodwill, O’Reilly Auto Parts and Circle K. The undisclosed buyer purchased the property as a long-term leased investment and plans to occupy a portion of the property for its medical-related business. Nick Miner of ORION represented the seller, while Tom Kolb of KW Commercial represented the buyer in the transaction.

March 27, 2020

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