LAS VEGAS — Los Angeles-based Compass Acquisition Partners, a private real estate investment company, has purchased Sandpiper Apartments, a multifamily property at 4650 W. Oakey Blvd. in Las Vegas. Apple Management sold the property for $66 million in an off-market transaction. Situated on 20 acres, the property features 61 two-story buildings offering a total of 488 apartments in a mix of one- and two-bedroom units, with an average unit size of 950 square feet. Built in 1988, Sandpiper Apartments offers three resort-style pools, tennis courts, a clubhouse and fitness center. Compass plans to invest approximately $7.5 million in an extensive program of capital improvements, including completion of the unit renovations, as well as common area and exterior renovations. The buyer plans to upgrade the clubhouse and fitness center, refresh the pool areas, paint and implement new signage. Additionally, Compass plans to add dog parks, a multi-sport court and an outdoor community space with barbecues, outdoor kitchen and seating.
EL PASO, TEXAS — Retail Solutions has arranged the sale of Crosspointe Shopping Center, a 42,084-square-foot retail property located at 4717 Hondo Pass Drive in El Paso. According to LoopNet Inc., the property was built in 1987 and is situated on 2.5 acres. Chris Duncan of Retail Solutions represented the seller in the transaction. Patrick Gordon of Vista Star Realty represented the buyer. Both parties requested anonymity.
CORONA, CALIF. — San Diego-based Providence Capital Group has completed the sale of Rincon Corporate Plaza, an office building located at 355 E. Rincon St. in Corona. ZHOPE LLC acquired the asset for $11.8 million, or $200 per square foot. At the time of sale, the 58,850-square-foot property was 100 percent leased to 17 tenants, including Lennar Homes, Wells Fargo and Verizon. Anthony DeLorenzo, Gary Stache, Doug Mack, Sammy Cemo and Bryan Johnson of CBRE represented the seller. Shaun Moothart and Jenifer Ansari, also of CBRE, arranged financing for the Corona-based buyer in the transaction.
SEATTLE — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Orion, an apartment asset located in the South Lake Union neighborhood of Seattle. Vulcan Real Estate sold the property to Belkorp Holdings for an undisclosed price. Completed this year, Orion features 129 apartments and more than 6,000 square feet of street-level retail space. The property is located on the same block as the new Amazon Unicorn building and within blocks of Facebook, Google and Apple. Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of IPA represented the seller and procured the buyer in the deal.
NEWTON, MASS. — Austin Street Partners, a joint venture between Oaktree Development and Dinosaur Capital Partners, has completed 28 Austin, a 68-unit multifamily development with 5,000 square feet of ground-floor retail space in Newton, a western suburb of Boston. Resident amenities include a fitness room, dog park, resident lounge and rooftop seating with a fire pit. Residents have already moved in. Caffé Nero, a bakery and café, is expected to open in early 2020.
LAGUNA BEACH, CALIF. — LaSalle Investment Management has completed the disposition of Aliso Creek Shopping Center, a retail asset located at 30814-30936 Pacific Coast Highway in Laguna Beach. Although the sale price was not released, it marked the highest price-per-square-foot sold for an anchored shopping center in Orange County, according to JLL, which brokered the deal. Situated on 4.2 acres, Aliso Creek Shopping Center features 49,149 square feet of retail space and was fully leased at the time of sale. Tenants include CVS/pharmacy, as anchor, Yoga Works, Starfish Laguna, Fantastic Sam’s, Pure Pilates, Chase Bank, Hand & Stone, Aliso Beach Animal Clinic and Z-Pizza. Gleb Lvovich, Bryan Ley and Daniel Tyner of JLL Capital Markets represented the seller in the transaction. The name of the buyer was not released.
CHICAGO — Starbucks Coffee Co. has opened its Reserve Roastery in downtown Chicago. The 35,000-square-foot, five-story roastery opened to the public on Friday, Nov. 15 and is the largest Starbucks location. The store is located on the Magnificent Mile in a space formerly occupied by Crate & Barrel. All of the coffee beans roasted at the facility are served and sold on site. There are three coffee bars at the roastery. Baristas make classic espresso beverages at the coffee bar on the main floor. An experiential bar can be found on the third floor where customers can learn more about the art and science of coffee. A barrel-aged coffee bar can be found on the fourth floor where guests can enjoy cocktail-inspired coffee creations exclusive to the Chicago roastery. In addition to beverages, visitors can purchase food at Princi, a boutique bakery and café. The Chicago roastery joins locations in Seattle, Shanghai, Milan, New York and Tokyo.
ST. LOUIS — General contractor Clayco has celebrated the topping out and final concrete pour for One Hundred Above the Park, a 316-unit apartment tower in the Central West End of St. Louis. Designed by Studio Gang, the 540,369-square-foot, 385-foot project will also include retail space, amenities and parking. Units will be available for rent in summer 2020 with occupancy slated for the third quarter. Mac Properties is the owner and developer. Clayco is working with concrete company Concrete Strategies. Clayco says it has been able to speed up construction by utilizing building information modeling and GPS technology to digitally lay out and check all dimensions of the slab edges and penetrations, reaching the 36th floor in 15 months.
MAYFIELD HEIGHTS, OHIO — Mohr Capital has sold a 460,000-square-foot, net leased office building in Mayfield Heights, a suburb of Cleveland, for $61.1 million. The property is fully leased to Rockwell Automation Inc. Mohr acquired the asset two years ago. Rodrigo Godoi and Kyle Campbell of Mohr represented the company in the sale. There were no brokers involved in the transaction. The buyer was undisclosed.
PRIOR LAKE, MINN. — SkyView Advisors has brokered the sale of a 70,914-square-foot Select Space Storage facility in Prior Lake within metro Minneapolis. The 3.5-acre property is located at 4370 Fountain Hills Drive. Richard Riddle and Ryan Clark of SkyView represented the seller. Self-storage REIT CubeSmart purchased the property.