SAN DIEGO — Azusa Pacific University (APU) has leased 48,000 square feet of office space at Mission Center in San Diego. The space is located at 5333 and 5353 Mission Center Road. It will continue to serve as the university’s San Diego regional campus. CBRE’s Greg Nassir and Scott Kincaid represented APU. JLL’s Richard Gonor, Tony Russell and Brandt Riedman represented the landlord, Kearny Real Estate, in this transaction.
MIAMI — Boston-based Rockpoint Group has purchased 1221 Brickell, a 408,423-square-foot office building located at Brickell Avenue and Coral Way in Miami’s Brickell Financial District. The sales price was undisclosed, but the South Florida Business Journal reports that the property traded for $155 million. The 26-story tower’s tenant roster includes Lydecker Diaz, Regus, Banco Do Brasil, Safra National Bank of New York and Clyde & Co. Tenant amenities include various restaurants, a conference facility, 24-hour security, dry cleaning services, a 5,000-square-foot daycare center, parking and a car wash facility. Hermen Rodriguez, Manny de Zarraga, Ike Ojala, Tracey Good and Christina Kong of HFF represented the seller, The Blackstone Group. HFF also brokered the sale of the office tower in 2006 on behalf of the previous owner, Equity Office Properties Trust, prior to Blackstone’s acquisition of the REIT later that year.
CORAL SPRINGS, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $68.2 million sale of Forest Apartments, a 400-unit luxury multifamily community in Coral Springs. Built in 1989, the recently renovated property is surrounded by the 29-acre Sherwood Forest Park and features a lake with fountains, two resort-style swimming pools and a 24-hour fitness center. Steve Witten and Victor Nolletti of IPA, along with Evan Kristol of Marcus & Millichap, represented the seller, a Canadian limited partnership. The team also procured the buyer, a value-add institutional investor based in Manhattan.
FORT LAUDERDALE, FLA. — Berger Commercial Realty/CORFAC International has brokered the $14.8 million sale of East Port Center, a 108,500-square-foot industrial park located at 1881-1887 State Road 84 in Fort Lauderdale near Interstate 95. The property features 20-foot clear heights, parking, frontage on State Road 84, a glass façade on the storefront and rear dock-high loading. St. George Guardabassi and Judy Dolan of Berger Commercial represented the seller, EJP East Port LLC, in the transaction. The buyer, East Port Center LLC, has retained Berger Commercial to market East Port Center, which was fully leased at the time of sale.
LEXINGTON, S.C. — The Shopping Center Group, on behalf of developer Columbia Development, has signed three anchor leases at Lexington Marketplace, a 143,850-square-foot shopping center in Lexington. The Fresh Market, Hobby Lobby and Ulta Beauty have signed on at the shopping center, which will be situated at U.S. Highway 378 and Saluda Springs Road. This will be the second location in the metro Columbia area for The Fresh Market. Darrell Palasciano of The Shopping Center Group is seeking additional retail and restaurant tenants at the property, which is currently 70 preleased.
ATLANTA — SRS Real Estate Partners has formalized leadership in the Southeast for its Investment Properties Group, which focuses on multi-tenant investment sales. Managing principal Kyle Stonis and principal Pierce Mayson out of Atlanta will lead the multi-tenant investment sale activity, recruiting and expansion efforts in the region. Since joining in 2011, Stonis and Mayson have established their group as one of the top investment sales teams in the Southeast. The duo has completed over $1 billion in sales transactions across 15 states since joining SRS. SRS’ Investment Properties Group and National Net Lease Group have recently welcomed two more investment sales experts with the addition of Rob Whitmire, as senior vice president in north and central Florida, and Giles Stevens, as vice president in Atlanta.
CARROLLTON, TEXAS — Bellwether Enterprise Real Estate Capital LLC has arranged $10.4 million in acquisition financing for Toscana Apartments, a 192-unit, Class B property multifamily property located at 17910 Kelly Blvd. in Carrollton. Laurie Morfin of Bellwether arranged the financing through Fannie Mae loan on behalf HLC Equity, a Pennsylvania-based firm that acquired the property earlier in April for roughly $13.2 million.
ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Garden Park Apartments, a 252-unit multifamily community located at 1609 Sherry St. in Arlington. Built in 1968, the property features gated access, six laundry facilities and a playground. One-bedroom units average 589 square feet per unit and two-bedroom units average 1,065 square feet per unit. Mark Allen of Marcus & Millichap represented the seller, a California-based limited liability corporation, and procured the buyer, also a limited liability firm.
BLANCO, TEXAS — Dougherty Mortgage LLC has closed a $1.9 million Fannie Mae loan for the acquisition of Blanco Oaks Apartment Homes, a 30-unit apartment community located at 525 Jones Ave. in Blanco, a city roughly 50 miles north of San Antonio. Dougherty Mortgage arranged the 12-year loan through a partnership with Old Capital Lending, on behalf of Rio Blanco Apartments LLC. The loan features a 30-year amortization schedule and one year of interest-only payments.
KATY, TEXAS — Black Bear Diner, a California-based restaurant chain with 94 locations across eight states, will open a 5,400-square-foot, freestanding location at Shoppes at Parkwest, a retail center located at 24600 Katy Freeway. Matt Parsons and Mark Raines of JLL represented Black Bear Diner in the lease negotiations. Stephen Tou and Zach Hoffer of The Retail Connection represented the landlord, Medistar Parkwest JV Ltd., in the transaction.