SCOTTSDALE, ARIZ.— A subsidiary of Sand Capital has acquired a portfolio of 47 CVS/pharmacy stores located throughout the country for $275 million. The stores include locations in Sedona, Ariz.; Seattle; Wheaton, Ill.; Southern California; Dallas; Houston; and Tuscaloosa, Ala. Some of the properties will be offered for sale. Sand Capital is a privately held real estate investment company controlled by the principals of Sandor Development Co., one of the largest privately held shopping center owners in the country.
VACAVILLE, CALIF. — A joint venture between PCCP and LDK Ventures has purchased a vacant 843,248-square-foot cross‐docked industrial building in Vacaville for an undisclosed sum. The asset is situated on 75 acres at 700 Crocker Drive in the Bay Area’s northern most city. The facility was built in the late 1970s. Features include 30-foot clear heights, a secured gated site with guard shack, excess yard area, a three-bay truck maintenance facility and a 30,000-square-foot cross-dock sorting facility with 32 dock-high doors. Brooks Pedder, John McManus and Tony Binswanger of Cushman & Wakefield represented both the buyer and seller in this transaction.
LAS VEGAS — A joint venture between the Brookhollow Group and PCCP has purchased Centra Point, a 383,000-square-foot office park in Las Vegas, for an undisclosed sum. The park is located at 8363 W. Sunset Road on the southern beltway curve. The asset will undergo renovations, which will include upgraded lobbies and restrooms, landscape renovation, exterior building painting, exterior common area upgrades, spec suites and a new on-site leasing and management office.
KAILUA-KONA, HAWAII — Faris Lee Investments has arranged the $21.8 million sale of Coconut Grove Marketplace, a 49,513-square-foot retail center in Kailua-Kona. Donald MacLellan and Rick Chichester of Faris Lee represented the seller, Hudson America LP, and the buyer, J.H. Real Estate Partners. The center features an open layout with ocean views and an oceanfront volleyball court. Coconut Grove is home to tenants including ABC Stores, Humpy’s Alehouse, Lava Java, Outback Steakhouse, Kona Gear and Foster’s Kitchen.
LAKEWOOD, COLO. — Castle Lanterra Properties (CLP) has purchased the 257-unit Mountain Vista Apartments in the Denver suburb of Lakewood for an undisclosed sum. The community is located at 474 S. Wright St. Amenities include a resident clubhouse, business center, fitness center, two outdoor swimming pools, picnic areas with barbecue grills, dog park, parking and laundry rooms.
COLUMBIA, MO. — Brinkmann Constructors has completed the Rise on 9th, a 178-unit student housing property in Columbia, home of the University of Missouri. The 232,000-square-foot, 10-story property features 178 luxury apartment units. Floor plans range from studios to four-bedroom units with a total of 415 beds. Amenities include a pool and entertainment deck, fitness center, penthouse lounge and private study lounges. CA Student Living developed the property, while ACI Boland provided architectural services.
MINNEAPOLIS — Dougherty Funding has provided a $15.4 million loan for the construction of a 110-unit apartment property in Minneapolis. The property will be located on Marshall Street within the Northeast Minneapolis Arts District. Located approximately two blocks from the Mississippi River, many of the units in the six-story building will feature views of the downtown skyline and the Mississippi River. Dougherty Funding served as lead lender and servicer for the loan. Marshall14 LLC was the borrower.
COLUMBIA HEIGHTS, MINN. — Baceline Investments LLC has acquired Central Plaza shopping center in Columbia Heights, five miles north of Minneapolis, for $7.2 million. The 82,478-square-foot shopping center is located at 725 45th Ave. NE. The property is currently 92 percent leased. Central Plaza Associates LLC was the seller. Denver-based Baceline is a private real estate investment and management company that focuses on acquiring and revitalizing neighborhood shopping centers.
O’FALLON, ILL. — Timberland Partners has purchased Green Mount Lakes Apartments in O’Fallon, about 20 miles east of St. Louis. The purchase price was not disclosed. A number of improvements are planned for the property, including a new fitness center, pool, dog park and a remodeling of the clubhouse. The property, built in 2004, features a mix of one-, two- and three-bedroom floor plans. Timberland Partners Investment Fund VI LLC was used to acquire Green Mount Lakes Apartments. Matt Bukhshtaber of CBRE represented the undisclosed seller.
NEWPORT, MINN. — Meyer Distributing and Logistics has signed a 36,000-square-foot industrial lease at Raceway Business Center in Newport, about 10 miles southeast of St. Paul. The automotive distribution and logistics company will be the lead tenant at the new 83,000-square-foot development, which is currently under construction at 910 Hastings Ave. Scannell Properties broke ground on the project in July. The first phase will be available for occupancy in December. The building features 28-foot clear heights and multiple docks and drive-in doors. Daniel Madrigal of Scannell and Tom Sullivan and Peter Fooshe of Cushman & Wakefield negotiated the lease with Meyer. Scannell and Cushman & Wakefield are also marketing 144,000 square feet for lease in the second phase of the property.