Property Type

Security Properties Buys Bordeaux Apartments in Bothell for $26M

by Nellie Day May 18, 2017

BOTHELL, WASH. — Security Properties has purchased the 124-unit Bordeaux Apartments in Bothell for $26 million. The community is located at 16520 North Road. Bordeaux Apartments has access to all three of the region’s largest employment centers, with Seattle and Bellevue 20 miles south and Everett 10 miles north. The new owner plans to update the common areas and execute deferred maintenance. The unit interiors will also be renovated. Security Properties-affiliate Madrona Ridge Residential will manage the property.

May 18, 2017

California Office Western

PCCP, Align Purchase Two-Building Office Property in Walnut Creek

by Nellie Day May 18, 2017

WALNUT CREEK, CALIF. — A joint venture between PCCP and Align Real Estate has purchased a two-building, 236,122-square-foot office property in Walnut Creek for an undisclosed sum. The property is located at 100 and 200 Pringle Ave. It is 96 percent leased. On-site amenities include a conference room, bike storage with lockers and bike pump, electric vehicle charging stations, four on‐demand Zip Car vehicles and an on‐site deli. The JV plans to enhance street frontage and offer outdoor amenities on the third-floor deck.

May 18, 2017

California Hospitality Western

Home2 Suites by Hilton Opens in Livermore

by Nellie Day May 18, 2017

LIVERMORE, CALIF. — A 108-room Home2 Suites by Hilton has opened in Livermore. The hotel is located at 2625 Constitution Drive. Common-area amenities include an outdoor saline pool, barbecue grills and fire pit with seating. The hotel is situated near wine country, corporate businesses in the Tri-Valley area, Shadow Cliff’s Regional Recreation Area, San Francisco Premium Outlets and Del Valle Regional Park.

May 18, 2017

California Office Western

Allergan Building in Goleta Changes Hands

by Nellie Day May 18, 2017

GOLETA, CALIF. — A local investment team has purchased a 105,257-square-foot office and R&D building in Goleta that is occupied by Allergan. Though the sales price was not disclosed, the asset was listed at $28 million. The office is situated on 10.2 acres in the Campus Pointe project where Los Carneros Road meets the 101 freeway. The facility contains office, laboratory and warehouse space. Raytheon constructed the building in 1990. Breast implant manufacturer McGhan/Allergan occupied the building between 1999 and 2014. Allergan recently subleased the entire building for the remainder of its term, which expires at the end of 2019. Francois DeJohn and Steve Hayes of Hayes Commercial Group represented the seller in this transaction.

May 18, 2017

California Industrial Western

Rideback Ranch Acquires Los Angeles Industrial Building for $7.7M

by Nellie Day May 18, 2017

LOS ANGELES — Rideback Ranch LLC has acquired a 20,800-square-foot industrial building in Los Angeles for $7.7 million. The facility is located at 1660 Beverly Blvd. The buyer plans to convert the property into a production campus for its company. John Anthony, Chris Giordano and Chris Steck of Charles Dunn Co. represented the seller, Bev-Union LLC. LS Capital represented the buyer.

May 18, 2017

Florida Office Southeast

DRA Advisors Sells Office Portfolio in Metro Orlando to Brookdale Group for $130M

by John Nelson May 18, 2017

LAKE MARY, FLA. — A fund advised by DRA Advisors LLC has sold Colonial Center at TownPark, a four-building, 662,320-square-foot office portfolio located at 100, 200, 300 and 600 Colonial Center Parkway in Lake Mary. An affiliate of Atlanta-based Brookdale Group purchased the metro Orlando complex. The sales price was undisclosed, but the South Florida Business Journal reports the portfolio sold for over $130 million. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield represented the seller in the transaction. The portfolio was 96.9 percent leased at the time of sale to tenants such as Hartford Fire Insurance Co., Bank of New York, Fiserv, Pershing and IBM.

May 18, 2017

Florida Healthcare Southeast

Cleveland Clinic, Rendina Break Ground on $32M Medical Office Building in Broward County

by John Nelson May 18, 2017

CORAL SPRINGS, FLA. — A joint venture between Cleveland Clinic and Rendina Healthcare Real Estate has broken ground on Family Health Center, a $32 million medical office building located at the intersection of University Drive and Sawgrass Expressway in Coral Springs, a town in South Florida’s Broward County. Situated on 5.3 acres, the three-story property will span 72,000 square feet and feature clinical space, diagnostic imaging and an ambulatory surgery center. Cleveland Clinic will fully occupy Family Health Center, which is expected to open in 2018.

May 18, 2017

North Carolina Retail Southeast

FCA Partners Purchases 125,000 SF Shopping Center in North Raleigh for $19.1M

by John Nelson May 18, 2017

RALEIGH, N.C. — FCA Partners LLC has acquired Celebration at Six Forks, a 125,000-square-foot retail center located at the intersection of Six Forks and Sawmill roads in north Raleigh. The Charlotte-based investment management firm purchased the asset from a high net worth fiduciary based in New Jersey for $19.1 million. Built in 1978, the shopping center was 95 percent leased at the time of sale to tenants such as Fitness Connection, The UPS Store, Dollar General, Domino’s, McDonald’s and BB&T Bank. FCA intends to upgrade Celebration at Six Forks with painting, façade improvements, lighting, landscaping and adding outdoor seating.

May 18, 2017

North Carolina Retail Southeast

Alamo Drafthouse Cinema to Open First N.C. Location in Raleigh

by John Nelson May 18, 2017

RALEIGH, N.C. — Alamo Drafthouse Cinema, an Austin, Texas-based theater chain, plans to open its first North Carolina theater in Raleigh. The Alamo Drafthouse Raleigh will feature 11 screens, 660 reclining seats and a bar and restaurant with 36 local beers on tap. Situated within the Longview Shopping Center on New Bern Avenue and King Charles Road, the theater is expected to open by the end of the year and employ roughly 160 people.

May 18, 2017

Retail Southeast West Virginia

Trout Daniel & Associates Brokers $3.7M Sale of Retail Center in Ranson, West Virginia

by John Nelson May 18, 2017

RANSON, W.VA. — Trout Daniel & Associates has arranged the $3.7 million sale of Ranson Shoppes, a 16,300-square-foot retail center located along WV Route 9 in Ranson. The property was fully leased at the time of sale to Mattress Warehouse, Five Guys Burgers & Fries and Little Caesars. Trout Daniel & Associates represented the undisclosed seller in the transaction.

May 18, 2017

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