LOS ANGELES — V.C.I. Corp. has sold a 157,225-square-foot office property in the Los Angeles submarket of El Segundo for $52 million. The buyer was not named. The Class A asset is located at 2300 E. Imperial Ave. The property was vacant at the time of sale. The building was originally constructed in 1964 and renovated in 2000 with new common areas and parking structure. Chris Sinfield and Tom Sheets of Cushman & Wakefield represented the seller in the transaction.
PORT ORCHARD, WASH. — A joint venture between New Standard Equities and an affiliate of Brixton Capital has acquired the 276-unit Arbor Terrace apartment community in Port Orchard for $38.1 million. The community is located at 1800 Sydney Ave. The JV plans to implement a $3 million repositioning at the property that includes a full renovation of the asset’s 1995-vintage unit interiors, as well as improvements to the fitness center, leasing facility and exteriors. The acquisition was leveraged with a $30.15 million loan from Freddie Mac, which CBRE’s Brian Eisendrath arranged.
PHOENIX — BKM Capital Partners has purchased the Northwest Business Center, a 227,603-square-foot industrial facility in Phoenix, for $17.2 million. The warehouse is located at 2310-2440 W. Mission Lane, 9014-9034 N. 23rd Ave. and 9013-9033 N. 24th Ave. BKM plans to implement a $3.5 million capital improvement program at the property. Planned improvements include a new roof, new parking lot, improved HVAC system and upgrades to the exterior including paint, landscaping and signage. Robert Buckley of Cushman & Wakefield represented the undisclosed seller.
RANCHO DOMINGUEZ, CALIF. — Ring Power Corp. has leased a 70,640-square-foot industrial building in Rancho Dominguez. The facility is located at 18700 Laurel Park. The five-year lease is valued at $3.1 million. The new facility will allow the company to expand its California regional center. Ring is one of the largest Caterpillar dealers in the Southeast. Todd Taugner, Frank Schulz and David Prior of Klabin Co. represented the landlord, TA Associates, in this transaction.
SAN JOSE, CALIF. — BroadSoft has leased 33,000 square feet of office space at the Santana Row mixed-use development in San Jose. The space is located at 3055 Olin Ave. BroadSoft hopes to occupy the new space in mid-2017. The developer, Federal Realty, already commenced construction on 700 Santana Row, an additional 284,000-square-foot office building. It will be ready for tenant build-out in the third quarter of 2018. Todd Shaffer and Tracey Solari of Newmark Cornish & Carey serve as the property’s office leasing agents.
CROMWELL, CONN. – CBRE Capital Markets’ debt and structured finance team has secured $21.3 million in bridge financing for Cromwell Square, a 218,000-square-foot shopping center currently anchored by a 100,000-square-foot Kmart in Cromwell. Mark Fisher, Michael Riccio and Alex Furnary of CBRE facilitated the loan on behalf of the borrower, Greenwich-based developer/owner/operator HB Nitkin. The 10-year, fixed-rate bridge loan includes two years of interest-only payments and a 25-year amortization schedule. The loan will be used replace an existing $12.1 million loan and provide additional funds for the buyout of an existing Kmart lease. The store will be replaced with a 65,000-square-foot ShopRite grocery store and other tenants. The redevelopment is anticipated to take 18 months. The property is located at 51 Shunpike Road in Middlesex County, immediately west of Route 9 and 1.5 miles east of I-91 on the northwest corner of Shunpike Road and Route 372.
NORTH BERGEN, N.J. – Marcus & Millichap has arranged the sale of Riverview Lofts, an eight-unit apartment property located in North Bergen, for $3.1 million. David Thurston and Charles Loccisano of M&M’s New Jersey office represented the seller, a limited liability company, as well as the buyer. Riverview Lofts is located at 8917 Old River Road in North Bergen, across the street from Edgewater Town Hall.
BLUE BELL, PA. – Keystone Property Group has signed three new leases totaling 66,000 square feet at 5 Sentry Park, a recently renovated two-building office property in Blue Bell. The transactions include a 33,200-square-foot lease with Linde Engineering North America, a 15,700-square-foot lease with Physician Recommended Nutriceuticals (PRN) and a 15,700-square-foot lease with Veterinarian Recommended Solutions (VRS). After acquiring the 133,000-square-foot office property, Keystone completed a reinvestment program to implement functional and cosmetic upgrades. The enhancements include a new amenity area with a fitness center, conference rooms, lounge area, on-site cafe, outdoor patio with seating, roof deck, expanded entrance for the property’s eastern building, refreshed lobby at 5 West and landscaping upgrades. Linde is a Houston-based engineering firm providing technologies for the design and construction of process plants for industries including petrochemicals, gas processing and pharmaceuticals. PRN is a leading producer of food-based supplements and VRS produces health products for pets. Michael Barker and Cody Lehrer of CBRE represented PRN and VRS in their leases, while Patrick Brady and Ryan FitzPatrick of Avison Young represented Keystone.
EAST GREENBUSH, N.Y. – HFF has secured the $15.1 million sale of Columbia Plaza, a 137,647-square-foot grocery-anchored retail center in East Greenbush. HFF marketed the property on behalf of the seller, a partnership between Capstone Realty Group and WP Realty. Nigro Cos., based in Albany, N.Y., purchased the asset free and clear of existing debt. Anchored by Price Chopper, Columbia Plaza is 89.3 percent leased and home to Peebles, Dollar Tree, Pet Stop, Vineyard Wine & Spirit, Nishiki Sushi, Hair Studio One, Liberty Tax Service, Quality Hearing, NBT Bank and Computer Answers. The three-building center was completed in 1988. Situated on 14.6 acres at 501 Columbia Turnpike, Columbia Plaza is located 3.5 miles southeast of Albany. The center’s Columbia Turnpike location places it in one of the main retail corridors in East Greenbush, a community located along the Hudson River. Columbia Turnpike is accessible from Interstates 8, 787 and 90 in addition to State Highways 151, 43 and 9J. The HFF investment sales team representing the seller was led by Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli with assistance from Andrew Scandalios.
DOVER, DEL. – The Kane Co. has brokered the sale of an 80,000-square-foot industrial facility at 44 Industrial Park Drive in Dover. The property is the former warehouse of Kessler Sales and Distribution, a wholesale distributor of pipe, valves, fittings and water heaters. Peter Billipp of The Kane Co. represented the seller and procured the buyer.
