RESTON, VA. — Rubenstein Partners LP has purchased a 180,000-square-foot office building located at 11493 Sunset Hills Road in Reston, about 20 miles west of Washington, D.C., in northern Virginia. Rubenstein plans to reposition and re-tenant the building and has selected Andy Klaff and Steve Hoffeditz of Newmark Grubb Knight Frank to lease the property. The renovations, which are set to wrap up by the end of 2017, will include fashioning higher ceilings within the floor plates, overhauling the HVAC and building management systems, renovating the lobby and restrooms, upgrading the aesthetic to a more “industrial-loft” design and enhancing the amenity package, including a new fitness center, conference center, food service and an outdoor deck. Built in 1988, the five-story building is the former home of Unisys Corp. and is situated within walking distance to the new Wiehle-Reston East Station on the Metrorail’s Silver Line, as well as a Whole Foods Market, Reston Station and Reston Town Center.
MIAMI GARDENS, FLA. — Marcus & Millichap has brokered the $9.1 million sale of 441 Plaza, a 38,100-square-foot shopping center located on the northeast corner of N.W. 207th Street and U.S. Route 441 in Miami Gardens. Drew Kristol and Kirk Olson of Marcus & Millichap represented the seller and procured the buyer, a South American commercial real estate investment group, in the transaction.
SPARTANBURG, S.C. — NAI Earle Furman has brokered the $8.8 million sale of two apartment communities totaling 166 units in Spartanburg. The assets include the 74-unit Georgetown Village located at 1421 John B White Sr. Blvd. and the 92-unit Timberlane Apartments located at 106 Kensington Drive. Cedar Grove SC LLC purchased both assets from Georgetown Holdings LLC. Tony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman represented the seller in the transaction. Both Georgetown Village and Timberlane Apartments were fully occupied at the time of sale.
ORLANDO, FLA. — UFC Gym has leased 12,000 square feet of space at Westland Terrace Shopping Center on West Colonial Drive in Orlando. The gym will be situated within the space formerly leased to Petco. Nick Barbato and Eric Portnoy of Equity Investment Services represented the landlord, ESJ Capital Partners, in the lease deal.
ATLANTA — United Parcel Service (UPS) has unveiled plans for a new 1.5 million square-foot distribution center in Atlanta. California-based Majestic Realty Co. will develop the project on a 250-acre industrial site west of the city’s downtown. The facility will be the largest in the UPS global network and will process 100,000 packages per hour. Development costs will total $400 million. The site’s location near Fulton County Airport-Brown Field, otherwise known as Charlie Brown Airport, offers easy access from I-285, I-20 and Fulton Industrial Boulevard. Majestic Realty will also provide additional infrastructure for the airport, including up to 20 new hangars and a new $1.1 million operations center. UPS expects the facility to be fully operational on Nov. 1, 2017. Majestic Realty, InvestAtlanta, the City of Atlanta, the State of Georgia, Fulton County and UPS make up the public/private partnership. Majestic Realty recently completed a five-year entitlement process for Fulton County Airport, and signed a 50-year ground lease with Fulton County. Majestic Realty is the largest privately held developer and owner of master-planned business parks in the United States. — Kristin Hiller
As we near the end of 2016, we also mark another strong year for the San Antonio retail market. In fact, the market is strong enough that we can retire the word recovery and replace it with expansion. Expansion, in a nutshell, means that the retail market has not only matched the pre-recession occupancy level of 92 percent, it has exceeded it. San Antonio currently boasts a healthy occupancy rate of 94 percent, even as key vacancies from Sports Authority came onto the market during the past year. The Alamo City is able to maintain the balance due to the fact that vacancy added by the sporting goods retailer was offset by fully leased construction and the backfilling of major retail box spaces. The Weitzman Group currently reviews approximately 45 million square feet of retail inventory in San Antonio centers with 25,000 square feet or more. Like the retail market, San Antonio’s economy also continues to grow, based on solid population and job growth. The metro area market, as of September 2016, reports an unemployment rate of 4.1 percent. This is well below the country’s rate of 4.8 percent, according to the Texas Workforce Commission. The metro area also ranks …
LOS ANGELES — Mani Brothers Real Estate Group has purchased The Landing at Playa Vista, a 100,756-square-foot office building in the Los Angeles submarket of Playa Vista, for $80 million. The Class A property is located at 12655 Jefferson Blvd. The six-story property was originally built in 1985. It was recently redeveloped into a creative office space. The Landing underwent extensive upgrades, including exposed ceilings, open floor plans, multiple outdoor decks, and the conversion of an internal stairwell and a portion of the underground parking garage into office space. The building was fully pre-leased prior to the renovation’s completion. WeWork signed a deal for 78,000 square feet, which takes up most of the building’s space. Media and communication firm Dentsu Aegis Network leased the remainder of the property. Madison Partners’ Bob Safai represented Mani, while the seller, Hudson Pacific Properties, represented itself in this transaction.
TORRANCE, CALIF. — A joint venture between PMRG and Mariner Real Estate Management has purchased Torrance Technology Campus, a 573,167-square-foot office campus, for an undisclosed sum. The five-building campus is located at 3100 Lomita Blvd. in Torrance. The property is currently 70 percent leased by L-3 Communications and Torrance Memorial Medical Center. Oliver Fleener of PMRG will handle leasing at the property, while the firm’s James Bowers will handle property management. Newmark Knight Grubb Frank represented the seller, an institutional investor, in this transaction.
RICHLAND AND KENNEWICK, WASH. — Security Properties has purchased two multifamily assets in the Tri-Cities area of Washington State for a total of $41.3 million. The acquisitions include the 228-unit Riverpointe Apartments in Richland and the 200-unit Crosspointe Apartments in Kennewick. Both Class B assets are vintage/garden-style apartment communities built in 1996. Security Properties plans to renovate both communities, which were purchased for $22.3 million and $19 million, respectively. The communities were financed with assumed HUD mortgages at a 3.42 percent average fixed rate. Security Properties-affiliate Madrona Ridge Residential will manage the communities.
ESCONDIDO, CALIF. — Badiee Development has announced plans to build a second industrial campus in the San Diego submarket of Escondido. Dubbed Escondido Innovation Park, this campus will include 86,010 square feet of multi-tenant industrial space situated on 5.5 acres. The park will be located at 1925 Harmony Grove Road. Badiee will break ground on the three-building campus in the first quarter of 2017, with a scheduled completion in the third quarter of that year. TFW Construction is building Escondido Innovation Park, which Ware Malcomb will design. Tucker Hohenstein, Mike Erwin and Conor Boyle are serving as the listing agents.