PHOENIX — WLA Realty Group has purchased Roosevelt Business Park, a 223,257-square-foot industrial campus in Phoenix, for $14.9 million. The park is located at 7150 W. Roosevelt St. It was 75 percent leased at the time of sale. Gary Anderson, Paul Boyle, Rick Danis and Mike Gilbert of Cushman & Wakefield executed the transaction. The seller was Pearlman Property Management. The Cushman & Wakefield team was also retained to lease the business park.
LANCASTER, CALIF. — Strategic Storage Trust II has acquired a 550-unit self-storage facility in Lancaster for $4.7 million. The 10-building facility, located at 43707 North Sierra Highway, was built in 1991. It was 88 percent occupied at the time of sale. SmartStop Asset Management LLC sponsors the Strategic Storage Trust II fund.
DENVER — An unnamed buyer has purchased a 17-unit apartment complex in Denver for $2.8 million. The community is located at 2441 S. York St. It underwent a renovation prior to sale. Mark Goodman and Paul Schneider of Pinnacle Real Estate Advisors represented the buyer. Kevin Calame and Matt Lewallen of the same firm represented the seller.
PLAINVIEW, TEXAS — Q10 KDH’s Larry Peters has arranged $2 million in permanent financing for Plainview Apartments in Plainview. The property consists of 15 one-bedroom units, 97 two-bedroom units and 18 three-bedroom units with an average unit size of 924 square feet. The units are situated throughout 49 one- and two-story buildings spanning 120,132 square feet. The fully occupied property is situated on 9.3 acres at 2504 W. 16th St.
THE WOODLANDS, TEXAS — Marcus & Millichap has arranged the sale of Terramont Village Shopping Center, a 24,794-square-foot retail property located in Village of Sterling Ridge in The Woodlands. Jerry Goldstein of Marcus & Millichap’s Houston office, along with and Nate Newman of the firm’s The Woodland’s office, marketed the property on behalf of the seller, EDENS, a retail REIT based in Columbia, S.C. Goldstein and Newman also secured and represented the buyer, a private investor. Terramont Village Shopping Center is located at 30340 FM 2978 Road, just south of its intersection with Woodlands Parkway.
COLLEGE STATION, TEXAS — Lutz Real Estate Investments, in a joint venture with Harrison Street Real Estate Capital, has sold University Square and Laurel Ridge Apartments located near Texas A&M University in College Station. Kevin Larimer of Berkadia represented the seller in the transaction. Lutz and Harrison Street acquired University Square and Laurel Ridge in December 2012. Upon acquisition, Lutz upgraded the unit interiors, amenities and technology infrastructure, and made cosmetic upgrades at both properties.
MIAMI — Burger King will move its corporate headquarters to a new build-to-suit office project in Miami. The fast-food giant will be the sole occupant of a 150,000-square-foot, Class A office building located on a five-acre lot at 5707 Blue Lagoon Drive in Miami’s Airport West office submarket. The building will be situated within the Waterford at Blue Lagoon office park. The Hogan Group will develop the standalone office building to include panoramic views and several employee amenities. The five-story office building will also feature a parking deck for employee parking. The Tampa-based developer expects to wrap up construction by the third quarter of 2018. Patrick Duffy and Jon Bourbeau of Newmark Grubb Knight Frank represented Burger King in the build-to-suit lease deal. Duffy and Bourbeau negotiated lease terms with Stephen Smith of The Hogan Group.
PORT ST. LUCIE, FLA. — An affiliate of Delray Beach, Fla.-based Menin Development has sold Shoppes at St. Lucie West, a 265,000-square-foot shopping center in Port St. Lucie, to an institutional investor group for $77 million. The center’s anchor tenants include Publix, LA Fitness, Home Goods and Burlington Coat Factory. In addition to the retail space, the sale includes 13 acres of undeveloped land that is entitled for 120,000 square feet of retail space. Menin has now sold more than $300 million of its shopping center portfolio over the past 14 months, shifting its focus toward acquiring single-tenant and high-street retail and mixed-use properties across South Florida and the West Coast.
FALLS CHURCH, VA. AND HAGERSTOWN, MD. — Retail Properties of America Inc. (RPAI) has acquired a two-property portfolio of shopping centers in the Baltimore-Washington, D.C. corridor for a combined purchase price of $72.7 million. The Oak Brook, Ill.-based shopping center REIT purchased the 138,000-square-foot Merrifield Town Center II in Falls Church for $45.7 million and the 113,000-square-foot Shoppes at Hagerstown in Hagerstown for $27 million. RPAI owns both Merrifield Town Center I and II and plans to redevelop Merrifield II into a mixed-use project that will complement Merrifield I. Shoppes at Hagerstown was 93 percent leased at the time of sale to tenants such as Best Buy, Party City, Dollar Tree, Five Below and Starbucks Coffee.
DURHAM, N.C. — Federal Capital Partners (FCP) has purchased the Venable Center, a three-property, 85,886-square-foot mixed-use campus located at 303 S. Roxboro St. in downtown Durham, for $18 million. The property comprises three restored tobacco mill office buildings that are listed on the National Register of Historic Places. The buildings include office, retail and lab space. Venable Center was 99 percent leased at the time to tenants including Precision Biosciences, which recently signed a long-term lease to extend and expand its space.
