RIVERSIDE, CALIF. – A 7,508-square-foot building in Riverside that is triple-net leased to Citibank has sold to a local family trust for $4.8 million. The building is located at 3580 Tyler Street. It sits across the street from the Galleria at Tyler mall. The trust was represented by Shaun Riley of Faris Lee Investments. The seller, CP Sunshine, was represented by Equity Investment Advisors.
APPLE VALLEY, CALIF. – Rancherias Plaza, a 40,079-square-foot retail center in Apple Valley, has sold to Pacwest Management for $3.1 million. The four-building plaza is located at 20226 US Hwy 18. It sits across the street from Walmart, and adjacent to Apple Valley Commons. It was 40 percent occupied at the time of closing. Notable tenants include Domino’s, GNC, Boost Mobile and H&R Block. Pacwest was represented by David Wick of Marcus & Millichap. The seller, Huntington Beach Partnership, was represented by Brad Freeman of Freeman & Associates.
ENGLEWOOD, COLO. – EN Engineering has expanded its footprint in Englewood. The pipelines, utilities and industrial industries consultant will increase its office space from 4,117 square feet to 10,436 square feet. The space is located at 9777 Pyramid Court. The building was constructed in 1995. EN Engineering was represented by Zach Williams of Cushman & Wakefield. Westcore Properties was represented by Keith Krombach and Nathan Johnson.
BALTIMORE — Corporate Office Properties Trust (COPT) has acquired a 24-story office building located at 250 W. Pratt St. in Baltimore’s Pratt Street Corridor for $63.5 million. The 368,200-square-foot property was approximately 95 percent leased at the time of sale to tenants such as Pandora, University of Maryland Faculty, University of Maryland Medical Systems and GSA-U.S. Probation and Parole Office. The office building has direct access to I-95 and sits caddy-corner to Oriole Park at Camden Yards. As of Dec. 31, 2014, COPT’s portfolio consisted of 173 office properties totaling 16.8 million square feet.
RICHMOND, VA. — First Potomac Realty Trust has sold its Richmond portfolio of business parks for $60.3 million. The portfolio includes 19 single-story office, flex and industrial properties totaling 827,925 square feet. James Cassidy of DTZ represented First Potomac Realty Trust in the sale of the portfolio. The properties are located in business parks such as Chesterfield Business Center, Airpark Business Center, Pine Glen, Park Central, Virginia Technology Center and Hanover Business Center. Since January 2013, First Potomac has disposed of 33 properties for a total of $433 million. The REIT has successfully redeployed $218 million of those proceeds to acquire core properties, with the remainder of the proceeds used to pay down debt.
CHARLOTTE, N.C. — Bluerock Residential Growth REIT Inc. (BRG) has acquired a newly constructed apartment community in Charlotte’s South End neighborhood known as the Park & Kingston Apartments. BRG purchased the 168-unit asset in a joint venture with Bluerock Special Opportunity + Income Fund III LLC for roughly $30.7 million. BRG funded the acquisition with $6.3 million in equity and a five-year, $15.3 million Fannie Mae loan that features a fixed interest rate of 3.21 percent and five years of interest-only payments. Park & Kingston’s amenity package includes a rooftop terrace with uptown skyline views, internet cafes, coffee bars, private courtyards, pool and sundeck, outdoor fireplaces, dining and grilling stations, controlled access covered parking and a fitness studio. The seller was Park Kingston Investors LLC.
AUGUSTA, GA. — Berkadia has brokered the $10.5 million sale of Georgian Place Apartments, a 324-unit multifamily community located at 1700 Valley Park Court in Augusta. The apartment property is located across the street from Georgia Regents University and roughly five miles from Augusta National Golf Course. The property features a swimming pool, playgrounds and a laundry facility. The buyer was a New York-based entity and the seller was a South Carolina-based entity. Mark Boyce, Andrew Mays and Paul Vetter of Berkadia brokered the transaction. Georgian Place Apartments was 96 percent occupied at the time of sale.
MIAMI — Crocker Partners has signed international law firm Hughes Hubbard & Reed LLP to a 24,000-square-foot lease renewal for the full 25th floor at Miami Center, a 34-story office tower in Miami’s central business district. Rashid Siapoosh of Newmark Grubb Knight Frank, along with Gerard Cruse and Fran Tuffy of Hughes Hubbard, represented the tenant in the 10-year lease renewal. Jon Blunk, Laurel Oswald and Cristina Glaria of Cushman & Wakefield represented the landlord.
NEW YORK CITY — Kalbridge Associates, a joint venture of The Kalikow Group and Waterbridge Capital, has sold three adjoining multifamily buildings located at 113-117 Elizabeth St. in the Nolita section of Manhattan. A.D. Real Estate Investors purchased the 30-unit portfolio for $26 million. Each five-story building features 10 apartments in a mix of two- and three-bedroom layouts. Alex Heydt of TOWN Residential represented the seller, while Joe Messina and Stephen Ferrara, also of TOWN, represented the buyer in the transaction.
NEW YORK CITY — Eastern Consolidated has arranged the sale of an apartment building, located at 71-13 60th Lane in the Ridgewood section of Queens. Viking Management purchased the property for $21 million from Bonjour Capital. The 45,800-square-foot building features a mix of one-, two- and three-bedroom units, game room, resident lounge, children’s playroom and a furnished roof deck. Eric Goldberg, Keith Pollock and Eliska Krausova of Olsham Law provided legal counsel for the seller, while Stephen O’Connell of Smith, Gambrell & Russell served as legal counsel for the buyer in the transaction.
