Property Type

Retail Portion of San Diego Condo Project Sells for $4.5M

by Nellie Day July 7, 2015

SAN DIEGO – The 10,981-square-foot retail portion of a condominium complex at 101 Market Street in San Diego has sold to PREF ATRIA LLC for $4.5 million. The three-unit space is on the ground floor of Atria, a 149-unit residential condo complex that was built in 2002. The commercial space is fully leased to Banfield Pet Hospital, Lion Coffee, Chase ATM, Carrington Real Estate and Simon’s Deli & Catering. Bill Shrader, David Maxwell and Joe Brady of Colliers International’s Urban Property Group represented both the buyer and the seller, 101 Market Partners LLC, in this transaction.

July 7, 2015

Arizona Office Western

Cypress West Partners Buys Scottsdale at Mescal Medical Office Building

by Nellie Day July 7, 2015

SCOTTSDALE, ARIZ. – Cypress West Partners has purchased Scottsdale at Mescal, a 48,457-square-foot medical office building, for an undisclosed sum. The garden-style complex is located at 10900 N. Scottsdale Road. It is anchored by Honor Health, formerly known as Scottsdale Health. Cypress’ joint venture partner on this acquisition was MedProperties Holdings LLC.

July 7, 2015

Industrial Texas

HFF Arranges Sale of Industrial Facility in Houston

by Haisten Willis July 7, 2015

HOUSTON — HFF has arranged the sale of 8451 Market St., a 120,810-square-foot industrial facility in Houston. HFF marketed the asset on behalf of the seller, Mayfield Properties LP. ATCAP Partners purchased the asset for an undisclosed amount and was assisted by HFF in arranging acquisition financing. The property is situated on five acres near the intersection of I-10 East and Loop 610 adjacent to the Budweiser beer plant and the Houston Ship Channel, six miles east of Houston’s central business district. The property features 24-foot ceiling heights and a 7.8 percent office build-out. Tenants at the fully leased facility include Santini Export Packaging Corp., who has been in continuous occupancy since the early 1980s, as well as Area Wholesale Tire and Interglobal Plastics. Rusty Tamlyn, Trent Agnew and John Rogers led the HFF investment sales team representing the seller. Brian Carlton led HFF’s debt placement team.

July 7, 2015

California Multifamily Western

Structure PMG Buys Villa Grande in Buena Park

by Nellie Day July 7, 2015

BUENA PARK, CALIF. – Structure Property Management Group (PMG) has purchased the 44-unit Villa Grande apartment complex in Buena Park. The community is located at 7720 Crescent Ave. It was built in 1971. The company plans to improve the property. Structure PMG was represented by Ken Morgan of Morgan-Skenderian Investment Real Estate Group. The seller, Sue Pebley Management LP, was represented by Jay Skenderian of Morgan-Skenderian Investment Real Estate Group.

July 7, 2015

California Industrial Western

Santa Clarita Industrial Building Sells for $2.7M

by Nellie Day July 7, 2015

SANTA CLARITA, CALIF. – A 22,470-square-foot industrial building in the Los Angeles submarket of Santa Clarita has sold to Stanford Avenue Industrial LLC for $2.7 million. The building is located at 27822 Fremont Court. The seller, Neotech Products, will be relocating to a facility in nearby Valencia. The LLC was represented by Joel Hutak of Lee & Associates. The seller was represented by Trevor Gale and Jon Reno of Heger Industrial.

July 7, 2015

Arizona Industrial Western

Jack Travis Logistics to Relocate to Phoenix Industrial Space

by Nellie Day July 7, 2015

PHOENIX – Jack Travis Logistics has signed a lease for 20,000 square feet of industrial space in Phoenix. The new facility at 236 E. Pima Street will allow the modern freight shipping and logistics company to relocate from nearby Tempe. Its new space is within the Pima Distribution Center. Jack Travis was represented by John Grady and Jackie Orcutt of Cushman & Wakefield’s Industrial Properties group. The landlord, TPRF II/Pima Industrial LLC, was represented by Stein Koss and Tom Louer of Lee & Associates.

July 7, 2015

Hospitality Texas

M&M Arranges Sale of 116-Room Hospitality Property in College Station

by Haisten Willis July 7, 2015

COLLEGE STATION, TEXAS — Marcus & Millichap has arranged the sale of Manor Inn College Station Aggieland, a 116-room hospitality property located at 2504 Texas Ave. S. in College Station. Rahul Bijlani, Eric Guerrero and Michael Yu of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also secured and sourced by Yu, Bijlani, Agrama Mannapperuma and Tyler Bean of the firm’s Houston office.

July 7, 2015

Multifamily Texas

ARA Newmark Negotiates Sale of Apartment Complex in Austin

by Haisten Willis July 7, 2015

AUSTIN, TEXAS — ARA, A Newmark Co. (ARA Newmark), has negotiated the sale of 40 Hyde Park, a 10-unit asset located in the North Campus/Hyde Park area of Austin. Andrew Shih and James Young of ARA Newmark’s Austin office represented the seller, Artesia. The undisclosed buyer was a private investor also from Austin. Constructed in 1972, 40 Hyde Park is a garden-style apartment community comprising 10 efficiency units. The community is situated on an infill lot in the Historic Hyde Park District, Austin’s oldest neighborhood. Unit amenities for 40 Hyde Park include new gas stoves and countertops, upgraded light fixtures and two-inch faux wood blinds, as well as accent walls. The property is located within minutes of the University of Texas, Austin’s central business district and the Hancock golf course.

July 7, 2015

Retail Texas

Valvoline Franchisee Buys Foreclosed Property in Metro Dallas

by Haisten Willis July 7, 2015

SAGINAW, TEXAS — Frost Bank has sold a foreclosed retail property in Saginaw to TL2 Industries LLC, a franchisee of five Valvoline Instant Oil Change locations in the Metroplex. The property, located at 701 N. Saginaw Blvd., was formerly Zippy Lube. The 4,150-square-foot structure features a 1,600-square-foot basement oil changing pit, state inspection space and in-bay carwash. Built in 2004, the commercial building occupies about half of the one-acre tract, allowing room for expansion or ground-up development. The property is located two miles north of Loop 820 and fronts U.S. 287, a commercial corridor traveled by an estimated 31,000 vehicles per day. The land behind the property is built out with multifamily and single-family communities. Wayne Burgdorf of Coldwell Banker Commercial Alliance DFW was the deal’s sole broker.

July 7, 2015

Northeast Pennsylvania Retail

PREIT Sells 50 Percent Interest in Springfield Park in Pennsylvania for $20.2M

by Amy Works July 7, 2015

SPRINGFIELD, PA. — PREIT has sold its 50 percent interest in Springfield Park, an open-air center located in Springfield, for $20.2 million. The 287,000-square-foot retail center is anchored by Target and Bed, Bath & Beyond. The name of the buyer was not disclosed. The sale represents the company’s continued effort to recycle its capital toward creating a portfolio comprised of high-quality enclosed malls.

July 7, 2015

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