PEMBROKE PINES, FLA. — Continental Properties Acquisition Corp. (CPAC) has sold Palm Johnson Plaza, a 90,000-square-foot shopping center located in Pembroke Pines, for $8.5 million. Bar Invest, a Miami-based private investment group, purchased the center. Prior to the sale, CPAC completed a repositioning program, including parking lot upgrades, landscaping and new tenant build outs. Tenants of the center include anchor Winn-Dixie and junior anchor Planet Fitness. CPAC purchased the center in 2012 for roughly $3.2 million and has since brought the center’s occupancy from 54 percent to 86 percent.
TEMPE, ARIZ. — Arizona State University (ASU) and Catellus Development Corp. will develop an urban community adjacent to ASU’s Tempe Campus. Catellus, in collaboration with ASU, has developed a preliminary master development plan to transform the 330-acre Athletic Facilities District at the northeast end of the Tempe campus. The plan includes new and renovated NCAA athletic facilities, and more than seven million square feet of office, multifamily residential, hospitality and retail space, interconnected with sidewalks, bicycle paths and urban open spaces. The facilities district will generate revenue to help fund the renovation and reinvention of Sun Devil Stadium and other University athletic facilities, without the use of tax dollars, through payments made by new private real estate development projects on University-owned land. ASU will oversee the development, marketing, leasing and management of the district. The district’s preliminary land use plan reflects a phased approach to private development over the next 20 years. An initial phase that may include office, multifamily and retail development is expected to be underway as soon as 2016. The district encompasses most university-owned property generally bounded by Sun Devil Stadium, Veterans’ Way, University Drive, McClintock Road and Tempe Town Lake. Until a permanent name is selected …
PHOENIX – The 103-unit Villa De La Paz Apartments in Phoenix has sold to Maryland Gardens Investors LLC for $4.9 million. The community is located at 6041 W. Thomas Road. It is 90 percent occupied. Villa De La Paz was built in 1983. The LLC was represented by Tony Werstler of Solutions Real Estate. The seller, Superior Estates, was represented by Brett Polachek and Jim Crews of Cushman & Wakefield.
SCOTTSDALE, ARIZ. – A 41,348-square-foot office building in Scottsdale has sold to EDU3 Ventures and SHOP LLC for $4.2 million. The Class B building is located at 13430 North Scottsdale Road. The structure, formerly known as Scottsdale Airpark Plaza, was built in 1985. It is being redesigned, renovated and renamed Habitat-X, or “Hab-X.” The buyers were represented by Marc Bonilla of Colliers’ Scottsdale office. Bonilla is also the president of EDU3 Ventures. The seller, Charles Meyer, was represented by Mike Milic and Tyler Bush of Colliers International.
TEMPE, ARIZ. – A 25,570-square-foot distribution building in Tempe has sold to Adler Realty Investments for $2.1 million. The building is located at 1401 S. Siesta Lane. It is about 50 percent leased. Kurt Saulnier and Ken McQueen of Lee & Associates represented both the buyer and seller, Dunbar Siesta, in this transaction.
CHANDLER, ARIZ. – KH Chandler has purchased a 168,750-square-foot warehouse/distribution property for $4.1 million. The facility is located at 6920 West Allison Road, within the Lone Butte Business and Industrial Park. It will be occupied by Total Solutions. DTZ’s Steve Mardian, Pete Klees and James Harper represented the seller, a financial institution, in this REO transaction.
PLANO, TEXAS — Toyota Motor North America has unveiled architectural renderings of its future North American headquarters, providing new details of the site layout and exterior design of its corporate campus. Designed by Corgan Associates, the architectural renderings offer a number of different perspectives and details of the proposed Toyota campus. The complex will include seven buildings, up to five stories tall, arranged around a central plaza that serves social and business functions such as dining, fitness and conferencing. Building facades are predominantly glass, with roof overhangs along the southern exposures to cast shade. The design utilizes local and regional materials and low-water plants that reflect the native landscapes of north-central Texas, along with water features for catching and storing water for irrigation and parking structures and office buildings that can support solar panels for renewable energy production. Toyota intends to pursue LEED Platinum certification for the campus.
MCKINNEY, TEXAS —Sewell Automotive Cos. has purchased 10.5 acres to build an Audi dealership at Craig Ranch at the northwest quadrant of SH 121 and Stacy Road in McKinney. The new dealership will span 65,000 square feet, which includes a separate certified pre-owned vehicle building, and will employ 100 people. Brian Murphy with Edge Real Estate represented Sewell Automotive Cos., and Tey Tiner and W. Thurston Witt, Jr. of CBRE | UCR represented Craig Ranch.
SPRING, TEXAS — Marcus & Millichap has arranged the sale of The Learning Experience, a 10,000-square-foot net leased property located in Spring. The asset had a list price of $3.4 million. Nate Newman and Aaron Morris of Marcus & Millichap’s office in The Woodlands represented the buyer, a limited liability company, in the transaction. The Learning Experience is located at 9554 Louetta Drive.
HOUSTON — San Diego-based developer OliverMcMillan has arranged the lease of additional boutiques and restaurants joining River Oaks District. Stella McCartney, Van Cleef & Arpels, Vince, Vilebrequin, Planet Blue, St. Nicola, Davidoff and Steak 44 have signed agreements to operate locations at the open-air shopping dining and entertainment destination. Previously announced River Oaks District tenants include Akris, American Food and Beverage (AF+B), Anne Fontaine, BONOBOS, Brunello Cucinelli, Canali, Cartier, Chopard, Patek Philippe at deBoulle, Dior, Diptyque, Dolce & Gabbana, Equinox, Etro, Giuseppe Zanotti, Hermès, INTERMIX, iPic Theaters, John Lobb, Kiton, Le Colonial, L’Occitane, Moncler, Roberto Cavalli, Taverna, Thirteen Pies, Tom Ford, and Toulouse Café and Bar. River Oaks District is expected to open this fall.