SAN MATEO, CALIF. – The 26-unit Park Laurel Apartments in San Mateo has sold to MNM Partners LLC for $10.3 million. The community is located at 710 Laurel Ave. It was built in 1959. The seller, the Brenner Family Partnership, was represented by Ted Kokernak of Marcus & Millichap’s Palo Alto office.
MESA, ARIZ. – Longust Distribution Center, an 81,436-square-foot industrial property in Mesa, has sold to Industrial Property Trust for $6.5 million. The center is located at 2432 W. Birchwood Ave. The institutional-quality warehouse/distribution building is fully occupied by Longust Distributing. Both the buyer and seller, 2432 Birchwood Associates, LLC, an affiliate of EverWest Real Estate Partners, were represented by DTZ’s Will Strong, Andy Markham and Mike Haenel.
SAN DIEGO – Spike LLC has purchased a 50,220-square-foot industrial building in the San Diego submarket of San Marcos for $5.4 million. The building is located at 495 Enterprise Street. The buyer plans to hold the property as a long-term investment. The seller, Thornton Technology, leased back 50 percent of the property for an undisclosed period of time. Spike was represented by Justin Beattie of Palomar Commercial. Thornton Technology was represented by Daniel Knoke, Peter Merz, Marko Dragovic and Isaac Little of Lee & Associates-North San Diego County.
TEMPE, ARIZ. – The 58-unit Arizona Sun apartment community has sold to a limited liability company for $3.6 million. The community is located at 1895 & 1901 East Don Carlos Ave. Pete Te Kampe of Marcus & Millichap’s Phoenix office represented both the buyer and seller, another LLC, in this transaction.
PHOENIX – The Pizza Studio has opened a 2,111-square-foot location in Phoenix. This is the restaurant’s second location in the valley and fourth in Arizona. It is located at 2375 E. Camelback Road. The landlord, Hines, was represented by DTZ’s Brent Mallonee.
SAN DIEGO — Invesco Real Estate and Cruzan have acquired a 311,305-square-foot office campus in the Sorrento Mesa submarket of San Diego for $85.5 million. The two-building campus is located at 6450 Sequence Drive. Amenities at the campus include secured lobbies, a cafeteria, gym, showers, basketball and volleyball courts, and several patios that serve as outdoor lounge and dining areas. Cruzan plans to renovate the campus. Renovations will include a contemporary café, a fully integrated fitness center, an outside amphitheater, and new passive and active spaces. The buyers represented themselves in this transaction. The seller, a publicly traded company, was represented by CBRE’s Louay Alsadek, Justin Parsonnet, Hunter Rowe, Chris Pascale and Mike Hoeck. Mark McGovern and Scott Peterson of CBRE Debt & Structured Finance secured a $70-million, four-year, variable rate loan for the buyers. It was provided by Cornerstone RE Advisors.
The Las Vegas office market continues to recover and stabilize, capping off 2014 with the 12th consecutive quarter of positive net absorption. Initially slow to recover following the recession, the area’s rebound has recently quickened. The market has an unemployment rate of 7.1 percent, with 2014 being the first year since 2008 to see a rate below 8 percent. Office-related jobs represented 20 percent of the workforce, second only to hospitality, proving the office market is an important part of the area’s growth and vitality. Class A office space along the I-215 Beltway currently shows strong activity. Las Vegas is home to two suburbs that historically were among the fastest-growing communities in the nation: Green Valley in the southeast and Summerlin in the west. Initially built as a means to connect the populations of these communities, the Beltway now extends around the city, connecting to I-15 in the northern valley. Notable recent developments along the Beltway include Krausz Companies’ and WGH Partners’ Gramercy, a mixed-use office, retail and multifamily project in the southwest that added 175,000 square feet of Class A office space in the third quarter of 2014, and The Howard Hughes Corporation’s Downtown Summerlin, a mixed-use project that …
NORTH MYRTLE BEACH, S.C. — Greenville, S.C.-based RealtyLink LLC and Atlanta-based Branch Properties LLC have completed Coastal North Town Center, a $60 million retail power center in North Myrtle Beach. The 315,000-square-foot center opened 88 percent leased to tenants such as Publix, Hobby Lobby, TJ Maxx, Ross Dress for Less, Dick’s Sporting Goods, PetSmart, Ulta Beauty, Rack Room Shoes, Versona, Edison’s Fitness, Hallmark, Dickey’s BBQ, Coastal North Vision Care, CC Nails, Supercuts, Which Wich, Coastal Olive Oil, McAlister’s Deli, Chipotle, Mattress Firm, Heartland Dental, B Fashion, Menchie’s, Bojangles’ and Bou’Tiki. Coastal North Town Center is the trade area’s largest retail shopping center completed in nearly 15 years. As part of the joint venture agreement, RealtyLink is responsible for development, financing and leasing, while Branch serves as the equity partner and ongoing property manager.
NASHVILLE, TENN. — HFF has arranged permanent financing for the 800-room Omni Nashville Hotel, a LEED Silver-certified, upscale hotel located across from Music City Center in downtown Nashville. Completed in 2013 and located at 250 Fifth Ave., the hotel features the 5,500-square-foot Mokara Spa, a rooftop swimming pool, whirlpool with a lounge deck and cabanas, business center, 80,000 square feet of meeting space, 49,000 square feet of pre-function space and dining options such as Bob’s Steak & Chop House, Kitchen Notes and Barlines. Whitaker Johnson, Jim Curtin and Sarah Baccich of HFF arranged the fixed-rate loan through Prudential Mortgage Capital on behalf of the borrower, TRT Holdings.
ALEXANDER CITY, ALA. — Wheeler Real Estate Investment Trust (Wheeler REIT) has entered into Alabama with its $10.3 million purchase of Alex City Marketplace in Alexander City, roughly 40 miles northwest of Auburn. The 147,791-square-foot grocery-anchored shopping center was 98.3 percent leased at the time of sale to tenants such as Winn Dixie, Dollar Tree, Goody’s, Domino’s Pizza, Verizon Wireless, Advance America, Subway and Cato Fashion. The shopping center was built in 1995 and renovated in 2001.
