MIAMI — CBRE has brokered the $27.2 million sale of Vizcayne Retail in downtown Miami. The property consists of 55,000 square feet of ground-floor retail space plus 126 parking spaces, located at the base of two 49-story condominium towers at the intersection of Biscayne Boulevard and N.E. 2nd Street. Built in 2008, the property was 68 percent leased at the time of sale to tenants such as CVS and The Learning Experience. An affiliate of Stoltz Real Estate Partners purchased the asset from an affiliate of Rockwood Capital. Casey Rosen and Dennis Carson of CBRE led the team in representing the seller.
BRADENTON, FLA. — Marcus & Millichap has brokered the $25 million sale of 30 West Apartments, a 264-unit apartment community located at 2835 50th Ave. W. in Bradenton. All units at 30 West feature screened-in patios or balconies and storage closets, ceiling fans and walk-in closets. Community amenities include two lighted tennis courts, an on-site laundry facility, fitness center, playground, dog-park, clubhouse, resort-style pool, outdoor kitchen with two gas grills and a pond with park benches and picnic tables. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller, Insula Cos., and procured the buyer, Timberland Properties.
CORONA, CALIF. – Magnolia Point, a 201,345-square-foot industrial building in Corona, has sold to Padma Laxmi LLC for $20 million. The facility is located at 1560 E. 6th Street. It was built in 2014. The buyer plans to occupy most of the building. It will lease the remaining space. The LLC was represented by Ted Sawyer and Jim deRegt of Lee & Associates-Newport Beach. The seller, CT Corona Partners I LLC, was represented by Jeff Ruscigno of Lee & Associates-Riverside and CBRE’s Ben Seybold.
TEMPE, ARIZ. – ViaWest Group has sold Crossroads of Tempe, a 96,691-square-foot office complex, to Held Properties for $17.2 million. The property is located at 303 & 309 W. Elliot Road in Tempe. It is 96 percent occupied. Notable employers in the area include Go Daddy, AVNET, Qualcomm, Iridium Satellite, Intel, Motorola, Honeywell, Xerox, Microsoft, Bank of America, Wells Fargo, eBay/PayPal and AT&T. Held Properties was represented by Chris Toci and Chad Littell of Cushman & Wakefield of Arizona, and by Mark Gustin, Karsten Petersen and Dave Seeger of Jones Lang LaSalle. ViaWest will continue to manage the property. The Jones Lang LaSalle team will serve as the leasing agents.
PHOENIX – The 96-unit Aura Apartments in Phoenix has sold to Capital Real Estate for $8.7 million. The community is located at 3623 N. 5th Ave. It was built in 1959 and 1962. The space underwent a $1.3 million renovation program to modernize, rebrand and reposition it. The seller was Pathfinder Partners.
TEMECULA, CALIF. – SR Commercial has purchased a 100,600-square-foot industrial property in the Riverside submarket of Temecula for $6.9 million. The facility is located at 26201 Ynez Road. It is fully occupied by Get Air of Temecula and Mountain View Community Church. SR Commercial will make exterior improvements to the property, including roof repairs and exterior paint. It will also update the landscaping and freeway façade. CBRE’s Rob Guiness and Scott Stewart represented both the buyer and seller, Liberty Advisors LLC, in this transaction.
LOS ANGELES – A 16-unit apartment building in Los Angeles has sold to a private local investor for $5 million. The community is located at 1263 and 1267 Barry Ave. It was built in 1959. The buyer represented itself, while the seller, another local private investor, was represented by Hamid Soroudi of Charles Dunn Company.
DALLAS — NorthMarq Capital’s Dallas-based regional office has arranged the $6.5 million refinancing of Lakewood Village Shopping Center, a 50,964-square-foot Dallas retail center located at 6434-6444 E. Mockingbird Lane in Dallas. The transaction was structured with a fully amortizing 20-year term. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
HOUSTON — Olympus Property has acquired Renaissance Village at Shadow Lake, a 624-unit Class A apartment community located in Houston’s Westchase District submarket. The submarket employs nearly 200,000 individuals with 26,000 more jobs projected in 2015. Renaissance Village was built in two phases in 1998 and 1999 and spans 28 acres. Amenities include a lake, clubhouse, swimming pool with sundeck, fitness center and outdoor stone fireplace. Olympus is planning a $2.5 million renovation project to transform the property and provide residents with an improved living experience. The renovation plan will include upgrades to the interiors of the units, improvements to the clubhouse, new fitness center equipment and enhancements to the pool areas. In addition, Olympus will change the name to The Ranch at Shadow Lake. Floor plans include 372 one-bedroom, one-bath units; 180 two-bedroom, two-bath units; and 72 three-bedroom, two-bath units. Units feature nine-foot ceilings, two-tone paint, garden tubs, full-size washer and dryer connections and patios. Renaissance Village is the fourth property to be added to Olympus Property’s fourth fund, WW Olympus Property IV LLC.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Gardens Town Center, a 19,451-square-foot retail property located in Arlington. Philip Levy and Chris Gainey of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a developer. Levy also represented the buyer, a partnership. Gardens Town Center is located at 4130 South Bowen Road. The center is 100 percent occupied and all leases are triple-net. Fifty percent of the gross leasable area is leased to Fossil Creek Liquor, which is paying percentage rent in addition to base rent. Other tenants include Papa Murphy’s Take N Bake Pizza, Comet Cleaners, Subway and Town Garden Salon. The building was constructed in 2010 and sits on 2.2 acres.