Property Type

DCT Industrial Trust Sells 2.3M SF Industrial Portfolio in Memphis

by John Nelson March 10, 2015

MEMPHIS, TENN. — DCT Industrial Trust has sold a portfolio of six Class A industrial properties in Memphis totaling 2.3 million square feet for an undisclosed sales price. Built between 1998 and 2001, the six properties were fully leased to 11 tenants at the time of sale. The portfolio comprised Eastpark I at 5300 Hickory Hill Road; Eastpark II at 5405 Hickory Hill Road; Chickasaw A at 5950 Freeport Ave.; Chickasaw H at 6190 Freeport Ave.; Southpoint IV at 4800 Pleasant Hill Road; and Southpoint XIX at 5166 Pleasant Hill Road. Stewart Calhoun, David Meline, Samir Idris and Casey Masters of Cushman & Wakefield represented DCT in the transaction. Cushman & Wakefield also arranged acquisition financing on behalf of the buyer, Welsh Property Trust. Mike Ryan, Brian Linnihan and Jeff Walker of Cushman & Wakefield’s equity, debt and structured finance team arranged the financing. Additionally, Shane Soefker and Jacob Biddle of Cushman & Wakefield/Commercial Advisors provided market expertise for the transaction.

March 10, 2015

Florida Multifamily Southeast

Blue Rock, Goff Capital Purchase Apartment Community in Clearwater for $19.3M

by John Nelson March 10, 2015

CLEARWATER, FLA. — Tampa-based Blue Rock Partners LLC and Denver-based Goff Capital Partners have purchased Cameron Lakes Apartments, a 207-unit apartment community located at 2550 Stag Run Blvd. in Clearwater, for $19.3 million. Grandbridge Real Estate Capital provided acquisition financing on behalf of the buyers. In addition to rebranding the asset as The Park at Gibraltar, Blue Rock and Goff Capital plan to invest $1 million to upgrade the property’s common areas and add a washer and dryer to every unit. John Selby of CBRE brokered the transaction.

March 10, 2015

Louisiana Retail Southeast

Gulf States Redevelops, Leases Shopping Center in Louisiana in $6.2M Project

by John Nelson March 10, 2015

HAMMOND, LA. — Gulf States Real Estate Services has completed the $6.2 million redevelopment of the Channel Shopping Center located at 1710 W. Thomas St. in Hammond. The company expanded the center by 14,734 square feet to total 49,325 square feet. The final tenants to join the shopping center are OEC 2 Japanese Restaurant and Helm Paint. Terrie Hughes, Jason Reibert and Amanda Owens of Gulf States spearheaded the leasing and redevelopment efforts on behalf of Channel Shopping Center’s owner, Sam Magee.

March 10, 2015

Florida Retail Southeast

Crossman & Co. Brings Publix-Anchored Shopping Center to Full Occupancy

by John Nelson March 10, 2015

ORANGE CITY, FLA. — Crossman & Co. has arranged Affordable Hearing Solutions’ 2,000-square-foot lease at Crown Centre Plaza in Orange City. The Publix-anchored property is located at the corner of Enterprise Road and Saxon Boulevard, just off I-4. The new lease brings the shopping center to full occupancy. Other tenants include Bealls Outlet, UPS, Jersey Mike’s Subs and Great Clips. Craig Katterfield of Crossman & Co. represented the landlord, Publix Super Markets Inc., in the lease transaction. Melody Traeger of Coldwell Banker Commercial Al Group represented Affordable Hearing Solutions.

March 10, 2015

Arizona Retail Western

Augusta Ranch Marketplace in Mesa Sells for $14M

by Nellie Day March 10, 2015

MESA, ARIZ. – Augusta Ranch Marketplace, an 80,247-square-foot shopping center in Mesa, has sold to an undisclosed investor for $14 million. The center is located at 9931 E. Baseline Road. It is anchored by Bashas’ grocery store. Other notable tenants include Great Clips, Sylvan Learning Center, Geno’s Pizza and Fat Willy’s Family Sports Grill. The center was built between 2005 and 2006. The acquisition included an adjacent developable pad. The seller was Shopoff Realty Investments.

March 10, 2015

California Multifamily Western

Village at Park View Apartments in Antioch Sells for $12.4M

by Nellie Day March 10, 2015

SAN FRANCISCO – The 85-unit Village at Park View Apartments in the San Francisco submarket of Antioch has sold to an unnamed buyer for $12.4 million. The community is located at 2800 Gentrytown Drive. It was built in 1980. Michael Henshaw of Marcus & Millichap represented the buyer. The unnamed seller was represented by Adam Levin and Nathan Gustavson of the same firm.

March 10, 2015

Arizona Industrial Western

ReCommunity Recycling Center in Tucson Sells for $7M

by Nellie Day March 10, 2015

TUCSON, ARIZ. – ReCommunity Recycling Center, a 59,000-square-foot, built-to-suit complex in Tucson, has sold to a joint venture composed of three Alaska-based partnerships for $7 million. The complex is located at 3780 E. Ajo Way. It contains 53,783 square feet of warehouse space and 5,258 square feet of office space. The property is wholly leased and operated by ReCommunity Holdings. ReCommunity is the nation’s largest pure-play recycler. It also operates recycling and recovery facilities in Phoenix and Scottsdale. The company has a total of 36 facilities operating in 13 states across the country. Mike Sandahl, David Blanchette and Wyatt Campbell in CBRE’s Tucson office represented both the buyer and seller, Olyver Land LLC, in this transaction.

March 10, 2015

California Office Western

La Jolla Medical Office Building Sells for $7M

by Nellie Day March 10, 2015

SAN DIEGO – A 17,800-square-foot medical office building in La Jolla has sold to Monarch La Jolla LLC for $7 million. The property is located at 7630 Fay Ave. The LLC intends to convert the building into an upscale assisted living facility. The seller, Executive Leasing of Nevada LLC, was represented by Brandon Keith of Voit Real Estate Services’ San Diego office and Stephen Dok of Lee & Associates. The buyer also operates as Monarch Living and Monarch Communities.

March 10, 2015

California Multifamily Western

San Antonio Apartments in Long Beach Sells for $2.9M

by Nellie Day March 10, 2015

LONG BEACH, CALIF. – The 20-unit San Antonio Apartments in Long Beach has sold to Rio Company for $2.9 million. The community is located at 1090 E. San Antonio Drive in the Bixby Knolls area. It was built in 1948. Robert Stepp and Michael Toveg of Stepp Commercial represented both the buyer and seller, Alray Trust, in this transaction.

March 10, 2015

California Market Reports Office Western Western Market Reports

San Diego’s Office Landscape is Changing

by Nellie Day March 10, 2015

San Diego’s core commercial office markets continue to tighten. Less than 1 million square feet was added last year, while more than 1.2 million square feet was absorbed. In 2014, construction commenced on the first speculative high-rise office project since Hines’ La Jolla Commons I in 2008. The Irvine Company plans to deliver a 306,000-square-foot, Class A development called One La Jolla Center in UTC this year. This project follows on the heels of the adjacent 415,000-square-foot, build-to-suit for LPL. This activity points to a strengthening market as developers, equity partners and lenders believe the benefit outweighs the risk of speculative development. Sorrento Mesa also received 410,000 square feet of new office space at 10001 Pacific Heights Blvd. last year that was pre-committed by owner-user Qualcomm. The overall vacancy rate for the core markets in three San Diego regions (Downtown, Central and North County) was reduced to 11.5 percent by year’s end, indicating a tight market for users. Rent spikes can be anticipated when vacancy rates shrink to single digits. This should occur this year in submarkets like the Uptown area (5.5 percent), Poway (5.4 percent), Rancho Bernardo (6.8 percent), North Beach Cities (5.7 percent), Torrey Pines (8.0 percent), Sorrento …

March 10, 2015

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