CORPUS CHRISTI, TEXAS — Marcus & Millichap has arranged the sale of First Cash Pawn, a 10,611-square foot net-leased property located in Corpus Christi. Vincent Knipp and Chance Hales of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, a private investor. Knipp and Hales also secured the buyer, a private investor. First Cash Pawn is located at 2104 Morgan Ave., near Highway 286 also known as Crosstown Expressway. The building was constructed in 1942 and sits on two parcels totaling .8156 acres.
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SAN DIEGO — Zephyr Partners has acquired a 60,000-square-foot site on Broadway between 7th and 8th Avenues in Downtown San Diego for $21.1 million. This was one of the last available full blocks of space remaining in Downtown San Diego. Zephyr plans to use the site to build a $250-million, mixed-use retail and residential community that contains two, 32-story towers. The development is designed to extend Downtown’s core, revitalizing the land between the Gaslamp Quarter and Financial District. It will be the first mixed-use, high-rise project since the recession, Zephyr notes. The property currently contains underutilized retail, parking and office space that will be demolished. The original eight-property portfolio was built in the 1950s and had fallen into disrepair over the past 30 years. Zephyr also recently acquired the Banker’s Hill condo project at nearby 2850 6th Ave. The company plans to build 60 high-end luxury condominiums on the site, which should be completed in 2015. George Smith Partners arranged $12.7 million in pre-development financing for the Broadway project. The interest-only loan carries a large interest reserve. It is priced at 6.5 percent for two years with a one-year extension.
CHANDLER, ARIZ. — PrivatePortfolio Group LLC has purchased the 383-unit Parcland Crossing apartment complex in Chandler for $65 million. The community is located at 800 W. Willis Road, just south of the 202 Freeway. Parcland is situated within a five-mile radius of two Intel campuses, in addition to the offices of Bank of America, Wells Fargo, Chandler Regional Medical Center, eBay/PayPal, Verizon, Microchip, Freescale Semiconductor, Orbital Sciences, EDMC and Avnet. The community was built in 2013. It was 93 percent leased at the time of sale. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller, Alma School Apartments LLC, in this transaction. The LLC is a joint venture between Mark-Taylor Inc. and Kitchell Development Co.
TEMECULA, CALIF. — Jones Lang LaSalle Income Property Trust has acquired Rancho Temecula Town Center, a 165,000-square-foot, grocery-anchored neighborhood shopping center in Temecula, for about $60 million. The center is located at 39540 Winchester Road. The property is 93 percent leased to 26 tenants. Its four anchor tenants include Sprouts Farmers Market, LA Fitness, Rite Aid and BevMo!. These tenants generate 54 percent of the center’s revenue. They have a weighted average lease term of nearly nine years. The acquisition was financed at about 50 percent loan to value with a fixed interest rate loan of 4 percent for 12 years. Jones Lang LaSalle Income Property Trust is an institutionally managed, non-listed, daily valued perpetual life REIT. This is the REIT’s third grocery-anchored shopping center acquisition in the past nine months. It recently acquired Oak Grove Plaza near Dallas and Grand Lakes Market Place near Houston, Tex.
PORTLAND, ORE. — Block 300, a 362,000-square-foot office building in Portland, has received a $60.8-million bridge loan. The Class A building is located at 333 South West 1st Ave. in the Downtown area. The building was 50 percent leased when the funds were committed. It is now 75 percent leased. Dan Rosenberg of Cohen Financial secured the financing for Kaufman Jacobs. It was provided by GE Capital Real Estate. “The bridge financing allows us to recapitalize the property and puts us in a strong position to execute improvements and to re-tenant the property,” says Robert Saunders, Kaufman Jacobs’ CFO.
CAMPBELL, CALIF. – The 40-unit Sun Dial Garden Apartments in Campbell has sold to a limited liability company for $7.7 million. The community is located at 300 and 350 Dunster Drive. Mitchell Zurich and Brad Lehman represented both the buyer, who was coming out of a 1031 exchange, and the seller, , a private investor, in this transaction.
JUPITER, FLA. — Rendina Healthcare Real Estate has begun construction on a two-story, freestanding healthcare facility for Jupiter Medical Center in Jupiter. The medical office building will be located approximately two miles south of Jupiter Medical Center. The 26,000-square-foot Margaret W. Niedland Breast Center will be a LEED Silver-certified facility offering 3D mammography, breast ultrasound, Positron Emission Mammography (PEM), stereotactic breast biopsy, bone density, and breast and general MRI services. The second floor of the facility will also house the high-risk and genetics program and be available for physician office and educational space. The project team includes general contractor Anderson-Moore Construction, architect Davis Stokes Collaborative, landscape architect Cotleur & Hearing and engineer Jeff H. Iravani Inc. The facility is slated to open in the first quarter of 2015.
BRADENTON AND COCOA BEACH, FLA. — HFF has closed on the $24.5 million sale of two Publix-anchored centers in Central Florida. The properties include the 120,990-square-foot Beachway Plaza in Bradenton and the 68,577-square-foot Cornerstone Plaza in Cocoa Beach. Beachway Plaza is 84.8 percent leased to tenants such as Bealls Outlet and Staples. Cornerstone Plaza is 86 percent leased to tenants such as Cocoa Beach Realty and Beef O’Brady’s. Danny Finkle and Luis Castillo of HFF represented the seller, Retail Properties of America Inc., in the transaction. In addition to the sale, HFF also arranged $10.1 million in acquisition financing for the purchase of Beachway Plaza. Chip Sykes of HFF arranged the five-year loan through Guggenheim Commercial Real Estate Finance LLC on behalf of the borrower, Atlanta-based Branch Properties LLC.
WASHINGTON, D.C. — Rock Creek Property Group, a Washington, D.C.-based real estate investment company, has sold a three-story, 43,000-square-foot office building in Washington, D.C., for approximately $14.9 million. Lakritz Adler Real Estate Investments purchased the asset, located at 5185 MacArthur Blvd. N.W. Tenants at the property include Starbucks Coffee and UPS.
LITHONIA, GA. — Griffin-American Healthcare REIT III Inc. has purchased DeKalb Professional Center, a 19,000-square-foot medical office building in the Atlanta suburb of Lithonia. The property is located at 5461 Hillandale Drive, roughly one mile from DeKalb Medical Hillandale, a 100-bed acute care hospital. The property is currently 81 percent leased to four tenants, including RMS Lifeline and The Emory Clinic. The REIT purchased the asset in an all-cash transaction from McWhirter Realty Partners LLC for an undisclosed price. Lee Asher and Chris Bodnar of CBRE represented the seller in the transaction.