PHOENIX – Griffin Capital Corporation has purchased a 513,361-square-foot office building and data center complex in Phoenix for $91.5 million. The complex is located at 3151 and 3202 West Behrend Drive. The property is fully occupied by American Express Travel Related Services Company. The company is a subsidiary of American Express. American Realty Advisors was represented by CBRE’s Jim Fijan and Chad Freese.
LOS ANGELES – The Magellan Group has broken ground on a 501,270-square-foot industrial park in the Los Angeles submarket of El Monte. The $55 million Magellan Gateway will be located at 4127-4213 Temple City Blvd. Magellan purchased the 26.8-acre site one year ago. It was one of the largest infill industrial parcels left in Greater Los Angeles at the time, according to the firm. The company also notes Magellan Gateway is the first new large-scale industrial development in El Monte since 2008. The project will offer 14 units ranging in size from 10,905 square feet to 164,284 square feet. It is scheduled for completion during the fourth quarter of this year. Magellan Gateway will be designed by HPA Architecture. Robin Dodson, John Minervini, Erik Larson and Chris Tolles of Cushman & Wakefield will serve as the project’s leasing agents.
LAS VEGAS — Private equity firm The Bascom Group has acquired the 183-unit Boulder Palms Senior Apartments at 4350 Boulder Highway in Las Vegas for $10.4 million. Debt financing was provided by One West Bank and arranged by Brian Eisendrath and Brandon Smith of CBRE Capital Markets. Doug Schuster and Vittal Ram of Newmark Grubb Knight Frank represented the seller on the transaction. Boulder Palms is a two-story seniors housing community housing 183 units. Completed in 1997, the property covers over four acres. Boulder Palms is Bascom’s eighth acquisition in the Las Vegas area over the last two years.
REDWOOD CITY, CALIF. – A 48-unit apartment building in the San Francisco Peninsula submarket of Redwood City has sold to an unnamed buyer for $13.1 million. The community is located at 180 Buckingham Ave. It was built in 1964. Adam Levin and Robert Johnston of Marcus & Millichap’s Palo Alto office represented both the buyer and seller in this transaction.
TIGARD, ORE. – A 24,733-square-foot retail building in Tigard has sold to Hobo Properties LLC for $2.5 million. The building is located at 12230 SW Main Street in the downtown region. The center is fully occupied by Crown Carpets and Live Laugh Love Glass. Hobo Properties was represented by Joe Kappler of Macadam Forbes. The seller, 3DM Holdings, was represented by Scott Finney and Nick Chessar of Norris & Stevens.
ELGIN, S.C. — Colliers International has brokered the $22.9 million sale of Legacy at Sandhill, a 240-unit Class A apartment community located in Elgin, a suburb of Columbia. Will Mathews, Ron Cameron and Woody Moore of Colliers represented the seller, Atlanta-based Mesa Capital Partners, in the transaction. The buyer was the Wilkinson Group, also based in Atlanta.
MIAMI BEACH, FLA. — Mission Capital Advisors has arranged $19 million in acquisition and renovation financing for the Variety Building, a 70-unit mixed-use building located at 1700 Alton Road in Miami Beach. The property will undergo renovations as the retail space is prepared for re-leasing and the residential component is converted to hospitality space. Jason Cohen, Jordan Ray, Ari Hirt and Axel DeAngelis of Mission Capital arranged the loan through Ladder Capital on behalf of the borrower, a joint venture between Springhouse Partners and Forte Capital Management. The property’s current tenant roster includes scooter dealer Vespa Miami.
JOHNS CREEK, GA. — Grandbridge Real Estate Capital has arranged a $10 million acquisition loan for a 109,586-square-foot shopping center in Johns Creek, an affluent northern suburb of Atlanta. Publix anchors the shopping center and has roughly five years remaining on its lease. Gerry Robbins of Grandbridge originated the loan through an unnamed insurance company lender on behalf of the undisclosed buyer, which purchased the lender-owned asset at auction.
STAFFORD, VA. — The Greysteel Co. has brokered the $6.2 million sale of the Town Center at Aquia, a 25-acre retail development site located at 2848 Jefferson Davis Highway in Stafford. Gil Neuman led Greysteel’s Mid-Atlantic retail investment sales team in representing the seller, Ramco Gershenson Properties Trust. The Greysteel team also procured the buyer, Mosaic Realty Partners LLC. Currently home to Regal Cinemas and Rite Aid and adjacent to a 98,000-square-foot office building and a 256-unit multifamily project, the buyer plans to develop a 160,000-square-foot grocery-anchored shopping center on the site.
PEDRICKTOWN, N.J. — Five Below (NASDAQ: FIVE), a retailer catering to pre-teens and teens, and supply-chain company NFI have opened a more than 1 million-square-foot distribution center in Pedricktown. Five Below will occupy 700,000 square feet of the property, which broke ground in September 2014, and use the property as its eastern U.S. distribution center servicing more than 300 retail store locations in the region. The new distribution center is bringing an estimated 100 jobs to the area. The facility features three miles of conveyor equipment and 2,500 tons of steel racking to support year-round operations.
