LANCASTER, TEXAS — Stream Realty Partners has arranged the sale of an industrial property located at 3334 N. I-35 in Lancaster. The 55,000-square-foot building is located on three acres and was purchased by an investor. Todd Noonan and Hanes Chatham of Stream Realty Partners handled the sale. The property includes 5,000 square feet of office space and additional land for expansion, parking or outside storage.
HOUSTON — Crimson Real Estate Fund and USAA Real Estate Co. are set to begin construction on a new Class A apartment complex in the Westchase submarket of Houston. Patrinely Group is developing the 266-unit complex, which will be built on three acres located next to the 2500 City West Blvd. office building. The two companies acquired the building and an adjacent development site in November 2011. The project will include one- to three-bedroom units ranging in size from 600 square feet to 1900 square feet. It is set for completion in July 2016.
SAN DIEGO – A 128,531-square-foot industrial property in the San Diego submarket of Vista has sold to KI-Vista-LPSM LLC for $13.5 million. The Class A building is located at 2611 Business Park Drive. The single-tenant manufacturing and distribution building recently underwent a rehab and repositioning. It had served as Dimension One’s corporate headquarters until its leaseback agreement expired in November 2013. The buyer secured a lease with Stone Brewing Co. to use the space as its new national distribution center. The LLC was represented by Colliers International. The seller, SR Commercial, was represented by Joe McDermott, Ron King and Bob Willingham of Cushman & Wakefield.
CHANDLER, ARIZ. – The 40,952-square-foot Ocotillo Fiesta Shopping Center in Chandler has sold to Ocotillo Fiesta LLC for an undisclosed sum. The center is located at the southeast corner of Alma School and Queen Creek roads. It is shadow-anchored by Albertsons. The center is currently 97 percent leased. The landlord, Southgate Mall Associates, was represented by Mindy Korth and Kirk Kuller of Colliers International.
GRAND RAPIDS, MICH. — Marcus & Millichap has arranged the $102 million sale of a six-property apartment portfolio in Michigan. The portfolio includes 1,651 units across six multifamily properties located in and around Grand Rapids. The apartment properties include Woodland Creek Apartments and Woodbridge Apartments in Kentwood, Wyndham Hill Apartments and Autumn Ridge Apartments in Grand Rapids; and Oak Valley Apartments and Pinery Woods Apartments in Wyoming. The sale is the largest commercial real estate transaction recorded in Michigan so far this year, according to Marcus & Millichap. Earl Elliott, Gordon Navarre and Christopher Futo of Marcus & Millichap represented the undisclosed seller and the buyer, a New York-based private investment firm.
DENVER – Security Properties has acquired the 120-unit Dayton Meadows Apartments in Denver for an undisclosed sum. The affordable housing community is located at 1479 S. Dayton Street. The company recently secured an allocation of Low Income Housing Tax Credits from Colorado Housing and Finance Authority that will allow it to rehabilitate the community. Construction is slated to begin in December and wrap in June 2015.
SAN DIEGO – Viewridge Business Park, a 72,571-square-foot office complex in the Kearny Mesa submarket of San Diego, has sold to MIG Real Estate for an undisclosed sum. The park is located at 4711, 4715 and 4719 Viewridge Ave. It is currently 82 percent leased. Notable tenants include Coastal Credit, YARDI and Vericare. MIG Real Estate represented itself in this transaction, while the unnamed seller was represented by Bob Prendergast and Lynn LaChapelle of Jones Lang LaSalle.
SAN FRANCISCO – Smashburger has opened two new restaurants in the San Francisco Bay Area. The outposts are located at 1151 40th Street in Emeryville and 925 Blossom Hill Road, within the Westfield Oakridge shopping center in San Jose. Smashburger also recently opened stores at the Rivermark Village in Santa Clara and at Cherry Orchard Shopping Center in Sunnyvale. The quick-service restaurant was represented by Laura Tinetti of SRS Real Estate Partners. Federal Realty Investment Trust, the Emeryville landlord, was represented by AJ Schrader of Retail West. Westfield, the San Jose landlord, was represented by Daryn Gallaway of Westfield LLC.
TARRYTOWN, N.Y. — DLC Management Corp. has acquired an 11-asset retail portfolio totaling 2.58 million square feet. The properties are located in New York, North Carolina, Arkansas and Tennessee. The acquisition is the largest in DLC’s history and the properties match well with the company’s operations and represent large, high-quality assets with strong anchor tenants. Additionally, the portfolio offers value-add opportunities through property stabilization. The portfolio includes: 2015 Walden Ave. (26,500 square feet), Union Consumer Square (386,320 square feet), Walden Consumer Square (253,225 square feet) and Walden Place (68,002 square feet) in Cheektowaga, N.Y.; Batavia Commons (49,431 square feet) and BJ’s Plaza (95,846 square feet) in Batavia, N.Y.; Premiere Place (414,639 square feet) in Williamsville, N.Y.; River Hills (315,234 square feet) in Asheville, N.C.; Spring Creek (588,606 square feet) and Steele Crossing (261,665 square feet) in Fayetteville, Ark.; Towne Center (390,607 square feet) in Murfreesboro, Tenn. Additional terms of the transaction were not released.
NEW YORK CITY — SL Green Realty Corp. has acquired additional ownership interest in the 674,000-square-foot office condominium at 1745 Broadway in New York City. The condominium is leased entirely to Random House. SL Green originally acquired a 32.26 percent stake in the property in 2007 and is now increasing its ownership to 56.88 percent as a result of recent transactions. The majority of the interests, consisting of general partnership and limited partnership interests, where purchased from The Witkoff Group in exchange for SL Green Operating Partnership units. By acquiring these interest, the company has consolidated management of the property. Designed by Skidmore, Owings & Merrill, the 50-story office building was completed in 2003.