LOS ANGELES – A 33-unit apartment building in Los Angeles has sold to Unison Investment Company for $8.1 million. The community is located at 1154 Bellevue Ave. in the Echo Park neighborhood. It was built in 2008. Unison Investment was represented by John Chu of New Life Properties. The seller, Bellevue Development Ventures, was represented by Michel Hibbert of Charles Dunn Company.
ALBUQUERQUE, N. MEX. – At Home Stores has leased 87,915 square feet at Market Center Crossing in Albuquerque. The center is located at the northeast corner of Interstate 40 and Eubank. It is shadow anchored by Target. At Home will be leasing a space previously occupied by Sports Authority and Michael’s. The center is currently undergoing a redevelopment. The landlord is a partnership between Accelerated Development Services and Q Investments.
PEORIA, ARIZ. – A 60,080-square-foot retail space in Peoria has sold to JGNK Investments Arizona LLC for $3.6 million. The Class B space is located at 7575 W. Cactus Road. The tenant, Lee Lee Oriental Supermarket, recently signed a new 20-year lease at the property, which was built in 2002. JGNK was represented by Vicky Papoulias of Geovest Corporation. The seller, 75 Cactus LLC, was represented by Marcus Muirhead and Lauren Rodes of Colliers International.
SYLMAR, CALIF. – The 81-unit Vista Ridge Apartment Homes in Sylmar has sold to a private owner/operator for $14.2 million. The community is located at 13500 Foothill Blvd. in the San Fernando Valley submarket. It was built in 1987. The seller, Benedict Canyon Equities, was represented by Ronald Harris, Rick Raymundo, Paul Darrow and Michael DiSimone of Marcus & Millichap’s Los Angeles office.
OCEANSIDE, CALIF. – A triple-net ground lease for a 7-Eleven at Oceanside Plaza has sold to a private investor from Northern California for $2.1 million. The space is located at 2003 Mission Ave. in Oceanside. The property is currently under construction. It will eventually include the 2,400-square-foot convenience store and a gas station. The property used to house a Union 76 gas station. The buyer was represented by Jay Patel of Cushman Wakefield. The seller, a private investor from Agoura Hills, was represented by Jonathan Selznick of Hanley Investment Group Real Estate Advisors.
Seattle has come a long way since the 1971 billboard reading “will the last person leaving Seattle turn the lights off?” The greater Seattle economy and real estate market has continued to be one of the nation’s top- performing locales, even exceeding its prior 2007 peak. Large corporations such as Amazon, Boeing, Microsoft and Starbucks, along with many independent startup companies, have rapidly reduced the unemployment rate, which has dropped to 4.8 percent. The construction pipeline in Seattle remains robust. With more than 20 cranes working on new developments, the market has the most active projects underway since the Downtown Seattle Associations started tracking development in 2005. Nearly two-thirds of construction in Seattle is residential, with more than 5,000 new apartment units opening since January 2013, and more than 6,000 new units to be completed in the next three years, according to the DSA report. During the past year, the amount of office space under construction has nearly doubled from 1.7 million square feet to more than 3.2 million square feet. A large contributor to this is Amazon’s revitalization of the South Lake Union area. Amazon’s global workforce has doubled in the past two years, and the company is reportedly …
VINELAND, N.J. — Stan Johnson Co. has brokered the sale of a 37,660-square-foot medical property to Lexington Realty Trust (NYSE: LXP) for $19 million. Located at 1237 W. Sherman Ave. in Vineland, the property is leased to HealthSouth Rehabilitation Hospital of South Jersey LLC and is guaranteed by HealthSouth Corp., the largest owner and operator of inpatient rehabilitation hospitals in the United States. Camille Renshaw and David Bailey of Stan Johnson Co.’s New York office represented the seller, a New Jersey medical developer, in the transaction. The property includes a 40-year lease with approximately 29 years remaining. The sale occurred at a 5.8 percent cap rate based on 2014 net operating income.
FRANKLIN, N.J. — Cronheim Mortgage has arranged $4 million in financing for Franklin Shopping Center, a retail center located along the Route 23 retail corridor in Franklin. The 56,100-square-foot retail center features a mix of national and regional tenants, including ShopRite Liquors, Dollar Tree and Mandee, among others. Andrew Stewart and Dev Morris of Cronheim Mortgage secured the financing.
NEW YORK CITY — GFI Realty Services has brokered the sale of an apartment building located at 197 St. Marks Ave. in Brooklyn’s Prospect Heights. The asset sold for $1.95 million, or $325,000 per unit. Constructed in 1931, the three-story, walk-up building features six apartments. Shlomo Antebi of GFI Realty Services represented the buyer and seller, both of which are local investors, in the transaction.
DENVER – Boulder Tech Center, a 169,596-square-foot flex/research and development campus in Boulder County, has received an $8-million loan. The four-building campus is located at 6400 and 6450 Dry Creek Parkway and 6325 and 6450 Monarch Parkway. The non-recourse, 10-year loan features an interest rate of 3.7 percent and a 25-year amortization schedule. It was arranged by Stephen P. Bye of NorthMarq Capital’s Denver regional office.
