DALLAS AND FARMERS BRANCH, TEXAS — Texas land developer and manager Billingsley Co. will move forward by the end of the year with a 340,000-square-foot speculative distribution center at its 225-acre master-planned Mercer Business Park. The company officially announced its intent to build the facility after receiving light industrial zoning for 80 acres of the development. This will be the first building at the park, which is located at the northwest corner of IH 635 and IH 35E and stretches from Dallas into the neighboring city of Farmers Branch. Completion of the distribution center is slated for summer 2014.
TEMPE, ARIZ. — Crossroads of Tempe, a 39,511-square-foot retail strip center in Tempe, has sold to KLC Holdings LLC for $5.5 million. The center is located at 7707 S. Kyrene Road, 315 and 325 W. Elliot Road. It was 65 percent leased at the time of sale. Notable tenants include Chase Bank, Massage Envy, Fed Ex Office and the UPS Store. The center is currently unanchored. The seller, Westwood Financial Corp., was represented by Steve Julius and Jesse Goldsmith of CBRE’s Phoenix office.
CARLSBAD, CALIF. — A 28,402-square-foot office building in Carlsbad has sold to Seymour Capital for $3.7 million. The building is located at 2385 Camino Vida Roble. It was fully occupied at the time of sale. Both the buyer and the seller, Paul H. Meardon, were represented by Nick Totah and Ben Tashakorian of Marcus & Millichap’s San Diego office.
DENVER – A 31-unit apartment building in Denver has sold to an unnamed buyer for $3.2 million. The community is located at 1540 Logan Street near the Capitol Building. The buyer was represented by JB Hochman, while the unnamed seller was represented by Jeff Johnson of the Johnson Ritter Team.
LAS VEGAS — Blackstone Real Estate Partners VII has purchased the Hughes Center, a 1.4-million-square-foot office and retail campus in Las Vegas, for $347 million. The 68-acre, master-planned development is located at 370 Hughes Center Drive. The acquisition includes Class A office space, several restaurants and three undeveloped parcels. Notable tenants at the center include Gordon Silver, Ameristar, Wells Fargo Bank, Venetian, Boyd Gaming, Snell & Wilmer, Lewis and Roca, LLP, as well as restaurants like Del Frisco’s, Lawry's Prime Rib, Fogo de Chao, Bahama Breeze, Gordon Biersch Brewery and McCormick & Schmick. A new Starbucks is under construction. Equity Office, a wholly owned affiliate of Blackstone, will handle the center’s management operations and oversee its leasing efforts. Colliers International, which previously handled the center’s leasing, has be retained by Equity Office. Blackstone represented itself in this transaction, while the undisclosed seller was represented by HFF’s Mark Gibson, Scott Galloway and Dan Cashdan.
SAN DIEGO — Kilroy Realty Corporation (KRC) has purchased The Heights at Del Mar, a 218,940-square-foot office campus, for $126.35 million. The Class A campus is located at 12770-12790 El Camino Real in the San Diego submarket of Del Mar Heights. The property contains a life science building, as well as a 4.2-acre entitled land parcel that can accommodate an additional 90,000-square-foot office or life science facility. The Heights is anchored by Neurocrine Biosciencese and Knobbe Martens Olson & Bear. These two tenants occupy about 94 percent of the property. Additional tenants include Allen Group Architects, Southwest Value Partners and Backplane. This acquisition represents the largest sale within Del Mar Heights since 2007, according to Rick Reeder and Brad Tecca of Cassidy Turley, who resented both KRC and the seller, Prudential Real Estate, in this transaction.
SALEM, ORE. – A 54,661-square-foot industrial property in Salem has sold to an individual/personal trust for $4.9 million. The property is located at 2757-2767 22nd Street SE. At the time of sale, the building was fully occupied by two tenants that were operating on short-term leases. The buyer was represented by Dean Zang, Mark Taylor and Christopher Munley of Marcus & Millichap. The seller, a limited liability company, was represented by Ryan O'Leary and Will Stone of the same firm.
EAST JACKSONVILLE, FLA. — ARA has arranged the $12.5 million sale of the 224-unit Huntington at Hidden Hills, an apartment community located in East Jacksonville. Jacksonville-based Michaelson Group purchased the multifamily community, which was 96 percent occupied at the time of sale. Matt Wilcox, Kevin Judd and Patrick Dufour of ARA's Jacksonville office represented the sellers, Los Angeles-based Ares Management LLC and San Francisco-based McDowell Properties, in the transaction.
ATLANTA — Jones Lang LaSalle has arranged the $8.7 million sale of two office-flex buildings in the Peachtree Technology Center in Atlanta's Northeast submarket. The properties include a 50,084-square-foot property at 5923 Peachtree Industrial Blvd. and a 30,375-square-foot facility at 5854 Peachtree Corners East. The properties are fully leased to three tenants. Shan Gastineau, Paul Hanna and Katie Elliot of Jones Lang LaSalle's capital markets team represented the buyer, GASCO Real Estate Holdings LLC, in the transaction. CBRE represented the seller, VIFII Peachtree Technology.
RALEIGH, N.C. — Vitus Enterprises has purchased two Class A office buildings in Raleigh totaling 48,000 square feet in a sale-leaseback transaction. Vitus purchased the facilities, located at 6870 and 6880 Perry Creek Road in Raleigh's Highway 1/ Capital Boulevard office submarket, for $6.2 million. The seller, SST, and Thompkins Associates will occupy one of the buildings, and Vitus will occupy the second facility at a reduced rental rate. Sam DiFranco and Sam DiFranco Jr. of Trinity Partners represented the buyer in the sale-leaseback transaction. York Properties represented the seller.