MESA, ARIZ. — Mesa Corporate Center, a 106,077-square-foot office building, has sold to Buchanan Street Partners for $13.2 million. The center is located at 1001 W. Southern Ave. in Mesa. It was 89 percent leased at the time of sale. Notable tenants at the center include Allstate Insurance Company, DeVry University and Allied Barton Security. The seller, Parkway Properties, was represented by Chris Toci, Chad Littell, Jerry Noble and Ryan Bartos of Cushman & Wakefield.
Property Type
LOS ANGELES — Village Walk at Tarzana, a two-parcel development site, has sold to Sinanian Development Inc. for an undisclosed sum. The fully entitled site contains the West Parcel, which is located at 18709 W. Redwing Street, and the East Parcel, located at 5420-5432 N. Yolanda Ave. They are attached to the 146,363-square-foot Village Walk retail center on Ventura Boulevard. The West Parcel will receive 15 two-story luxury townhomes, while the East Parcel project will contain 19 townhomes and 37 luxury apartments. The seller, Pearlmark Real Estate Partners LLC, was represented by Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors.
LA QUINTA, CALIF. – A 4,562-square-foot retail building in La Quinta that is occupied by Union Bank of California has sold to Don & Marily Lynch c/o Dunn Property Group for $4.5 million. The building is located at 79670 Highway 111. The buyer was represented by Michael Dunn of Dunn Property Group. The seller, Hull LQ Properties, LLC c/o Sage Retail Group, was represented by Kevin Held and Chuck Klein of Cassidy Turley.
CARLSBAD, CALIF. — Noodles & Company has signed a 12-year lease for 2,837 square feet of retail space at Palomar Airport Commons in Carlsbad. The lease is valued at $2 million. The center is located at 2521 Palomar Airport Road. Noodles & Company was represented by Danny Fitzgerald, Michael Burton and Pasquale Ioele of Cassidy Turley and Sharon Carmichael of Terranomics Retail Services. The landlord, Sudberry Properties, was represented by Matt Moser of Retail Insite.
SPRINGFIELD, VA. — PREIT has entered into an agreement with Vornado Realty Trust to acquire Springfield Town Center in Springfield for $465 million. The approximately 1.4 million-square-foot mall is comprised of 642,000 square feet of anchor space and 703,000 square feet of non-anchor space. Target, Macy’s and JC Penney anchor the mall and remain operational while the rest of the mall undergoes renovation. Other notable retailers include Michael Kors, H&M, Chico’s, Pandora, Francesca’s Collection, Maggiano’s Little Italy, Yard House Restaurant, Wood Ranch BBQ, LA Fitness, Regal Cinema, Dick’s Sporting Goods and Topshop. The transaction is expected to be funded using $125 million in PREIT common and preferred operating partnership units, with the balance expected to be paid in cash. Vornado will continue the ongoing renovation of the retail center’s non-anchor space. PREIT and Vornado will jointly lease the space as a result of the transaction. PREIT has the capacity to develop 3 million square feet of additional retail, residential, office and/or hotel space, in compliance with existing zoning.
CHICAGO — Aviv REIT Inc. has acquired nine post-acute and long-term care skilled nursing facilities in Kentucky and Iowa in two separate transactions for approximately $49 million. Seven of the properties are located in Kentucky and are triple-net leased to new Aviv operator Providence Group, an operator of skilled nursing facilities in Kentucky and California. The other two facilities are located in Iowa and are triple-net leased to existing Aviv operator Trillium Healthcare. The acquisitions include annual escalators and initial lease terms of 10 years. Chicago-based Aviv REIT has approximately $104 million in acquisitions year-to-date.
LITTLE ROCK, ARK. — Disney Investment Group, a boutique brokerage firm based in Dallas, has closed on the sale of Park Avenue shopping center, a 69,000-square-foot property in Little Rock. Inland Real Estate Income Trust purchased the property for approximately $28.1 million from SPC Park Avenue LP and SPC Condo LP, affiliates of Dallas-based Strode Property Co., Park Avenue’s developer. David Disney of Disney Investment Group represented the sellers in the transaction and procured the buyer. Park Avenue’s tenant roster includes Staples, Cheddar’s, Jared Jewelers, Panera Bread, Mattress Firm, Sport Clips, Verizon Wireless, Carter’s, Radio Shack and AT&T.
CITRUS PARK, FLA. — ECHO Realty LP has acquired Westgate Plaza, a 100,000-square-foot shopping center in Citrus Park, approximately 16 miles northwest of Tampa, Fla. Publix anchors the shopping center with a 55,000-square-foot store. The property also features two outparcels leased to SunTrust Bank and Fifth Third Bank. ECHO Realty purchased the shopping center from a joint venture between Kimco and GE Capital, owners of the center since 2007. ECHO has appointed Orlando, Fla.-based Crossman & Co. to manage and lease the property.
WASHINGTON, D.C. — First Market Properties (FMP) has closed on a loan portfolio of five apartment properties in the metro Washington, D.C., area. The REO transaction includes Class B communities totaling 1,188 units. The communities include the 410-unit Forest Village in Suitland, Md.; the 349-unit Shadyside Gardens in Suitland; the 131-unit Marlow Tower in Temple Hills, Md.; the 126-unit Marlow Garden in Temple Hills; and the 172-unit Marlow Heights in Temple Hills.
INDEPENDENCE, MO. — Overland Property Group has celebrated the opening of Gardens at Jackson Creek, a $10 million seniors living facility in suburban Kansas City. The new apartment community, located at 19401 E. 40th St. Court in Independence, features 46 one-bedroom units and 67 two-bedroom units. Williams Spurgeon Kuhl & Freshnock Architects led the design team for the 115,000-square-foot facility. One-bedroom floor plans range from 576 to 594 square feet with monthly rents starting at $1,025. Two-bedroom units range from 765 to 795 square feet with rents starting at $1,250. Apartments feature raised-panel wood doors, wood-grained vinyl plank flooring, granite countertops, walk-in closets, washers and dryers, custom cabinets and nine-foot ceilings.