SCOTTSDALE, ARIZ. — An entity formed by Jerry Simms has purchased Shea Scottsdale, a 160,228-square-foot retail center, for $44.5 million. The center was built in 1994 at 10653 N. Scottsdale Road in Scottsdale. It was 95 percent occupied at the time of closing. Shea Scottsdale is anchored by Safeway and CVS Pharmacy. Additional tenants include Wells Fargo, McDonalds, MidFirst Bank, Jason’s Deli and Arby’s. Simms was represented by Marty DeRito of DeRito Partners. Michael Hackett and Ryan Schubert of Cassidy Turley Capital Markets Group represented the seller, Karlin Real Estate, in this transaction. Karlin purchased Shea Scottsdale, along with the adjacent retail center Shea Scottsdale East, in October 2011 for $50.3 million. The company has retained ownership of Shea Scottsdale East.
Property Type
LAS VEGAS – A 46,691-square-foot industrial building in Las Vegas has sold to Roberts Ranch Venture, LP for $4.5 million. The building is located at 6425 Montessouri Street. Cathy Jones of Sun Commercial Real Estate represented the seller, CPI TWO, LLC, along with three partners, in this transaction.
DENVER – A pair of 17-unit apartment buildings in Denver has sold to High Street Apartments, LLC and Elizabeth Street Apartments, LLC, for $4.4 million. The communities are located at 1345 High Street and 1443 Elizabeth near City Park. Both were recently renovated. The Calame | Lewallen Team at Pinnacle Real Estate Advisors, LLC represented both the buyer and the seller, Boutique Apartments, in this transaction.
PHOENIX — Creative Touch Interiors (CTI) has signed a three-year lease for 36,540 square feet of office space in Phoenix. The new space is located at 1002 E. University Drive. The 73,080-square-foot building is also leased to two other tenants. It is part of a three-building project that totals 177,000 square feet. CTI will be relocating from its facility near Sky Harbor International Airport. The tenant was represented by Pat Feeney of CBRE and Chris Gadrix of CBRE Atlanta Global Corporate Services Inc. Jackie Orcutt, John Grady and Jim Wilson of Cushman & Wakefield assisted with the transaction. The landlord is EastGroup Properties.
KISSIMMEE, FLA. — Boca Raton, Fla.-based Southern Management and Development LP (SMD) has arranged the sale of Dorado Apartments, a 367-unit multifamily community in Kissimmee. The community, located near Orlando International Airport and Disney World at 1400 W. Donegan Ave., sold for approximately $16.8 million. A group of Florida-based investors purchased the 93 percent occupied community from Dorado Apatments JV Ltd.
ATLANTA, GAINESVILLE AND CARROLLTON, GA. — The Aspen Cos., an affordable housing acquisition and management firm based in Teaneck, N.J., has acquired three HUD multifamily communities in Georgia for approximately $9.2 million. The properties include the 176-unit Paradise East in Atlanta, the 100-unit Linwood Apartments in Gainesville and the 50-unit Paradise Carrollton in Carrollton. The Aspen Cos. purchased the properties from the original developer, a partnership with HJ Russell & Co. Andrew Daitch of Marcus & Millichap brokered the transaction.
COLUMBIA, S.C. — Marcus & Millichap has arranged the $3 million sale of Shandon Crossing, a 152-unit apartment community at 504 S. Beltline Blvd. in Columbia. Mark Boyce, Andrew Mays and Paul Vetter of Marcus & Millichap's Charleston, S.C., office represented the seller, a bank/financial institution, in the transaction.
RICHMOND, VA. — CBRE | Richmond has brokered the sale of the Surry Building, a Class B, 33,578-square-foot office building at 1601 Rolling Hills Drive in Richmond. Surry Building Associates LC, an entity managed by Robinson Development Group Inc. (RDG), sold the asset for approximately $1.8 million. Will Bradley and David Wilkins of CBRE | Richmond represented RDG in the transaction.
OPELIKA, ALA. — The Shopping Center Group has arranged the 30,000-square-foot lease of Ollie's Bargain Outlet at Pepperell Corners, a shopping center in Opelika, seven miles east of Auburn. The location is the first Ollie's Bargain Outlet store in Alabama. Jonathan Lindsey and Ray Jones of The Shopping Center Group represented Ollie's in its lease transaction with Atlanta-based RCG Ventures, owner of Pepperell Corners. Other retailers include Goody's, CATO, CitiTrends, Shoe Show and Dollar General. The store is expected to open this summer. Ollie's plans to open 35 stores in Alabama, according to The Shopping Center Group.
CHICAGO — Equus Capital Partners Ltd. has sold 200 S. Michigan Ave., a 357,777-square-foot office building in Chicago for $69 million. The building was 89 percent occupied at the time of sale. Bruce Miller and Nooshin Felsenthal of Jones Lang LaSalle represented the seller in the transaction. Current tenants at the 22-story building include RTKL Associates, Howard & Howard Attorneys and Johnson Publishing Co., Starbucks Coffee, Potbelly Sandwich Works and Panda Express.