ALISO VIEJO, CALIF. — AEW Capital Management has purchased a 109,948-square-foot, institutional-quality building in Aliso Viejo for an undisclosed sum. The corporate headquarters building is located at 1 Enterprise Drive. The building serves as the corporate headquarters for Microsemi Corporation. It is one of the only single-tenant, Class A buildings to be constructed in the Orange County submarket after 1999. The building is leased to Microsemi through January 2021. The seller, Global Investment Advisor, was represented by CBRE’s Bob Smith, Paul Jones, Kevin Shannon and Ken White.
Property Type
LOS ANGELES — Plaza La Reina, an extended-stay, hotel/retail project in the Los Angeles submarket of Westwood, will soon be completed. It will be located at 10488-52 Lindbrook Drive. Plaza La Reina, LP has tapped Bernards to finish the partially built project. It will be designed by Moule & Polyzoides.
TUSTIN, CALIF. – LTK Venture 1 has purchased the 70-unit Windsor Gardens in Tustin for $14.9 million. The community is located at 1651 Mitchell Ave. It was originally built in 1968, before it was converted into condominiums in 1985. The seller was the Laughlin Family Partnership. The transaction was executed by Pat Swanson and Brett Bayless of Colliers International’s Irvine office.
UNION CITY, CALIF. — The former Chronicle Printing Plant in Union City has sold to Westcore Properties for an undisclosed sum. The plant is located at 1550 Pacific Street. The building will be demolished to make way for a 300,000-square-foot manufacturing and distribution redevelopment that will cater to food production and distribution. Westcore was represented by Kevin Hatcher, Mark Maguire and Greig Lagomarsino of Colliers International in Oakland. The seller, Hearst Communications, was represented by John McManus and Andrew Briner of Cushman and Wakefield.
LOS ANGELES – The eight-unit Brockton Regency in Los Angeles has sold to the Gleitman Family Trust for $3.3 million. The community is located at 1251 Brockton Ave. It was built in 1986. Paul Kenworthy of Charles Dunn represented both the trust and the seller, Dr. Patrick Shoon Shiong, in this all-cash transaction.
LAKEWOOD, COLO. – A trio of apartment buildings located on Allison Street in Lakewood have sold to an unnamed buyer for $1.7 million. The communities are located at 1160, 1180, & 1198 South Allison Street. They comprise a total of 19,656 square feet, and all three were built in 1962. The buyer was represented by Matt Lewallen and Kevin Calame of Pinnacle Real Estate Advisors. The unnamed seller was represented by Matt Ritter, also of Pinnacle.
CONCORD, N.C. — The Silverman Group, a New Jersey-based real estate investor and developer, is constructing a 400,000-square-foot speculative industrial building within Concord Airport Business Park in Concord. The cross-dock building will be located on 56 acres and feature 36-foot ceiling heights, 40 docks, 100 trailer parking spaces, an ESFR sprinkler system, T5 lighting and office space. Construction is slated to begin in the first quarter of 2014 with completion slated for late summer. The site will also feature a pad-ready, 125,000-square-foot industrial building adjacent to the main building. Christopher Skibinski of Avison Young’s Charlotte office has been retained as the leasing agent for the project.
LARGO, FLA. — Pollack Shores Real Estate Group has broken ground on Gateway North, a new luxury apartment community at 2681 Roosevelt Blvd. in Largo. The 342-unit community is within walking distance to retail, dining and transportation. The community will feature a lake, walking trail, resort-style clubhouse, pool, cabanas, fitness center, business center and an outdoor grilling/entertainment area. Occupancy will begin in spring 2014 with final completion slated for fall 2014. Matrix Residential will lease and manage the community.
ORLANDO AND COCOA BEACH, FLA. — The Shopping Center Group has finalized the sale of two central Florida shopping centers totaling $10.8 million. The properties include a Starbucks Coffee-anchored retail center near Walt Disney World Resort that sold for $3.3 million. The property is fully leased to tenants such as Subway, Tennis Plaza and three local businesses. The Shopping Center Group represented the seller, an affiliate of Tiforp Development, in the sale to a foreign investor. The Cocoa Beach property is a Publix-anchored neighborhood center that sold for $7.5 million. The property, known as Banana River Square, is 89 percent leased and is located in Cocoa Beach’s Space Coast neighborhood. The Shopping Center Group represented the seller, an affiliate of Columbus, Ga.-based Victory Real Estate Investments, in the transaction. An affiliate of Publix Supermarkets Inc. purchased the property. The two transactions bring The Shopping Center Groups’s Florida investment division’s total aggregate volume for 2013 to $130 million.
TAMPA, FLA. — HFF has arranged a $16.4 million refinancing for Wildwood Acres, a 340-unit multifamily community located at 13418 Dottie Drive in Tampa. The community is 99 percent occupied and includes one-, two-, three- and four-bedroom layouts. The complex’s amenity package includes two swimming pools, a laundry facility, picnic areas and a dog park. Elliott Throne, Todd Adams and Matt Mitchell of HFF arranged the seven-year loan through Freddie Mac’s CME program.