CITY OF INDUSTRY, CALIF. – A 7.7-acre infill redevelopment site in the City of Industry has sold to CT Realty Investors for $6.2 million. The site is located at 13110 Louden Lane. A 121,000-square-foot, vacant manufacturing facility currently resides on the site, though it will soon be demolished. CT plans to replace it with a 168,000-square-foot, Class A warehouse/distribution building. C.E.G. Construction Co. will oversee construction. CT was represented by Denis Keane of Voit Real Estate Services’ Ontario office. The seller, McConnell Cabinets, was represented by Barbara Emmons and Cameron Merrill of CBRE Los Angeles.
BELLEVUE, WASH. – A 58,000-square-foot development site located in Bellevue’s Central Business District has sold to NIU Enterprises for $31 million. It is located at 437-527 108th Avenue N.E. The sellers, Milt and Sue Walter, have owned the site for more than 30 years. It is currently occupied by two restaurants, Las Margaritas and Nibbana. The sellers were represented by Andy Miller, Jason Rosauer, Dave Speers and Rob Anderson of Kidder Mathews. NIU is a limited liability company that was formed by a group of Chinese investors and companies.
AURORA, COLO. – The 351-unit Del Arte Lofts & Flats in Aurora has sold to E2M Strategic Fund, LP for an undisclosed sum. The community is located at 151 S. Joliet Circle. E2M is E2M Partners’ fourth private equity fund. It teamed with Wood Partners on this particular fund. This is the seventh acquisition the fund has made, bringing its total assets under management to more than $160 million.
GARDEN GROVE, CALIF. – A 40,274-square-foot industrial building in Garden Grove has sold to ProPlas Technologies for $4.1 million. The building is located at 14321 Corporate Drive. The new owner plans to execute a major renovation at the building before it relocates from nearby Gardena. The plastic injection molding and contract manufacturing company was represented by Brandon Carrillo, Greg Gill and Dylan Espley of Lee & Associate’s Long Beach office. The seller, Serella Revocable Trust, was represented by Mike Bouma and Paul Caputo of Voit.
VISALIA, CALIF. – A 57,254-square-foot shopping center in Visalia has sold to a family trust for $4 million. It is located at 3230-3298 S. Mooney Blvd. The center was 60 percent occupied by tenants like King Buffet and Tuesday Morning at the time of sale. The seller, Trion Properties, acquired a non-performing note on the asset through an all-cash transaction from a regional bank. The bank needed to remove the center from its books by the end of the year. CBRE’s Nick Whitstone handled the note sale. The latest sale was executed by Mark Denholm of CORE Commercial.
NORTH MIAMI, FLA. — Marcus & Millichap has completed the sale of a North Miami multifamily portfolio for $14.65 million. The Royal Properties Portfolio comprises five properties totaling 233 units that were constructed between 1964 and 1971. They include: Royal Vista, a 59-unit property located at 400 NE 137th St.; Royal Place, a 55-unit property located at 14050 NE 6th Ave.; Royal Village, a 51-unit property located at 13055 NE 6th Ave.; Royal Point, a 44-unit property located at 1525 NE 125th St.; and Royal Courtyard, a 24-unit property located at 13020 NE 6th. Ave. The properties were extensively renovated in 2011 and 2012. Still Hunter, III; Evan Kristol; and Felipe Echarte of Marcus & Millichap’s Ft. Lauderdale office represented the seller, a limited liability company managed by CFH Group. The same team partnered with Mark Thompson of Marcus & Millichap’s Orlando office to represent the undisclosed buyer.
COLUMBUS, GA. — Berkeley Capital Advisors has arranged the sale of Cross Country Plaza, a 368,360-square-foot shopping center located in Columbus. The property’s anchors include Publix, Freedom Furniture & Electronics, OfficeMax and T.J. Maxx. Additional tenants include Goodwill, Tuesday Morning, Pet Supermarket, Chuck E. Cheese’s, Suntrust and Denny’s. Rob Carter, Alex Quarrier and David Webb of Berkeley arranged the deal between the two undiclosed parties.
COLUMBIA, S.C. — Colliers International has brokered the sale of a Class A apartment community in Columbia. Constructed in 2008, Preserve at Spears Creek is located at 325 Spears Creek Church Road. It contains 240 units in a mix of one-, two- and three-bedroom apartments. Amenities include a resort-style swimming pool, a fitness center, a computer lounge and a media room. Ron Cameron and Will Mathews of Colliers International’s Atlanta office represented the seller, Spears Creek Partners LLC. The buyer, Nashville, Tenn.-based Carter-Haston, provided in-house representation. The acquisition price was not released.
WASHINGTON, D.C. — UIP General Contracting has completed the $4.5 million renovation of the Takoma Flats apartment community in Washington, D.C. The general contractor created 17 new units, bringing the community’s total to 88 units. Additional work included upgrading building HVAC and electrical systems, renovating all unit interiors, and creating in-ground patios for terrace-level units. UIP completed the work for Rock Creek Property Group and Baybridge Group, which purchased the property in November 2011.
MIAMI BEACH, FLA. — A joint venture between Aria Development Group, Wexford Capital and 13th Floor Investments has purchased a two-story, 7,310-square-foot multifamily property located at 825 Collins Ave. in Miami Beach’s South Beach submarket. The buyers plan to raze the property and construct a 10,000-square-foot flagship retail development. CB Richard Ellis’s Miguel Alcivar, Scott O’Donnell, Dominic Montazemi and Will Pike represented the seller, an entity affiliated with The Federated Companies. The construction timetable was not released.