PORTLAND, ORE. — The Strand Restaurant, a 7,657-square-foot retail property in Portland, has sold to a limited liability company for $2.7 million. It is located at 1910 SW River Drive. There are about five years left on the Strand’s triple-net lease. The buyer was secured and represented by Ryan O'Leary, an investment specialist in Marcus & Millichap’s Portland office.
LAS VEGAS —Deer Springs Town Center Shopping Center, a 512,325-square-foot community shopping center in Las Vegas, has sold to Stoltz Real Estate Partners for $50.5 million. The center is located at the southeast quadrant of the Interstate 215 Beltway and 5th Street. It is anchored by Target, Home Depot, Toys ‘R’ Us, Babies ‘R’ Us, Ross Dress for Less, PetSmart, Staples and Michaels. The 143,160-square-foot Target was not part of the sale. Lucescu Realty represented both the buyer and the seller, Regency Centers Corporation, in this transaction.
SAN FRANCISCO – A pair of office buildings have changed hands in San Francisco. They include the 330 Townsend Street in the South of Market (SOMA) district and 995 Market Street in the city’s mid-Market corridor. CIM Group purchased the Townsend property for an undisclosed sum. It is 98 percent leased to a variety of creative and professional service firms. The Market Street property was purchased by 995 Market Street SF Investment, which was a joint venture between Columbia Pacific Advisors and Long Market Property Partners. It is anchored by Black Rock City, which produces the famous Burning Man Festival. The new owner plans to implement a significant capital improvement program at the site in order to attract creative and high-tech tenants. Mike Taquino, Daniel Cressman and Kyle Kovac of Newmark Knight Frank Cornish & Carey Commercial Capital Group represented the Townsend seller, ATC Partners, as well as the Market Street buyer.
CYPRESS, CALIF. – Cavotec Dabico has leased a 159,943-square-foot industrial building in Cypress. The building is located at 5665 Corporate Ave. The company will consolidate its Fullerton and Costa Mesa operations, making this space its new regional headquarters. The facility also provides major expansion capabilities over the next 10 years. Cavotec was represented by Louis Tomaselliand Garrett McClellandof Jones Lang LaSalle Orange County. The landlord, LBA Realty, was represented by Rick Ellison and Randy Ellison of Cushman & Wakefield.
HENDERSON, NEV. — Cornet Plaza, a 26,538-square-foot strip center in Henderson, has sold to Cliffwood Capital for $2.4 million. The center is located at 771 E. Horizon Drive. It was 51 percent occupied by Papa John’s Pizza, Hammer’s Grill & Bar, Aqua Salon & Horizon Sun Tanning, B Sharp Dance School, Capriotti’s Sandwich Shop, Cox & Gallacher Karate and Mom’s Cleaners. Cliffwood was represented by James J. Mitterlehner of American Realty Group LLC. The seller was a private insurance company.
VIDALIA, GA. — Meadows Healthcare Alliance has acquired a former manufacturing complex in Vidalia, totaling 187,000 square feet. The new owner plans to demolish the building and use the 44.2-acre site, which is adjacent to the newly completed Meadows Regional Hospital, for medical development. The facility was previously a Westinghouse/Thomas & Betts motor manufacturing complex, which closed in 1990. Arthur Barry III of Macon, Ga.-based Coldwell Banker Commercial Eberhardt & Barry Inc. represented the seller in the transaction. The Temples Co. represented the buyer.
HILLSBOROUGH, N.C. — Skanska and University of North Carolina Hospitals recently topped out the new 256,000-square-foot UNC Hillsborough. Including land acquisition costs, the total project cost is $180 million for the hospital. The LEED-designated UNC Hillsborough will include 50 acute care beds, a 15-bed intensive care unit, six operating rooms and two procedure rooms. The project will also feature an emergency department, as well as outpatient medical and surgical services. The healthcare facility is slated for a September 2014 completion, while the 60,000-square-foot medical office building adjacent to the property will open in July 2013. Portland, Ore.-based Zimmers Gunsul Frasca Architects LLP and Raleigh-based BJAC formed an architectural joint venture that worked with Skanska on the development.
APEX, N.C. — Faris Lee Investments has arranged the $7.3 million ground lease sale of a triple net-leased property occupied by Kohl's in Apex. Built in 2007, the 101,360-square-foot property is situated on nearly 10 acres at 1301 Beaver Creek Commons Drive. Kohl's has 15 years remaining on its lease. Matt Mousavi and Jeff Conover of Faris Lee Investments represented both the buyer, Los Angeles-based Rhyal Apex LLC, and seller, Kentucky-based First Capital Realty Ltd., which was also the developer of the property.
RIVERVIEW, FLA. — Eric Fixler of Johnson Capital has arranged an $8.6 million CMBS loan for Grand Oaks Apartments, a 202-unit multifamily property in Riverview. The 24-building community was completed in 1985 and amenities include a pool with restrooms, wood gazebos, a bike trail and a car care area. A partnership acquired the property in 2005 and invested significant capital in upgrading the property, including roof replacements and exterior painting. A national bank provided the fixed-rate, 10-year loan.
CAROL STREAM, ILL. — The Frain Group, a used manufacturing and processing equipment dealer, has acquired a 329,732-square-foot warehouse in Carol Stream, a western suburb of Chicago. The company plans to relocate its operations into the building, located at 245 E. North Ave., later this year. The property includes a 36,800-square-foot office, 26 dock doors and four drive-in doors. Dominic Carbonari and Frank Griffin of Jones Lang LaSalle represented the seller, Holland Stream LLC, in the transaction. Larry Goldwasser and Jay Maher of Cushman & Wakefield represented the buyer.