MCALLEN AND EL PASO, TEXAS — Hager Pacific Properties, a privately owned real estate investment firm, has acquired a portfolio of 16 industrial buildings totaling more than 800,000 square feet in McAllen and El Paso. Hager Pacific purchased the distressed portfolio from CIII Capital Partners for approximately $17 million in an all-cash transaction. Hager Pacific partnered with Ben Medetsky and Jack Polatsek of Interra Capital Group in the acquisition. Eleven of the properties are located in McAllen and five in El Paso.
AUSTIN, TEXAS — Hendricks-Berkadia has arranged the sale of Austin View Apartments, a 256-unit multifamily community located at 1911 Willow Creek Drive in Austin. The property includes two pools and a fitness center. The new owner plans to renovate the community, which was built in 1971. George Deuillet of Hendricks-Berkadia's Austin office helped coordinate the sale on behalf of the buyer.
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 Tomaselli and Garrett McClelland of 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.
PHOENIX — The 214-unit Terrace Park Apartments in Phoenix has sold to B.H. Properties for $6.2 million. The community is located at 8130 W. Indian School Road. It is currently 94 percent leased. B.H. Properties was represented by Peter Katz of Marcus & Millichap.
AVONDALE, ARIZ. — Conn Appliances has signed a 10-year lease for 277,649 square feet at the Coldwater Depot Logistics Center in Avondale. The specialty retailer will be located within Phase I of the center. Conn was represented by CBRE’s Matthew Keener, Brian Ashby and Dan Calihan. The landlord, Trammell Crow Company and Clarion Partners, was represented by CBRE’s Rusty Kennedy and Pat Feeney.
COLORADO SPRINGS, COLO. — The 200-unit Palmer Park Apartments in Colorado Springs has sold to LocalConstruct for an undisclosed sum. The community is located at 1304 E San Miguel Street. It was 95 percent occupied at the time of closing. The seller, a local private real estate investor, was represented by ARA Colorado’s Kevin McKenna and Ken Greene.
ISLAMORADA, FLA. — NWCL LLC, an affiliate of Northwood Investors, has secured an $85 million loan for the Cheeca Lodge & Spa, a luxury resort in the Florida Keys. Cheeca Lodge is situated on 27 acres with more than 1,200 linear feet of beachfront in Islamorada. Originally developed in 1946, the property was extensively renovated between 2003 and 2010, and the main lodge building was completely rebuilt in 2009. The resort includes 214 units (a mix of hotel rooms and third-party owned condos), 5,439 square feet of function space, three restaurants, a Jack Nicklaus-designed nine-hole golf course, two swimming pools, a 5,500-square-foot spa, six tennis courts and a fishing pier. The property also maintains the rights to develop 28 new units through an approved site plan. Dan Peek, Chris Drew, Max Comess, Cyrus Vazifdar and Scott Wadler led the HFF team that arranged the 10-year, fixed-rate CMBS loan. The borrower acquired the property in 2011.