SAN DIEGO – A 103,997-square-foot industrial building in the Britannia Industrial Park has sold to Hamann Properties for $5.4 million. It is located at 2350 Siempre Viva Court in San Diego. Cassidy Turley San Diego represented both parties in this transaction.
SALT LAKE CITY, REDWOOD CITY, CALIF. — Kennedy Wilson (KW) has recently completed two West Coast acquisitions, including the 450-unit Foothill Place in Salt Lake City and The Pointe at Redwood Shores. Foothill Place was purchased for $61.8 million. It is the second apartment community that KW has purchased in the area in the past six months.
FRESNO, CALIF. – Construction has begun on Marketplace at El Paseo, a 398,000-square-foot retail center in Fresno that will be anchored by Target. The $60-million project is scheduled to open in March 2014. It is currently 86 percent leased to tenants including Ross Dress for Less, Petco, Burlington Coat Factory, Marshall’s and Old Navy. It is being developed by a partnership between Rich Development, Gryphon Capital and N3 Real Estate.
IRVINE, CALIF. – A 210-room Courtyard by Marriott Irvine Spectrum has broken ground in Irvine. The 131,667-square-foot hotel will contain a lap pool, spa area, 1,500-square-foot fitness center, lounge area and bar, guest laundry, 8,500 square feet of meeting space and a convenience market. The $50-million project will be built by R.D. Olson Development and designed by WATG. It is scheduled for completion in July 2014. R.D. Olson will retain ownership of the hotel, while Marriott International will provide management services.
SUNRISE, FLA. — Industrial Income Trust, a non-traded REIT based in Denver, has acquired a three-building, Class A industrial portfolio in Sunrise for $39.3 million. The properties are situated within the Sawgrass International Corporate Park at 900 International Parkway, 14599 N.W. 8th St. and 13801 N.W. 4th St. The three buildings total 401,650 square feet and are fully occupied by five tenants. The properties feature 24-to 26-foot clear ceiling heights. Christian Lee, Chris Riley, Charles Foschini, Tom O'Loughlin and Jose Lobon of CBRE represented the seller, Cobalt Capital Partners, in the transaction. According to Lee, the deal allows the buyer to expand on its existing footprint at Sawgrass. The company acquired two buildings at the site in 2011.
SENECA, S.C. — Companion at Crescent Pointe, a 144-unit apartment complex in Seneca, has sold for $10.3 million. The Class A property, built in 2005, is 95 percent occupied. Investors from California, teamed with a regional management company, purchased the property. Tony Bonitati of NAI Earle Furman represented the seller in the transaction.
ALRINGTON, VA. — MRP Realty and Angelo, Gordon & Co. have selected Cassidy Turley to market The Paramount, a 135-unit apartment property located at 1425 S. Eads St. in Arlington. The 137,010-square-foot tower is located near the Pentagon City and Crystal City Metro stations and Ronald Reagan National Airport. Amenities include a residents lounge, fitness center, yoga studio, gaming center and teleconferencing business center. The property also features 3,610 square feet of retail space. The ownership has completed approximately $4 million in renovations to the common areas and units in the past 48 months. Christopher Doerr, Bill Collins and Rachel Ley of Cassidy Turley will lead the sales efforts.
JACKSONVILLE, FLA — Mercury Investment Co. has acquired the 117-room Hampton Inn and Suites Ponte Vedra in Jacksonville. Originally built in 2000, the Hampton Inn recently underwent a major renovation, including upgrades to the lobby, fitness facility and guestrooms. The new owner plans to make additional enhancements, including the addition of a shuttle and manager's reception. Integral Hospitality Solutions will manage the property. CBRE Hotels represented the seller in the transaction.
WADSWORTH, OHIO — SenQuest Senior Living has acquired Liberty Residence I and II, a 137-unit senior residential community in Wadsworth, for $12 million. The independent and assisted living property, which is situated in an Akron suburb, was 91 percent occupied at the time of sale. SenQuest is the seniors housing division of Los Angeles-based Titan Real Estate Investment Group Inc. Jacob Gehl of Marcus & Millichap represented the buyer and seller in the transaction.
PLYMOUTH, MINN. — Harrison Street Real Estate Capital has acquired the leasehold interest in the Abbott Northwestern – WestHealth medical campus through the Harrison Street Core Property Fund, the firm’s core open-ended vehicle. The three-building, 200,000-square-foot, Class A medical campus is located in Plymouth, a western suburb of Minneapolis. Allina Health, the largest healthcare provider in the Twin Cities, leases a majority of the building. The campus is located at 2855 Campus Drive. Cushman & Wakefield/NorthMarq marketed the campus for sale.