SAN DIEGO – The 60-unit Prospect 400 apartment community in the San Diego submarket of La Jolla has sold to unnamed buyers for $29 million. The community is located at 400 Prospect Street. The site used to serve as the summer home to famous newspaperman and La Jolla Beach and Tennis Clubdeveloper Frederick William Kellogg and his wife Florence Scripps before it was redeveloped in 1970. The seller, The Carolyn M. Holmer Irrevocable Trust, was represented by Jim Neil, Eric Comer and Merrick Matricardi of CBRE San Diego. The buyers represented themselves in this transaction.
LOS ANGELES — The 58-unit Avondale Apartments in Hollywood has sold to Avondale Hollywood LLC for $6 million. The community is located at 1825 North Cahuenga Blvd. The vintage property was built in 1928. Darin Beebower of Madison Partners represented both the buyer and the seller, 1825 N. Cahuenga LLC, in this transaction.
MODESTO, CALIF. — A 45,950-square-foot retail property in Modesto that is leased to Best Buy has sold to an unnamed buyer for $6 million. It is located off State Highway 99 and Sisk Road. There are seven years remaining on Best Buy’s 20-year, absolute triple-net lease. The lease also offers three, five-year renewal options with rental increases every five years. Rod Pickney and Chad Byerly of Stan Johnson Company represented the unnamed seller in this transaction.
PHOENIX — Valley Pallet has leased a 42,000-square-foot building inside the Buckeye Industrial Center II in Phoenix. The center is located at 5707 W. Buckeye Road. The pallet manufacturing and recycling company was represented by Greg Dodge of Cassidy Turley Arizona’s Industrial Group. The landlord, DF Properties, was represented by Andy Cloud of the same group.
PHOENIX — The Cortina Apartments, a 104-unit multifamily community in Phoenix, has sold to Jupiter Investment Group for an undisclosed sum. The community was 94 percent occupied at the time of sale. It is located at 11 E. Bell Road. Jupiter Investment represented itself in this transaction, while the unnamed seller was represented by Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE’s Phoenix office.
GLENDORA, CALIF. – A 41,000-square-foot industrial building in Glendora has sold to R & H Investments for $4.2 million. It is located at 1332 S. Lone Hill Ave. The seller, Levine JA Spousal Access Trust, was represented by Rusty Williams and Chris Roth of Lee & Associates-North San Diego County and Chris Bonney of Lee & Associates-City of Industry.
LUTZ, FLA. — Prestige Properties & Development has closed on its purchase of Van Dyke Commons, a 139,347-square-foot community center in Lutz for $30.2 million. Tenants include LA Fitness, Home Goods and Golfsmith. iStar Financial was the seller.
MORRISVILLE, N.C. — CEVA, a logistics company, has signed a lease for 102,381-square-foot of space at Globe Center, a Class A industrial park in Morrisville. Globe Center is a master-planned park composed of eight uniformly designed buildings, located adjacent to the Raleigh-Durham International Airport and I-540. Ann Stewart Patterson and Butch Miller of CBRE|Raleigh and Deborah Royale and Daniela Neukam of CBRE represented the tenant in the transaction. Craig Davis Properties represented the landlord.
MIAMI — Blanca Commercial Real Estate has been named the exclusive leasing agent for The Building on Ponce Circle, a 58,000-square-foot, Class A office building at 2990 Ponce de Leon Blvd. in Miami's Coral Gables business district. AJP Ventures developed the building in 2012 on behalf of a joint venture between Mas Group of Cos. and TAZ Partners LLC. The property is 62 percent occupied and tenants include Zubi Advertising, Mas Group of Cos., FirstBank Florida and LBI Media. The property includes floor-to-ceiling windows, an on-site bank and drive-thru teller and a rooftop terrace. Tere Blanca and Alison Pages of Blanca Commercial Real Estate will lead the marketing and leasing of the property.
YORK COUNTY, VA. — Commonwealth Green has acquired 50 acres near the Kiln Creek subdivision on Commonwealth Green Boulevard in York County for $6.4 million. The buyer plans to develop a mixed-use project on the site named Commonwealth Green, which will include 334 upscale apartments, 94 townhomes and 40,000 square feet of retail. Chris Rouzie and Ken Penrose of Cushman & Wakefield |Thalhimer represented the seller, JLK Family LLC, in the transaction.