PHOENIX – A two-property multifamily portfolio in the Metro Phoenix area has sold to a company formed by Bascom Arizona Ventures LLC for an undisclosed sum. The properties include the 396-unit Country Brook at 4909 West Joshua Blvd. in Chandler and the 379-unit Little Cottonwoods at 1820 East Bell De Mar Drive in Tempe. The seller, a publicly traded REIT, was represented by Steve Gebing and Cliff David of Marcus & Millichap’s Phoenix office.
WILSONVILLE, ORE. — Rite Aid has renewed its lease for 516,693 square feet at the Wilsonville Distribution Center. The center is located at 29555 SW Boones Ferry Road just south of Portland. The drugstore utilizes this facility as its Pacific Northwest regional distribution center.Rite Aid was represented by Tyler Sheils and Todd Hughes of Jones Lang LaSalle. The center is owned by GE Capital.
PHOENIX – An 82,742-square-foot building inside the master-planned Cotton Center industrial park in Phoenix has sold to Wells Family Partnership for $9 million. The building is located at 5150 S. 48th Street. The buyer was represented by Scott Smith and Rick Robertson of Lee & Associates Arizona. The seller, JFBB Enterprises, was represented by Steven Schnitzer of Steven J. Schnitzer, LTD.
FONTANA, CALIF. – A 29,398-square-foot retail property in Fontana that is occupied by Family Dollar and Harbor Freight Tools has sold to a private investor for $4 million. It is located at 8933 Sierra Ave. Alvin Mansour of The Mansour Group of Marcus & Millichap Real Estate Investment Services represented both the buyer and the seller, a developer, in this transaction.
SAN DIEGO — The 34-unit Autumn Ridge Villas in the San Diego submarket of El Cajon has sold to DCC Peach Avenue, LLC for $3.2 million. It is located at 1019 Peach Ave. DCC was represented by Eric Comer, Jim Neil and Merrick Matricardi of CBRE San Diego. The seller, Betty T. Ma, represented itself in this transaction.
SAN DIEGO — Square Peg Packaging and Printing, LLC has subleased 72,220 square feet of industrial warehouse space in San Diego. The space is located at 5260 Anna Ave. The four-year, nine-month sublease is valued at $2.2 million. Square Peg was represented by Glenn Arnold and Kevin Meissner of Cassidy Turley. The sub-lessor, Hajoca Corporation, was represented by Derek Applbaum and Derek Hulse of Colliers International and Joe Oliaro of Copaken & Brooks.
ORLANDO — Colonial Properties Trust has acquired the 280-unit Colonial Grand at Windermere, formerly Altis at Lakes of Windermere, in Orlando for $43 million. The Class A, garden-style community includes a cyber cafe, media room, resort-style pool, movie theater and outdoor wet bar. The property is 96 percent occupied and has an average monthly rent of $1,158 per unit. The acquisition was funded in part with proceeds from the sale of assets last year.
SILVER SPRING, M.D. AND ALEXANDRIA, VA. — Insight Property Group has secured a total of $129 million in construction and debt financing for two apartment developments: Fenwick Station Apartments in Silver Spring, and Huntington Metro in Alexandria. Scheduled for completion in the spring of 2014, Huntington Metro will include 240 units located on North Kings Highway. Fenwick Station will be located on the site of the former Silver Spring Post Office at the corner of Spring Street and Second Avenue. The 310-unit building is expected to be complete in mid-2014. The projects were financed by separate equity and debt sources. David Webb and Jaime Butler of Cassidy Turley arranged both financings.
DORAL, FLA. — The 9250 Doral office building, currently the largest single block of available space in the Doral area, will undergo a multi-million renovation. Amadeus North America moved out of the property one year ago, leaving the 187,000-square-foot property fully vacant. Delma Properties, the building owner, plans to reposition the building into a multi-tenant office property. Delma is spending $1.5 million to refurbish the lobby and other common areas, which is expected to be complete by the end of this month. Exterior work includes upgrades to the entry fountain, pedestrian bridge, facade and parking for a total investment of more than $7 million. The property is located on Doral's main east-west throughway at 9250 N.W. 36th St.
BRENTWOOD, TENN. — Brasfield & Gorrie has started construction on Tractor Supply Co.'s new headquarters in Brentwood. The project will include two, four-story office buildings totaling 260,000 square feet and a 324,000-square-foot parking deck. The office buildings will be connected by a central two-story atrium. Hastings Architecture Associates designed the project, which is seeking LEED certification. The project is expected to be complete in the third quarter of 2014.