CYPRESS, CALIF. — The Shops at Cypress have sold to an unnamed buyer for $9.5 million. The center sold for $519 per square foot at a 6.1 percent cap rate. It is fully triple-net leased to national tenants. The center is shadow anchored by Costco. The buyer assumed the existing CMBS loan. The sale was executed by CBRE’s National Retail Investment Group-West group, which also worked with 1st Service Solutions to expedite the loan assumption process.
CHINO, CALIF. – Sares Regis Group (SRG) has sold about 2.1 million square feet worth of land and planned distribution buildings at the Chino South Logistics Center to Invesco Ltd for a reported $160 million. The four warehouse and distribution buildings are scheduled for completion in the second quarter of 2014. The 125-acre Chino South Logistics Center is the largest speculative industrial development in the Inland Empire. The recently sold land resides at the northeast corner of Euclid and Pine avenues in Chino. SRG and Invesco were both represented by Darla Longo, Barbara Emmons and Rebecca Perlmutter-Finkel in CBRE’s Los Angeles office, and Tom Taylor and Steve Bellitti in Colliers Seeley’s Inland Empire office.
DELRAY BEACH, FLA. — Fairfield Residential has acquired Spring Harbor at the Landing, a 488-unit garden apartment community in Delray Beach, for $69.1 million. The property features and average unit size of 1,191 square feet in eight floor plans, 57 percent of which are two bedrooms and 37 percent three bedrooms. The property is near local and regional employment centers, including the Boca Raton office market, which comprises more than 11 million square feet of office space. Spring Harbor is 97 percent occupied. Avery Klann and Richard Donellan of ARA represented the seller, Invesco Real Estate, in the transaction.
ABERDEEN, MD. — St. John Properties Inc. has completed construction on 6190 Guardian Gateway, a new 75,000-square-foot office building within The Government and Technology Enterprise (GATE) project in Aberdeen. The GATE is a 416-acre business community, and the new building represents the 10th office building completed by St. John Properties in the past three years at the park. The building, currently 35 percent leased, was designed and constructed to achieve LEED Silver certification.
ATLANTA — Indigo Payments Inc., a payment processing solutions company, has renewed and expanded its office lease at 2000 Riveredge Parkway, a 229,948-square-foot property in Atlanta. The tenant expanded from 3,100 square feet on the seventh floor to 8,072 square feet on the sixth floor. Steve Massell of Lee & Associates represented the tenant in the transaction. Cindy Coombs of Newmark Knight Grubb Frank represented the landlord, Rfp Mainstreet 2000 Riveredge.
POMPANO BEACH, FLA. — Southland Container Co. has leased 12,300 square feet of industrial space at 2680 Gateway Drive in Pompano Beach. Helen Weissman of Brenner Real Estate Group represented the landlord, ABC Pompano Beach Real Estate, in the transaction. Brian Smith of Florida Equities Group represented the tenant.
TOLEDO, OHIO —Marketplace Executive X LLC has purchased Executive Marketplace in Toldeo for $3.2 million. Executive Marketplace LLC sold the 39,710-square-foot retail strip center, located at 3550 Secor Road. Joe Belinske of Reichle | Klein Group represented both the seller and buyer in the deal.
HUNTLEY, ILL. — ACG Equities has purchased Huntley Crossings, a 28-acre development site located at Route 47 and Powers Road in Huntley, for $2.5 million. Although large-scale retail development is not likely in the near future, development in the back portion of the site should occur in the next few years, according to Transwestern, which brokered the sale. During the marketing period, Route 47 was widened and construction began on a new interchange at I-90. Both projects are expected to increase daily traffic counts at the site.
BURR RIDGE, ILL. — Mars Equities Inc. has signed two new tenants to 150 Harvester Drive, a 107,714-square-foot office building in Burr Ridge. Brookfield Global Relocation will occupy 29,861 square feet of office space within the multi-story Class A building that is part of Estancia Corporate Centre. Additionally, law firm Codilis & Associates signed a sublease from Insure One for 38,341 square feet within the same building. Jim Adler and Dan O’Neill of NAI Hiffman represented Mars Equities in the new lease. Kevin Rogers and Peter Quinn of CBRE represented Brookfield Global Relocation.
JANESVILLE, WIS. — Naturescape, a Midwest-based lawn care and treatment company, has purchased a 7,500-square-foot industrial building from T & D Builders for $380,000. The property, which is located at 4051 Commercial Drive in Janesville, includes 15 self-storage units. Maximilian Yokosh of Cassidy Turley Barry represented Naturescape in the deal. Bill Mears of Coldwell Banker represented T & D Builders.