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.
ESCONDIDO, CALIF. — The Terraces, a 190-unit apartment complex in Escondido, has sold to Avanath Capital Partners LLC for $23.4 million. The community is located at 1301 Morning View Drive just north of San Diego. The seller was Escondido Terraces LC. The Section 42 property sale was executed by Jeff Kunitz of the Tax Credit Group of Marcus & Millichap and Raymond Choi of the firm’s San Diego office.
SEATTLE – A 4,000-square-foot property in Seattle that is net leased to Young’s Market Company has sold to a limited liability company for $2 million. The retail property is located at 5900 15th Ave. Northwest in the city’s Ballard neighborhood. The space was previously occupied by Blockbuster. Dan Swanson and Dino A. Christophilis of Marcus & Millichap’s Seattle office represented both the buyer and the seller, a private investor, in this transaction.
MONTEREY, CALIF. – A 22,912-square-foot R&D/flex building in Monterey has sold to 21 Lower Ragsdale Partners, LLC for $3 million. The property is located at 21 Lower Ragsdale. It contains 16,628 square feet of office and 6,285 square feet of warehouse space. The building was 65 percent occupied at the time of sale. The seller, Salinas Valley Memorial Healthcare System, was represented by Wylie Mitchell and Greg Findley of Cassidy Turley.
PHOENIX — Mosaica Office Building, a 65,900-square-foot office building in the Phoenix submarket of Ahwatukee, has sold to BASIS Schools, Inc for $2 million. The Class C building is located at 10210 South 50th Place. The building was vacant at the time of the sale. College preparatory schoolBASIS Ahwatukee is scheduled to occupy the space in August 2013. The seller was Educational Facilities Acquisitions LLC. The transaction was executed by Eric Wichterman and Mike Coover of Cassidy Turley and Terry Warren of Arizona Charter Commercial Realty.
TYSONS CORNER, VA. — HFF has arranged a $65 million construction loan for 7940 Jones Branch Drive, a 307,000-square-foot office development in Tysons Corner. The borrower was a joint venture between MRP Realty and Rockpoint Group. Scheduled for completion in 2014, the development is approximately 50 percent pre-sold to Logistics Management Institute, a non-profit consultancy organization. The 11-story building will be adjacent to the newly completed Jones Branch connector road. Dan McIntyre led the HFF team that arranged the loan through EagleBank.
HARTSELLE, ALA. — Marcus & Millichap has arranged the $18.3 million sale of A Storage Place, a nine-property, self-storage portfolio in Alabama. The 504,000-square-foot portfolio includes 3,272 units. The facilities are located in Hartselle, Madison, Huntsville, Florence, Lacey's Spring and Decatur. The facilities include security cameras, gated entries, interior and exterior units, climate and non-controlled climate units and recreational vehicle and boat storage. Michael Mele and Edwin Greenhalgh of Marcus & Millichap represented the seller, a limited partnership in the transaction. The buyer is a Florida-based limited partnership.
TAMPA, FLA. — Urdang, the real estate manager for BNY Mellon, and its joint venture partner Crocker Partners have acquired the Two Harbour Place office building and an adjacent 1.2-acre site in Tampa. Amstar/CNL Two Harbour LLC sold the office property and Lindell-Harbour LLC sold the adjacent site, which is zoned for multifamily development. Two Harbour Place is a Class A, 180,000-square-foot building constructed in 1998 and renovated in 2006. The property is 90 percent leased and located on Tampa's Harbour Island, an upscaled planned development that includes commercial, lodging and residential uses.
ORLANDO — Wood Partners has held a grand opening for its new apartment community, Alta at Lake Eve, a 264-unit property consisting of four, four-story buildings and two, two-story carriage home buildings, in Orlando. The property, located at 12515 Lake Square, is two miles from Walt Disney World and five miles from Universal Studios and Sea World. Community amenities include a private movie theater, fitness center and washer-dryer units in every residence. Wood Builders LLC was the builder and Charlan Brock & Associates was the architect. HSBC Bank USA provided construction financing for the $32.7 million project.