OCEANSIDE, CALIF. – A 45,000-square-foot industrial property in Oceanside has sold to Precision One Ventures for $3.9 million. The property is located at 3923 Oceanic Drive. Precision One will occupy about 70 percent of the building. A new tenant signed a lease for the balance of the property during the transaction. Precision One was represented by Greg Pieratt and David Howard of Lee & Associates’ North San Diego County office.
SAN FRANCISCO — Boston Properties has purchased a development site at 535 Mission Street in San Francisco for $71 million. It plans to erect a $215-million, Class A office tower on the site. Construction is scheduled to commence in mid-February, with completion set for fall 2014. The 27-story tower will strive for a LEED-Gold rating. It will also contain some retail space. Boston Properties has also agreed to purchase the last remaining land parcel inside the city’s Reston Town Center for $27 million. The parcel is zoned for 250,000 square feet of office space. Boston Properties is looking into potential mixed-use opportunities on this site. This sale is expected to close in the first quarter of 2013.
DENVER — JCR Capital and CapRock Partners have formed a $35-million equity joint venture to acquire industrial REO and distressed loans that are secured by industrial properties in California. The venture’s first acquisition was a 90,000-square-foot industrial property in Melrose Park Industrial Park in Placentia. The property will be financed through the JCR Commercial Real Estate Finance Fund II, L.P. and Soundview Real Estate Partners. This is the third joint venture facility between Denver-based JCR Capital and Irvine, Calif.-based CapRock Partners.
TRACY CALIF. – The Tracy Pavilion Shopping Center has sold to Excel Trust for $32 million. The 404,721-square-footcommunity shopping center is located on Naglee Road in Tracy, which is just east of San Francisco. The center is anchored by Home Depot, WinCo, Marshalls, Ross Dress for Less, PetsMart and Staples. Home Depot and WinCo are both tenant-owned and were not part of the sale. Ulta, Anna’s Linens, Chase Bank, Rubio’s, Panda Express, Starbucks, Supercuts, UPS and Subway also reside at the center. Lucescu Realty represented both the buyer and the multiple selling entities in this transaction. Tracy Pavilion was developed by affiliates of Kornwasser Shopping Center Properties in 2002.
MONTECITO, CALIF. – A 13,778-square-foot retail property in Montecito has sold to a local investor for $10.2 million. The property is located at 1046-1054 Coast Village Road. The fully leased center boasts a tenant roster that includes Starbucks, Von’s Pharmacy, Blenders In the Glass, Boutique Antoinette and Occhiali Fine Eyewear. The buyer was represented by Austin Herlihy and Steve Brown of Radius Group. The private seller was represented by Clarice Clarke of Lee & Associates – Central Coast.
DECATUR, GA. — The RADCO Cos. has acquired the Pavilion at Decatur, a 144-unit apartment property near Emory University and Dekalb Medical Center in Decatur. RADCO plans to spend $4.8 million to upgrade the units and build an amenity package of the property. Amenities will include a new clubhouse, fitness center, pool and playground. Pavilion is adjacent to a new park under construction by Dekalb County.
CHARLESTON, KY. — Kroger Limited Partnership of Cincinnati has acquired Ashton Place Shopping Center, a 76,947-square-foot, Kroger-anchored center in Charleston. The property, located at 1100 Fledderjohn Road, is fully occupied. Kevin Fryman of Hanley Investment Group Real Estate Advisors represented the seller, a private investor based in Tennessee, in the transaction.
WINSTON, SALEM, N.C. — As part of a joint venture, Cornerstone Core Properties REIT has acquired a 99-bed assisted living and memory care facility in Winston-Salem for $9.7 million. The Danby House facility has been leased to the current operator, which signed a 10-year lease. The operator currently manages more than 91 facilities in 12 states. Cornerstone Healthcare Partners LLC acquired a 95 percent interest in the facility, while Cornerstone Healthcare Real Estate Fund Inc. acquired the remaining 5 percent interest.
GREENVILLE, S.C. — Covington Group has purchased five warehouse buildings, totaling 682,000 square feet, in South Carolina as part of the company's expansion into new markets. The deal included two buildings off Augusta Road in Greenville and three buildings off Highway 14 in Greer, S.C. Covington plans to upgrade the facilities and rebrand them as Logistics Pointe, Greenville and Logistics Pointe, Greer. The buildings included approximately 270,000 square feet of vacant space. The company also recently entered the Illinois market, acquiring a 502,500-square-foot industrial building in Sauget, Ill.
WEST BLOOMFIELD, MICH. — Ciena Healthcare has opened Notting Hill of West Bloomfield, a $12 million skilled nursing facility. The 71,000-square-foot facility offers 94 rehabilitation suites, including 56 private suites, for individuals who require medical therapy or treatment following surgery or a hospital stay. The medical facility is located at 6535 Drake Rd. at the intersection of Drake and Maple roads in West Bloomfield, about 30 miles north of Detroit. Ciena broke ground on the property in August 2011 and construction was completed last year.