SAN DIEGO — Kimco Realty Corp. has acquired its institutional partner’s 50 percent ownership interest in San Diego’s Santee Trolley Square. The acquisition was based on a gross purchase price of $98 million. The 311,000-square-foot power center is encumbered by a $48.5-million mortgage. It is anchored by T.J.Maxx, PetSmart, Party City, Bed Bath & Beyond, 24 Hour Fitness, Old Navy and a shadow-anchored Target.
SAN DIEGO — A four-story office building has sold to Hammer Commercial Ventures for $5.3 million. It is located at 440 Upas Street. The acquisition also includes two additional land parcels on Upas Street. Brian Mulvaney and Jon Boland of Voit’s San Diego office represented both the buyer and the seller, San Diego Blood Bank, in this transaction. Hammer Commercial Ventures, LLC is an operating member of Balboa Phase I, LLC.
PORTLAND, ORE. – Lot 1 of RiverscapeDevelopment, a 1.5-acre parcel on Portland’s riverfront, has sold to Holt Distressed Property Fund for an undisclosed sum. The fund had previously purchased four additional lots in theRiverscapeDevelopment during summer 2011. The site is designated for residential mixed-use development.Charlie Kleier, Robert Black and Sierk Braam of NAI Norris, Beggs & Simpson represented both the buyer and the unnamed seller in this transaction.
ATLANTA — Host Hotels & Resorts LP has sold the 1,663-room Atlanta Marriott Marquis, located at 265 Peachtree Center Ave. in Atlanta, for $293 million. The buyer was undisclosed. The property includes 160,000 square feet of contiguous meeting space, 84 meeting rooms, 1,569 guest rooms and 94 suites. The hotel is subject to a long-term management agreement with Marriott International Inc. The proceeds will be used to fund future acquisitions, pay down debt or for general corporate purposes.
BRANDON, FLA. — Plantation Key and Providence Park, two multifamily communities totaling 982 units located directly across the street from each other in Brandon, have traded for $57 million. Jeffrey Meyer and Michael Donaldson of Marcus & Millichap’s Tampa, Fla., office represented the sellers, two private partnerships, and the buyer, a private real estate investment group based in Tampa. The two Brandon properties are located at 1918 Plantation Key Cir. and 401 Providence Rd.
ORLANDO, FLA. — Carlton Arms South apartments has traded for $15.3 million at 4444 S. Rio Grande Ave. in Orlando. Shelton Granade, Luke Wickham and Justin Basquill of CBRE’s Orlando office represented the unlisted seller. The Orlando multifamily complex features two pools, a clubhouse and fitness center. It was 90 percent occupied at the time of the transaction.
GARNER, N.C. — First American Exchange Co. has sold a 180,000-square-foot distribution center at 1001 Pergo Pkwy. in Garner to Exeter Property Group. The industrial property was built in 2002 and is 100 percent leased to Pergo, laminate flooring manufacturer. Butch Miller and Ann-Stewart Patterson of CBRE/Raleigh represented the seller. Pergo renewed its 180,000-square-foot lease in May 2012.
NAPLES, FLA. — A three-story, 30,039-square-foot Class B office building at 1250 Tamiami Trail North in Naples has traded for $3.5 million. Jefferson-Pilot Investments Inc., a subsidiary of Lincoln National Financial Group, sold the property to Gracen Associates LLC. William Mankin of Colliers International Southwest Florida represented the seller and Chip Olson of Naples-based Colonial Square Realty represented the buyer. Current tenants include Ryder Orthopedics, Creative Images Hair Design, Wolf & Layton Dentistry and others.
ST. LOUIS AND BRIDGETON, MO. — Gateway Commercial ?Cushman & Wakefield has arranged the sale of two industrial properties for a combined total of $15 million. The first industrial building, located at 6504 Prescott Ave., was sold to Exeter 6504 Prescott Avenue for $12.25 million. The seller of the 420,000-square-foot North Broadway Distribution in St. Louis was Fort Wayne, Ind.-based The Lincoln National Life Insurance Co. Crane Co. sold the second building, located at 12949 Enterprise Way in Bridgeton, Mo. The 443,000-square-foot production and distribution building was sold to Mallard LLC for $2.75 million.
YPSILANTI, MICH. — HSA PrimeCare, a health care real estate division of Chicago-based HSA Commercial Real Estate, has acquired the Michigan Orthopedic Center in Ypsilanti for $14.8 million. St. Joseph Mercy Health System and some of the leading orthopedic surgeons in the state anchor the four-story, 86,125-square-foot medical center. Located at 5315 Elliot Drive, the facility is situated within the 340-care St. Joseph Mercy Hospital Ann Arbor campus. Greg French of Inverness-based French Commercial Realty represented Boler in the deal.