FONTANA, CALIF. – A 111,419-square-foot industrial building in Fontana has sold to Molto Capital, LLC for $7.8 million. The Class A building is located at 13508 Marlay Ave. It includes 4,000 square feet of office space. Molto was represented by Brad Yates, Richard Schwartz and Stefan Pastor of Colliers International. The seller, C.H. HU Corporation, an ownership entity of Organize It All, represented itself in this transaction.
Property Type
RENO, NEV. — The View Apartments, a 308-unit multifamily community in Reno, has sold to RPM Company Management Group for $35 million. The two Class A complexes are located at 1195 and 1850 Selmi Drive. The seller, Fore Property Company, was represented by Stan Jones, Phil Saglimbeni and Sal Saglimbeni of Institutional Property Advisors. Ken Blomsterberg of affiliated brokerage firm Marcus & Millichap Real Estate Investment Services also advised the seller.
HUNTINGTON BEACH, CALIF. — Edinger Plaza, a 155,000-square-foot retail center in Huntington Beach, has completed its $20-million renovation, which commenced in late 2011. Improvements to the plaza included site, landscaping and exterior upgrades. A few of the center’s buildings were also expanded. They include a vacant 25,000-square-foot building that was expanded to 47,948 square feet to accommodate Dick’s Sporting Goods; another vacant building that was expanded to 34,000 square feet to accommodate Nordstrom Rack; and a Michaels store that was expanded to 25,000 square feet. The center also received a new drive-thru Starbucks. Edinger Plaza is now 94 percent leased. Ken Shishido and Chris Wilson of Wilson Commercial Real Estate serve as the center’s leasing agents, while Coreland Companies oversees the property management. MPA acted as project manager of the plaza’s redevelopment.
ONTARIO, CALIF. – A 2,313-square-foot property in Ontario that is triple-net leased to Taco Bell has sold to a private investor for $2.06 million. It is located at 2544 S. Archibald Ave. Taco Bell recently renewed its long-term corporate lease for another 20 years. Phil Voorhees, John Read, Patrick Toomey and Megan Read of CBRE’s National Retail Investment Group-West represented the seller in this transaction.
IRVINE, CALIF. – Merchsource has purchased a 26,799-square-foot office building inside the Irvine Spectrum for an undisclosed sum. The two-story building is located at 15 Cushing in Irvine. Merchsource was represented by Chip Wright & Gregg Haly of CBRE’s Newport Beach office. The seller, Cushing Properties LLC, was represented by Geoff DeWolf and Steve Economos of 360 Commercial.
COCOA BEACH, FLA. — The 148-room Doubletree Hotel Resort, located at 2080 N. Atlantic Ave. in Cocoa Beach, has traded for $15.1 million. Oklahoma City, Okla.-based Southern Hospitality sold the resort to Pandey Hotel Corp., the U.S. division of New Zealand-based CP Group. Robert Taylor and Lisa Zaranek of CBRE Hotels represented the seller.
ATLANTA — Miami-based Burger King Worldwide is refranchising 42 company-owned Burger King restaurants in metro Atlanta to GPS Hospitality. Tom Garrett, former president and chief executive officer of Arby’s Restaurant Group Inc., operates GPS Hospitality. “GPS Hospitality is singularly focused on building the Burger King brand in the Atlanta area,” says Garrett. Refranchising refers to selling off corporate-owned stores to franchisees with the capital to give those stores a boost. Burger King Worldwide will additionally remodel 29 Burger King restaurants in the Atlanta area during the next three years.
SMYRNA, GA. — Minneapolis-based Meritex, a private real estate investment and management company, has acquired a 61,884-square-foot office and warehouse property at 5080 Highlands Pkwy. in Smyrna through a joint venture with a major institutional investor. The Class A industrial space is fully leased. Meritex is the managing partner and will manage the Highlands property on behalf of the joint venture. Resource Real Estate Partners LLC represented Meritex in the acquisition.
WINCHESTER, VA. — Reston, Va.-based Calkain Cos., a national net lease real estate brokerage firm, has brokered the sale of a McDonald’s ground lease in Winchester. The property is the leading pad site at Rutherford Crossing, a 400,000-square-foot shopping center featuring retail and restaurant space. Lowe’s Home Improvement and Super Target anchor Rutherford Crossing. Rick Fernandez and Betty Friant of Calkain Cos. represented the unlisted developer and seller.
SOUTHAVEN, MISS. — S-L Distribution Co. Inc., the distribution arm of Snyder’s-Lance Inc., has signed a 26,757-square-foot lease at Airways Distribution Center in Southaven. The 205,650-square-foot industrial property is in the greater Memphis, Tenn. distribution market. Patrick Burke, Bobby Daush and Jim Mercer of CBRE represented S-L Distribution Co. and CBRE’s Tim Moore represented the landlord, IDI. Snyder’s-Lance Inc. is a manufacturer and marketer of snack foods.