CHINO, CALIF. – A 65,837-square-foot industrial property in Chino has sold to SBC Enterprise LLC for $5.2 million. It is located at 13900 Sycamore Way. SBC was represented by Richard Schwartz, Brad Yates and Stefan Pastor of Colliers International. The seller, Feldhron Trust, was represented by Mark Kegans of Grubb Newmark Knight Frank.
Property Type
BRENTWOOD, CALIF. — The Streets of Brentwood, a 305,428-square-foot lifestyle center in the West Los Angeles submarket of Brentwood, has sold to a partnership between DRA Advisors and RED Legacy for $72.1 million. It is located at 2565 Sand Creek Road. The acquisition also included a parcel of land approved for Phase II development and 110,000 square feet of additional retail space. Notable tenants at the center include REI, Banana Republic, DSW, Ulta Cosmetics, Ann Taylor and Jos. A. Bank. It is anchored by a 14-screen Rave Theater. Alfred Hackbarth of SRS Real Estate Partners represented both the buyer and the seller, Brentwood Specialty Center, LLC, in this transaction.
ANAHEIM, CALIF. — Arcturus Group, Avenue Capital and Elliott Management have purchased Anaheim GardenWalk, a 450,000-square-foot, open-air retail center, for an undisclosed sum. The center was built in 2008 and went through a foreclosure in 2010. It has achieved only a 50 percent occupancy rate over the past two years. Notable tenants include UltraLuxe Cinemas, The Cheesecake Factory, P.F. Chang's, California Pizza Kitchen, McCormick & Schmick's, Roy's Hawaiian Fusion and Bubba Gump Shrimp Co. The investor group plans to renovate the center and completely revamp its operations and marketing strategies.
MARINA DEL REY, CALIF. – The 205-unit Bay Club apartments in Marina Del Rey has sold to an Archstone-sponsored partnership for $43.95 million. The community, which is also home to an on-site marina with more than 200 boat slips, will undergo a major renovation and rebranding in 2013. It will be renamed Archstone Marina Bay.
AURORA, COLO. – The 320-unit Vistas at Saddle Rock apartment community in Aurora has sold to Advenir for $45.2 million. This is the highest price per unit ever paid for a multifamily asset in Aurora, according to ARA, which represented the seller, Bascom Group, in this transaction. The community was built in 2002 and updated in 2009 and 2010. It is currently 95 percent leased. Bascom was represented by principals Terrance Hunt, Shane Ozment, Doug Andrews and Jeff Hawks.
WASHINGTON, D.C. — Walker & Dunlop has arranged $93 million in financing for a portfolio of mixed-use properties in Washington, D.C. The four-property portfolio totals 257,000 square feet in D.C.’s Chinatown neighborhood. Deutsche Bank provided $55 million in permanent financing for two of the properties. A 119,000-square-foot building at 800 F St. N.W. includes the International Spy Museum, office tenants Varian Medical Systems, Washington Media and Ziemba Waid Public Affairs, and nine apartment units. A 35,000-square-foot property at 425 Seventh St. N.W. includes a cluster of three-story buildings with office and retail space, featuring restaurants Carmine’s and Luke’s Lobster. RBS Citizens provided $38 million in interim financing for the other two properties, including 704-718 Seventh St. N.W. and 726-738 Seventh St. N.W./702 H St. N.W. Those properties total more than 100,000 square feet in several buildings and Douglas Development is headquartered in the space.
CORAL SPRINGS, FLA. — The 26,184-square-foot Coral Springs Plaza, a shopping center at 7891 W. Sample Rd. in Coral Springs, has sold for $2.85 million. Barry Wolfe of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the seller, a Pembroke Pines, Fla.-based personal trust. The retail property draws from a base of local tenants including LaSpada’s Original Hoagies.
RALEIGH, N.C. — Dr. Michael Thomas with Carolina Endocrine has purchased an 8,245-square-foot office space at 3840 Ed Dr. in Raleigh for $1.4 million. Cresa’s Sam DiFranco, a founding principal of the corporate real estate advisory firm, in Cary, N.C., represented Dr. Thomas and Carolina Endocrine. Janet Clayton of Grubb & Ellis’ Chapel Hill, N.C., office represented the seller, Rexview Building B LLP.<
DELRAY BEACH, FLA. — A 2,370-square-foot Taco Bell located at 240 Linton Blvd. in Delray Beach has sold for $2.5 million. Gabriel Britti of Marcus & Millichap’s Miami office represented the seller, a Hollywood, Fla.-based private investor, as well as the buyer, a Miami Beach, Fla.-based limited liability company. “There is a very strong demand for South Florida net leased assets, especially those with strong intrinsic value,” says Britti.
ATLANTA — Maxwell Chase Technologies LLC has renewed its 49,888-square-foot industrial lease at Atlanta’s Westlake Business Park at 125 Westlake Pkwy. S.W. Matt DiLeo and Nicolai Schwarzkopf of Stream Realty Partners LP represented the landlord, DRA Advisors LLC. Stream Realty Partners assumed leasing and management responsibilities of the 1 million-square-foot Atlanta industrial portfolio owned by a fund managed by DRA Advisors in May. David Payne of ICON Commercial represented Maxwell Chase Technologies in the industrial lease renewal.