MESA, ARIZ. — Village Square at Dana Park, a 310,979-square-foot community center in Mesa, has sold to Whitestone REIT for $50.5 million. This represents a 45 percent discount to estimated replacement cost. The center contains 292,714 square feet of open-air retail space, as well as 18,265 square feet of office space. It is currently 71 percent leased. Notable retail tenants include AJ’s Fine Foods, Barnes & Noble, Z Gallerie, Anthropologie, Coldwater Creek, Jared Galleria of Jewelers, Chico’s, California Pizza Kitchen, White House Black Market, Bath & Body Works, Talbots, Ann Taylor Loft, Five Guys Burgers and Fries, RA Sushi, Sauce and Pei Wei.
Property Type
KEARNY MESA, CALIF. – CP Kelco has signed a five-year lease renewal for a 27,605-square-foot office and R&D building in Kearny Mesa. The lease renewal is valued at $2.2 million. The space is located at 8225 Aero Drive. CP Kelco, which has occupied the building for 10 years, uses the space for manufacturing, customer service, sales and technical support. The space is owned by Westcore Properties. Neither party retained broker representation.
LANCASTER, CALIF. — MG Properties Group(MGPG) has purchased a four-property, 1,190-unit multifamily portfolio in Lancaster for $91.75 million. The acquisition includes 416-unit Cordova Park, 320-unit Granada Villas, 314-unit Sienna Heights and 140-unit Woodlands West. The acquisitions were financed separately with a 10-year, fixed-rate loan of $75.60 million that was provided by Rob Prouty at KeyBank Real Estate Capital and Fannie Mae.MGPG plans to upgrade the properties’ exterior and common areas, as well as address any deferred maintenance issues. The firm represented itself in this transaction, while the private seller was represented by Greg Harris, Ron Harris, Kevin Green and Joseph Smolen of Institutional Property Advisors.
SAN FRANCISCO – Jamestown has purchased 799 Market Street, a 142,902-square-foot, mixed-use property in Downtown San Francisco, for an undisclosed sum. The Class A retail and office building is located on the northeastern corner of Market and Fourth streets at the intersection of the city’s Union Square shopping district and South of Market (SOMA) tech corridor. The building’s 55,000 square feet of retail space is fully occupied by a Ross Dress for Less flagship store. The eight-story property also includes five floors of creative office space. It is currently 89 percent leased. The seller, a partnership between Urban Realty and Commonfund, was represented by Eastdil Secured, which also helped Jamestown secure financing.
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 Development 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.
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.
MCLEAN, VA. — Dulles Landing Shopping Center, located at Route 50 and Loudon County Parkway in McLean, is officially under construction and is expected to open to the public in fall 2013. The Beatty Companies of McLean are developing the retail property and Perkowitz & Ruth is designing it. Walmart will anchor the center. Other tenants will include PetSmart, Famous Footwear, Five Below, Hour Eyes and Sleepy’s. When completed, Dulles Landing will encompass 600,000 square feet.
ROSWELL, GA. — The 81,159-square-foot, Publix-anchored Village Walk, located at 270 Rucker Rd. in Roswell, has sold for $20.4 million. The retail center was built in 2005 and redeveloped 3 years ago. It was 95.3 percent occupied at the time of the sale. Tenants of Village Walk include Chase Bank, Shane’s Rib Shack, Anytime Fitness, Dentistry for Children and Chin Chin Chinese restaurant. The Knoll-Hillis team at Newmark Grubb Knight Frank Capital Group in Atlanta represented the seller, while the Prudential Variable Contract Real Property Partnership purchased the shopping center.
PARKERSBURG, W. VA. — Beech Street Capital has provided a $10.2 million HUD 232/223(f) loan to refinance Worthington Nursing & Rehabilitation Center, a 105-bed skilled nursing facility in Parkersburg. The property is located in northwest West Virginia and has access to U.S. Highway 50 and Interstate 77. The transaction was originated by Joshua Rosen of Beech Street Capital in the company’s Chicago office.
CELEBRATION, FLA. — Shelton Granade, Luck Wickham and Justin Basquill of CBRE’s Orlando office have represented the seller in the sale of a multi-housing development site in Celebration. An upscale community is planned and it will be the first multi-housing rental community built in Celebration since 2002.