SAN FRANCISCO – Sun Life Assurance of Canada has purchased 660 Market Street, a 52,842-square-foot office building in San Francisco. The building features ground-floor retail along the Market Street Corridor. The seller, Union Property Capital and Heitman, was represented by Tony Crossley, Tim Maas and Erik Hanson of Colliers’ San Francisco Investment Services Group.
ESCONDIDO, CALIF. – Oak Creek Energy Systems has leased 7,526 square feet at La Terraza Corporate Plaza in Escondido. The seven-year lease is valued at $1.44 million. The 78,477-square-foot, Class A office building is located at 500 La Terraza Blvd. Oak Creek was represented by Joseph Portelli of Marubeni America Corporation and in-house by Carina Leegaard. The landlord, Cypress La Terraza, LLC, was represented by CBRE’s Larry Cambra and Dan Yielding.
ALGIERS, LA. — N3 Real Estate and PMAT Cos. have acquired the 150,000-square-foot Algiers Plaza Shopping Center, located at General de Gaulle and Holiday drives in Algiers for $32 million in a related party sale. PMAT previously owned the center with a different partner. Winn Dixie and Walgreens anchor the center, which is 92 percent leased. The partnership plans to expand the center to 250,000 square feet. New tenants will include Ross Dress For Less, Petco and Burke's Outlet, which are scheduled to open in February 2013. Construction is expected to last 24 months.
FORT LAUDERDALE, FLA. — Banyan Street has acquired the 230,238-square-foot Tower 101, a two-building office property located in Fort Lauderdale, from Cap Advisors and Principal Real Estate Investors for $28.7 million. The 21-story tower is 68 percent leased. Christian Lee, Charles Foschini, Jose Antonio Lobon, Deanna Lobinsky and Travis Herring of CBRE Group represented the seller in the transaction. Additionally, CBRE secured $19 million in acquisition financing through Banco Sabadell.
MEMPHIS, TENN. — A joint venture between Hillwood Investment Properties and Brookfield Asset Management has purchased a 1.6 million-square-foot industrial portfolio, located within Southpark Distribution Center in Memphis. The acquisition includes five Class A industrial buildings.
RIVIERA BEACH, FLA. — ARA has negotiated the sale of the 408-unit Woodbine, a luxury apartment complex located at 9000 Woodbine Trail in Riviera Beach. The property is 95 percent leased. Avery Klann, Richard Donnellan and Hampton Beebe of ARA represented the seller, an institutional investor, in the transaction. Canada-based Morguard North American Residential REIT was the buyer.
WASHINGTON, D.C. — Carroll Associates has sold four apartment buildings totaling 129 units, located in Washington, D.C., for a combined $5.93 million. Mayfair LLC acquired 1720 & 1721 Corcorn St. NE, 1 Hawaii Ave. NE and 734 Fairmont St. NW. Girard Street Tenant Association purchased 744 Girard St. NW. Greysteel Co. represented the seller in both transactions.
WEST DUNDEE, ILL. — Opus Development Corp. has been selected to develop and build a 223,488-square-foot, build-to-suit warehouse for Maxzone Vehicle Lighting Corp. in West Dundee. Located on 11.3 acres in the Oakview Corporate Park, the facility will include 3,000 square feet of office space, 20 truck docks and two drive-in doors. Construction will begin this month, with completion slated for the end of this year. Eric Chang of US Asia Investment Group represented Maxzone in the deal. Noel Liston from Darwin Realty and Development Corp. represented The Opus Group.
CHICAGO — Cohen Financial has arranged $8.7 million for the refinancing of two apartment properties in Chicago. The buildings include a 36-unit property at 1166 N. Milwaukee St. and a 24-unit property at 3001 N. Spaulding Ave. Both properties are fully occupied. Michael Widen of Cohen Financial negotiated the 10-year, fixed-rate loans through PNC Real Estate Finance. The borrower is David Ruttenberg of Marc Realty Residential, a local commercial real estate distressed property investor.
OSWEGO, ILL. — Marcus & Millichap has arranged the $4.3 million sale of Meijer Outparcel Retail Center, an 18,651-square-foot retail property at 1500-1550 Douglas Road in Oswego. The center was built in 2007 and is fully occupied. Tenants include Buffalo Wild Wings, Men's Wearhouse and Sprint. John Abuja and Jason St. John of Marcus & Millichap represented the seller, a developer. They also secured the buyer, a private investor.