UNION CITY, CALIF. – A 60,000-square-foot warehouse facility in Union City has sold to Coastal Tropical for $5 million. The facility is located at 2975 Volpey Way. The seller, Golden Apple, plans to relocate to a 38,800-square-foot warehouse one block away. Coastal Tropical was represented by CBRE’s Bob Ferraro and David Black. Golden Apple was represented by Jesse Lucas and Craig Hagglund of Lee & Associates’ Oakland office.
Property Type
OAKLAND, CALIF. – A 42-unit apartment building located at 350 Newton Ave. in Oakland has sold to a private investor for $4.9 million. The community was originally built in 1960 and contains 30,012 square feet of space. David Wolfe of Marcus & Millichap’s Oakland office represented both the buyer and the seller, another private investor, in this transaction.
REDWOOD SHORES, CALIF. – LiveOps will be relocating its global corporate headquarters from Santa Clarita to Redwood Shores this fall. The new 42,000-square-foot office will be located at 555 Twin Dolphin Drive. LiveOps was represented by SABRE Real Estate Group. The landlord, Equity Office, was represented by Cornish & Carey Commercial Newmark Knight Frank.
LAKEWOOD, COLO. – An apartment building located at 1205-1225 Yukon Street in Lakewood has sold to a local investor for $2.25 million. The 33,792-square-foot community was built in 1961. It was 91 percent occupied at the time of closing. Joe Hornstein of Pinnacle Real Estate Advisors represented both the buyer and the seller, another local investor, in this transaction.
SILVER SPRING, MD. — A 65,000-square-foot ShopRite, located on Cherry Hill Road in Silver Spring, has sold for $13.7 million. The grocery store shares co-tenancy with Target, Kohl's, Babies “R” Us and Staples. Bill Kent, Chris Bosworth, Gary Lawrence and Will Pike of CBRE Group represented the seller, Acadia-MCB Holding Co., a joint venture between MCB Real Estate and Acadia Realty Trust, in the transaction. The buyer was an entity advised by Mark Holdings.
CHARLOTTE, N.C. — Kimco Realty Trust has acquired a four-property portfolio that includes four shopping centers in the Carolinas from EDENS. The properties include the 51,691-square-foot Forest Park in Greenville, S.C.; the 88,955-square-foot Davidson Commons in Davidson; the 73,230-square-foot Mountain Island Marketplace in Charlotte; and the 153,820-square-foot Overlook Village in Asheville, N.C. Berkeley Capital Advisors represented the seller in the transaction.
WEST PALM BEACH, FLA. — Marcus & Millichap has negotiated the $1.93 million sale of a 6,800-square-foot Sweet Tomatoes ground lease, located at 1900 Palm Beach Lakes Blvd. in West Palm Beach. The restaurant has 13 years remaining on the ground lease, with provided rental increases every five years. Matthew Gorman and Michael Shover of Marcus & Millichap's Philadelphia office, along with Robert Granada of the firm's Fort Lauderdale, Fla., office, represented the seller, a New Jersey-based limited liability company, in the transaction. Gorman, Shover, Granada and Douglas Mandel, also of the firm's Fort Lauderdale office, represented the buyer, a South Florida-based limited liability company.
BALTIMORE — CBRE Group has arranged $180 million in permanent financing for the 612,613-square-foot Legg Mason Tower, a Class A office building located at 100 International Drive in Baltimore. The 24-story building serves as the world headquarters for asset management firm Legg Mason. CBRE Group arranged the financing on behalf of the borrower, H&S Properties Development Corp., through Morgan Stanley and Bank of America.
NEW ORLEANS — The 364-room Doubletree by Hilton Hotel New Orleans, located in New Orleans' CBD, has received $42 million in first mortgage financing. Sonnenblick-Eichner Co. secured the five-year, fixed-rate loan with a 30-year amortization schedule through an international money center commercial bank.
HAMILTON, OHIO — Duke Realty has broken ground on a 10,500-square-foot emergency department in Hamilton, which is north of Cincinnati. The department will be located near an existing inpatient facility on TriHealth's 5-acre campus. Duke Realty and Butler County Surgical Properties, a partnership of physicians employed by TriHealth, will jointly own the property. Bethesda North Hospital has fully leased the building for 15 years. PFB Architects is the architect for the project and Duke Realty is the general contractor. The building is expected to open in 2013.