SUNNYVALE, CALIF. — A 14,820-square-foot Walgreens drugstore in Sunnyvale has sold to an apartment owner for $10.05 million. The sale was part of a 1031 exchange. The freestanding drugstore was built in 2008 on 1.5 acres at 780 East El Camino Real. Walgreens has a 75-year triple-net lease with 22 years remaining on its initial term and 10 percent rental escalations every 10 years. Thomas Doglio of Marcus & Millichap’s Palo Alto office represented the buyer in this transaction.
OCEANSIDE, CALIF. – The remaining 24 office/industrial/flex condos inside the Venture Commerce Center, a distressed, fractured condo project in Oceanside, have sold for $6.25 million. The center is located at 3600-3682 Ocean Ranch Blvd. The condos, which total 65,000 square feet, were sold to mostly owner-users, according to Todd Holley of Voit’s San Diego office. Holley represented the seller, LAMCO LLC, a subsidiary of Lehman Brothers Holdings, along with Voit’s Randy LaChance and Rusty Williams of Lee & Associates.
PUYALLUP, WASH. — River Road Retail, an 11,291-square-foot retail property in Puyallup, has sold to a limited liability company for $4 million. The property is located at 1002 North Meridian. The center is fully occupied and anchored by a Fred Meyer supermarket. Dino A. Christophilis, Daniel Chhan and Marc Cunningham of Marcus & Millichap’s Seattle office represented both the buyer and the seller, another limited liability company.
BOCA RATON, FLA. — Florida Atlantic University has selected Balfour Beatty Construction to build a new $31 million, 600-bed freshman student housing project on its main campus in Boca Raton. PGL Architects, in association with SchenkelShultz, is the design team for the project, which also includes a new dining facility. Construction on the seven-story project will begin in June, with completion slated for summer 2013.
HENDERSONVILLE, TENN. — A joint venture between Bell Partners and Bluerock has acquired the 252-unit Grove at Waterford Crossing, located at 101 Spade Leaf Blvd. in Hendersonville, for $27 million. The property contains 12 three-story buildings. Amenities include a clubhouse with a fireplace, television and full kitchen, a resort-style swimming pool with a sun deck, an internet cafe, a fitness center, free WiFi, a picnic area and a car wash center. The property has been renamed Bell Hendersonville.
MACON, GA. — Indianapolis-based SC Bodner has sold the 240-unit Pavilion at Plantation Way, an apartment community located at 399 Plantation Way in Macon, to EBSCO Income Properties for $17.3 million. The property is 93 percent leased, and includes amenities such as a resort-style swimming pool, a WiFi cyber center, a fitness center and a media room with a movie theater. Sean Henry, John Weber, Bo Moore and Dan Phelan of ARA's Atlanta office represented the seller in the transaction.
FREDERICK, MD. — Wood Partners has broken ground on the $17.1 million, 204-unit Park at Walnut Ridge, located at 2001 Wood Hollow Pl. in Frederick. Security Development Corp. is developing the property, which will be open for leasing and occupancy in late fall 2012. Amenities will include a clubhouse, resort-style swimming pool, two gazebos and a clubhouse with a fitness center, cyber cafe, flat screen televisions and a common area. Full completion is slated for spring 2013.
MACON, GA. — Westwood Financial Corp. has purchased the 86,631-square-foot Wesleyan Station, a shopping center located at 4650 Forsyth Rd. in Macon, for $8.9 million. The property is 92 percent leased to tenants, which include Kroger, Tuesday Morning, Starbucks, El Sombrero Mexican Restaurant, Cricket Wireless, ASP Pool Spa, LaBerry Yogurt and Macon Crossfit.
NORTHBROOK, ILL. — SAS Architects & Planners is designing an assisted living and dementia care community in Northbrook, which will break ground this November. Called North Shore Place, the two-phase project will be built on a 7-acre site at 1000 Sunset Ridge Rd., near the intersection of Sunset Ridge Road and Skokie Boulevard. The project will include a 156-unit residence with 40 apartments for those requiring memory support services. Amenities will include a theater, card room and computer center. The second phase will include a 32-unit assisted living memory care center, designed to meet the needs of residents with more advanced dementia. The project is slated for completion by year-end 2013.
KENOSHA, WIS. — Great Lakes Warehousing has signed a lease for 31,200 square feet of industrial space at 4200 39th Ave. in Kenosha. Brett Deter and Scott Revolinski of RFP Commercial represented the landlord in the transaction. They also represented Great Lakes.