LOS ANGELES — Barker Pacific Group and Artemis Real Estate Partners have formed a joint venture to acquire self-storage assets throughout the Southwestern U.S. Their first investment was a 112,590-square-foot King Road Self-Storage in San Jose that was purchased for $8.45 million. The facility features 1,039 storage units, as well as surface parking for boat and RV storage. King Road was lender-owned. The brokers for the seller were Chico LeClair and Nicolas Walker of Marcus & Millichap. Barker Pacific represented itself in this transaction.
Property Type
BETHESDA, MD. — Associated Estates Realty Corp. has acquired a 2.5-acre parcel, located at 7001 Arlington Rd. in Bethesda, to build the $50 million, 140-unit Dwell Bethesda. The apartment building will include 7,000 square feet of first floor retail space. Merit Enterprises, a wholly owned subsidiary of Associated Estates, will act as construction manager. Completion is slated for the first quarter of 2014.
RICHMOND, VA. — The 162,000-square-foot Brookhill Azalea Shopping Center, located at 5214 Chamberlayne Rd. in Richmond, has sold for $8.95 million. Food Lion and Family Dollar anchor the center, which is 70 percent leased. Alex Divaris of Divaris Real Estate's Virginia Beach, Va., office represented the seller, GE Capital, in the transaction. BSV Premier Brookhill, an investment partnership controlled by the principals of Broad Street and The Premier Companies, was the buyer. Financing for the acquisition was provided by Virginia Heritage Bank. The Premier Companies will manage the property and Divaris Real Estate will lease it.
WASHINGTON, D.C. — DCT Industrial Trust has signed a long-term lease with a subsidiary of a Fortune 500 company for its 179,000-square-foot Phase II at Dulles Summit, located in the Dulles Corridor submarket of Washington, D.C. The first building is slated for completion in the third quarter of 2012 and the second building will be complete in the first quarter of 2013. Rob Rakusin of Seefried Properties' Atlanta office, along with Steve Cloud of Transwestern's Vienna, Va., office represented the landlord in the lease transaction.
WASHINGTON, D.C. — Calkain Cos. has arranged the $1.1 million sale of a four-tenant, 4,329-square-foot retail condo property, located at 2200 18th St. NW in Washington, D.C. Current tenants include WY18 Developer's Model, Adams Morgan Hardware, Arada Foods and Ethio-American Coffee Shop. Rick Fernandez of Calkain Cos.' Reston, Va., office represented both parties in the transaction.
DALLAS — Dallas-based Capital Senior Living Corp. has acquired five senior living communities in Indiana and Texas for $49.4 million. The properties are 94 percent occupied and the average monthly rents are approximately $3,200. Additional terms of the deal were undisclosed.
OAK BROOK, ILL. — Inland Real Estate Corp. and Inland Private Capital Corp. have acquired two retail properties in Wisconsin. The joint venture purchased a neighborhood shopping center anchored by a Pick 'n Save grocery in Mt. Pleasant, Wis. for $21.3 million. In a separate deal, the companies also acquired a single-tenant property leased to Pick 'n Save in Sheboygan, Wis. for $1.7 million. The properties were acquired from the same regional developer. The Mt. Pleasant shopping center is located at 2800-60 S. Green Bay Rd. and totals 82,233 square feet. The 62,138-square-foot Pick 'n Save in Sheboygan is located at 1317 N. 25th St.
MILWAUKEE — A Florida-based private investor has purchased an 8,566-square-foot Family Dollar store in Milwaukee for $1.54 million. The seller was a local developer. Built in 1950, the freestanding building was renovated and expanded in 2011. It is located at 4331 W. Oklahoma Ave. Tom Fritz, Mark Goldberg and Dan Cohen of the Milwaukee office of Mid-America Real Estate Corp. represented the seller in the transaction.
FORT WAYNE, IND. — American Mattress has signed a 3,250-square-foot lease in the 14 Square Shopping Center in Fort Wayne. The center is located at 4916 Illinois Rd in Suite 100. Stanley Phillips and Russell Jehl of NAI Harding Dahm represented the landlord, Bauerlie 14 Square LLC, in the transaction.
NEW YORK CITY — Havas has leased 260,000 square feet from Trinity Real Estate in a deal what will create a two-building campus for the firm at 200 and 205 Hudson St. The advertising firm will occupy 225,000 square feet on the 2nd and 8th floors at 200 Hudson St. as well as 31,000 square feet on the 9th floor of the adjacent building. Jason Pizer, Marc Packman, Robert Constable and Andrew Peretz of Cushman & Wakefield represented Trinity in the 15-year lease transaction. David Falk and Jason Greenstein of Newmark Knight Frank represented the tenant.