PHOENIX — Phoenix Peak, an 89,099-square-foot office building in Phoenix, has sold to Alvarado Realty for $10,225,000. The three-story building was constructed in 1986 and was 87 percent leased at the time of sale. Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley BRE Commercial’s Capital Markets Group represented both the buyer and the seller, Real Estate Value Advisors.
MESA, ARIZ. – The 76-unit Rosewood Villas in Mesa have sold to InSite Properties Rosewood LLC for $2.6 million. The apartment complex was built in 1980. It is located at 210 North Alma School Road. Mark Forrester and Ric Holway of Hendricks & Partners’ Phoenix office represented the seller, Tamwood Limited Partnership.
PETALUMA, CALIF. – The Petaluma Marina Business Center, a three-building, Class A office building totaling 116,380 square feet, has gained four new tenants. Cellular World has leased 2,200 square feet; H.M. Vreeland and Son Insurance Agency is occupying 941 square feet; Grade A Tutoring Center has taken 1,072 square feet; and Hanford ARC has moved into 842 square feet. Cellular World, H.M. Vreeland and Grade A each signed three-year leases. Hanford signed a one-year lease. Mike Thomason of Keegan & Coppin Company represented the center’s landlord, Basin Street Properties, in these lease transactions.
PINEVILLE, LA. — Mount Pleasant, S.C.-based Humanities Foundation has broken ground on the $6.6 million, 56-unit Arbor Hill, an affordable seniors housing development located on Shamrock Drive in Pineville. Bank of America, Alliant Capital and the City of Pineville provided financing for the project. Pinkerton & Laws is the general contractor for the development, Miller & Martin is the architect and Monceaux Buller & Associates is the civil engineer. Completion is slated for December 2012.
MARCO ISLAND, FLA. — A 15,000-square-foot Walgreens, located in Marco Island, has sold for $5.7 million. Walgreens is on a 50-year, double-net lease, with 8 years remaining on the original term. Dougall McCorkle of Naples, Fla.-based Premier Commercial represented the seller in the transaction and Rainer Filthaut of Naples-based International Realty Co. represented the buyer, a private investor.
WASHINGTON, D.C. — A joint venture between Washington, D.C.-based Rock Creek Property Group and BBP has purchased the 71-unit Juniper Gardens, an apartment complex located at 7700-7730 Eastern Ave. NW and 815-825 Juniper St. NW in Washington, D.C., from Premier Bank for $4.1 million. The buyer is planning a complete gut renovation of the property and has selected Washington, D.C.-based Bonstra Haresign Architects as the project architect. The renovation will begin in the first half of 2012 with completion slated for late 2012 or early 2013.
UNION CITY, GA. — The RADCO Cos. has purchased the 260-unit Highland Pointe Apartments, located at 6350 Oakley Rd. in Union City, from an institutional lender. The property includes two-, three- and four-bedroom apartments. Amenities include two swimming pools, washer/dryer connections, fitness center, a playground and picnic/grilling areas.
NORCROSS, GA. — An affiliate of BPG Properties, Ltd., has recently signed leases totaling 44,276 square feet at one of its 57,844-square-foot buildings at Atlantic Industrial Park, located at 3004-3028 Adriatic Ct. in Norcross. Georgia Trading Post renewed its 30,593-square-foot lease, Ratrix leased 6,240 square feet and A&H Wholesales leased 7,623 square feet. Lee Cardwell of Colliers International's Atlanta office represented Ratrix in its lease transaction. Matt DiLeo and Wendy Tomich of Stream Realty Partners' Atlanta office are the leasing agents for the property.
OMAHA, NEB., SIOUX CITY, IOWA — Dunkin' Donuts has signed a multi-unit store development agreement with existing franchisee, Savoureux Corp., for 12 new restaurants in North Omaha, Neb. and Sioux City, Iowa. The first restaurant is slated to open in 2013. Savoureux Corp. is led by NFL greats and former University of Nebraska football players Kris Brown and Zach Wiegert, who have teamed up with Jeff Woodbury, a principal of Woodbury Corp., and David Scott, CEO of Tetrad Corp. In April 2011, Savoureux Corp. committed to develop five Dunkin Donuts in North Kansas City.
CHICAGO — Clark Street Development LLC, an affiliate of Mega Realty, has sold a 16,047-square-foot Walgreens drugstore in Chicago for $13 million. Sean Sharko and Austin Weisenbeck of Marcus & Millichap's Oak Brook, Ill. office represented Clark Street in the transaction. They also represented the buyer, an overseas-based private capital investor. Walgreens signed an absolute-net, 75-year lease for the property, which is located at 5440 N. Clark St.