MCALLEN — LNR Partners has sold a 24,708-square-foot office building, located in the Executive Business Center at 801 E. Fern Ave. in McAllen. Rob Chandler of Houston-based Moody Rambin Investment Services represented the seller in the transaction.
Property Type
GRANBURY — Marcus & Millichap has arranged the sale of a 13,514-square-foot retail property, located at 3400 East Hwy. 377 in Granbury, which is currently leased to Dollar General and Fastenal. Philip Levy of Marcus & Millichap's Fort Worth office represented the seller, a developer, in the transaction and secured the buyer, a limited liability company.
EL CAJON, CALIF. – The 70-unit Greystone Village, located in the San Diego submarket of El Cajon, has sold to Conrad Prebys for $4.5 million. The property resides at 360 Bradley Street. Apartment Consultants, Inc.’s Dave Savage represented both the buyer and the seller, Raj & Associates VII, in this transaction.
CANOGA PARK, CALIF. – A 19-unit apartment building that is located at 8720 Topanga Canyon Blvd. in Canoga Park has sold to an undisclosed buyer for $2,087,500. The property contained eight low-income tenants at the time of closing, which was required by the Earthquake Emergency Loan Program financing that was formerly in place. The community was built in 1964 and is subject to rent control. The transaction closed at a 6.58 percent cap rate. Rick Raymundo of Marcus & Millichap represented the seller, a private trust, in this transaction.
HILLSBORO, ORE. — Power Freight Systems has leased 85,600 square feet of industrial space at a former United States Postal Service distribution center in Hillsboro. The facility is located at 22310 NW Wagon Way. Power Freight was represented by Miles Von Bergen of Capacity Commercial. Scott Pierce and Ken Boyko of NAI Norris, Beggs & Simpson represented the USPS in this transaction.
EMERYVILLE, CALIF. — Urban Outfitters has leased 9,713 square feet at the historic Emeryville Public Market in Emeryville. The 260,000-square-foot, mixed-use property was originally built in the 1870s. It is currently undergoing improvements to accommodate Urban Outfitters and its other new tenant, Guitar Center, which recently leased 17,174 square feet at the center. Both retailers plan to open in spring 2012. Emeryville Public Market is owned by TMG Partners and Rockwood Capital, LLC.
MT. PLEASANT, S.C. — Woodfield Investments has broken ground on the 280-unit Woodfield Long Point, located off Wando Park Boulevard in Mt. Pleasant. CNL Financial provided equity for the project and Wells Fargo Bank provided debt. CF Evans is the general contractor for the development. Completion is slated for spring 2012.
CHIPLEY, FLA. — Marcus & Millichap has arranged the $3.8 million sale of a 13,225-square-foot retail property, located at the intersection of Main Street and South Boulevard in Chipley, which is currently net-leased to CVS/pharmacy. Leon Brockmeier of Marcus & Millichap's Tampa, Fla., office, along with Patrick O'Halloran of the firm's Atlanta office, represented the seller, a Florida-based developer, in the transaction. Al Palacios of Marcus & Millichap's Miami office represented the buyer, an Omaha, Neb.-based private investor.
CAPE CORAL, FLA. — CBRE has negotiated the $1.48 million sale of a 2,940-square-foot retail building, located at the corner of Skyline Boulevard and Trafalgar Parkway in Cape Coral. Dan O'Berski and Matt Fredrickson of CBRE's Fort Myers, Fla., office represented OTOB, the seller, in the transaction. The buyer was undisclosed.
MACON, GA. — The 88,000-square-foot former Rock-Tenn Converting facility, located on 6.4 acres in the Airport Industrial Park in Macon, has been sold to Perry, Ga.-based Gilmer Warehousing. Arthur Barry, III, of Macon-based Coldwell Banker Commercial Eberhardt & Barry represented Rock-Tenn, the seller, in the transaction and procured the buyer.