PITTSBURGH — Marcus & Millichap has negotiated the $1 million sale of a 1,900-square-foot retail building in Pittsburgh. The property, which is located at 2065 Ardmore Blvd., is currently occupied by Dunkin’ Donuts through a 15-year triple net lease agreement. Alan Cafiero and Ben Sgambati of Marcus & Millichap represented the seller, limited liability company, in the transaction. The buyer was a private investor.
ATLANTA — CBRE has promoted Chris Bosworth and Will Pike to vice chairman, the highest-ranking title among CBRE producers. Based in the firm’s Atlanta office, Bosworth and Pike serve as partners and co-leaders of CBRE Net Lease Properties, a national practice that provides net lease investors with acquisition and disposition advisory services for single-tenant assets, national net lease portfolios and corporate sale-leasebacks. Over the course of their careers, Bosworth and Pike have executed more than $16 billion worth of assignments spanning more than 2,600 properties. Since 2016, the team has been responsible for the disposition of 720 properties with a value of over $8.2 billion. Bosworth joined the firm in 1999 and is a founding member of Net Lease Properties and the firm’s Corporate Capital Markets practice. Additionally, he is the first retail-focused capital markets professional in the firm’s history to be named vice chairman. Pike, who joined in 2004, is a founding member of Corporate Capital Markets, head of Retail-Occupier Capital Markets and currently serves on the board of CBRE’s Investment Properties and America Brokerage divisions. Pike is the third-youngest CBRE professional to earn the title of vice chairman.
ZEPHYR COVE, NEV. — Dickson Commercial Group (DCG) has arranged the sale of Round Hill Square Shopping Center, a retail property located in Zephyr Cove, near Lake Tahoe. ROIC Zephyr LLC sold the property to an undisclosed buyer for $28 million. Situated on 10.2 acres, the 115,984-square-foot property was 96.8 percent occupied at the time of sale. Tenants include Safeway, United States Postal Service, Wells Fargo, Dollar Tree, Subway, WorldMark by Wyndham and Barton Healthcare Lake Tahoe Surgery Center. Chris Shanks, Dominic Brunetti and Scott Shanks of DCG, along with Tony Bernheim of Carlsbad Capital, represented the seller in the deal.
SAN DIEGO — Carleton Management has completed the sale of an industrial asset located in downtown San Diego’s East Village. A wholly owned subsidiary of Shapery Enterprises acquired the asset for $7 million. The transaction includes a vacant, 12,000-square-foot historical building at 1460 Island Ave. and an 11,000-square-foot light industrial building at 1490 Island Ave. The historic building dates backs to 1907 and was the former Electric Laundry Co. site. The buyer plans to restore the historic building and reposition it for a commercial tenant. The adjoining light industrial building is currently occupied by Crossfit Fortius and Urbana Design Build, a general contractor. Kevin Mulhern and Rachel Parsons of the CBRE Multifamily team represented the seller, while the buyer was self-represented in the transaction.
TUCSON, ARIZ. — Heslin Holdings has acquired a former grocery-anchored retail building, located at 5548 E. Grant Road in Tucson. Albertson’s sold the property for $2.5 million. The 35,000-square-foot property is situated on the southeast corner of Grant and Craycroft roads. Safeway formerly occupied the space. The company plans to invest $1.5 million in development and improvement efforts at the property, which is part of its larger plan to invest $75 million in retail properties over the next year. The property will be remodeled, repositioned and leased to a single retailer, slated to open in 2019.
RICHMOND HEIGHTS, OHIO — DealPoint Merrill has acquired the former Sears store at Richmond Town Square Mall in Richmond Heights, about 13 miles northeast of Cleveland. The 248,000-square-foot Sears store has been vacant since March 2017. DealPoint Merrill plans to redevelop the store into a $70 million project featuring a 375-unit luxury apartment property, a 98-key hotel and 8,000 square feet of restaurant space. Joseph Khouri of CBRE brokered the sale of the Sears store. Sears was the seller. DealPoint Merrill previously purchased the former Macy’s store at the mall with plans to transform it into a self-storage property.
SAN FRANCISCO — Hudson Pacific Properties Inc. (NYSE: HPP) and Allianz Real Estate have formed a joint venture to acquire the Ferry Building in downtown San Francisco. Located at the foot of Market Street along the San Francisco Bay waterfront, the landmark features 192,532 square feet of office space and 75,486 square feet of retail space. Equity Office, an affiliate of the Blackstone Group, sold the leasehold interest in the land and improvements to the Ferry Building to the joint venture for $291 million. The remaining term on the ground lease, which is owned by the Port of San Francisco, is 49 years. The Ferry Building is fully leased to companies including SS&C Technologies Inc., Meltwater Inc., Meritage Group LP and Niantic Inc., as well as restaurants and retail tenants such as The Slanted Door and Blue Bottle Coffee. The Ferry Building also plays host to the Ferry Building Marketplace, a public food market that is organized along an indoor street known as the Nave. The food market attracts more than 8.8 million annual visitors. Hudson Pacific owns a 55 percent interest in the joint venture and will serve as the managing member and day-to-day operator of the property, while …
SUNNYVALE, CALIF. — SRS Real Estate Partners has negotiated the sale of Mary Manor Center, a retail center in Sunnyvale. A high-net-worth private investor acquired the property from a local family office for $10.3 million in a 1031 exchange. Located at 201 S. Mary Ave., the two-building property is situated on 1.1-acre site. The 11,950-square-foot property is fully occupied by Starbucks Coffee and six other neighborhood retailers. This is the first time the property has traded hands since it was built in 2004. Chris Tramontano, John Redfield and Bruce Frazier of SRS represented the seller in the transaction.
PHOENIX — Orion Investment Real Estate has arranged the sale of Campbell Shops at 24th, a retail center in Phoenix. Yuma-based Santa Fe Arms LLC sold the property to KCS Arizona for $4 million, or $466 per square foot. At the time of sale, the approximately 8,584-square-foot property was fully occupied. Tenants include 7-Eleven, Ye Old Pipe & Tobacco, Fit Optical and Noble Eatery. Ari Spiro and Sean Stutzman of Orion Investment represented the seller, while Larry Kush of Orion and Sunhee Lee of Cambridge Properties represented the buyer in the deal.
DAYTON, OHIO — PEBB Enterprises has completed the lease-up of Sugarcreek Plaza in Dayton. PEBB acquired the retail property, formerly home to a Cub Foods grocery store, in January 2016 when it was completely vacant. PEBB renovated the façade and added 6,000 square feet of space as well as a new outparcel. The latest tenant to join the shopping center was Affordable Uniforms. Others include Bed Bath & Beyond, Buy Buy Baby and Planet Fitness. A KFC operator has signed a long-term ground lease for the outparcel.