OCEANSIDE, CALIF. – A free-standing building in Oceanside that is triple-net leased to Jiffy Lube Plus has sold to Cali Oceanside LLC for $2.9 million. The building is located at 4106 Oceanside Blvd. It is situated at the base of Ocean Ranch, North County’s largest business park. The buyer was represented by Randi Cali of Coldwell Banker Commercial NRT. The seller, Roberts Investment Group, was represented by CBRE’s Matt Pourcho and Melissa Foster Scofield.
LOUISVILLE, KY. — Louisville-based PRG Investments has brokered the sale of three restaurants in Kentucky and South Carolina. PRG brokered the sale-leaseback of two Raising Cane restaurants in central Kentucky: 551 Keene Center Drive in Nicholasville and 2555 Nicholasville Road in Lexington. Fred Sutterlin and Reed Weinberg of PRG represented the buyer, an individual investor based in Louisville, in the transaction. David Graves of Cypress Property Group represented the seller. Sutterlin also brokered the franchise sale-leaseback of a Dunkin’ Donuts located at 754 Folly Road in Charleston, S.C. on behalf of the buyer, a private investor based in Louisville.
NEW YORK CITY — Ripco Real Estate has brokered the sale of a mixed-use commercial building located at 2307 Broadway in Manhattan’s Upper West Side neighborhood. Waterbridge Capital purchased the property for $26 million. The property offers 12,000 square feet of combined retail and office space. A Duane Reade drugstore that previously occupied the building is now closed, which offers the buyer re-tenanting options. The sellers were a private family. Doug Kleiman and Lee Spiegelman of Ripco Real Estate arranged the transaction.
ROUND ROCK, TEXAS — Marcus & Millichap has arranged the sale of K2 Plaza, a 9,600-square-foot retail property located in Round Rock. Michael Buckner and Richard Mireles of Marcus & Millichap’s Austin office marketed the property on behalf of the seller, a partnership. Gus Lagos and Nik Kapetanakis of the firm’s Houston office represented the buyer, also a partnership. K2 Plaza is located at 399 W. Louis Henna Blvd. in Round Rock, a quarter-mile west of I-35. The property was built in 2001 on one acre.
BURLINGTON, N.J. — MJ Partners Self Storage Group has sold the Planet Self Storage facility, which is located at 555 Mitchell Ave. in Burlington. Winter Garden, Fla.-based iStorage purchased the property for $2.97 million. The property consists of 54,165 square feet of rentable space and 565 storage units. At the time of sale, the facility was approximately 70 percent occupied. The property will be rebranded as an iStorage self storage facility. iStorage operates 60 self-storage facilities in 11 states across the country. David Kohn of MJ Partners represented both parties in the transaction.
CHICAGO — The Missner Group and joint-venture partner, Baker Development Corp. have broken ground on a new 25,000-square-foot fitness facility for First Ascent at 3516 N. Spaulding in Chicago. First Ascent is a local, community-focused climbing gym catering to climbers of all levels. The new building, constructed by The Missner Group, will feature climbing, yoga and fitness facilities. The center will also include a café, pro-shop, locker rooms and community spaces. A groundbreaking ceremony for the project was held in October.
BRONXVILLE, N.Y. — HLC Equity, a national real estate investment holding group and property manager, has sold a retail property located at 12-14 Cedar St. in Bronxville. The 27,699-square-foot building sold for an undisclosed price. The retail property currently houses a longtime tenant, A&P, under the terms of a triple-net lease. Lawrence Porter and George Valliades of Newmark Grubb Knight Frank Capital Markets represented HLC Equity in the transaction. The buyer was not disclosed.
BRAZIL, IND. — Cassidy Turley has arranged the $8.2 million sale of Forest Park Plaza shopping center in Brazil, approximately 60 miles southwest of Indianapolis. Forest Park Master LLC Tenants In Common (TIC) sold the property to Whitehouse, Ohio-based Devonshire REIT Inc. The 104,248-square-foot shopping center is located at 825 E. National Ave. and U.S. Highway 40. Jacque Haynes of Cassidy Turley represented the seller. Kroger anchors the shopping center. The plaza is 96 percent occupied by tenants such as Dollar General, Dollar Tree, Carquest Auto Parts, RadioShack, Family Video and Papa John’s Pizza.
HOUSTON — Marcus & Millichap has arranged the sale of two BlueWave Express Wash properties located in Houston. Farhan Kabani of the firm’s Dallas office arranged the loan. Bank financing was structured with a seven-year fixed term with an interest rate of 4.5 percent. The loan-to-value was 65 percent. The properties are located at 1665 Eldridge Pkwy. and 9801 Jones Road. Both properties were built in 2007 and had more than 20 years remaining on their original net leases. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Vitorino also procured the buyer, another limited liability company.
BIRMINGHAM, ALA. — Marcus & Millichap has brokered the $17 million sale of Eastwood Village, a 134,256-square-foot regional power center located at 1604-1624 Montclair Road in Birmingham. The property was 99 percent leased at the time of sale to tenants such as Ross Dress for Less, Office Depot, Party City, Shoe Carnival and Tuesday Morning. A 24-hour Walmart Supercenter shadow anchors the property. Phil Sambazis and Thomas Ladt of Marcus & Millichap’s Sambazis Retail Group in San Diego represented the undisclosed seller in the transaction. Zachary Taylor and Don McMinn of Marcus & Millichap’s Atlanta office represented the undisclosed buyer. Andrew Chason of the firm’s Mobile, Ala., office assisted in the transaction.
