CYPRESS, CALIF. — The Shops at Cypress have sold to an unnamed buyer for $9.5 million. The center sold for $519 per square foot at a 6.1 percent cap rate. It is fully triple-net leased to national tenants. The center is shadow anchored by Costco. The buyer assumed the existing CMBS loan. The sale was executed by CBRE’s National Retail Investment Group-West group, which also worked with 1st Service Solutions to expedite the loan assumption process.
Western
CHINO, CALIF. – Sares Regis Group (SRG) has sold about 2.1 million square feet worth of land and planned distribution buildings at the Chino South Logistics Center to Invesco Ltd for a reported $160 million. The four warehouse and distribution buildings are scheduled for completion in the second quarter of 2014. The 125-acre Chino South Logistics Center is the largest speculative industrial development in the Inland Empire. The recently sold land resides at the northeast corner of Euclid and Pine avenues in Chino. SRG and Invesco were both represented by Darla Longo, Barbara Emmons and Rebecca Perlmutter-Finkel in CBRE’s Los Angeles office, and Tom Taylor and Steve Bellitti in Colliers Seeley’s Inland Empire office.
SAN FRANCISCO – The 443-unit Fox Plaza Apartments in San Francisco has sold to Essex Property Trust for an undisclosed sum. The vintage concrete tower is located at 1390 Market Street. The building also contains 13 floors of office space, a 399-car underground garage and an attached two-story retail building that houses Starbucks and other retailers. The residential units are situated on floors 14 through 29. Archstone acquired the entire tower in 2005 for $147.5 million. It sold the 232,000-square-foot office/retail component to Broadreach Capital for $42.7 million in 2007. Broadreach still owns that component. The recent sale was executed by David Orozco of Cassidy Turley and Frank Wheeler of Colliers International.
SCOTTSDALE, ARIZ. – The 304-unit Acacia Creek apartments in Scottsdale has sold to MIG Real Estate, LLC for an undisclosed sum. The community is located at 7007 E. Gold Dust Ave. Alliance Residential will manage the property. MIG represented itself in this transaction, while the seller was represented by CBRE’s Sean Cunningham and Tyler Anderson.
CYPRESS, CALIF. — The Shops at Cypress have sold to an unnamed buyer for $9.5 million. The center sold for $519 per square foot at a 6.1 percent cap rate. It is fully triple-net leased to national tenants. The center is shadow anchored by Costco. The buyer assumed the existing CMBS loan. The sale was executed by CBRE’s National Retail Investment Group-West group, which also worked with 1st Service Solutions to expedite the loan assumption process.
CHINO, CALIF. – Sares Regis Group (SRG) has sold about 2.1 million square feet worth of land and planned distribution buildings at the Chino South Logistics Center to Invesco Ltd for a reported $160 million. The four warehouse and distribution buildings are scheduled for completion in the second quarter of 2014. The 125-acre Chino South Logistics Center is the largest speculative industrial development in the Inland Empire. The recently sold land resides at the northeast corner of Euclid and Pine avenues in Chino. SRG and Invesco were both represented by Darla Longo, Barbara Emmons and Rebecca Perlmutter-Finkel in CBRE’s Los Angeles office, and Tom Taylor and Steve Bellitti in Colliers Seeley’s Inland Empire office.
ESCONDIDO, CALIF. — The Terraces, a 190-unit apartment complex in Escondido, has sold to Avanath Capital Partners LLC for $23.4 million. The community is located at 1301 Morning View Drive just north of San Diego. The seller was Escondido Terraces LC. The Section 42 property sale was executed by Jeff Kunitz of the Tax Credit Group of Marcus & Millichap and Raymond Choi of the firm’s San Diego office.
SEATTLE – A 4,000-square-foot property in Seattle that is net leased to Young’s Market Company has sold to a limited liability company for $2 million. The retail property is located at 5900 15th Ave. Northwest in the city’s Ballard neighborhood. The space was previously occupied by Blockbuster. Dan Swanson and Dino A. Christophilis of Marcus & Millichap’s Seattle office represented both the buyer and the seller, a private investor, in this transaction.
MONTEREY, CALIF. – A 22,912-square-foot R&D/flex building in Monterey has sold to 21 Lower Ragsdale Partners, LLC for $3 million. The property is located at 21 Lower Ragsdale. It contains 16,628 square feet of office and 6,285 square feet of warehouse space. The building was 65 percent occupied at the time of sale. The seller, Salinas Valley Memorial Healthcare System, was represented by Wylie Mitchell and Greg Findley of Cassidy Turley.
PHOENIX — Mosaica Office Building, a 65,900-square-foot office building in the Phoenix submarket of Ahwatukee, has sold to BASIS Schools, Inc for $2 million. The Class C building is located at 10210 South 50th Place. The building was vacant at the time of the sale. College preparatory schoolBASIS Ahwatukee is scheduled to occupy the space in August 2013. The seller was Educational Facilities Acquisitions LLC. The transaction was executed by Eric Wichterman and Mike Coover of Cassidy Turley and Terry Warren of Arizona Charter Commercial Realty.