BUCKEYE, ARIZ. — Shopoff Realty Investments and Contour Real Estate have acquired 54 acres of land in Buckeye for the development of two warehouse logistics-oriented buildings. Terms of the transaction were not released. Located at the southeast corner of Southern Avenue and Rainbow Road, the proposed development will feature 900,000 square feet of warehouse space. Additionally, the property is located immediately adjacent to the Union Pacific rail line.
IRVINE, CALIF. — IRA Capital has purchased 2722 Michelson, a Class A creative office building in Irvine, for $103 million. Situated on nine acres at the intersection of Jamboree Road and Michelson Drive, the building features 24-foot ceilings, a light-filled open plan to encourage collaboration, multiple meeting spaces, a fitness center, landscaped courtyards and a well-equipped kitchen and cafeteria. Anduril Industries fully occupies the building, which was renovated in 2019.
CORONA, CALIF. — Barret Woods & OERP LLC has purchased The Shops at Dos Lagos, a lifestyle shopping center in Corona, for $47.4 million, or $135 per square foot. Built in 2006, The Shops at Dos Lagos offers 351,200 square feet of retail space on 47.4 acres with four in-line shop buildings, four ground-leased restaurant pads, a 15-screen movie theater and a 7,000-square-foot pad available for lease or development. Current tenants include Trader Joe’s, Express, Sunglass Hut, Bath & Body Works, Daniel’s Jewelers, Sleep Number, Papaya, Fatburger, Pinkberry, Miguel’s California Mexican Cocina, Woodranch BBQ & Grill, RA Sushi, Citrus City Grille and TAPS Fish House & Brewery. At the time of sale, the property was 91 percent occupied. The asset was the first phase of a two-phase retail shopping center development. The second phase was not included in the sale. Steve Liu, Roger Niez, Nikki Liu, Daniel Vlessing and Mohit Uppal of NAI Capital Commercial represented the seller and the buyer in the deal.
DENVER — A joint venture between Summit Capital Venture Group and Rockefeller Group has purchased a land parcel at 1158 Delaware St. in Denver’s Golden Triangle neighborhood for the development of an apartment community. Slated to break ground in April 2022, the property is scheduled for completion in early 2024. The community will feature 250 apartments, 2,000 square feet of ground-floor retail space, a 2,000-square-foot fitness center and pool lounge, and a 4,200-square-foot terrace with a pool and spa on the fifth floor. Additionally, the property’s 13th floor will feature a 1,250-square-foot sky deck and an 850-square-foot sky lounge and co-working space.
WEST HOLLYWOOD, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Terraces at La Cienega, an apartment building located near West Hollywood’s Sunset Strip. LaTerra acquired the asset from the original builder for $29 million. Built in 1990, the property features 42 apartments. LaTerra plans to upgrade the asset’s exterior, common areas and interior with luxury finishes and build 10 accessory dwelling units as part of the AB3182 tenant protection act, which was created to help alleviate the housing crisis by giving owners the opportunity to add 25 percent of the existing density to properties. Greg Harris, Kevin Green and Jose Grabiec of IPA, along with Paul Darrow of Marcus & Millichap, represented the seller and buyer in the deal.
NORWALK, CALIF. — Paragon Commercial Group has purchased a vacant retail property situated on 2.3 acres at 10710 Firestone Blvd. in Norwalk. RSM Properties sold the asset for $7.1 million. Paragon plans to redevelop the 25,977-square-foot building for Chick-fil-A. An Office Depot and a coffee chain formerly occupied the property. Pat Wade and Alex Kozakov of CBRE represented Paragon in the off-market transaction.
BOSTON — Cabot Properties Inc. has sold its Value Fund V portfolio in two separate transactions for a total of $2.8 billion. Blackstone Real Estate Income Trust Inc. (BREIT) acquired the portfolio, which features logistics properties in the United States and Europe. The U.S. portfolio includes 102 properties totaling 15.2 million square feet located in major logistics markets such as the Inland Empire, California; Eastern Pennsylvania; South Florida; and the New York metropolitan area. In a separate transaction, Blackstone’s European Core Plus business and its affiliates acquired the remaining European properties, which feature 22 properties totaling 2.2 million square feet of industrial space. The properties are located in European markets such as the Midlands, North West and South East in the United Kingdom; Amsterdam; and Düsseldorf in Germany. “The sale of our Value Fund V portfolio completes our most ambitious logistics property investment program over the past 20 years,” says Franz Colloredo-Mansfeld, chairman and chief executive officer of Cabot. “This portfolio was created through 90 transactions, including 24 development projects throughout the U.S., U.K. and Europe completed over the past five years. We are pleased to have now completed approximately $5 billion in three transactions with Blackstone Real Estate over …
BOTHELL, WASH. — Construction is underway on a 1,055-bed residence hall at the University of Washington Bothell. The community is being developed through a public-private partnership (P3) between the university, Capstone Development Partners and Harrison Street. The 300,000-square-foot development will replace Husky Village, an existing on-campus student housing community in Bothell, which is situated roughly 15 miles outside Seattle. The project will include three six-story residential buildings offering suites and apartments for both undergraduate and graduate students. The development will also include a 15,000-square-foot dining facility and 20,000 square feet of office space for university services and administration. Construction began in October on Phase I of the project, which is scheduled for completion in February 2023. Phase II of the development is set for delivery in August 2024. The community was designed by Mahlum Architects and is being constructed by Anderson Construction. Capstone Management Partners will operate and manage the community in coordination with the university upon completion. Capstone and Harrison Street have previously partnered on five P3 developments, including projects with Seattle University, the University of Chicago, Arizona State University Polytechnic, Cornish College of the Arts and the University of South Florida.
DENVER — Shorenstein Properties has purchased Rev360, a newly constructed, five-story office building in Denver’s River North Art District. Terms of the transaction were not disclosed. Located at 3600 Brighton Blvd., Rev360 features 170,234 square feet of Class A office space with large and efficient floorplates with outdoor terraces, exposed high ceilings, ground-floor retail space, a fitness center and a parking garage. CBRE represented the seller in the deal.
SACRAMENTO, CALIF. — Phillips Edison & Co. has purchased Town & Country Village, a dual grocery-anchored community shopping center in Sacramento, from Donahue Schriber for an undisclosed price. Trader Joe’s and Sprouts Farmers Market co-anchor the 216,320-square-foot shopping center. At the time of sale, the property was 91 percent leased to a variety of tenants, including Bed Bath & Beyond, Ross Dress for Less, T.J. Maxx and Five Below. Town & Country Village is situated on 19 acres at 2601-2651 and 2717-2805 Marconi Ave. Originally constructed in 1950, the asset was most recently renovated between 2013 and 2014. Eric Kathrein, Geoff Tranchina, Bryan Ley and Gleb Lvovich of JLL represented the buyer in the deal.