DALLAS — Florida-based Foundry Commercial and its capital partner, San Francisco-based Stockbridge have acquired Northview Plaza, a 116,099-square-foot retail center located at 19674 E. Northwest Highway in Dallas. The grocery-anchored property was 86 percent leased at the time of sale. The purchase raises the volume of Foundry’s Dallas acquisitions over the past 18 months to approximately $160 million.
STOCKTON, CALIF. — Westcore Properties has purchased a 158,400-square-foot industrial building in Stockton for $9.1 million. The building is located at 3834 Duck Creek Drive. It is a freestanding, cross-load building. Mike Goldstein and Ryan McShane of Colliers International represented the undisclosed seller in this transaction.
STOCKTON, CALIF. — Faris Lee Investments has arranged the $7 million sale of The Shops at Hammer & West, a 15,314-square-foot strip center located in Stockton. Jeff Conover of Faris Lee represented the Newport Beach-based seller, West Hammer Properties, in the transaction. Vista Pacific Realty represented the buyer, Tian He Jian Real Estate USA Inc. The center is fully occupied by seven tenants including Jollibee.
STOCKTON, CALIF. — Westcore Properties has purchased a 277,500-square-foot industrial property in Stockton for $14.4 million. The property is one mile west of I-5. It can accommodate mid-sized users seeking 25,000 to 75,000 square feet of space. Mike Goldstein of Colliers International represented both the buyer and unnamed seller in this transaction.
SCOTTSDALE, ARIZ. — A joint venture between Stockdale Capital Partners and Jasper Ridge Partners has invested $142.5 million to recapitalize the 537,110-square-foot Galleria Corporate Center in Scottsdale. The center is located at 4343 N. Scottsdale Road. The building’s lobby and common areas will undergo a multi-million dollar renovation. The Galleria was originally built as a retail mall in the 1990s. It was converted to office use in 2000. Major tenants currently include Yelp, SAP and McKesson. Stockdale purchased the Galleria Corporate Center in 2013. The recapitalization includes the addition of more than two adjacent acres of land that is currently entitled for construction of up to 220,000 square feet of offices.
GRESHAM, ORE. — Stockdale Capital Partners has purchased Gresham Station Medical Plaza, a 100,419-square-foot medical office complex in the Portland suburb of Gresham for $23.5 million. The four-building complex is located at 831 N.W. Council Drive, 862-894 N.W. Burnside Drive and 1851-1867 N.W. Civic Drive. The medical office complex is situated near the Adventist Medical Center. Adventist Health anchors Gresham Station Medical Plaza, which is 77 percent leased. Additional tenants include DaVita HealthCare Partners and Providence Health & Services. The facility provides surgery, imaging, dialysis, primary care, orthopedics, laboratory, physical therapy, dermatology, dentistry, women’s health and pediatrics services. HFF’s Nick Kucha, Evan Kovac, Andrew Milne and Trent Jemmett represented both the buyer and the seller, Westlake Realty Group, in this transaction. The firm also worked to secure an acquisition loan for Stockdale.
STOCKTON, CALIF. — Sean Pathiratne, owner of Buzz Oates’ subsidiary CVICH Stockton LLC, has purchased a 256,671-square-foot industrial building in Stockton for $18 million. The building is located at 2845 Boeing Way. The facility is situated near BNSF & Union Pacific Railroad Intermodal facilities. The building joins two other properties owned by Pathiratne, which are used for warehousing and distribution. Greig Lagomarsino and Michael Goldstein of Colliers International executed the transaction.
ELK GROVE, CALIF. — PDM Steel Service Centers has relocated its office from Stockton to nearby Elk Grove. The steel supplier has leased 10,000 square feet at Laguna Gateway. Its new corporate headquarters is located at 9245 Laguna Springs Drive. The new lease brings the 72,000-square-foot building to full occupancy. The landlord is Jackson Properties Incorporated.
FORT LAUDERDALE, FLA. — Tavistock Development Co., an Orlando-based real estate development firm, has acquired the Pier Sixty-Six Marina and Hyatt Regency hotel in Fort Lauderdale. The sales price and seller weren’t disclosed, but the South Florida Business Journal reports that Tavistock purchased the assets from an affiliate of Blackstone (NYSE: BX) for $163.3 million. Situated on 22 waterfront acres along the Intracoastal Waterway, Pier 66’s 17-story tower features a rotating panorama rooftop. The property’s 127-slip yacht marina is one of the largest in the state and recently served as a host location of the 56th Fort Lauderdale International Boat Show. Tavistock has retained Interstate Hotels & Resorts to operate the 384-room hotel and marina. Pier Sixty-Six also has approved entitlements for the addition of 58 residential units in two 11-story buildings with 30,000 square feet of retail and office space. “When we first discovered that this special property was available, we knew there were incredible opportunities to leverage the collective experience of our teams and further establish this iconic hotel and marina as one of Fort Lauderdale’s defining destinations,” says James Zboril, president of Tavistock Development, which is owned by Tavistock Group. CBRE Group Inc. facilitated the deal between …
STOCKTON, CALIF. — Westcore Properties has purhcsed a 172,500-square-foot industrial property in Stockton for $6 million. The facility is located at 4545 Qantas Lane. The building is fully leased to PacTiv for three years. JLL’s Robert Taylor and Tim Mustin represented the seller, the Friedman Family, in this transaction.
