SAN DIEGO AND OCEANSIDE, CALIF. — Newport Beach, Calif.-based Citivest Realty Services represented Beach Hut Deli in two new leases in San Diego and Oceanside. The gourmet deli sandwich restaurant has partnered with Ryan Brothers Coffee to open a 2,690-square-foot concept at Lane Field in San Diego. Beach Hut Deli signed a 10-year lease with LFN Developers for the space. Bill Shrader of Colliers International San Diego represented the landlord. Additionally, Beach Hut Deli signed a lease for 1,800 square feet at One Mission Ave. in Oceanside. Spencer Kerrigan of Voit Commercial Services represented the landlord, GFP Oceanside Block 18 LLC, in the transaction.
DALLAS — The Vitorino Group has brokered the sale of the Spring Valley retail strip, a retail asset located on Spring Valley Road in Dallas. The center was built in 1971 and was 100 percent occupied at the time of sale. A local investor was the buyer. The seller, a foreign investor, had a CMBS loan coming due without recapitalization options, and needed to close in a timely fashion.
HACKENSACK, N.J. — The Hampshire Companies has completed the sale of an industrial and office complex located at 86-110 Orchard St. in Hackensack. A private buyer acquired the property for an undisclosed sum. Situated on 5.2 acres, the 125,000-square-foot property features 110,000 square feet of warehouse space and 15,000 square feet of office space. The warehouse space is broken into 11 independent and fully demised industrial units with ceiling heights ranging from 14 feet to 25 feet. Additionally, the complex features 12 external docks, 10 drive-ins and 109 on-site parking spaces. Renovated in 2013, the property was 96 percent leased at the time of sale. Jeffrey DeMagistris, Thomas Vetter and Gregory James of NAI James E. Hanson represented The Hampshire Companies in the deal.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Casa Azul, a 16-unit apartment property located in Arlington. Nick Fluellen, Bard Hoover and Scott Ogilvie of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Fluellen, Hoover and Ogilvie also procured the buyer, an individual/personal trust. Casa Azul is located at 902 N. Oak St. Constructed in 1976, Casa Azul consists of 16 two-bedroom/one-bath units spanning 650 square feet. Select unit interiors were recently upgraded to include faux wood plank flooring, two-tone paint and updated bathroom vanities. The property is located within one mile of AT&T Stadium, the University of Texas at Arlington and the 417-bed Arlington Memorial Hospital.
CHICAGO —TSP Value and Income Fund, a subset of Transwestern Investment Group, has purchased a five-property, industrial portfolio in the Chicago area for an undisclosed price. The portfolio, which is fully occupied, totals 1.4 million square feet. The properties include 3800 Sunset Ave. in Waukegan; 301-363 N. Third Ave. in Des Plaines; 5300 Proviso Drive in Melrose Park; 7400 Richards Road in Bridgeview; and 5100 W. 123rd St. in Alsip. The properties have clear heights ranging from 21 feet to 30 feet and all have some percentage of office finish. The portfolio features eight tenants including Dulin Metals Co., Permasteelisa North America, Midland Paper Co., Keystone Automotive Industries and Cornfields Inc. Christopher Carroll and Brian Carlton of HFF placed a five-year, fixed-rate acquisition loan for the portfolio with a life company.
JACKSONVILLE, FLA. — NGKF Capital Markets has brokered the $23.8 million sale of the Stein Mart Building, a 10-story, Class A office property situated along the St. Johns River in downtown Jacksonville. Retailer Stein Mart occupies more than half of the 197,000-square-foot building, which was 93 percent leased at the time of sale to tenants such as Marks Gray PA and TD Bank. Built in 1985, the asset features a four-story atrium, pedestrian plaza, adjacent six-story parking garage, deli, laundromat, fitness center, conference room and banking facility. Lingerfelt CommonWealth Partners LLC purchased the property from Parkway Properties, which has owned the building since 2005. Michael Lapointe and Michael Lohmann of NGKF, along with Bryan Bartlett and Jim Sebesta of Phoenix Realty Group, represented Lingerfelt CommonWealth Partners in the transaction.
SAN JOSE, CALIF. — A joint venture between Community Preservation Partners (CPP) and Jamboree Housing has purchased the 144-unit Monte Vista Gardens apartments in San Jose for $53 million. The affordable housing community is located at 2601 Nuestra Castillo Court. CPP will invest more than $5.5 million to rehabilitate the community. The acquisition secures a series of tax incentives that will keep 80 percent of the units at affordable levels, while the other 20 percent will remain set by the open market. The rehab will commence in August and conclude next April.
GARDEN GROVE, CALIF. — CapRock Partners has purchased two industrial properties in Garden Grove for a total of $9.4 million. The assets are located at 7180 Lampson Ave. and 12570 Industry St. The two properties occupy one parcel and comprise a total of 76,888 square feet. CapRock plans to refurbish both the occupied 39,200-square-foot building on Lampson and the vacant 37,688 square-foot property on Industry. CBRE’s Steve Young, Bob Goodmanson and Brad Schneider represented both CapRock Partners and the seller, a local investor, in this transaction.
NEW YORK CITY — GFI Realty Services has brokered the sale of two office properties located at 40 W. 38th St. and 144 W. 37th St. in Manhattan’s Garment District. An undisclosed buyer purchased the properties for $37.3 million, or $1,400 per square foot. The properties total approximately 27,000 square feet and include an additional 18,000 square feet of buildable space. Jermaine Pugh of GFI Realty represented the buyer, while Sylvia Spielman, also of GFI Realty, represented the seller in the deal.
NEW YORK CITY — Margules Properties has acquired a multifamily property located at 86-50 77th St. in the Woodhaven section of Queens. Woodhaven Realty sold the 55,000-square-foot building for $12.6 million. Built in 1928, the property features 60 apartment units. Uri Shoshana of Eastern Union arranged acquisition financing for the transaction, while Ronda Rogovin of Eastern Consolidated brokered the deal.