VISTA, CALIF. — Lee & Associates has arranged the sale of a 4.6-acre land parcel located on E. Vista Way and Monte Mar Road in Vista. J&T Business Management purchased the site for $3 million. The buyer has plans to build and operate a gas station and additional retail on the site. Matt Weaver, Al Alpuzzo and Patrick Miller of Lee & Associates – North San Diego County represented the sellers, Monte Mar Land LLC and ALB Land LLC, while Brian Bielatowicz of Lee & Associates – Temecula represented the buyer in the deal.
CHAMBERSBURG, PA. — Bennett Williams Commercial has brokered the sale of Gateway Center, a shopping center located at 400-498 Gateway Ave. in Chambersburg. Gateway Ventures Inc. sold the 49,882-square-foot property to 400 Gateway Associates Inc. for $7.4 million. Chad Stine and Brad Rohrbaugh of Bennett Williams Commercial represented the seller in the transaction.
EATONTOWN, N.J. — The Donato Group has received a $6.7 million loan for the acquisition of a 106,918-square-foot industrial flex property located at 34-38 Industrial Way East in Eatontown. Michael Klein of HFF arranged the five-year, floating-rate loan, provided by Lakeland Bank, for the borrower. The two-building facility features 14 individual flex units ranging in size from 3,000 square feet to 17,000 square feet. At the time of acquisition, the property was 83.6 percent occupied. Current tenants include Paw BioScience, Hanro of Switzerland, Augustine Consulting Inc., Alkaline Corp., KruseCom and Meridian Health.
ATLANTA — Skyline Healthcare LLC will execute a purchase option on the master lease for the nine Arkansas skilled nursing facilities it currently operates for AdCare Health Systems Inc. Skyline will purchase the properties for $55 million. Skyline was brought in as the new manager of the nine facilities on April 1. The company expects to complete the purchase by Aug. 1. AdCare, a publicly traded skilled nursing investor, will use $30 million of the proceeds to repay mortgage debt on the nine properties. The Atlanta-based firm will use the remaining money for general corporate purposes.
CHARLOTTE, N.C. — CBRE has brokered the sale of Lakemont West Business Park, a 970,000-square-foot industrial asset located in Charlotte’s Southwest submarket. The property was 84 percent leased at the time of sale, with more than half of the property coming to term within the next five years. Patrick Gildea, Bryan Crutcher and Anne Johnson of CBRE’s national partners team represented the seller in the transaction. Jeffrey Dunne of CBRE’s New York institutional properties team represented the buyer, an entity controlled by Hartz Mountain Industries, which has retained Jim Gunning and Donna Falzarano of CBRE’s capital markets debt & structured finance team to secure financing for the asset.
TOLEDO, OHIO — The Cooper Commercial Investment Group has negotiated the sale of Great Eastern Shopping Center, a 335,000-square-foot retail center in Toledo for an undisclosed price. Super Dollar Tree, Dollar General and McDonald’s anchor the retail property. A New York-based private investment group acquired the property from a large institutional seller out of New York. Bob Havasi and Dan Cooper of Cooper Commercial Investment Group represented the seller in the transaction.
LOS ANGELES — California Landmark Group (CLG) has acquired the 120-unit Lafayette Park Apartments in the downtown Los Angeles submarket of Koreatown for $23.7 million. The community is located at 349 S. Lafayette Park Place. Lafayette Park was built in 1971. CLG will implement a $4 million capital improvement program over the next several years. The plan will include extensive renovations to the building’s exterior, pool area and clubhouse. Interior unit improvements will include new appliance packages, stone countertops, cabinetry, flooring, lighting and fixtures. The acquisition was financed with a $17.5 million first mortgage loan from Mesa West Capital. Stewart Weston of Marcus & Millichap represented CLG in this transaction. The seller was a private investor.
DENVER — Akerman LLP is relocating its offices to a 23,762-square-foot space at 1900 16th St. in Denver’s LoDo Historic District. The law firm is moving from a 14,658-square-foot space at 1400 Wewatta St. The new office accommodates 25 lawyers and patent professionals. Akerman will assume the lease on July 1. It will move in by the end of the year when its current lease expires. Franklin Street represented the firm.
DALLAS — Graham Johnston of Henry S. Miller’s investments/land division has arranged the sale of two apartment properties in Dallas known as Shadow Apartments and Bennett Place. Rick Scheurer of CMS Strategic Partners sold the properties to an undisclosed buyer. The Shadow Apartments spans 8,000 square feet at 4322 Bowser Ave. in Uptown Dallas, and Bennett Place includes 10,500 square feet at 1417 Bennett Ave. in east Dallas.
GROVE, OKLAHOMA — Marcus & Millichap has negotiated the sale of a 9,196-square-foot Family Dollar in Grove. Tom Mann of Marcus & Millichap’s Tulsa office marketed the property on behalf of the seller, an individual/personal trust. Family Dollar was built in 2005 and is located at 1638 N. U.S. Hwy 59. Grove serves a portion of northeastern Oklahoma and derives business from its location extending from a portion of the east shore of Grand Lake, a major area of lake recreation serving Tulsa and surrounding towns.