NEWPORT BEACH, CALIF. — Irvine, Calif.-based The Khoshbin Company has acquired three retail properties in Newport Beach from GP’s Landing LLC for $28.9 million. Located at 2751 and 2801 Coast Highway and 2620 Avon St., the properties consist of 29,341 square feet, a marina and include two well-known landmarks — Billy’s at the Beach and The Ritz restaurant, formerly The Chart House. Alton Burgess and Travis Haining of Lee & Associates Newport Beach represented the buyer, while Brian Barson of Lee Newport Beach represented the seller in the transaction.
LA HABRA, CALIF. — Strategic Retail Advisors has negotiated the $8 million acquisition of Northgate González Markets at La Habra Towne Centre in La Habra. Situated on 9.2 acres, the 104,423-square-foot property is occupied by CVS/pharmacy, Petco and Jack in the Box. Nelson Wheeler and Blaine Bush of Strategic Retail Advisors represented the buyer, Northgate González Markets, while Jones Lang LaSalle represented the undisclosed seller.
NEW YORK CITY — Forest City Realty Trust has completed the disposition of a development site located at 625 Fulton St. in Brooklyn. Brooklyn-based Rabsky Group acquired the unencumbered site for $158 million, or approximately $255 per square foot. Forest City originally purchased the property in 1989, and the company demolished the existing 359,000-square-foot office building on the site, with plans to develop a residential tower. Rabsky Group has approximately 1,850 units in the pipeline in Brooklyn and 400 more planned in Queens. The company’s two largest current projects are a 398-unit rental building at 10 Montieth St. and a 777-unit rental property at 249 and 334 Wallabout St. in Brooklyn.
BOSTON AND NEW YORK CITY — Rockville, Md.-based Federal Realty Investment Trust has acquired the 70 percent interest owned by affiliates of a discretionary funded advised by ING Clarion Partners in a joint venture that owns six shopping centers. The purchase price was approximately $154 million, consisting of $130 million of cash and assumption of the allocable share of mortgage debt. The properties include Atlantic Plaza and Campus Plaza near Boston; Greenlawn Plaza on Long Island; Free State Shopping Center and Plaza del Marcado in suburban Maryland; and Barcroft Plaza in Northern Virginia. With this acquisition, Federal Realty has successfully concluded the the venture that was formed in 2004 and increased its ownership of the 820,000-square-foot portfolio from 30 percent to 100 percent.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 199 Malcolm X Blvd. in Brooklyn’s Bedford-Stuyvesant neighborhood. The asset sold for $2.5 million, or $534 per square foot, in an all-cash transaction. The 4,836-square-foot, three-story building features five three-bedroom apartments and two retail units. Michael Amirkhanian of Cushman & Wakefield represented the undisclosed seller in the transaction. The name of the buyer was not released.
ALPHARETTA, GA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $15 million sale of Woodside Terrace, a 123,672-square-foot, Class A office building located at 3755 Mansell Road in Alpharetta, a northern suburb of Atlanta. Ravi Zacharias International Ministries purchased the office building from the undisclosed seller. Built in 1998, Woodside Terrace is a five-story, midrise office property that features masonic construction, two atriums, ribbon windows, a parking field, café, lakeside patio area and a fitness center. Bob Johnson, Gary Lee, Paul Johnson and Korey Prefontaine of IPA represented the buyer and procured the seller.
TAMPA, FLA. — Franklin Street Real Estate Services has brokered the $10.7 million sale of Cedar Cove Apartments in Tampa. The 180-unit apartment community is located at 8741 Grove Terrace. The buyer, Delaware-based Southeast Residential Recovery Fund VIII LLC, plans to renovate unit interiors and upgrade the site and common areas. Matt Kesterson and James Reed of Franklin Street’s Jacksonville office represented the buyer in the transaction. Darron Kattan, Robert Goldfinger, Kevin Kelleher and Zach Ames of Franklin Street’s Tampa office represented the seller, Metis Brentwood LLC.
BOWLING GREEN, KY. — Pierce Education Properties (PEP) has purchased a 756-bed, off-campus student housing community near the campus of Western Kentucky University in Bowling Green. The property, called College Suites, is a 216-unit community located just south of the campus. The garden-style brick project includes three- and four-bedroom units, each with bed-to-bath parity, full-size appliances including washers and dryers in every unit, private balconies, and a resort-style pool with sundeck and hot tub. Beginning in the spring, PEP will add large, flat-screen TVs in each unit. Community amenities include a 24-hour fitness center, basketball and volleyball courts, a stadium-seating movie theater, computer/media center, complimentary tanning beds and high-speed Internet. KeyBank Real Estate Capital provided acquisition financing on behalf of PEP.
LAFAYETTE, LA. — RCG Ventures has purchased Acadiana Square, a 244,768-square-foot power retail center in Lafayette. Located adjacent to Acadiana Mall, the retail center is anchored by T.J. Maxx, Party City, PetSmart and Office Depot. Scott Tarbet represented RCG Ventures internally, and Jim Hamilton and Richard Reid of HFF represented the undisclosed seller.
EL PASO, TEXAS — CBRE has arranged leases for two logistics tenants at 7157 Merchant Ave. in El Paso. The buildings are part of a larger industrial portfolio purchased by Phoenix-based ViaWest Group in 2015. Tianhai Electric North America, an electronic components manufacturer for the automotive industry, leased 21,809 square feet. The El Paso warehouse location will support the company’s Cuidad Juarez operations plant across the U.S./Mexico border. Green Bay, Wis.-based RES Food Products International, manufacturer of pickles, sauces and salad dressings, has leased 20,000 square feet for distribution operations. Since acquiring the four-building, 245,473-square-foot portfolio in March 2015, ViaWest Group has installed new roofing, resurfaced the parking lots and updated the exterior paint. The portfolio is 60 percent occupied. Arturo De la Mora of CBRE’s El Paso office represented the landlord in lease negotiations.