MEMPHIS, TENN. — Baceline Investments LLC has purchased Polo Shops, two neighborhood retail centers spanning 28,860 square feet, for $3.8 million. The property is located along a major retail corridor at 7444 Winchester Road in Memphis. An entity known as TOP11 – 7444 Winchester RD LLC purchased the property at foreclosure in February 2014 for $3.1 million, according to the Memphis Daily News.
CHANDLER, ARIZ. — Cohen Asset Management has purchased a 104,352-square-foot manufacturing and distribution building in Chandler for $9.4 million. The building is located at 464 E. Chilton Drive. It was built in 2000. The space is fully leased to Phoenix Packaging LLC. JLL’s Steve Larsen and Bill Honsaker represented both the buyer and seller, GP Investments LLC, in this transaction.
SAN DIEGO — Westcore Properties has purchased a 67,681-square-foot industrial building in the San Diego submarket of Scripps Ranch for $7.3 million. The building is located at 10050 Scripps Ranch Court. The seller, window manufacturer Skagfield, is leasing the property through January 2016. The building will undergo a major rebranding early next year. Todd Murphy of Cushman & Wakefield represented Westcore. Bob Mooney of Colliers International represented Skagfield.
SCOTTSDALE, ARIZ. — Progress Residential has leased 34,558 square feet of office space at Riverwalk Arizona in Scottsdale. The space is located at 7580 N. Dobson Road. Riverwalk Arizona will eventually include about 1.5 million square feet of corporate office and retail space. Progress Residential is one of the largest providers of single-family rental homes in the United States. Matthew Coxhead of Savills Studley represented Progress in the lease. Kurt W. Rosene of Novo Development represented the landlord, the Alter Group.
HOUSTON — The Kinder Family Office has leased the top floor of the newly developed San Felipe Place, a Class A office building located at 2229 San Felipe St. in Houston, with facility space also provided for the Kinder Foundation, a private philanthropic foundation founded by Rich and Nancy Kinder. The foundation and family office will each occupy 50 percent of the 17th floor’s 14,854 square feet. Clark Thompson Jr. and Brad Beasley of Colvill Office Properties represented landlord, Hines, the developer of San Felipe Place, in the lease transaction. The limestone and glass building offers interior parking, a walnut-paneled lobby and neighborhood amenities Rossini Cafe and Cadence Bank. San Felipe Place is pursuing LEED certification. Since the building’s completion in September 2015, the 167,000-square-foot, 17-story development has secured tenants including Knoll, Wareing Athon & Co., and Buck Keenan LLP.
EAST FREETOWN, MASS. — Marcus & Millichap has brokered the sale of Crossroads Common, a retail property located at 1 Chace Road in East Freetown. The 28,000-square-foot asset sold for $2.3 million. The property is occupied by a mix of local and regional tenants, including Crossroads Liquors, Subway and Bristol County Savings Bank. Laurie Ann Drinkwater, Seth Richard and Andrew Gilbert of Marcus & Millichap represented the seller, a local investor, and procured the buyer, a regional business owner, in the transaction.
NEW YORK CITY — Super Fi Emporium has purchased 12,000 square feet of retail space at HAP Investment’s residential building located at 2211 Third Ave. in East Harlem for an undisclosed price. The buyer plans to open a supermarket in the ground-floor retail space of the 120,000-square-foot rental project, which will feature 78,000 square feet of residential space, 12,000 square feet of commercial space, 5,000 square feet of parking and 700 square feet of community facility space. Faith Consolo, Joseph Aquino and Arthur Maglio of Douglas Elliman represented the seller, HAP Investment, and buyer in the transaction.
HAMPTON, VA. — CBRE | Richmond and CBRE | Hampton Roads have brokered the $18 million sale of New Hampton Commons Apartments. The 252-unit apartment community is located at 1482 Queens St. in Hampton. Klein Hampton LLC purchased the asset from New Hampton LP. The apartment community comprises one-, two- and three-bedroom townhomes and was 95 percent occupied at the time of sale. The property features a community clubhouse, amenity deck and swimming pool. Craige Pelouze and Charles Wentworth of CBRE | Richmond, along with Dan Johnson and Hank Hankins of CBRE | Hampton Roads, represented the seller in the transaction.
WASHINGTON, D.C. — Marcus & Millichap has brokered the $3.2 million sale of a 5,440-square-foot vacant retail property located at 1301 H St. N.E. in Washington, D.C. The property, formerly St. John’s Church of God, sold for $2.2 million in 2013. Josh Feldman and Ben Wilson of the Feldman Group, part of Marcus & Millichap’s Washington, D.C., office, represented the seller, a group of attorneys, in the transaction. Feldman and Wilson also procured the buyer, a developer that cited interest in the H Street corridor as the reasoning behind the purchase. The developer plans to raze the property and develop a four-story, mixed-use condominium building with ground-floor retail space at the site. The property is a block from the H Street Country Club, Rock and Roll Hotel and Biergarten Haus.
OAKLAND, CALIF. – Meridian has purchased a 19,202-square-foot medical office building in Oakland for an undisclosed sum. The building is located at 380 W. MacArthur Blvd. Meridian plans to invest about $2.2 million into the building. This is the firm’s first value-add medical office acquisition in the Oakland area. It is Meridian’s first speculative purchase this year. The seller was BIC Oakland.
