NEWCASTLE, WASH. — RPAI has acquired Coal Creek Marketplace, a 56,000-square-foot grocery-anchored neighborhood center located in the Seattle suburb of Newcastle, for $17.6 million. The center is currently 95 percent occupied and anchored by Quality Food Centers, a subsidiary of Kroger. Shane Garrison and Michael Hazinski represented RPAI in-house in the off-market transaction.
SAN DIEGO — Carlsbad, Calif.-based Capstone Advisors has acquired a retail center located at 10155-10195 Rancho Carmel Dr. in San Diego’s Carmel Mountain Ranch submarket. American Assets Trust sold the 30,421-square-foot property for $12.7 million. Built in 1993, the property is 96 percent leased by tenants, including US Credit Union, Starbucks Coffee, and Oggi’s Pizza and Brewing. Capstone plans to enhance the property by upgrading tenant signage and developing the landscape. Capstone Advisors was represented in-house, while Philip Voorhees of CB Richard Ellis represented American Assets Trust in the transaction.
PEARLAND, TEXAS — Oldham Goodwin Group represented the buyer, a Houston investment group, in the acquisition of Discovery Bay Shopping Center in Pearland. Discovery Bay Shopping Center is a 16,350-square-foot retail center in Pearland. The shopping center is located at the southwest corner of Highway 288 Frontage Road and Discovery Bay Boulevard. It is located in close proximity to the entrance of Shadow Creek Ranch, a 3,300-acre master planned development. Oldham Goodwin Group will oversee property management and retail leasing of Discovery Bay Shopping Center. Bill Pyle of Oldham Goodwin’s Houston office represented the buyer in the negotiation and acquisition of the property.
DALLAS — A joint venture between Triten Real Estate Partners and Convexity Properties has purchased a two-building office portfolio totaling 270,499 square feet at 6060 and 6080 N. Central Expressway in Dallas. Jack Crews, Evan Stone and Lauren Zimmer of JLL sold the property to Triten and its Chicago-based investment partnership on behalf of the previous owner, Dallas-based Prescott Realty Group. Wells Fargo provided financing for the purchase. 6060 N. Central Expressway is an eight-story office property spanning 224,682 square feet. The property was constructed in 1972 and renovated in 2008. In addition, the portfolio includes 6080 N. Central Expressway, with 45,817 square feet on the first floor, topped by three levels of parking. The structure offers an expansion opportunity that could potentially add 290 parking spaces. At the time of sale the office property was 88 percent leased and the parking structure was 100 percent leased to Zenith Education Group
LAWRENCEVILLE, GA. — Bull Realty has brokered the $2.8 million sale of Sugarloaf Walk Shopping Center, a 22,685-square-foot retail strip center in Lawrenceville, a northeast suburb of Atlanta. Sugarloaf Parkway LLC, an investment firm based in New York, purchased the property from Sugarloaf Walk Shopping Center LLC, a private investment firm based in Houston. John Harrison and Frank Meyrath of Bull Realty represented the seller in the transaction.
NAPLES, FLA. — Colliers International has brokered the $2.1 million sale of an 18,645-square-foot, Class A warehouse located at 3600 Westview Drive in Naples. The property is fully air-conditioned and features 20-foot ceilings, a truck well and grade-level overhead doors. The buyer, RICDEN LLC, plans to convert a portion of the warehouse into a fitness and training facility. The buyer also intends to keep Herbeau Creations of America Inc., a sanitary ware and sink distributor, as an industrial tenant. Jim Tamblyn of Colliers International’s Southwest Florida office represented the buyer in the transaction. The seller was Naples-based Baron Investment Corp.
NEW YORK CITY — Treetop Development has completed the sale of a 12-building multifamily portfolio located in Manhattan’s Morningside Heights neighborhood. The portfolio consists of five-story, walk-up apartment buildings featuring a total of 123 residential units and four commercial spaces. Novel Property Ventures acquired the assets for $35 million. The properties include 222 St. Nicholas Ave.; 2268 and 2500 Frederick Douglass Blvd.; 262 W. 115th St.; and 234-262 W. 122nd St. Steven Vegh of Westwood Realty Associates served as broker for both parties in the transaction. Teaneck, N.J.-based Treetop Development originally purchased the properties in 2013 for $22 million.
NORWALK, CONN. — Westport, Conn.-based Vidal/Wettenstein has arranged the sale of an office building located at 185 East Ave. in Norwalk. Harmony LLC sold the property for $1.4 million to Emily Meehan. The two-story property offers 5,600 square feet of office space. Bruce Wettenstein of Vidal/Wettenstein represented the seller, while Susan Cooper of Berkshire Hathaway represented the buyer in the transaction. Richard Lewis of Urban Their & Federer PA provided legal counsel for the seller, while David Stergas of DePanfilis & Vallerie served as legal counsel for the buyer.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a land parcel located at 64 Stanhope St. in Brooklyn. The 3,127-square-foot parcel sold for $1.3 million, or $200 per buildable square foot, in a 1031 exchange. Shaun Riley, Thomas Shihadeh and Daniel Greenblatt of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, while Makan Mostafavi of Marcus & Millichap’s office in Encino, Calif., represented the buyer, a limited liability company, in the transaction.
CHICAGO — AIC Ventures has acquired a six-building portfolio of distribution properties located in Chicago and the surrounding suburbs. The fully occupied, triple-net leased portfolio sold for $14.1 million. All of the properties have recent long-term, triple-net leases. Timothy McJilton and Brett Rodgers of Marcus & Millichap’s Chicago O’Hare office represented the undisclosed seller, while Patrick Dollaghan provided in-house representation for AIC Ventures in the transaction.