SANTA CLARA, CALIF. – Old Mission Center, a 30,000-square-foot office property in Santa Clara, has sold to an unnamed buyer for $7 million. The center is located at 1601 Civic Center Drive. It is situated in Silicon Valley, near the newly built Santa Clara Town Centre. The sale was executed by J.J. Taughinbaugh and Yuri Sergunin of Marcus & Millichap’s Palo Alto office.
HOUSTON — Marcus & Millichap has arranged the sale of Shadowbriar Shopping Center, a 16,400-square-foot retail property located in Houston. James Bell of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a developer. Marc Irvin of Marcus & Millichap’s Atlanta office secured and represented the buyer, a private investor. Shadowbriar Shopping Center is located at 12303 Westheimer Road.
STAFFORD, TEXAS — NAI Partners has arranged the sale of a 58,000-square-foot industrial building in Stafford. The property is located on six acres at 10905 Cash Road. Chris Caudill of NAI Partners represented the buyer, OHK LLC. Marc Drumwright of Southwest Realty Advisors represented the seller, Satake USA Inc.
TITUSVILLE, FLA. — Sean Glickman of Coldwell Banker Commercial NRT and Glickman Retail Group brokered the $16 million of Crossroads Marketplace, an 89,200-square-foot shopping center located at 3065 Columbia Blvd. in Titusville, a town in Central Florida. The asset was 95 percent leased at the time of sale to tenants such as Marshalls, Petco, Parish Medical, AT&T, GNC and Dollar Tree. The asset is also shadow-anchored by a Super Target. The buyer is an international investment firm. Glickman represented the seller, a 106-year-old family-owned company that owns shopping centers in 12 states in the Southeast.
MIAMI — FA Commercial has brokered the sale of retail spaces at Millecento, a 42-story mixed-use tower located at 1100 S. Miami Ave. in Miami’s Brickell neighborhood. A group of unnamed investors based in South America purchased the ground-floor retail spaces, totaling 17,500 square feet, for $10.5 million. Fabio Faerman of FA Commercial represented the buyer in the transaction. Since the sale, Faerman has leased the retail spaces to tenants such as Freddo Gelateria, Pizza Tonda, Prime Cigar and Level 1 Restaurant & Lounge.
JACKSONVILLE, N.C. — Faris Lee Investments has brokered the $7.9 million sale of a single-tenant retail property occupied by Hobby Lobby at 1290 Western Blvd. in Jacksonville. Hobby Lobby has just begun its triple-net, 15-year lease at the newly constructed 55,000-square-foot property. Matthew Mousavi and Patrick Luther of Faris Lee Investments represented the buyer, a private equity fund based in New York, in the transaction. Mousavi and Luther also represented the seller, the North Carolina-based developer of the Hobby Lobby store. The buyer purchased the store at a 6.5 percent cap rate.
MERIDEN, CONN. — Binswanger has brokered the sale of a manufacturing/warehouse facility located at 119 Empire Ave. in Meriden. 119 Empire Avenue LLC purchased the 166,330-square-foot property for an undisclosed price from Atlas Container LLC. Situated on 12.42 acres, the property features an open layout, 26.8-foot clear ceiling heights, heavy power and an active railroad spur. The buyer plans to take occupancy this spring. Jim Panczykowski of Binswanger’s New Haven, Conn., office arranged the transaction.
MOUNT ARLINGTON, N.J. — Gebroe-Hammer Associates has arranged the $11.2 million sale of Shore Hill Apartments, an apartment community located at 500-501 Bensel Dr. in Mount Arlington. The 80-unit community features 64 one-bedroom and 16 two-bedroom units. The undisclosed buyer plans to implement a capital improvement program to renovate and upgrade the property. Stephen Tragash and Joseph Brecher of Gebroe-Hammer represented the seller, the original developer, and procured the buyer.
HARTFORD, CONN. — Meridian Capital Group has arranged a $28.1 million CMBS loan for the acquisition of an office property located at 100 Pearl St. in Hartford. The borrowers are SGS Pearl LLC and Shelbourne Pearl LLC. The 10-year loan, which was provided by a CMBS lender, features a 70 percent loan-to-cost ratio and a fixed rate with two years of interest-only payments. Built in 1989, the 17-story property features 281,000 square feet of office space. On-site building amenities include a parking garage, a fitness center, conference rooms, a food service lounge with seating, an art gallery, building concierge and 24-hour security. Shaya Ackerman, Steven Adler and Jacob Schmuckler of Meridian Capital Group negotiated the transaction.
NEEDHAM, MASS. — RK Centers has purchased a two-story office building, located at 50 Cabot St. in Needham. An affiliate of The Bulfinch Companies sold the 42,000-square-foot property for $9.8 million. KC Centers plans to use the property as its new corporate headquarters. Andrew Sacher of AIS Development represented the buyer in the transaction.