DESTIN, FLA. — Marcus & Millichap has brokered the $3.3 million sale of a 2,960-square-foot Starbucks Coffee located at 10410 US Highway 98 West in Destin. Mike Marzinske, Adam Prins and Matt Hazelton of Marcus & Millichap’s Minneapolis office represented the seller, a private investor, in the transaction. Kirk Felici of the firm’s Miami office assisted in the transaction. Starbucks has seven years remaining on the lease.
ORLANDO, FLA. — Equity Investment Services (EIS) has brokered the $1.9 million sale of Village West, an unanchored retail center located at 6404 W. Colonial Drive in Orlando. The 18,000-square-foot center is leased to tenants such as Cosmo Prof and Coast Dental. Kevin Yaryan and Derek Francis of EIS represented both the buyer and seller in the transaction. EIS also arranged acquisition financing on behalf of the buyer.
NEW YORK CITY — Empire State Realty Trust Inc. has announced that OnDeck Capital Inc. has expanded its headquarters space by approximately 79,000 square feet at 1400 Broadway by in New York. The company, a platform for small business loans, will now occupy 117,000 square feet within the property. Paul Ippolito of Newmark Grubb Knight Frank represented OnDeck in the lease negotiations, while Keith Cody of ESRT, along with Scott Klau, Erik Harris and Neil Rubin of Newmark Grubb Knight Frank, represented the landlord.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of the Vanguard Retail Portfolio, a three-building portfolio in Queens. The properties, which total 44,858 square feet, were sold in all-cash transactions totaling $23.8 million, or $530 per square foot. The 18-unit, 33,698-square-foot property at 221-02/50 Horace Harding Expressway sold for $17 million. The seven-unit, 8,970-square-foot property, located at 137-67/79 Queens Blvd./138-09 84th Dr., sold for $5.6 million. The third property, located at 138-07/11 Queens Blvd., sold for $1.2 million. Thomas Donovan, Stephen Preuss and Brian Sarath of Cushman & Wakefield negotiated the transaction. The buyer was an undisclosed local investor.
WEST ORANGE, N.J. — Marcus & Millichap has brokered the sale of a retail property located at 640-642 Eagle Rock Ave. in West Orange. The 11,348-square-foot property sold for $2.7 million. Michael Lombardi of Marcus & Millichap represented the seller, a private investor, and Michael Rothstein, also of Marcus & Millichap, represented the buyer, a private investor, in the all-cash 1031 exchange.
SUN VALLEY, CALIF. – A 168,000-square-foot manufacturing building in the Los Angeles submarket of Sun Valley has sold to Prologis for an undisclosed sum. The building is located at 9545 San Fernando Road and 9500 El Dorado Ave. It is fully leased to Sugar Foods Corporation. The multi-national food manufacturer has occupied the building for the past 30 years. The property is less than a mile from the 5 and 118 freeway interchange, and less than six miles from Burbank International Airport. CBRE’s Darla Longo, Barbara Emmons, Rebecca Perlmutter Finkel, Greg Geraci and David Harding represented both the buyer and private seller in this transaction.
AUSTIN, TEXAS — Bluerock Residential Growth REIT Inc. has entered into an agreement to acquire Fox Hill Apartments, a 288-unit Class A apartment community in Austin. Bluerock plans to invest $10.6 million to acquire an 85.6 percent indirect joint venture interest in Fox Hill. The joint venture is expected to acquire Fox Hill for $38.2 million. The acquisition will be capitalized with a $26.7 million senior mortgage from Fannie Mae . The loan has a term of seven years with 3.6 percent interest, and will be interest-only for the first two years. Bluerock’s third-party joint venture partners in the transaction are expected to contribute 4.4 percent of the equity. Built in 2010, Fox Hill is a Class A multifamily community featuring one-, two- and three-bedroom unit layouts averaging 1,066 square feet. The community sits on 44 acres and features several amenities.
SAN ANTONIO — ARA has arranged the sale of Regency at Lookout Canyon, a 320-unit, Class A apartment complex located in San Antonio. The property was 95 percent occupied at the time of sale. ARA Newmark’s Patton Jones and Matt Michelson represented the seller, a private investment group out of Atlanta. Salt Lake City-based Bridge Investment Group Holdings was the buyer. Built in 2007, Regency at Lookout Canyon includes one-, two-, three- and four-bedroom units.
WYLIE, TEXAS — Marcus & Millichap has arranged the sale of 1st Wylie Shopping Center, a 12,115-square-foot retail property located in Wylie. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Wayne Bares, also of Marcus & Millichap’s Dallas office, procured the buyer, a local partnership. 1st Wylie Shopping Center is located at 620 N. Highway 78, southwest of East Brown Street. The property includes three freestanding, multi-tenant buildings and is situated on 1.5 acres along a major retail corridor for the city of Wylie. At the time of listing, tenants included Domino’s Pizza, Jackson Hewitt Tax Service, Diamond Nails & Spa and several others.
DUNCAN, S.C. — CBRE has brokered the $12.6 million sale of Duncan Distribution Center, a 350,000-square-foot, Class B distribution center in Duncan, part of the Spartanburg West industrial submarket. Beacon Partners purchased the distribution center, which was fully occupied at the time of sale. Patrick Gildea, Brett Floyd and John Scott of CBRE represented the seller, Duncan Owner Corp., in the transaction. The center is located near I-85, the South Carolina Inland Port in Greer and BMW’s manufacturing plant.