SAN DIEGO — A partnership controlled by R&V Management has acquired 124 units at Central Park La Mesa, a 216-unit condominium community in the San Diego submarket of La Mesa. The community is located at 5636 Amaya Drive. The development was constructed in 1989 and partially renovated in 2006. Condo sales began in late 2006 before they were halted in early 2008. About 92 homes were sold during that time. The remaining 124 homes feature either one or two bedrooms. They average 865 square feet. Community amenities include a clubhouse, fitness center, swimming pool, spa and barbecue areas. The partnership acquiring the units was VLD Sweetwater LP and Central Park Partners LP. The seller was JH/TMP La Mesa, an affiliate of JH Real Estate Partners.
LAKEWOOD, N.J. — HFF has arranged the sale of an industrial flex facility, located at 150 Oberlin Ave. in Lakewood. Cedar Group of NJ LLC purchased the 74,000-square-foot facility free and clear of existing debt from LNR Property LLC for an undisclosed price. Situated on 6.28 acres, the multi-tenant facility was renovated in 2000 and features 20- to 28-foot clear ceiling heights, nine dock-high doors, nine drive-in doors and 116 parking spaces. Current tenants include Ateres Tzipora, NJPD Plumbing & Heating, Dealmed Medical Supplies and Arc of Ocean County. Michael Nachamkin, Jose Cruz, Kevin O’Hearn and Jordan Avanzato of HFF represented the seller in the transaction.
SAN DIEGO — A privately held real estate investment firm based in Georgia has acquired the 284-unit Missions at Rancho Del Oro in Oceanside for an undisclosed sum. The community is located at 4795 Frazee Road. Rancho Del Oro was built in 2001. It features a mix of one- to three-bedroom units. Community amenities include a courtyard pool, spa, barbecue areas, children’s playground, grassy picnic area, a clubhouse building, fitness center, game room, business center and a media room. The seller, a New York-based institutional owner, was represented by Kevin Mulhern, Dixie Hall, Rachel Parsons and Tyler Anderson of the CBRE Multifamily Investment Properties group.
ST. LOUIS — Phillips Edison-ARC Grocery Center REIT II Inc. has acquired Southfield Center, a 109,397-square-foot shopping center in St. Louis, for $18.9 million. The REIT acquired the property from Fortune Southfield Co., a Missouri-based limited liability company. Southfield Shopping Center is fully leased to 19 tenants. A Schnucks grocery store anchors the shopping center. Other tenants at the center include Edward Jones, Jefferson Bank and Trust, Great Clips and FedEx Office.
CHICAGO — Baum Realty Group LLC has arranged a 3,000-square-foot lease for DryHop Brewers in Chicago. The property is located at 3446 N. Southport Ave., between Newport Ave. and Cornelia Ave. The new brewery will be called Corridor Brewery & Provisions and is scheduled to open summer 2015. Will Crowden and Allen Joffe of Baum Realty Group arranged the lease on behalf of DryHop.
TOLEDO, OHIO — Reichle Klein Group has arranged the $3.4 million sale of a 695-unit, self-storage facility in Toledo. Around Town Storage is situated on nearly eight acres. The property is located at 1011 and 1028 S. Holland Sylvania Road. Joe Belinske of Reichel Klein Group represented the seller, Around Town Storage. Farmington Hills, Mich.-based Pogoda Cos. represented the buyer, BF Self Storage.
ORLANDO, FLA. — Chambers Street Properties, an industrial and office REIT, has sold a 124,500-square-foot office building in Orlando for $26.5 million. The property is located at 12650 Ingenuity Drive. The disposition is part of the REIT’s strategy to sell its non-core office assets and purchase industrial assets in the United States, according to Martin Reid, executive vice president and CFO of Chambers Street.
HUNTSVILLE, ALA. — GBT Realty Corp. has signed Sprouts Farmers Market as part of the $16 million Phase II of Strong Station, a neighborhood retail center in Huntsville. The property is located at the intersection of US Highway 72 and Nance Road. Phase II, which spans 95,000 square feet, is nearly 96 percent leased to Sprouts, Hobby Lobby and Another Broken Egg. Phase I, which opened in 2012, includes Academy Sports + Outdoors. Phase II is currently under construction.
RICHARDSON, TEXAS — CBRE Capital Markets has arranged the sale of Collins Square, a 213,864-square-foot office building in Richardson. Pillar Commercial, a Dallas-based real estate investor and operator, teamed with Origin Capital Partners to purchase the asset from StreamCo for an unnamed price. The newly formed joint venture is seeking additional investment. The four-story office building is 87 percent leased to The Travelers Indemnity Co., a wholly owned subsidiary of The Travelers Cos. Inc. Eric Mackey, Gary Carr, John Alvarado and Robert Hill with CBRE Capital Markets’ Dallas office represented the seller.
CLEVELAND — Cooper Commercial Investment Group has arranged the $5.3 million sale of a Walgreens located at 4071 Lee Road in Cleveland. Bob Havasi and Dan Cooper of Cooper Commercial Investment Group in Cleveland represented the seller, a privately owned investment group out of New York. A Florida-based private investor purchased the property. The building was sold at 94 percent of its original list price, representing a 6.9 percent capitalization rate. Walgreens is on a 20-year, corporately guaranteed, triple-net-lease with approximately seven years of original term remaining. The freestanding building was built in 2002.