SUNNYVALE, CALIF. — A 3.4-acre redevelopment site located at 767-769 N. Mathilda Ave. in the Silicon Valley submarket of Sunnyvale has sold to OTO Development for $21 million. OTO Development plans to build a Hilton Garden Inn on the property, which is currently occupied by the Palladium nightclub, TL Beer Garden and a restaurant. Vince Schwab and Jeffrey Ida of Marcus & Millichap represented both the buyer and seller, Sinogap LLC, a locally based family office, in the transaction. Potential buyers worked with the City of Sunnyvale’s planning commission for the past two years to obtain the necessary approvals and complete the sale, which is part of a 1031 exchange. The replacement properties in the exchange are the Calaveras Park Professional Center, a 21,008-square-foot medical office park in Milpitas, and an apartment complex in San Jose.
KAILUA-KONA, HAWAII – Alexander & Baldwin has acquired five buildings within the Honokohau Industrial Park in Kailua-Kona for $10 million. The buildings are situated on two lots within the 37-acre industrial park. They are centrally located to service both Kailua-Kona and the Kohala Coast. The buildings contain a total of 73,200 square feet and are currently 94 percent leased to tenants in the construction, tourism, food distribution, automotive repair and transportation industries. The purchase was largely financed with sales proceeds from non-income producing properties.
CORAL SPRINGS, FLA. — A joint venture between CREC and Lubert Adler, known as CPAC Royal University LLC, has sold Royal University Plaza in Broward County for $48 million. Located at 2556 N. University Drive in Coral Springs, the shopping center’s tenant roster includes Pet Supermarket, Jimmy John’s, Hertz Rental Cars, Smoothie King and AAA Auto Club. The CREC-Lubert Adler partnership purchased the asset in February 2015 for $26 million and improved the shopping center’s occupancy rate from 45 percent to 97 percent. During its ownership, the joint venture executed a 25,000-square-foot lease with Total Wine & More and a 37,000-square-foot lease with Orchard Supply Hardware.
CHESAPEAKE, VA. — Southeastern has brokered the $38.7 million sale of Greenbrier Square, a 260,602-square-foot shopping center located in Chesapeake, about seven miles south of Norfolk in Virginia’s Hampton Roads area. Principal Real Estate Investors purchased the asset from a regional developer. Anchored by the market’s first Kroger Marketplace, Greenbrier Square was 99 percent leased at the time of sale to tenants such as Dick’s Sporting Goods, HomeGoods, Five Below, Tuesday Morning and Field & Stream. Ryan McArdle, David Rivers and Steve Collins of Southeastern’s investment sales team brokered the transaction.
ATLANTA — Lincoln Property Co. Southeast, in conjunction with its data center division Lincoln Rackhouse and a joint venture partner advised by Bailard Inc., has purchased an 88,000-square-foot data center in Atlanta from The Coca-Cola Co. in a sale-leaseback transaction. Coca-Cola will lease the facility from Lincoln through 2018 as the company continues to migrate its IT apps and data to cloud-based services. The new ownership plans to master lease the data center to a co-location provider once the Coca-Cola lease expires. Located at 40 Perimeter Center E. in Atlanta’s Central Perimeter submarket, the data center has been home to several Coca-Cola divisions over the past 15 years. Lincoln’s Chip Sipple will spearhead leasing locally and will team with Ryan Sullivan of Lincoln Rackhouse to identify national tenants and co-location providers to lease the building. Lincoln has also assumed management of the facility.
NEW YORK CITY — RKF has facilitated the sale of a retail building located at 344-352 E. 149th St. in the South Bronx. An affiliate of ABCAPSTONE acquired the 50,000-square-foot building from 149th Street Realty Corp. for $17.5 million. The buyer plans to redevelop the building, which has the potential for up to 100,000 square feet of retail space. The building is currently occupied by The Salvation Army Family Store and Donation Center. Zach Mishaan of RKF represented the seller and buyer in the transaction.
NEW HAVEN, CONN. — The Connection Inc. has signed a lease for 13,000 square feet of office space at 900 Chapel St. in New Haven. The private, non-profit human service and community development agency will occupy the full penthouse floor at the 142,439-square-foot office tower. Jeffrey Williams and Hollis Pugh of Colliers International Group represented the tenant, while John Keogh of Dow Condon dba Colliers International represented the landlord, PMC Property Group, in the deal.
GARDENA, CALIF. — Terreno Realty Corp. has purchased a 114,000-square-foot industrial building in Gardena for $24.7 million. The building is located at 15913 S. Main St., about 14 miles southwest of Los Angeles. The fully leased, single-tenant facility is situated near the 91 (the Artesia Freeway), 110, 105 and 710 freeways between Los Angeles International Airport and the ports of LA and Long Beach.
NEW BRUNSWICK, N.J. — Sheldon Gross Realty has arranged the sale of a manufacturing facility located at 1007 Jersey Ave. in New Brunswick. Macritchie Storage acquired the 50,000-square-foot building, which sits on 3.8 acres, for $2.7 million. Jonathan Glick of Sheldon Gross Realty represented the undisclosed seller in the deal.
CHICAGO — Snapsheet has signed a 52,000-square-foot office lease at 1 N. Dearborn St. in Chicago. The company provides auto insurance carriers with a virtual claims technology that streamlines the claims process for customers. Snapsheet will be moving from 55 W. Monroe St., where it currently occupies 21,000 square feet. Snapsheet will occupy the new facility starting in January 2018. Brad Serot, Paul Reaumond and Todd Lippman of CBRE represented Snapsheet in the lease transaction. Jack O’Brien and Caroline Colnon of Telos Group represented the landlord, Beacon Capital Partners.