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Providence Capital Group Divests of Rincon Corporate Plaza in Inland Empire for $11.8M

by Amy Works November 21, 2019

CORONA, CALIF. — San Diego-based Providence Capital Group has completed the sale of Rincon Corporate Plaza, an office building located at 355 E. Rincon St. in Corona. ZHOPE LLC acquired the asset for $11.8 million, or $200 per square foot. At the time of sale, the 58,850-square-foot property was 100 percent leased to 17 tenants, including Lennar Homes, Wells Fargo and Verizon. Anthony DeLorenzo, Gary Stache, Doug Mack, Sammy Cemo and Bryan Johnson of CBRE represented the seller. Shaun Moothart and Jenifer Ansari, also of CBRE, arranged financing for the Corona-based buyer in the transaction.

November 21, 2019

Acquisitions Multifamily Washington Western

IPA Arranges Sale of 129-Unit Orion Apartment Community in Seattle’s South Lake Union

by Amy Works November 21, 2019

SEATTLE — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Orion, an apartment asset located in the South Lake Union neighborhood of Seattle. Vulcan Real Estate sold the property to Belkorp Holdings for an undisclosed price. Completed this year, Orion features 129 apartments and more than 6,000 square feet of street-level retail space. The property is located on the same block as the new Amazon Unicorn building and within blocks of Facebook, Google and Apple. Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of IPA represented the seller and procured the buyer in the deal.

November 21, 2019

Acquisitions California Retail Western

JLL Brokers Sale of 49,149 SF Aliso Creek Shopping Center in Laguna Beach

by Amy Works November 21, 2019

LAGUNA BEACH, CALIF. — LaSalle Investment Management has completed the disposition of Aliso Creek Shopping Center, a retail asset located at 30814-30936 Pacific Coast Highway in Laguna Beach. Although the sale price was not released, it marked the highest price-per-square-foot sold for an anchored shopping center in Orange County, according to JLL, which brokered the deal. Situated on 4.2 acres, Aliso Creek Shopping Center features 49,149 square feet of retail space and was fully leased at the time of sale. Tenants include CVS/pharmacy, as anchor, Yoga Works, Starfish Laguna, Fantastic Sam’s, Pure Pilates, Chase Bank, Hand & Stone, Aliso Beach Animal Clinic and Z-Pizza. Gleb Lvovich, Bryan Ley and Daniel Tyner of JLL Capital Markets represented the seller in the transaction. The name of the buyer was not released.

November 21, 2019

Acquisitions Midwest Office Ohio

Mohr Capital Sells 460,000 SF Office Building in Suburban Cleveland for $61.1M

by Kristin Harlow November 21, 2019

MAYFIELD HEIGHTS, OHIO — Mohr Capital has sold a 460,000-square-foot, net leased office building in Mayfield Heights, a suburb of Cleveland, for $61.1 million. The property is fully leased to Rockwell Automation Inc. Mohr acquired the asset two years ago. Rodrigo Godoi and Kyle Campbell of Mohr represented the company in the sale. There were no brokers involved in the transaction. The buyer was undisclosed.

November 21, 2019

Acquisitions Georgia Industrial Southeast

JLL Brokers $12.6M Sale of Pactiv Distribution Center in Covington, Georgia

by John Nelson November 20, 2019

COVINGTON, GA. — JLL has closed the $12.6 million sale of Pactiv Distribution Center, a 300,000-square-foot, warehouse and distribution facility in Covington, approximately 40 miles east of Atlanta. A partnership between Great Point Properties and The RSP Cos. acquired the 16.4-acre asset, located at 1776 Liberty Drive. The recently renovated facility is adjacent to a rail-served concrete terminal and Interstate 20. The distribution center is fully leased to Pactiv LLC, a global manufacturer and distributor of food packaging and foodservice. The building features 24- to 26-foot clear heights, 170-foot truck court depth, 14 dock doors, one drive-in door and office space. Additionally, the property is less than one mile from Covington Airport and about 45 miles from Hartsfield-Jackson Atlanta International Airport. Britton Burdette, Pete Pittroff and Brent Bono of JLL, represented the seller, IAI Covington LP, in the transaction.

November 20, 2019

Acquisitions North Carolina Retail Southeast

SRS Arranges $5.8M Sale of Newly Built Retail Center in Winston-Salem

by John Nelson November 20, 2019

WINSTON-SALEM, N.C. — SRS Real Estate Partners’ National Net Lease Group has arranged the $5.8 million sale of Shops at Stratford in Winston-Salem on behalf of the seller and developer, Encore Real Estate. The buyer, a private investor based locally, purchased the 13,500-square-foot, multi-tenant retail center in a 1031 exchange. Built in 2018, the property is situated on 1.2 acres and is fully occupied by four tenants including First Watch and Mattress Warehouse. Patrick Nutt and Connor Barton of SRS represented Encore Real Estate, and Steen Spove of Deep River Partners represented the buyer in the transaction.

November 20, 2019

Acquisitions Arizona Multifamily Western

Highline Property Group Acquires Bloom 24 Apartment Community in Phoenix for $17.1M

by Amy Works November 20, 2019

PHOENIX — Denver-based Highline Property Group has purchased Bloom 24, an apartment community in Phoenix. LWH Bloom Apartments 24 sold the property for $17.1 million, or $150,438 per unit. Constructed in 1973 and fully renovated in 2015, Bloom 24 features 114 apartments in a mix of floor plans with stainless steel appliances, designer cabinetry, laminate countertops and breakfast bars. The modernized, loft-style units average 1,100 square feet and feature oversized windows. Community amenities include a swimming pool with cabanas, a fitness center and patio picnic areas. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Milichap, represented the seller and procured the buyer in the deal.

November 20, 2019

Acquisitions Idaho Industrial Self-Storage Western

Watchman Properties Purchases 555-Unit Self-Storage Facility in Metro Boise

by Amy Works November 20, 2019

NAMPA, IDAHO — Watchman Properties has acquired The Storage Co., a self-storage asset located in Nampa, approximately 20 miles west of Boise. A local family sold the property for an undisclosed price. Totaling 95,962 square feet, the self-storage facility features 555 rentable spaces, 408 drive-up, enclosed storage units and 147 outdoor parking spaces. The property also includes 4.5 acres of undeveloped land. Originally developed in 1957 for agricultural use, the asset was converted to self-storage space in 1995. The fully fenced and gated facility features keypad access and 24-hour video surveillance with off-site monitoring. Jordan Farrer and Adam Schlosser of The LeClaire Group of Marcus & Millichap represented the seller, while Andrew Helm, also of The LeClaire Group, procured the buyer in the transaction.

November 20, 2019

Acquisitions Colorado Retail Western

CBRE Brokers $4.1M Sale of E Shops at Mesa Ridge in Fountain, Colorado

by Amy Works November 20, 2019

FOUNTAIN, COLO. — CBRE has arranged the sale of E Shops at Mesa Ridge, a retail center located at 6825 Mesa Ridge Parkway in Fountain. A Los Angeles-based private real estate fund sold the asset to a private discretionary investor for $4.1 million. Built in 2013, the 9,380-square-foot property features five tenant spaces. At the time of sale, the property was fully occupied by Noodles & Co., Sprint, Jersey Mike’s, Sports Clips and H&R Block. Parker Brown, Matthew Henrichs and Brad Lyons of CBRE Capital Markets, National Retail Partners, represented the seller in the deal.

November 20, 2019

Acquisitions Multifamily Southeast Tennessee

Berkadia Arranges $46.5M Sale of Waterford Landings Apartment Complex in Clarksville, Tennessee

by John Nelson November 19, 2019

CLARKSVILLE, TENN. — Berkadia has brokered the sale of Waterford Landings, a 364-unit multifamily property in Clarksville, approximately 50 miles northwest of Nashville. Texas-based apartment management company WAK Management Co. purchased the asset for $46.5 million. Berkadia represented the Arizona-based developer and seller, Stoneleigh Cos., in the deal. Located at 135 Westfield Court, the property features studio, one-, two- and three-bedroom floor plans. Amenities include two swimming pools, laundry facilities and a barbecue area. The property is near Interstate 24 and Route 79, as well as the recently opened LG plant and Google data center. Patrick Jordan of Berkadia’s Memphis office, along with Alex Blagojevich of the firm’s Chicago office, completed the sale.

November 19, 2019

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