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Phillips Edison Sells 74,393 SF Juan Tabo Plaza in Albuquerque

by Amy Works October 23, 2019

ALBUQUERQUE — Phillips Edison & Co. has completed the sale of Juan Tabo Plaza, an institutional-quality shopping center located at 11000 Montgomery Road NE in Albuquerque. Samco Properties purchased the asset for an undisclosed price free and clear of existing debt. Anchored by Walmart Neighborhood Market, Juan Tabo Plaza features 74,393 square feet of institutional-quality retail space in a mix of grocery, hair salon, restaurants, tax preparation and health tenants. The property has been institutionally owned and maintained since the seller acquired the asset in 2014. Chris Gerard, Ryan Shore, Aaron Johnson and Wesley Gilmer of JLL Capital Markets represented the seller in the deal.

October 23, 2019

Acquisitions California Healthcare Office Western

Meridian Buys Office Building in Orange County for $20.3M, Plans Medical Office Conversion

by Amy Works October 23, 2019

SANTA ANA, CALIF. — San Ramon, Calif.-based Meridian has acquired a two-story office building, located at 3601 W. Sunflower Ave. in Santa Ana, for $20.3 million. The buyer plans to invest an additional $5 million in building improvements to convert the building into a medical office space. Situated on 4.8 acres, the 53,500-square-foot property was originally constructed in 2000 as a special-use building for a culinary and arts school. The school went bankrupt earlier this year, and the building was vacant at the time of sale. During escrow, Meridian secured its first tenant, a large healthcare provider, for roughly half of the building on a long-term lease. The buyer will market the second-floor space, approximately 26,000 square feet, to medical office tenants. Jon Sweeney of Long Beach, Calif.-based CXI Realty and George Thomson of Newmark Knight Frank’s Irvine, Calif., office represented the seller, a local private investor, in the transaction. John Scruggs and Justin Hodgdon of Newmark Knight Frank’s Irvine office represented the buyer. Scruggs and Thomson will manage the continued leasing of the building.

October 23, 2019

Acquisitions California Industrial Western

CenterPoint Properties Acquires 202,522 SF Industrial Facility in Orange County

by Amy Works October 23, 2019

SANTA ANA, CALIF. — CenterPoint Properties has purchased an industrial asset situated on 10.5 acres at 3201 S. Susan St. in Santa Ana for an undisclosed price. This is the company’s second acquisition over 200,000 square feet in Orange County this year. The acquisition price was not released. The 202,522-square-foot property features 24-foot clear heights, drive-around access, several points of entry and 195-foot deep truck courts. The transaction includes a lease-back with The Dixie Group, a carpet and flooring manufacturer. Adam English, Adam Baxter and Jonathan Wolfe of STREAM Capital Partners represented the undisclosed seller in the sale.

October 23, 2019

Acquisitions Illinois Industrial Midwest

Barber Murphy Brokers Sale of 21,000 SF Industrial Building Near St. Louis

by Kristin Harlow October 22, 2019

MILLSTADT, ILL. — Barber Murphy has brokered the sale of a 21,000-square-foot industrial building in Millstadt, about 17 miles southeast of St. Louis. The sales price was not disclosed. The property is located at 600 S. Breese St. In-Land Management Group LLC sold the asset to East Washington Street Property LLC. Barber Murphy represented both parties in the sale.

October 22, 2019

Acquisitions Arizona Multifamily Western

Rincon Partners Sells 202-Unit Centerra Apartments in Scottsdale for $36.2M

by Amy Works October 22, 2019

SCOTTSDALE, ARIZ. — Phoenix-based RP 115 LLC, an entity formed by Rincon Partners, has completed the sale of Centerra Apartments, a multifamily property located at 111000 N. 115th St. in Scottsdale. Phoenix-based Tanbic Edgehill Centerra Apartments acquired the asset for $36.2 million, or $179,455 per unit. Built in 1986, Centerra features 202 apartments in a mix of one- and two-bedroom layouts, averaging 746 square feet. The newly renovated units feature stainless steel appliances, granite countertops, new cabinetry in the kitchens and baths, walk-in closets, wood-style flooring, washesr/dryers and private patios/balconies. Community amenities include two resort-style swimming pools and spas, a fire pit with surrounding seating, barbecue/picnic area, new fitness center, new leasing/business center and an off-leash dog park. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the transaction.

October 22, 2019

Acquisitions Industrial Self-Storage Texas

SmartStop Self Storage Sells 440-Unit Facility in San Antonio

by Taylor Williams October 22, 2019

SAN ANTONIO — SmartStop Self Storage, a self-managed REIT that owns 112 operating and under-development self-storage properties across 17 states and Toronto, has sold a 440-unit facility in San Antonio. The property, which spans 83,400 net rentable square feet, was acquired in January 2016 by Strategic Storage Growth Trust Inc. (SSGT) and was part of the portfolio merger between SmartStop and SSGT that was completed in January 2019. The undisclosed buyer plans to redevelop the site into a mixed-use property with office and multifamily uses.

October 22, 2019

Acquisitions Industrial Nevada Western

RealComm Advisors Arranges $14.9M Sale of 106,680 SF Industrial Asset in Henderson, Nevada

by Amy Works October 22, 2019

HENDERSON, NEV. — RealComm Advisors has arranged the sale of an industrial property, located at 1550 Executive Airport Drive in Henderson. Executive Airport Industrial LLC acquired the asset from DEV Investment for $14.9 million. Situated within AirParc South, the property features 106,680 square feet of industrial space. Greg Pancirov of RealComm Advisors represented the buyer, while Mike De Lew, also of RealComm Advisors, represented the seller in the deal.

October 22, 2019

Acquisitions California Multifamily Western

Joint Venture Sells 88-Unit Cambridge Apartments in Los Angeles for $29.3M

by Amy Works October 21, 2019

LOS ANGELES — A joint venture between NNC Apartment Ventures and Bailard Inc. has completed the sale of Cambridge Apartments, a multifamily complex located in the Sherman Oaks neighborhood of Los Angeles. Interstate Equities Corp. acquired the property for $29.3 million, or $333,523 per unit. Constructed in 1962, the asset consists of two contiguous 44-unit buildings on adjoining parcels near Van Nuys and Ventura boulevards. Joe Grabiec, Kevin Green and Greg Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction.

October 21, 2019

Acquisitions Industrial Self-Storage Washington Western

Marcus & Millichap Brokers $12.7M Sale of Self-Storage Facility in Washington

by Amy Works October 21, 2019

NORTH BEND, WASH. — Marcus & Millichap has negotiated the sale of Eastside Self Storage, a 50,055-square-foot self-storage facility in North Bend. An out-of-state institutional buyer acquired the property for $12.7 million, or $253 per rentable square foot. Located at 1410 Boalch Ave. NW, the facility features 361 self-storage units spread across 6.1 acres. The asset was built in 2005. Christopher Secreto of Marcus & Millichap’s Seattle office represented the seller, a Washington-based limited liability company, and secured the buyer in the deal.

October 21, 2019

Acquisitions Midwest Ohio Retail

Anchor Cleveland Negotiates $3.5M Sale of Property Formerly Occupied by Kmart in Suburban Cleveland

by Kristin Harlow October 21, 2019

SEVEN HILLS, OHIO — Anchor Cleveland has negotiated the sale of a 120,000-square-foot property formerly occupied by Kmart in suburban Cleveland for $3.5 million. The 14-acre sale also included vacant land and existing adjacent buildings. Matt Wilson of Anchor Cleveland represented the buyer, Meijer Stores. Florida-based Kin Properties was the seller.

October 21, 2019

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