SAN DIEGO — Colliers International has arranged the sale of a freestanding office building, located at 3850 Fifth Ave. in San Diego’s Hillcrest neighborhood. LuxView Properties sold the asset to the AIDS Healthcare Foundation for $4.8 million. The buyer plans to transform the two-story, 13,253-square-foot building into a mixed-use property with a retail thrift store on the ground floor and medical clinic space above. Marc Posthumus of Colliers represented the seller in the deal.
PHILADELPHIA — Colliers International, in conjunction with Max Spann Auctioneers, has negotiated the $6.5 million sale of an industrial facility in the Nicetown-Tioga section of Philadelphia. Located at 2450 Hunting Park Ave., the property is the former home of metal fabricator Budd Co. The site has been vacant for more than a decade. The property is comprised of six buildings totaling 1,871,911 square feet. Rich Weitzman of Colliers represented the undisclosed seller in the transaction. The buyer was New York-based private equity and development firm Plymouth Group.
CARLSBAD, CALIF. — Cushman & Wakefield has arranged the sale of an office building, located at 2888 Loker Ave. East in Carlsbad. Zoe Office Center LLC acquired the property from Global Carlsbad I LLC for $17.6 million. Aric Starck of Cushman & Wakefield, along with Ron Jacobson of SD Realty Partners, represented the seller in the transaction. The 80,659-square-foot asset consists of more than 70 professional office suites surrounding an outdoor atrium, as well as a two-story parking structure on site. At the time of sale, the property was 99 percent leased.
WILSONVILLE, ORE. — Dermody Properties has acquired Kinsman Logistics Center, a distribution facility located at 27150 S.W. Kinsman Road in Wilsonville. Situated on 8 acres, the 108,698-square-foot property features a 30-foot interior clear heights, EFSR sprinklers, 18 dock-high loading doors, two grade-level doors, generous truck courts and ample parking for automobiles and trailers. At the time of sale, the property was fully leased to Aosom LLC, an online retailer of home décor and other consumers products, which will continue to occupy the facility. Andy Kangas of CBRE brought the opportunity to Dermody Properties. The name of the seller and acquisition price were not disclosed.
SOUTH GATE, CALIF. — Hanley Investment Group has negotiated the $29.5 million sale of The Crossroads at Firestone, a 53,262-square-foot, ALDI-anchored shopping center in South Gate. The property is located on six acres at 5802-5840 Firestone Blvd., 11 miles south of downtown Los Angeles. The Crossroads was built in in 2017 and was fully leased at the time of the sale to tenants including ALDI, AT&T, Bank of America, The Buffalo Spot, Burgerim, Churroholic, Fast 5 Express Car Wash, Flame Broiler, Hiccups Restaurant & Tea House, Jersey Mike’s Subs, La Michoacana Premium, Panera Bread, Pizza Studio, Sherwin-Williams and Tacos El Gavilan. Ed Hanley of Hanley Investment Group represented both the seller, Catellus Development Corp., and the buyer, SAFCO Capital Corp., in the transaction.
CYPRESS, CALIF. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of Cypress Village Shopping Center, a three-building retail asset located at 9515-9575 Valley View St. in Cypress. A Southern California-based private investor acquired the property from Cypress Village Partners LLC for $14.9 million, or $910 per square foot. Situated on 2.4 acres, a variety of restaurants and retailers occupy the 16,433-square-foot property. Current tenants include Pieology Pizzeria, 85°C Bakery Café, Burger Boss, WaBa Grill, Urban Cup and Churned Creamery. Rich Walter, Pat Kent and Parker Walter of SRS Real Estate represented the seller in the transaction.
REDMOND, ORE. — Compass Commercial Real Estate Services has negotiated the $2.3 million sale of an industrial building located in Redmond, approximately 20 miles northeast of Bend, Ore. Located at 2050 SW Deerhound Ave., the property features 13,602 square feet of industrial space. Bruce Churchill of Compass Commercial represented the undisclosed buyer and undisclosed seller in the deal.
KANSAS CITY, MO. — Love’s Travel Stops and Country Stores has purchased 20 acres from Hunt Midwest for its first Kansas City location. Love’s plans to build a 12,000-square-foot building, eight gas pumps, eight diesel bays and a Speedco service center. The property will have room for 80 cars, five RVs and 125 trucks. McDonald’s is expected to be the food concept. The property is expected to open in 2020.
SAN DIEGO — Driftwood Acquisitions and Development (DAD) has entered the California market with the acquisition of Marriott Mission Valley located at 8757 Rio San Diego Drive in San Diego. An undisclosed seller sold the property for $85.7 million. Built in 1988 on a 7.4-acre site, Marriott Mission Valley features 353 guest rooms, more than 37,000 square feet of meeting and event space, Dine Entertain Network Restaurant, M Club Lounge, a business center, fitness center, outdoor swimming pool and convenience store. DAD plans to develop a 130,000-square-foot, 150-key hotel on a 1.7-acre portion of the site. Slated for completion in 2021, the property will include 5,000 square feet of meeting space and a state-of-the-art fitness center.
ARVADA, COLO. — Pinnacle Real Estate Advisors has brokered the sale of an apartment building located at 5351-5361 Everett St. in Arvada. An undisclosed buyer acquired the property for $3 million, or $152,500 per unit. Built in 1961, the property features 20 apartment units. Josh Newell of Pinnacle Real Estate Advisors brokered the transaction.
