MANALAPAN, N.J. — Marcus & Millichap has brokered the $11.7 million sale of Tennent 9 Shopping Center in Manalapan. Located at 700 Tennent Road, the 60,000-square-foot center is anchored by NetCost Supermarkets, a European specialty supermarket. The remaining 10 units are leased to a mix of local and regional business, along with a Rite-Aid pharmacy. Alan Cafiero and Ben Sgambati of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
EMERYVILLE, CALIF. — BioMed Realty, a Blackstone portfolio company, has purchased Emeryville Center for Innovation from an undisclosed seller for $135 million. Located in Emeryville, the property currently consists of a 250,000-square-foot, six-story life science office building and adjacent developable land parcels. As part of the transaction, Novartis will enter into a one-year leaseback on the existing building. During this time, BioMed Realty will advance redevelopment plans to transform the building into a Class A+, multi-tenant laboratory and office facility with integrated amenities. The asset also offers the potential to develop approximately 850,000 square feet of additional laboratory and office space on the campus through an existing development agreement with the City of Emeryville. This acquisition allows BioMed, an owner of approximately 4 million square feet of life science office space in the Bay Area, to continue capitalizing on the tenant demand in the San Francisco Bay Area.
VISTA AND SANTA CLARITA, CALIF. — Rexford Industrial Realty has acquired two industrial properties located in Southern California for a total of $12.2 million. Rexford purchased 2455 Ash St. in Vista within the North San Diego County submarket for $6.7 million, or $157 per square foot. Situated on 3.4 acres, the 42,508-square-foot property is fully leased to a single tenant. The building features dock-high loading, 22-foot clearance and a private yard. Additionally, the company acquired 25413 Rye Canyon Road in Santa Clarita within the San Fernando Valley submarket for $5.5 million, or $115 per square foot. Situated on 2.6 acres, the 48,075-square-foot property was currently 40 percent leased at the time of sale.
PERRIS, CALIF. — Progressive Real Estate Partners has brokered the sale of Shops at Ramona Expressway in Perris. A Riverside, Calif.-based private investor sold the asset to a Monterey Park, Calif.-based private investor for $3.5 million, or $352 per square foot. Built in 2007 and located at 780 Ramona Expressway, Shops at Ramona Expressway features 9,808 square feet of retail space. At the time of sale, the property was 100 percent occupied. Greg Bedell of Progressive Real Estate Partners represented the seller, while Shane Delaney of REeBroker Group represented the buyer in the transaction.
WAYNE, N.J. — Marcus & Millichap has arranged the $19.2 million sale of the BP Lubricants USA Inc. headquarters in Wayne. The 100,000-square-foot property sits on more than 10 acres of land and is occupied by BP Lubricants’ lab technicians, engineers, analysts, upper management and corporate services as well as the Castrol Oil top sales team. BP has made a significant investment in the building, including renovations to the second and third floors as well as the expansion of lab and testing operations spaces. Alan Cafiero and Ben Sgambati of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was a private investor in a 1031 exchange.
DENVER — Inland Private Capital Corp. (IPC) has completed the sale of two multifamily properties in Denver, Ascent Uptown and Emerson Lofts, for $21.8 million. IPC, through its subsidiary which serves as asset manager, facilitated the sale of the properties on behalf of Denver Multifamily Portfolio DST, one of its 1031 investment programs. Located at 1691 Franklin St., the three-story Ascent Uptown features 22 residential units. The property also has 4,988 square feet of retail space, currently leased to coffeeshop/bakery Olive & Finch and Patxi’s Pizza. The property was constructed in 2013. Also constructed in 2013, Emerson Lofts offers 42 multifamily units and 42 basement garage parking spaces. The property is located at 777 Emerson St. At the time of sale, Ascent Uptown was fully leased and Emerson Lofts was 97.6 percent leased.
SEATTLE — Cadence Real Estate has completed the disposition of Sunset Villa, an apartment building located at 3736 24th Ave. in Seattle’s Ballard neighborhood. Marysville Apartments LLC acquired the property for $5.4 million, or $320,588 per unit. Built in 1963, the four-story Sunset Villa features 12 one-bedroom and five two-bedroom units. The seller recently completed a significant renovation to both the common areas and individual units of the building. Renovations included vinyl-plank flooring, quartz counter tops, new cabinets, stainless steel appliances, light fixtures and bathroom vanities and tub surrounds. Tim McKay, Dan Chhan and Sam Wayne of Colliers International, in collaboration with Spencer Clark of Marcus & Millichap, brokered the transaction.
WEST HOLLYWOOD, CALIF. — Safco Capital Corp. has purchased a retail parcel, located at 8330 W. Santa Monica Blvd. in West Hollywood. Mayfair Realty sold the asset for $25.2 million. A 17,833-square-foot Gelson’s Market, a gourmet grocery store, occupies the building situated on the 1.25-acre site. David Swartz of Crosbie Gliner Schiffman Southard & Swanson represented the buyer in the deal, which was structured as a sale-leaseback transaction.
DENVER — Nexus Commercial Realty has arranged the sale of a multifamily building, located at 8770-8780 Galen Court in Denver. An undisclosed buyer acquired the 38-unit property from 71st & Lowell Apartments LLC for $4.7 million. The 30,802-square-foot property features 12 one-bedroom/one-bath and 26 two-bedroom/one-bath units. The property underwent recent renovations include new roofs, windows, boilers and decks, as well as 54 off-street parking spaces in a re-striped parking lot. Jason Koch of Nexus represented the seller in the deal.
IOWA AND WISCONSIN — HREC Investment Advisors has brokered the sale of a three-property Hampton Inn portfolio in Iowa and Wisconsin. The portfolio included a 135-room hotel in West Des Moines, a 122-room hotel in Appleton and a 119-room hotel in Brookfield. Denver-based Walker Reynolds acquired the select-service portfolio. HREC represented the seller, affiliates of The Raymond Group and North Central Group, both headquartered in Madison, Wis.