RIVERSIDE, CALIF. — Newcastle Partners, in partnership with Sun Life Assurance Company of Canada, has completed the sale of a speculative industrial property nearing completion in Riverside. Situated on 13 acres at 21822 Opportunity Way, the 260,000-square-foot facility is situated within Meridian Business Park. The facility features 32-foot clear heights, an ESFR sprinkler system and a cross-docked design that includes up to 185-foot truck courts. The facility is the third and final phase of activity within Meridian Business Park, a 70-acre site with 1.37 million square feet of industrial space. Phil Lombardo and Chuck Beldon of Cushman & Wakefield represented Newcastle Partners in the transaction.
SAN FRANCISCO — M & J Wilkow, in partnership with National Real Estate Advisors, has completed the sale of 600 Battery Street, a three-story historic office building in San Francisco. Invesco Real Estate and TMG Partners acquired the property for an undisclosed price. The 112,208-square-foot property features a 360-degree view from its rooftop deck and occupies a full city block in historic Jackson Square. The seller originally acquired the office complex in June 2001. Kyle Kovac and Michael Taquino of CBRE’s San Francisco office represented the seller in the transaction.
GARDEN GROVE, CALIF. — SRS Real Estate Partners has brokered the sale of the ground lease for a single-tenant restaurant property in Garden Grove. A Los Angeles-based private non-1031 investor acquired the property from a Los Angeles-based partnership for $3.4 million. Red Robin Gourmet Burgers and Brews occupies the 7,346-square-foot property, which is located at 12007 Harbor Blvd., on a corporate-guaranteed triple-net lease with Red Robin Gourmet Burgers Inc. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller, while Michael Walseth, also of SRS, represented the all-cash buyer in the deal.
PLANO, TEXAS — Metro Dallas-based brokerage firm ESRP has arranged the sale-leaseback of a 1 million-square-foot office and data center campus in Plano, a northeastern suburb of Dallas. The seller/tenant is NTT Data, a Japanese data systems integration company, and the buyer was an undisclosed, San Francisco-based private equity firm. The property includes two data centers and leasable office space and has the capacity for future data center development. Steve Jarvie, Darren Woodson, Karra Guess and Damian Rivera of ESRP represented the seller in he transaction. Paul Moser and Rob Kennedy of Stream Data Centers represented the buyer.
BRANFORD, CONN. — The Geenty Group has brokered the $2.6 million sale of two office buildings in Branford. Located at 21 and 23 Business Park Drive, the properties total approximately 72,000 square feet. 21 Business Park Drive is a multi-tenant flex building while 23 Business Park Drive comprises multiple office and laboratory spaces. Kristin Geenty of the Geenty Group represented the seller, Todd’s Hill Investment Circle LLC, in the transaction. The buyer was Corner Properties LLC.
OAKLAND, CALIF. — CBRE has arranged $35.2 million in financing for the acquisition of The Point at Rockridge, a Class A, 148-unit assisted living and memory care community in Oakland. The borrower is a joint venture between Angelo Gordon & Co. and Auctus Capital Partners. The property is located near the University of California Berkeley in the affluent submarket of Rockridge. Home values in a one-mile radius average over $1 million and the average household income is nearly $130,000 per year. The property has undergone two multimillion-dollar renovations in recent years. The first renovation was in 2013, converting 30 assisted living units into a dedicated memory care wing. The second renovation occurred in 2016, providing updates to interior and exterior common areas, community amenities, units and landscaping. The buyers plan to make further improvements to the community. Integral Senior Living, which has operated the property since 2013, will continue to manage The Point at Rockridge following the acquisition. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the seven-year, fixed-rate Freddie Mac loan with 48 months of interest-only payments.
SAN BERNARDINO, CALIF. — A joint venture between Shaw Development and Penwood Real Estate Investment Management has completed the disposition of a single-tenant industrial asset located at 5080 Hallmark Parkway in the San Bernardino submarket of the Inland Empire. Terms of the transaction were not disclosed. Situated on 7.6 acres, the 197,100-square-foot property is triple-net leased on a long-term basis to Tree Island Steel, a wire products producer. The facility features 25-foot to 30-foot clear heights, 16 dock-high loading doors, two grade-level doors, one door with ramp-to-grade level and low office finish. Andrew Briner and Michael Roberts of HFF, along with Frank Geraci and Juan Gutierrez of Voit Real Estate Services, represented the seller in the deal.
SAN JOSE, CALIF. — Paragon Commercial Group has completed the sale of a ground lease for an In-N-Out Burger located at the corner of Great Oaks Parkway and Cottle Road in San Jose. A private Bay Area buyer acquired the property for $6.9 million. In 2014, Paragon began work to acquire a former parking lot site and concurrently entered into a ground lease with In-N-Out Burger for a single-tenant restaurant. The property is currently under construction and is expected to open in first-quarter 2019. Christopher Sheldon of Cushman & Wakefield represented Paragon, while Andy Chana of Sands Investment Group represented the buyer in the deal.
HACKENSACK, N.J. — NAI James Hanson has negotiated the sale of a 7,800-square-foot industrial/flex building in Hackensack. The sales price was undisclosed. Located at 238 High St., the property includes 16-foot ceilings and three overhead doors. Anthony Cassano of NAI James Hanson represented the seller, High Street Hackensack LLC, in the transaction. The buyer was Hackensack-based Vanore Electric, which was drawn to the property’s sizable footprint and ample truck parking in a highly accessible area, according to NAI Hanson.
GARDEN GROVE, CALIF. — Beverly Hills, Calif.-based Valore Ventures has closed on fee simple interest in four brand-name restaurants in Garden Grove for $13.1 million. The restaurants include Oggi’s Pizza & Brewery, Outback Steakhouse, Red Robin Gourmet Burgers and Brews, and Joe’s Crab Shack. The assets are all subject to ground leases and were built between 2001 and 2008 in conjunction with surrounding development that includes three high-rise hotels in Garden Grove. The properties also feature a 2.8-acre parking lot, which is owned by the nearby Sheraton, Marriott and Delta hotels, but is exclusively for restaurant use. Valore Ventures purchased the site as one large parcel, which the company plans to spilt into four individual parcels for sale. Tom Fazekas of Fazekas Retail Group in San Francisco represented the seller in the transaction.