RENO, NEV. — SVN Commercial Associates has arranged the sale of an office building, located at 9785 Gateway Drive in Reno. An undisclosed buyer acquired the property for $3.9 million. The 18,964-square-foot property is occupied by a single tenant. Casey Prostinak of SVN Commercial handled the transaction.
NORTHRIDGE, CALIF. — Investment Real Estate Associates (IREA) has negotiated the sale of a retail property located at 8800 Tampa Ave. in Northridge. A private individual acquired the property for $9.7 million as part of a 1031 exchange. Petco has occupied the 14,280-square-foot property, which is an outparcel to Costco and adjacent to In-N-Out Burger, since March 2004. Clark Everitt, William Everitt and Jonathan Krikorian of IREA represented the buyer in the deal. The name of the seller was not released.
PORT HUENEME, CALIF. — Surfside Industries LLC has completed the sale of a six-building industrial asset located at 250-278 S. Surfside Drive in Port Hueneme. James Mesa acquired the investment property for $5.1 million. Currently operated as a multi-tenant industrial and RV park, the property is M-1 zoned for manufacturing, processing and distribution use. Chris Roth and Rusty Williams of Lee & Associates Commercial Real Estate Services – North San Diego County, along with John Ochoa of Lee & Associates Ventura, represented the seller. Ventura, Calif.-based The Becker Group represented the buyer in the deal.
WASHINGTON, D.C. — Divco West Real Estate Services (DivcoWest), a real estate investment firm based in San Francisco, has opened an office in Washington, D.C. Located at 1620 L St. N.W., the new location joins the firm’s roster of offices in Boston, Los Angeles and New York. Additionally, DivcoWest has acquired Avalon Woodland Park, a 392-unit apartment community in Herndon, Va., for an undisclosed price. The company purchased the asset in partnership with Arlington, Va.-based Blackfin Real Estate Investors and renamed the property as Adara Herndon. The gated community features a fitness center, resort-style pool, picnic tables and park benches, sand volleyball court, children’s playground and private garages.
FORT OGLETHORPE, GA. — East Meadow, N.Y.-based United Properties has purchased Parkway Plaza, a retail center located at 125-234 Parkway Drive in Fort Oglethorpe. Chattanooga, Tenn.-based CBL Properties sold the asset for $16.5 million. Developed in 2015, the 134,047-square-foot retail center was fully leased at the time of sale to tenants including Hobby Lobby, Marshalls, Petco, Rack Room Shoes and Ross Dress for Less. Fred Victor of Transwestern handled the disposition and all-cash acquisition.
ORLANDO, FLA. — Pacer Properties has purchased a two-building office portfolio located within Orlando’s SouthPark Center, a suburban master-planned business center near Orlando International Airport. AEW Capital Management sold the asset for an undisclosed price. Located at 700 and 800 SouthPark Center and totaling 151,479 square feet, the properties are 100 percent leased to a diverse group of tenants, including Catamaran (a subsidiary of UnitedHealth Group), Walgreens and Banco de Brasil. Michael Lerner, Mike Davis, Rick Brugge of Cushman & Wakefield’s Capital Markets team represented the seller in the transaction.
MINNEAPOLIS AND MILWAUKEE — R2 Cos. and Skydeck LLC have acquired an 11-building, 525,000-square-foot office portfolio in Minneapolis and Milwaukee. The Minneapolis properties are located in the Northeast Arts District. Tenants include Blu Dot, Tactile Medical, Anagram International, Object Partners, AON, Sociable Cider Werks, Bauhaus Brew Labs and Dogwood Coffee.The Milwaukee property is The Tannery, a creative office campus in the Walker’s Point submarket. Advocate Aurora Health anchors the property. The portfolio was 95 percent leased at the time of sale. The buyer plans to make significant improvements via new amenities such as bike rooms, fitness centers and dedicated outdoor space. The purchase price was in excess of $60 million.
SAN FRANCISCO — Nahla Capital has completed the sale of 30 rental apartment buildings in San Francisco. An undisclosed buyer acquired the assets for $260 million. Carl Schwartz, Matt Scoville, Michal Baum and Ida Phair of Hunton Andrews Kurth LLP advised Nahla Capital in the transaction.
GREENVILLE, S.C. — TWO Capital Partners has completed the sale of Harbinger, a three-building office campus located in Greenville. CCP Commercial Real Estate acquired the asset for $22 million. Located at the Interstate 385 and North Pleasantburg Drive in Greenville, the property was 93 percent leased at the time of sale. Originally constructed in 1982, the 162,962-square-foot, Class A office campus was fully repositioned in 2017 and 2018 through an approximately $3.5 million capital improvements program. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the seller in the deal.
CEDARHURST, N.Y. — Rosewood Realty has arranged the $3.2 million sale of a three-story apartment building in Cedarhurst, Long Island. Located at 488 Central Ave., the 12,000-square-foot property was built in 1924 and includes eight apartments as well as two ground-floor retail spaces. The retail spaces include a restaurant and a children’s clothing store. Michael Guttman of Rosewood Realty represented both the buyer, PD Central LLC, and the seller, 488 Central Avenue LLC, in the transaction.
