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Ridge Sells 490,000 SF Industrial Campus in Tampa Bay Area

by Camren Skelton August 23, 2018

LAKELAND, FLA. — Ridge, the industrial development arm of Transwestern Development Co., has sold Lakeland Logistics Center, a 490,000-square-foot industrial campus located at 2015-2025 W. Memorial Blvd. in the Tampa Bay community of Lakeland. Boston-based Cabot Properties acquired the two-building campus for an undisclosed price. Chris Riley and David Murphy of CBRE brokered the transaction. Each building at Lakeland Logistics Center totals 245,000 square feet and is divisible to 44,000 square feet. The buildings each feature front-load or cross-dock capability, 74 dock doors, 32-foot clear heights, 45 trailer parking spaces and a 3.5-acre staging base. Ridge broke ground on Lakeland Logistics Center in 2015 and fully delivered the facilities in early 2017. The project was 50 percent leased at the time of sale to Parksite Inc. and Recleim Nova LLC. Julia Silva Rettig and Jared Bonshire of Cushman & Wakefield are handling the property’s leasing assignment.

August 23, 2018

Acquisitions Florida Office Southeast

CBRE Negotiates $13.1M Sale of Office Building on Florida’s Space Coast

by Camren Skelton August 23, 2018

MELBOURNE, FLA. — CBRE has arranged the $13.1 million sale of Rialto Place, a 150,962-square-foot office building located at 100 Rialto Place in Melbourne, a city on Florida’s Space Coast. Ron Rogg and Chip Wooten of CBRE brokered the transaction on behalf of the undisclosed seller. The name of the buyer was not disclosed. The 10-story office building is home to tenants including Apple, Northrop Grumman, Thales and Leidos. The property is located adjacent to a 240-room Hilton hotel, which features a full-service restaurant and bar and a conference facility.

August 23, 2018

Acquisitions Kentucky Retail Southeast

NAI Isaac Secures $8.5M Sale of Shopping Center in Lexington

by Camren Skelton August 23, 2018

LEXINGTON, KY. — NAI Isaac has secured the $8.5 million sale of Stonewall Shopping Center, a 79,142-square-foot retail center located at 3101 Clays Mill Road in Lexington. Al Isaac of NAI Isaac arranged the transaction on behalf of the seller. Eli Mashni of Keller Williams represented the buyer. Other terms of the deal were not disclosed. Stonewall Shopping Center was 85 percent leased at the time of sale to tenants such as Bargain Hunt, Dollar Tree, Domino’s, Goodwill and Peoples Exchange Bank.

August 23, 2018

Acquisitions California Restaurant Retail Western

Hanley Investment Group Brokers Sale of Two Starbucks Properties in Northern California for $5.5M

by Amy Works August 23, 2018

RIPON AND PARADISE, CALIF. — Hanley Investment Group Real Estate Advisors has negotiated the sale of two newly constructed, single-tenant retail properties in two separate transactions in Northern California. In the first transaction, Bill Asher and Jeff Lefko of Hanley Investment Group represented a Glendale, Calif.-based private developer in the disposition of a 1,550-square-foot drive-thru property located at 338 E. Main St. in Ripon. A Northern California-based private investor acquired the property for $2.7 million, or $1,773 per square foot. Starbucks Coffee occupies the property, which was built in 2018. Steve Zakula of Pacific Union International in San Francisco represented the buyer in the deal. In the second transaction, a Los Angeles-based private investor sold a 2,482-square-foot drive-thru property, located at 6344 Skyway Road in Paradise, to a Sonoma, Calif.-based private investor for $2.7 million, or $1,091 per square foot. Starbucks Coffee occupies the property, which was constructed in 2018. Asher and Lefko of Hanley Investment Group represented the seller, while Harry Dematatis of CBRE represented the buyer in the transaction.

August 23, 2018

Acquisitions California Industrial Office Western

CJ3 Sells 20,329 SF Industrial/Office Building Near San Diego for $3.5M

by Amy Works August 23, 2018

CARLSBAD, CALIF. — CJ3 has completed the sale of a fully occupied industrial property located at 2721 Loker Ave. West in Carlsbad. A private investor acquired the property for $3.5 million. The freestanding building features 20,329 square feet, with 50 percent of the space dedicated to office use and 50 percent dedicated to warehouse space. The office space includes a mix of window-lined private offices, multiple conference/meeting areas and large open collaborative spaces. Dennis Visser and Chris Baumgart of Cushman & Wakefield’s San Diego office represented the seller, while Baugmart also represented the buyer in the deal.

August 23, 2018

Acquisitions Northeast Office Pennsylvania

CBRE Negotiates $8.9M Sale of Flex Portfolio Near Philadelphia

by David Cohen August 22, 2018

BOOTHWYN, PA. — CBRE has negotiated the $8.9 million sale of a two-property flex portfolio in Boothwyn. The portfolio consists of a two-story office building and a single-story industrial facility totaling 50,028 square feet, as well as an adjacent 3.2-acre land parcel. Steve Marzullo and Adam Silverman of CBRE represented the seller, affiliates of RedGo Development. The buyer was an affiliate of SSH Real Estate. Both properties are fully occupied by Pentec Health Inc. The two-story office building was built in 2008 and contains 17,668 square feet of office space. The single-story industrial facility was built in 2006 and contains 32,360 square feet of office, pharmacy, lab and warehouse space.

August 22, 2018

Acquisitions Michigan Midwest Retail

RCG Acquires 224,479 SF Shopping Center in Grandville, Michigan

by Kristin Harlow August 22, 2018

GRANDVILLE, MICH. — RCG Ventures has acquired Grandville Marketplace in Grandville, located about eight miles southeast of Grand Rapids. The purchase price was not disclosed. The 224,479-square-foot shopping center is located just off I-196. Hobby Lobby, Office Max, PetSmart, Cost Plus, Party City and Dollar Tree anchor the property. Amy Sands and Clinton Mitchell of HFF represented the seller, a public REIT.

August 22, 2018

Acquisitions Florida Office Southeast

Avison Young Arranges $16.6M Sale of Office Building in Broward County

by Camren Skelton August 22, 2018

PLANTATION, FLA. — Avison Young has arranged the $16.6 million sale of Pointe 1801, a 99,255-square-foot office building located at 1801 N.W. 66th Ave. in Plantation. David Duckworth, John Crotty, Michael Fay, Greg Martin and Brian de la Fé of Avison Young arranged the transaction on behalf of the seller, a global private equity firm. Zaragon Inc. acquired the property. The transaction represents the final sale of a three-asset portfolio Avison Young listed on behalf of the seller. The three properties, including Southpointe and Pointe Broward, sold separately within one month for a total of $49.3 million. Pointe 1801 was fully leased at the time of sale to two tenants.

August 22, 2018

Acquisitions California Hospitality Western

Alagem Capital Group, Cain International Partner for Ownership of Waldorf Astoria Beverly Hills, Beverly Hilton

by Amy Works August 22, 2018

BEVERLY HILLS, CALIF. — Alagem Capital Group has joined with Cain International as part of an investment partnership to own the Waldorf Astoria Beverly Hills and The Beverly Hilton, two luxury hotels in Los Angeles. As the first of its kind between Alagem and Cain International, the partnership will support the success of the 170-guest room Waldorf Astoria Beverly Hills, located at 9850 Wilshire Blvd., and the future revitalization of the 596-guest room Beverly Hilton, located at 9876 Wilshire Blvd. The partnership values the combined properties at over $1 billion. Specific terms of the partnership were not disclosed.

August 22, 2018

Acquisitions Arizona Hospitality Western

Trimark Property Group Acquires Two Hotels in Metro Phoenix for $22M

by Amy Works August 22, 2018

GLENDALE, ARIZ. — Pacific, Wash.-based Trimark Property Group has purchased two hotels located in Glendale for $22 million. The properties are a Staybridge Suites at 9340 W. Cabela Drive and a Holiday Inn Express & Suites at 9310 W. Cabela Drive. Constructed in 2007 and 2008, the two properties are situated on 4.5 acres and feature a total of 212 guest rooms. James Meng and Jon Grantham of Colliers International Greater Phoenix represented the buyer in the deal. The seller was Columbus, Ohio-based Rockbridge Capital.

August 22, 2018

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