PLANO, TEXAS — EDGE Realty Capital Markets has brokered the sale of Plano Orthopedic, a 21,246-square-foot medical office asset located at 5228 W. Plano Parkway. Wilson Stafford, John Mungioli and Brandon Crow of EDGE represented the seller, Orthopedic Network Ltd., in the transaction. An affiliate of healthcare facilities developer Caddis purchased the property, which currently houses Plano Orthopedic & Sports Medicine Center Inc., for an undisclosed price.
TUSTIN, CALIF. — A private investor has acquired the Palm Gardens Apartment Homes in Tustin for $27.5 million. The community is located at 1132-1220 Bryan Ave. The asset is situated one mile from the 5 and 55 interchange and less than two miles from Tustin Legacy, a master-planned community consisting of 4,500 housing units and a major retail center. Palm Gardens was built in 1963. Tyler Leeson and Alex Mobin of Marcus & Millichap represented both the buyer and the seller, another private investor, in this transaction.
LAS VEGAS — World Investment Network has purchased the Mission Linen building, a 31,000-square-foot facility in Las Vegas, for an undisclosed sum. The facility is situated within the Arts District in Downtown. World Investment Network plans to transform the space into a Class A creative office and entertainment property. It was originally built in 1950. The redevelopment is scheduled for completion in the first quarter of 2018.
MORRISTOWN AND MARYVILLE, TENN. — Chattanooga, Tenn.-based CBL & Associates Properties Inc. has sold College Square and Foothills Mall in Tennessee to New York-based Time Equities Inc. for a combined $53.5 million. Located at 2550 E. Morris Blvd. in Morristown, College Square’s tenant roster includes Belk, Kohl’s, T.J. Maxx, AMC Theatres, Dick’s Sporting Goods, AT&T, GameStop, GNC, Kay Jewelers, Longhorn Steakhouse, McDonald’s, Planet Fitness, Sprint, Subway and Verizon Wireless. Located in Maryville, Foothills Mall’s tenants include Belk, JC Penney, Sears, T.J. Maxx, Air Bounce!, Hallmark, Carmike Cinemas, Chick-fil-A, Finish Line, T-Mobile, Verizon Wireless and Vitamin World. CBL owns, holds interest in or manages 124 properties spanning 76.9 million square feet, including 81 regional malls/retail power centers.
DALLAS — Marcus & Millichap has brokered the sale of five multifamily communities in the Dallas-Fort Worth area for $45.6 million. The company’s Dallas-based Fluellen|Hoover Multifamily investment sales team, led by Nick Fluellen and Bard Hoover, arranged the transaction. The portfolio totals 705 units and includes West Wind, 160 units, Irving; La Jolla Terrace, 340 units, Fort Worth; Castle Glen, 48 units, Garland; Northridge Court, 85 units, Cleburne; and Social House, 72 units, Nacogdoches.
HOUSTON — Lee & Associates has arranged an 8,460-square-foot industrial lease on behalf of the landlord, Liberty Property Trust, at Northgreen Business Park in Houston. The industrial park is located at 1428 N. Sam Houston Parkway East. Ryan Searle and Justin Tunnell of Lee & Associate’s Houston office represented Liberty Property Trust, and Northwinds Commercial Realty LLC represented the tenant, Threading & Sealing Technologies LLC.
COLUMBUS, OHIO — Marcus & Millichap has brokered the sale of Lincoln Village in Columbus for $4.5 million. The 210,036-square-foot shopping center is located at 2769 Northland Plaza Drive. Anchored by Discount Fashion Warehouse, Scare-A-Torium and Family Thrift, the center was 92 percent occupied at the time of sale. Other tenants include GNC, CSL Plasma, Donatos Pizza and Steak ‘n Shake. Erin E. Patton, Scott Wiles and Craig Fuller of Marcus & Millichap marketed the property on behalf of the seller, a New York-based family office. A private local buyer purchased the property.
UPLAND, CALIF. — Laguna Beach-based Wood Investments Inc. has purchased Upland Village, a 153,000-square-foot shopping center in Upland. The company plans to revitalize the intersection of Euclid and Foothill in Upland with the $18.5 million acquisition of the center, which was only 10 percent occupied at the time of the sale. Upland Village, formerly occupied by a 65,000-square-foot Dick’s Sporting Goods, is currently leased to two tenants, 99 Cents Only and Laser Island. The sale also included five residential properties located along Euclid Avenue. Wood Investments Inc. and its partners plan to redevelop the property over time. The first phase will include the addition of Ross Dress for Less, Burlington Coat Factory and Raising Cane’s. Wood Investments Inc. is in the pre-leasing stage for phase two.
CHINO HILLS, CALIF. — Marcus & Millichap has arranged the $4.8 million sale of KinderCare, a 9,640-square-foot, net-leased property located in Chino Hills. Kevin Boeve, Joshua Rey, Pablo Rodriguez and Joshua Alvarez of Marcus & Millichap’s Ontario office marketed the property on behalf of the seller, a private investor. The listing team collaborated with the buyer, a southern California-based purchaser utilizing a 1031 tax-deferred exchange. KinderCare is located at 13815 Peyton Drive.
SAN DIEGO — CBRE has brokered the $1.9 million sale of a 9,840-square-foot strip center in San Diego. The seven-tenant property, located at 3280 Main St., is 83 percent leased. Joel Wilson, Reg Kobzi and Michael Peterson of CBRE represented the seller, 1987 Butler Living Trust, in the transaction. Curtis Gabhart of KW Commercial represented the buyer, Jehan Enterprises.
