AUSTIN, TEXAS — JLL has negotiated the sale of Oak Creek Plaza, a two-story, 50,502-square-foot office building located at 3107 Oak Creek Drive on Austin’s north side. The sale includes the 7.6 acres on which the property is situated. Jeff Coddington and Kevin Kimbrough of JLL represented the seller, Toronto-based Eastbourne Investments. TMF Health Quality, an Austin-based healthcare consulting firm, purchased the property.
HOUSTON — Baker Katz has arranged a 4,243-square-foot lease on behalf of Newk’s Eatery, a Mississippi-based fast casual restaurant chain, in Sugar Land, a southwestern suburb of Houston. The new restaurant, which is scheduled to open in early May, will be situated within Market at Town Center, a retail center located at the intersection of Lexington Boulevard and State Highway 6. Ben Brown of Baker Katz and Jennifer Watson of Newmark Grubb Knight Frank represented Newk’s Eatery in the lease transaction.
GRANTS PASS, ORE. — Mactrust LLC has acquired the 136-unit Riverwood Apartments and Townhomes in Grants Pass for $15.1 million. The community is located at 1625 S.E. N St. Riverwood was completed in stages between 1989 and 1992. The LLC plans to renovate the property. The seller was Camelot 16 LLC. HFO Investment Real Estate executed the transaction.
BIG RAPIDS, MICH. — Signature Associates has arranged the sale of a 35,856-square-foot retail building in Big Rapids in central Michigan. The sales price was not disclosed. The building is located at 706 Perry Ave. Joe Rizqallah of Signature Associates represented the seller, Blackmer-Cosgrove LLC, and the purchaser, Cocca Development. The space will be leased to Dunham Sports.
FOOTHILL RANCH, CALIF. — CalBay Development LLC has acquired, via an off-market transaction, the STNL Outback Steakhouse in Foothill Ranch for $1.85 million. The site sits within the Foothill Ranch Town Center, a 130-acre retail project with tenants including Target, Regal Cinemas, Walmart, CVS, Ralphs, Hobby Lobby, Michaels and Old Navy. Hon Development, part of the original property developer partnership of Foothill Ranch Town Center, was the seller.
IRVINE, CALIF. — Karma Automotive has purchased the 262,463-square-foot Kawasaki USA headquarters in Irvine for $56.2 million. The facility is located at 9950 Jeronimo Road. The luxury hybrid plug-in vehicle manufacturer had previously leased the facility in August 2016. The company plans to add a Branded Experience Center for its new Revero luxury sedan and employee amenities to the facility. Kevin Leonard of Heathwest Realty represented Karma Automotive. CBRE’s Gregg Haly and Jeff Carr represented the seller, Bixby Land Co., in this transaction.
PORTLAND, ORE. — ScanlanKemperBard Cos. (SKB) has sold the historic American Bank Building in Portland’s central business district for $53 million. The 15-story creative office building is located at 621 S.W. Morrison St. The American Bank Building was built in 1914.The property was 61 percent leased to tenants like Wells Fargo and The Department of Justice. HFF’s Nick Kucha represented SKB in the transaction. The firm also recapitalized the property with Lionstone Investments, arranging a four-year, floating-rate loan through CIT Bank for the new partnership. The amount of the financing was not disclosed.
CHICAGO — Federal Realty Investment Trust has acquired Riverpoint Center in Chicago’s Lincoln Park for $107 million. The 211,000-square-foot grocery anchored shopping center sits on 17 acres at the corner of West Fullerton and North Clybourn avenues. Riverpoint Center is currently 97 percent occupied and is anchored by Jewel-Osco, Marshalls and Old Navy. Federal Realty anticipates increasing the value of the property over time through the re-leasing of space currently leased at below market rents and the potential to increase density at the infill site, according to a news release.
MIAMI — ESJ Capital Partners has purchased Jungle Island, an 18-acre zoological park located on Watson Island along the MacArthur Causeway in Miami. The $60 million transaction includes transfer of the existing lease on the City of Miami-owned Watson Island to ESJ Capital, along with assuming existing park debt to the City of Miami, Miami-Dade County and the U.S. Department of Housing and Urban Development (HUD). ESJ Capital will renovate and expand the park in three phases and add a private beach club. The initial phase of the two-year, multimillion-dollar renovation will debut this summer and feature zip lines, children adventure areas, water slides and a crystal lagoon. Enhancements will also be made to the park’s banquet facilities. Jungle Island will continue to be managed by John Dunlap of Iconic Attractions Group, the San Diego-based company currently responsible for the park’s operations and day-to-day administrations.
MADISONVILLE, TEXAS — Marcus & Millichap has negotiated the sale of Corral Plaza, a 12,169-square-foot retail property situated on 2.6 acres at 3303 E. Main St. in Madisonville, approximately halfway between Houston and Dallas. Philip Levy and Chris Gainey of Marcus & Millichap represented the seller, a private investor, in the transaction, and procured the buyer, a limited liability company. At the time of sale, the center was 100 percent leased to tenants such as Subway, Shipley’s Donuts and Electric Vape.
