SAN DIEGO — The Kashani Family has purchased The Scripps Collection, a 47,302-square-foot office property in the San Diego submarket of Scripps Ranch, for $10 million. The property is located at 9775 Businesspark Ave. and 10021 Willow Creek Road. It was built in the mid- to late 1980s. The Scripps Collection is fully leased. Peter Curry and Duncan Dodd of Cushman & Wakefield represented both the buyer and seller, HighBrook, in this transaction.
SAN DIEGO — Retail Opportunity Investments Corp. has acquired Torrey Hills Corporate Center, a 23,595-square-foot office property in the San Diego submarket of Del Mar Heights, for $9.8 million. The property is located at 11250 El Camino Real. It was about two-thirds vacant at the time of sale. Peter Curry and Duncan Dodd of Cushman & Wakefield represented both the buyer and seller, HighBrook Investors, in this transaction.
EL SOBRANTE, CALIF. — El Sobrante Partners LLC has acquired a 30-unit apartment building near Berkeley for $6.5 million. The community is located at 4350 San Pablo Dam Road in the Contra Costa submarket of El Sobrante. Matt Ziegler, Jeff Louks and David Wolfe of Marcus & Millichap represented both the buyer and seller, another LLC, in this transaction.
SAN ANTONIO — Drake Commercial Group and Transwestern have arranged a new lease for the Vista Corporate Center, a 157,472-square-foot, Class A office property located at 13805 Interstate 10 Frontage Road in San Antonio. Dan Pollard of JLL represented the tenant, San Antonio-based financial advisor USAA, which will occupy the entire building. Deborah Bauer of Drake Commercial Group and Russell Noll of Transwestern represented the landlord, sn15000IH Ltd.
MIDLAND, TEXAS — JLL has arranged the sale of Ranchland Apartments, a 204-unit, 16-building multifamily property situated on 6.8 acres at 1212 E. Wadley Ave. in Midland. Scott LaMontagne, Moses Siller and Zar Haro of JLL represented the seller, Midland Visions 2000, in the transaction. The representative of the buyer, KNAARS Ventures LLC, and other terms of the sale were not disclosed.
BIRMINGHAM, ALA. — CBRE has brokered the $131.6 million sale of 3535 Colonnade, a 669,438-square-foot, Class A office campus in Birmingham. Griffin Capital Corp. purchased the property from Zurich Alternative Asset Management. Southern Co. Services Inc. fully leased the office campus in 2016 on a long-term basis with plans to take occupancy in 2019. Guy Ponticiello, Bruce Westwood-Booth, Jeff Shell, Maury Vanden Eykel and Kyle Sals of CBRE’s Chicago office represented Zurich in the transaction.
CHARLOTTE, N.C. — Cushman & Wakefield has brokered the sale of two apartment communities in Charlotte: the 252-unit Whitehall Estates and the 318-unit Stone Ridge. Gamma Real Estate LLC purchased Whitehall Estates for $30.9 million and Stone Ridge for $43.2 million, according to Charlotte Business Journal. Jordan McCarley and Marc Robinson of Cushman & Wakefield represented the seller, YFP/Yager Properties, in the transaction. Built in 1996, Whitehall Estates was 92.5 percent occupied at the time of sale. Built in 2001, Stone Ridge was 94 percent occupied at the time of sale.
PASADENA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a fee-simple ground lease underlying The Shops on Lake Avenue retail complex on South Lake Avenue in Pasadena. Macy’s anchors the property, but was not included in the sale. The price was not disclosed. Hanley Investment Group’s Carlos Lopez and Lee Csenar represented the seller, Macy’s Inc. The buyer, a private investor in San Diego, was self-represented. Other tenants at The Shops on Lake Avenue include T.J.Maxx, Trader Joe’s, Jos. A Bank, Orvis, Sola Salon, Paul Martin’s, Breakthru Fitness, Corner Bakery, Gymboree, AT&T, Nekter Juice Bar, Pieology Pizzeria, Tokyo Shabu Shabu, Coffee Bean & Tea Leaf, Yogurtland and Massage Envy. The property consists of two parcels totaling 5.3 acres with a total of 131,153 square feet at 345 and 401 S. Lake Ave. Over 61 years remain on the lease term, including two 10-year renewal options and rent increases every five years. All improvements on the property revert to the landowner upon expiration of the ground lease.
LOS ANGELES — Burbank Property Management LLC has acquired a 12-unit apartment building in the Los Angeles submarket of Sherman Oaks for $3.9 million. The community is located at 15059 Burbank Blvd. Janette Monfared of Marcus & Millichap represented the seller, an LLC, in this transaction.
PHOENIX — Southwest Network has leased 18,000 square feet of office space at West 101 Business Center in Phoenix. The center is located at 1840 N. 95th Ave. The Arizona nonprofit organization will relocate from the Garden Lakes area in the Southwest Valley, a smaller space than in the new lease. Michael Waxman of Levrose Commercial Real Estate represented Southwest. Tyler Smith of NAI Horizon represented the landlord, ViaWest Group, in this transaction.
