SALINAS, CALIF. — Pacific Castle has acquired Prune Tree Shopping Center in Salinas from JG Management for $20 million. Located at 17601 Vierra Canyon Road, the 131,000-square-foot property is occupied by Safeway, CVS/pharmacy, McDonald’s, Taco Bell, Starbucks Coffee and AutoZone. Pacific Castle financed the acquisition through a 1031 exchange with existing capital partners. Bryan Ley of HFF represented the undisclosed seller in transaction.
NEW YORK CITY — Sentinel Real Estate Corp. has completed the disposition of a five-building multifamily property, known as the Fort Riverside portfolio, in Manhattan. A group of real estate investors led by Joshua Sternhell and David Katz acquired the portfolio sold for $101.5 million, or $300 per square foot. The 341,148-square-foot portfolio features 289 apartments along Fort Washington Avenue and Riverside Drive at 66-72, 80 and 86 Fort Washington Ave. and 838 and 884 Riverside Drive. Additionally, the assets include a combined 199,000 square feet of air rights. Lazer Sternhell and Peter Vanderpool of Cignature Realty Associates represented the buyers, while Robert Shapiro, Bob Knakal and Jonathan Hageman of Cushman & Wakefield represented the seller in the deal.
WASHINGTON, D.C. — A joint venture between Roadside Development and North America Sekisui House LLC (NASH) has purchased the famous Fannie Mae headquarters campus located at 3900 Wisconsin Ave. in Washington, D.C. The acquisition includes the 228,000-square-foot office building and 10 acres of land. The venture paid a little less than $90 million for the site, according to the Washington Business Journal. Roadside Development is a private adaptive reuse developer, and NASH is the American arm of Sekisui House Ltd., Japan’s largest homebuilder. The companies plan to reposition the campus once Fannie Mae moves its headquarters to its new office tower at 1100 15th St. N.W. in Washington, D.C., which is still under construction.
CHICAGO — Thor Equities has acquired two properties in Chicago’s Fulton Market district for $36.1 million. The properties, 816-820 West Fulton Market and 216-226 North Peoria Street, together total more than 106,000 square feet. Thor plans to convert the historical buildings into prime retail and office properties. Once dominated by cold storage facilities and wholesale meat companies, Fulton Market is filled with restaurants, boutique hotels, residential buildings, art galleries and architectural and creative firms, along with major companies such as Google and Uber. The vacant warehouses on Peoria Street will be combined and expanded to accommodate a five-story mixed-use structure. The West Fulton Market properties will be renovated and repositioned.
MINNEAPOLIS — Marcus & Millichap has arranged the sale of The Pinehurst Building in Minneapolis for $18 million. The 42,104-square-foot mixed-use building is located at 4999 France Ave. South. Matthew Hazelton, Cory Villaume, Sean Doyle and Adam “AJ” Prins of Marcus & Millichap marketed the property on behalf of the undisclosed seller. Sean Doyle, Cory Villaume, Matthew Hazelton, Adam “AJ” Prins, Josh Talberg, Mox Gunderson and Dan Linnell of Marcus & Millichap represented the buyer, a limited liability company.
KENT, OHIO — The Cooper Commercial Investment Group has arranged the sale of Corners and Village at The Cascades of Brimfield in Kent, northwest of Akron, for $15.8 million. The center is anchored by Walmart Supercenter, Kohl’s and Lowe’s, and includes other tenants such as Dollar Tree, Marshalls and Petco. Dan Cooper represented the seller, a private investment group based in Ohio. A New-York-based investment group was the buyer.
CORPUS CHRISTI, TEXAS — Castle Lanterra Properties has acquired Springs at Corpus Christi, a newly built multifamily property located at 5701 Timbergate Drive in Corpus Christi’s South Side region, for an undisclosed sum. Constructed in 2014, the 284-unit property features 17 different studio, one-, two- and three-bedroom floor plans, a resort-style swimming pool, 24-hour fitness center, dog park and complimentary car care area. This property is Castle Lanterra’s second acquisition in the city and its sixth in the state. The name of the seller was not released.
LAGUNA BEACH, CALIF. — Marcus & Millichap has arranged the $19.7 million sale of a 34,478-square-foot Gelson’s Market located along the Pacific Coast Highway in Laguna Beach. Glen Kunofsky and Lior Regenstreif of Marcus & Millichap brokered the transaction. Both the buyer and seller of the property were undisclosed.
MIDDLETOWN, CONN. — CBRE has arranged the sale of Windshire Terrace, an apartment community located in Middletown. Hampshire Properties acquired the 226-unit property from an affiliate of Fairfield Residential for an undisclosed price. Built in 2000, the property features a pool, clubhouse, cyber café, fitness center, playground, picnic areas and leasing office. Jeffrey Dunne, Simon Butler, Biria St. John, Gene Pride and Eric Apfel of CBRE represented the seller in the deal.
WEST CHESTER TOWNSHIP, OHIO — CBRE has negotiated the lease of 90,750 square feet of industrial space for Polymet Corp., a manufacturer of high-performance wire for hardfacing, welding and thermal spraying, at Becknell Industrial’s speculative warehouse building in West Chester Township, about 18 miles north of Cincinnati. Polymet will consolidate two of its West Chester operations to the new Port Union E location that is currently under construction. The building, located on Union Centre Boulevard, will have a total of 138,750 square feet and sit on 9.1 acres. Completion is slated for early next year. Robert Bunton of CBRE represented Polymet in the transaction. Jeremy Kraus of CBRE represented the landlord, Becknell, and is currently marketing the remaining 48,000 square feet for lease.
