PORTLAND, ORE. — Gramor Development Inc. has sold Timberland Town Center, a 91,000-square-foot shopping center located in Portland, for $43.1 million. A 40,000-square-foot Market of Choice grocery store anchors the center, which is also home to Orangetheory Fitness, H&R Block, Blu Olive Mediterranean Cuisine, B’Tan Sun Studio and Supercuts. JLL Income Property Trust acquired the property. Capital Pacific LLC brokered the transaction.
TARRYTOWN, N.Y. — A joint venture between Tarrytown-based DLC Management Corp. and New York City-based DRA Advisors LLC has acquired a 16-property retail portfolio totaling 4.85 million square feet in New York and Alabama. The portfolio was acquired from DDR. The acquisition will bring DLC’s owned square footage to approximately 21.7 million square feet. The joint venture has plans to re-develop several of the newly acquired centers, and DLC will open a new satellite office in Buffalo, New York, to help facilitate the management of the new properties.
ATLANTA — The Georgia Tech Foundation has finalized its purchase of The Biltmore, a 286,931-square-foot mixed-use property located on West Peachtree Street in Midtown Atlanta. The property features Class A loft office space, three ground-floor restaurants and two restored ballrooms for events. According to the Atlanta Business Chronicle, the asset sold for $64 million. The Biltmore is situated across West Peachtree Street from Technology Square and will serve as an extension of Georgia Tech with a focus on growing startups and attracting corporations. Jay O’Meara, Will Yowell and Justin Parsonnet of CBRE’s Atlanta office represented the seller, Atlanta-based Novare Group.
PISCATAWAY, N.J. — Colliers International has brokered the sale of One Centennial Plaza, a two-building office plaza located off Route 287 South in Piscataway. An Atlanta-based private equity group acquired the property from JPMCC 2005-LDP2 Piscataway Office for $11 million. Connected by a 4,000-square-foot atrium, the 245,106-square-foot plaza is 72 percent occupied by Johnson & Johnson, Paychex and Ingersoll Rand. Jacklene Chesler, Richard Madison, Jonathan Schlussel and Jack Callahan of Colliers represented the seller and sourced the buyer in the deal.
HOUSTON — Lee & Associates’ Houston office has arranged a 16,800-square-foot lease for distribution/warehouse space at 8811 Wallisville Road, Suite D in Houston. Justin Tunnell of Lee & Associates represented the tenant, Flamingos Vintage Kilo, a vintage clothing manufacturer. John Kruse of Holt Lunsford Commercial represented the landlord, Buckhead Houston Industrial Portfolio, in the lease deal.
MANSFIELD, TEXAS — Marcus & Millichap has arranged the sale of 1751 Broad Park Circle, an office property located in Mansfield between Dallas and Fort Worth. The 5,776-square-foot medical office building is situated on one-half acre at the corner of Broad Park Circle South and Regency Parkway in a medical office park. Philip Levy of Marcus & Millichap represented the seller, an unnamed developer, and secured the buyer, a private investor.
DOWNERS GROVE, ILL. — Adelphia Properties has brokered the sale of a newly constructed retail building located at 1201 Ogden Ave. in Downers Grove. A private investor acquired the property from the undisclosed developer for $4.1 million. BMO Harris Bank and Chipotle Mexican Grill occupy the 5,305-square-foot building. Simeon Spirrison and George Spirrison of Adelphia Properties represented the buyer in the deal.
GRESHAM, ORE. — DDR Corp. has acquired Gresham Town Center, a 296,186-square-foot mixed-use center located in the Portland suburb of Gresham, for an undisclosed price. The retail portion of the property is home to tenants including Best Buy, Bed Bath & Beyond, Craft Warehouse, Cost Plus World Market, Old Navy, Ulta Beauty, Panera Bread, Starbucks Coffee, Old Navy, Men’s Wearhouse, Baja Fresh Mexican Grill and Charming Charlie. The center also contains 12,289 square feet of office space. A 45,000-square-foot, single-tenant LA Fitness located north of the center was also included in the sale. Nick Kassab of HFF represented the seller in the transaction, Westlake Realty Group Inc.
CASTLE ROCK, COLO. — Pinnacle Real Estate Advisors LLC has arranged the $6 million sale of 4989 Factory Shops Blvd., a 10,113-square-foot shopping center located in Castle Rock, roughly 30 miles outside of Denver. Tom Ethington and Rob Edwards of Pinnacle represented the undisclosed seller in the transaction. Tenants at the center include MOD Pizza, Jersey Mike’s Subs and AT&T.
FORT LAUDERDALE, FLA. — Stockbridge Capital Group has sold Cypress Park West I and II, a two-building, 225,757-square-foot office complex located at 6700 and 6750 N. Andrews Ave. in Fort Lauderdale. Hollywood, Fla.-based Naya USA Investment & Management purchased the office buildings from Stockbridge for $43.1 million. Ike Ojala, Hermen Rodriguez and Jorge Portela of HFF represented Stockbridge in the transaction. Situated on 18.5 acres adjacent to a Marriott hotel, the properties were 97 percent leased at the time of sale to Microsoft’s Latin American headquarters, Regus, Sprint, MSC Cruises and Southern Auto Finance Co. The complex’s amenities include an on-site café, conference facility, 24/7 security and a 660-space parking facility with electric vehicle charging stations.
