sales_and_leases

Passco Cos. Purchases Apartment Community in Tampa Bay for $75M

by John Nelson August 30, 2016

BRADENTON, FLA. — Passco Cos. has purchased ParkCrest Landings, a 400-unit, Class A apartment community located on a 67-acre site at 5725 1st Ave. East in Bradenton, a city in the Tampa Bay area. Passco Cos. bought the asset from the Tampa-based developer, CKT Development, for $75 million. Built in 2015 by CKT Development, the grounds include nine acres of lakes, 1.5 miles of walking trails and 40 acres of nature preserves along a tributary of the Manatee River. The property is also situated next to Tom Bennet Park, a 200-acre park owned by Manatee County. ParkCrest’s community amenities include a resident clubhouse and theater, fitness center, lakeside sundecks, resort-style swimming pools, children’s splash area, 1.2-acre dog park, cyber café, game room and kayak storage. Jamie May of JBM represented Passco and CKT Development in the transaction. Chris Black of KeyBank Real Estate Capital arranged acquisition financing through Fannie Mae on behalf of Passco Cos.

August 30, 2016

California Retail Western

Hanley Investment, Voit Real Estate Arrange $7.6M Sale of Petco Property

by Nellie Day August 30, 2016

REDONDO BEACH, CALIF. — Hanley Investment Group Real Estate Advisors and Voit Real Estate Services have brokered the sale of a single-tenant retail property located at 537 N. Pacific Coast Highway in Redondo Beach. The Beacon Group Inc. sold the property to a Los Angeles-based private corporation for $7.6 million. Built in 1981, the 17,160-square-foot property is net leased to Petco, which has occupied the building for 22 years and recently signed a 10-year lease extension. Ed Hanley and Bill Asher of Hanley Investment Group, along with the seller’s advisor Joe Miller of Voit Real Estate Services, represented both the seller and buyer in the 1031 exchange transaction.

August 30, 2016

Retail Utah Western

CBRE Arranges Sale of Taylorsville Town Center in Utah

by Nellie Day August 29, 2016

TAYLORSVILLE, UTAH — CBRE Group Inc. has arranged the sale of Taylorsville Town Center, a 127,231-square-foot shopping center in Taylorsville, for an undisclosed price. Associated Foods Fresh Market anchors the 97 percent occupied shopping center, which is also home to Rite Aid, The UPS Store, Pizza Hut and Fantastic Sam’s. Brad Lyons and Tim Richey of CBRE represented the seller, Weingarten Realty Investors, in the transaction. Slate Asset Management purchased the property.

August 29, 2016

California Retail Western

Progressive Real Estate, SRS Real Estate Broker $4M Sale of Walmart Building

by Nellie Day August 29, 2016

PERRIS, CALIF. — Progressive Real Estate Partners and SRS Real Estate Partners have arranged the sale of a former Walmart building, located at 2560 N. Perris Blvd. in Perris. A California-based private investor acquired the 127,000-square-foot building from a Santa Monica, Calif.-based private investment firm for $4 million. Built in 1991, the building is easily divisible and features parking for approximately 750 vehicles. Additionally, the building is part of the 292,000-square-foot Spectrum Shopping Center, which is occupied by Cardenas, Dollar Tree, Wells Fargo Bank, Verizon, Taco Bell and Payless ShoeSource. Greg Bedell and Paul Galmarini of Progressive Real Estate Partners and Townsand Cropsey of SRS Real Estate Partners represented the seller, while Drew Wetherholt of Marcus & Millichap represented the buyer in the deal.

August 29, 2016

Multifamily Texas

Bascom Group Purchases 260-Unit Apartment Community in Metro Dallas

by Haisten Willis August 29, 2016

McKINNEY, TEXAS — The Bascom Group has acquired a 260-unit multifamily community located in McKinney. Sperry Van Ness brokered the transaction. John Brownlee and De’On Collins of HFF arranged debt financing from EastWest Bank. James D’Argenio of Bascom sourced and managed the acquisition. Built in 1997, the property consists of 24 two-story residential buildings and one stand-alone leasing center spread across 20 acres. The unit mix comprises 25 percent one-bedroom units and 75 percent two-bedroom units averaging 873 square feet. The seller was also the original developer. Community amenities include a clubhouse, fitness center, pool and tennis court. The property is located 30 miles north of downtown Dallas.

August 29, 2016

Retail Texas

Venture Commercial Brokers Sale of Land in Round Rock for LA Fitness Location

by Haisten Willis August 26, 2016

ROUND ROCK, TEXAS — X Team International partner Venture Commercial Real Estate has represented LA Fitness in a land acquisition in Round Rock for a new location. The 37,000-square-foot gym will be located on a 4.7-acre site at the intersection of East Palm Valley and Grimes boulevards. The new LA Fitness is slated to open in summer 2017. Venture’s John Zikos, Jonathan Cooper and Cheryl Hill, along with Walt Brown Jr. and Tim Dolander of Diversified Partners, represented LA Fitness in the transaction. Brett Baker with HEB Grocery Co. represented the seller.

August 26, 2016

101-195-Franklin-Mills-Blvd-Philadelphia-PA

Northeast Pennsylvania Retail

Benbrooke Sells 223,434 SF Retail Power Center in Philadelphia for $25.8M

by Amy Works August 26, 2016

PHILADELPHIA — Benbrooke has completed the disposition of Franklin Marketplace, a retail power center located at 101-195 Franklin Mills Blvd. in northeastern Philadelphia. PAG Investments acquired the asset free and clear of existing debt for $25.8 million. The 223,434-square-foot center was 88.6 percent leased to a variety of national and regional tenants, including Kaplan, Big Lots, Dollar Tree, Retro Fitness, Harbor Freight Tools and Citizens Bank. Chris Munley, Jose Cruz, Kevin O’Hearn and Michael DiCosimo of HFF represented the seller in the transaction.

August 26, 2016

California Retail Western

Tropical Holdings, Ruffin Tech Center Sell Restaurant Property in La Habra for $3.3M

by Nellie Day August 26, 2016

LA HABRA, CALIF. — Tropical Holdings LLC and Ruffin Tech Center Ltd. has completed the sale of a restaurant property located at 1000 S. Beach Blvd. in La Habra. A Rowland Heights, Calif.-based private investor acquired the property for $3.3 million. The newly constructed, single-tenant, 5,506-square-foot property is absolute triple-net leased to Black Bear Diner. Jeremy McChesney of Hanley Investment Group represented the sellers, while Peter Deltondo of Marcus & Millichap represented the buyer in the transaction.

August 26, 2016

California Retail Western

Arroyo & Co., Colliers Broker Acquisition of 36,816 SF Shopping Center in Oakland

by Nellie Day August 26, 2016

OAKLAND, CALIF. — Arroyo & Co. and Colliers have arranged the acquisition of Shops at Broadway, a newly constructed grocery- and pharmacy-anchored shopping center located in Oakland. A group of San Francisco Bay area developers sold the property to an undisclosed buyer for an unreleased sum. Sprouts Farmers Market, Walgreens, Starbucks Coffee, Chipotle and Sleep Train occupy the 36,816-square-foot center. Pedro Arroyo and David Kram of Arroyo & Co., along with Mark Lewkowitz of Colliers, represented the buyer in the deal.

August 26, 2016

California Retail Western

Shea Properties Adds Four Retailers to Del Sur Town Center in San Diego

by Nellie Day August 26, 2016

SAN DIEGO — Shea Properties has added four new retailers to Del Sur Town Center, a specialty dining and retail development in the master-planned Black Mountain Ranch in San Diego. The new tenants are Sprouts Farmers Market, Orangetheory Fitness, Just Run, a specialty boutique catering to walkers and runners, and Ogden’s Cleaners, an eco-friendly dry-cleaning company. Additional tenants at Del Sur Town Center are Target, CürBar, The Bike Shop and Del Sur Ranch Dental.

August 26, 2016

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