PALMDALE, CALIF. — Marcus & Millichap has arranged the sale of ALDI – Palmdale, a retail center located at 732 W. Rancho Vista Blvd. in Palmdale. The 17,750-square-foot, net-leased property sold for $3.5 million. Richard Vincent and Pablo Rodriguez of Marcus & Millichap represented the seller, a developer, and the buyer, a private investor, in the deal.
STOUGHTON, MASS. — CBRE/New England has arranged the sale of Coppermill Park, a garden-style apartment community located at 3101 Stagecoach Road in Stoughton. Fairfield Residential sold the 154-unit property for an undisclosed sum. Built in 2010, the property consists of three four-story buildings with a mix of 55 one-bedroom apartments, 53 one-bedroom with den units and 46 two-bedroom apartments on 8.6 acres of land. The apartments range in size from 710 to 1,042 square feet. The community was developed under Chapter 40B with 75 percent of the units at market and 25 percent of the units at 80 percent of area median income. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the undisclosed buyer in the transaction.
TAMPA, FLA. — Robbins/Electra America LLC (REM), a joint venture between Robbins Property Associates and its investment partner Electra America, has purchased a 12-property multifamily portfolio in North Carolina and Virginia for more than $400 million. Totaling 3143 units, the communities include seven properties in the Charlotte area, four in metro Raleigh and one in Richmond, Va. The new ownership is planning a multimillion-dollar investment program to upgrade the properties’ kitchens, bathrooms, fixtures, lighting and flooring. Berkadia Commercial Mortgage LLC arranged acquisition financing through Freddie Mac on behalf of REM. With this transaction, REM owns and manages 57 apartment communities totaling 16,689 units.
NEWPORT NEWS, VA. — Savills Studley has arranged the $64 million sale of City Center at Oyster Point, a nine-building mixed-use property located in the Oyster Point District in Newport News. The development was built as a public-private partnership between nine local partners, joint venture equity partner Northwestern Mutual and the city of Newport News. Patricia Earnest, Lindsay Stroud and Stephanie Lynch of Savills Studley, along with local brokerage partner Harvey Lindsay Commercial Real Estate, represented the local partners and Northwestern Mutual in the sale of City Center at Oyster Point to the newly formed Point Hope LLC. The project includes nearly 575,000 square feet of office and retail space, three publicly owned parking garages, 2,700 parking spaces and a 50,000-square-foot conference center managed by Marriott International. The property’s tenants include PNC Bank, Riverside Health System, Morgan Stanley, city of Newport News, The Boeing Co., Siemens and Progressive Casualty. The Peninsula Division of TowneBank and Union Bank & Trust provided acquisition financing for the transaction.
TEMPE ARIZ. — Orion Investment Real Estate has arranged the $2 million sale of Red Devil Center, an 18,170-square-foot shopping center located near Arizona State University in Tempe. Fry’s Food Store shadow-anchors the property, which was 81 percent occupied at the time of sale by tenants including H&R Block, Red Devil Italian Restaurant and Trophy Den. Derek Buescher of Orion represented the seller, John A. Teberg Trust, in the sale of the property to Norte Land Holdings LLC.
LOS ANGELES — A property occupied by fashion house Bijan has traded hands on Rodeo Drive in Los Angeles. An undisclosed investor acquired the property, located at 420 N. Rodeo Drive, in an all-cash transaction. Bijan has operated at the property for more than 40 years, and is the longest standing privately owned designer house on Rodeo Drive. Marc Schillinger, Bryan Ley and Bill Fishel of HFF represented the undisclosed seller in the transaction.
LEAWOOD, KAN. — AMC Theatres (NYSE: AMC) has entered into a definitive agreement to acquire the largest theater exhibitor in Europe, London-based Odeon & UCI Cinemas Group, from private equity firm Terra Firma. The transaction is valued at approximately £921 million, or $1.2 billion. The transaction is comprised of roughly £500 million, or roughly $665 million, for the equity, 75 percent of which is in cash; and 25 percent of which is stock consideration. The deal also includes the assumption of £407 million, or roughly $542 million, worth of net debt. The transaction is contingent upon antitrust clearance by the European Commission and is subject to consultation with the European Works. With 242 theaters and 2,236 screens, Odeon & UCI is currently the number one theater operator in Europe. The combination of AMC and Odeon & UCI will result in AMC’s operation of 627 theaters and more than 7,600 screens in eight countries, making AMC the largest movie theater operator in the world. AMC is also currently in a process to acquire Carmike Cinemas (NASDAQ: CKEC). AMC will continue to be headquartered in Leawood, and Odeon & UCI will continue to be headquartered in London, and will operate as a …
SUNBURY, PA. — Weis Markets Inc., a Mid-Atlantic grocery retailer, has reached an agreement with Food Lion LLC to purchase 38 Food Lion supermarket locations in Maryland, Virginia and Delaware. The assets include 21 stores in Maryland, 13 in Virginia and four in Delaware. This transaction marks Weis Markets’ entry into Virginia and Delaware. Upon completion of the transaction and the purchase of five Mars Super Markets in Baltimore County, Weis will have increased its store count by 25 percent and will operate 202 stores in seven states — Pennsylvania, Maryland, Virginia, New York, New Jersey, Delaware and West Virginia. Weis Markets will convert the 38 stores to its brand upon completion of the transaction. The portfolio sale is part of a previously announced merger agreement between Delhaize Group, a Belgian food retailer with a presence in seven countries on three continents, and Koninklijke Ahold, a Dutch food retailer whose grocery brands include Stop & Shop and GIANT. The international retailers have agreed for their U.S. subsidiaries to sell 86 of their stores to other food retailers such as Sunbury-based Weis Markets.
RICHMOND, VA. — Colliers International has arranged the $81 million sale of a three-property, 818-unit multifamily portfolio in Richmond. The properties include Champions Club, Park West End and Hickory Creek. Will Mathews, Jason Hetherington, Bruce Milam and Jackie Noel of Colliers’ east region multifamily advisory group represented the seller, CORE Realty Holdings Management, in the transaction. Richmond-based McCann Realty Partners purchased the 294-unit Hickory Creek, while Irvine, Calif.-based MDO Capital purchased Champions Club and Park West End Apartments.
NUTLEY AND CLIFTON, N.J. — PB Nutclif I LLC, an affiliate of Prism Capital Partners, has signed a purchase and sale agreement with Hoffmann-La Roche Inc. to acquire the pharmaceutical company’s 116-acre former North American headquarters campus in Nutley and Clifton. At the time of the sale, Hackensack Meridian Health and Seton Hall University committed to leasing two major buildings and 16 acres at the property. The buyer plans to make substantial improvements to convert the leased buildings to accommodate the needs of the new Seton Hall-Hackensack Meridian School of Medicine. Additionally, Seton Hall will co-locate its College of Nursing and School of Health and Medical Sciences at the site, and Hackensack Meridian plans to create a National Health Institute-designated clinical research center at the campus. The sale is expected to close Sept. 30. Financial terms of the deal were not released.
