RENO, NEV. — Shopoff Realty Investments has acquired Firecreek Crossing, a 348,000-square-foot regional power center located at the intersection of Kietzke Lane and Redfield Parkway in Reno, for $48.5 million. The Walmart and Sam’s Club shadow-anchored center is 71 percent occupied. Tenants at Firecreek Crossing include Ross Dress for Less, TJ Maxx, HomeGoods, Michaels and Ulta Beauty.
FRESNO, CALIF. — An undisclosed buyer has purchased the 284-unit Lakeview Apartments in the Fresno submarket of Lemoore for $17.9 million. The community is located at 333 E. Cinnamon Drive. Lakeview Apartments is situated near Cinnamon Elementary School and Rite-Aid. The largest employer in the area, Lemoore Naval Air Station, is also nearby. The new owner plans to renovate the property’s interior and common areas. Jon Mimms and Ron Harris of Marcus & Millichap’s Institutional Property Advisors (IPA) division represented both the buyer and the seller, B.A.G. Investments, in this transaction.
TEMPE, ARIZ. — ViaWest Group has acquired a 68,000-square-foot retail site located in Tempe for $2 million.The fully occupied property is home to a single-tenant building leased to Title Max, and a multi-tenant automotive repair building, which is home to tenants including Luxury Legends, Babbitt Motor Werks and Euro Motor Works. Mark Wilcke of NAI Horizon represented the seller, a California-based private owner, and Andrew Fosberg of CBRE represented ViaWest Group in the transaction.
TEMPLE TERRACE, FLA. — Cushman & Wakefield has arranged the $27.4 million sale of Riverside at Telecom Park, a 167,744-square-foot, Class A office building located at 12470 Telecom Drive in Temple Terrace. Situated on a 16.8-acre site within Tampa Telecom Park, the property was fully leased at the time of sale to six tenants. Paul Carr and Rick Colon of Cushman & Wakefield represented the seller, Philadelphia-based Equus Capital Partners, which recently invested more than $2 million in capital improvements at the property. The buyer was St. Petersburg-based Cardinal Point Management.
SAN JOSE, CALIF. — Carey Watermark Investors 2 Inc. (CWI 2), a non-traded lodging REIT, has acquired the San Jose Marriott for $154 million. The recently renovated hotel includes 510 guestrooms and is located in downtown San Jose, one of Silicon Valley’s strongest lodging markets. CWI 2 financed the acquisition using $88 million of senior debt. Built in 2004, the San Jose Marriott features 23,000 square feet of meeting and event space, three food and beverage outlets, a concierge lounge, business center, fitness center and an outdoor swimming pool. “Given the limited supply of institutional-quality assets in the Silicon Valley market, the San Jose Marriott represented a unique investment opportunity,” says Michael Medzigian, CEO of CWI 2. “The property is the newest hotel in downtown San Jose and the acquisition adds a top-performing, well-located asset in a high growth market with high barriers to entry to CWI 2’s portfolio.” The hotel is connected to the newly renovated and expanded San Jose McEnery Convention Center and is in close proximity to San Jose State University and attractions such as the Tech Museum of Innovation, the San Jose Museum of Modern Art and the SAP Center, home of the NHL’s San Jose …
UKIAH, CALIF. — Hanley Investment Group has arranged the $15 million sale of Ukiah Crossroads, a 106,460-square-foot shopping center located in Ukiah. Ed Hanley and Kevin Fryman of Hanley represented both the buyer, a San Pedro, Calif.-based private investor, and the seller, Columbus Pacific Properties, in the 1031 exchange transaction. Raley’s Supermarkets anchors the 98 percent occupied center, which is also home to Dollar Tree, O’Reilly Auto Parts, Rue 21, Rent-A-Center, U.S. Cellular and Advance America. The purchase also included a developable 1.39-acre pad site.
SAGINAW, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 141,231-square-foot retail building in Saginaw for an undisclosed price. LNR Partners LLC sold the single-tenant building, located at 3828 Bay Road, to A.T. Frank Floor Covering via Ten-X. The store was formerly occupied by Value City and is situated on a 17.2-acre site. A.T. Frank Floor Covering will occupy the building, which will serve as the company’s seventh location. Rich Deptula of Friedman represented both parties in the transaction.
ST. PAUL, MINN. — Marcus & Millichap has arranged the sale of a 28-unit apartment property in St. Paul for $2.3 million. Birmingham Woods, located at 1424 and 1426 Case Ave., was built in the early 1980s and consists entirely of three-bedroom/one-bathroom units. A private investor purchased the asset from a limited liability company. The seven-building complex features amenities such as a pet play area, courtyard, laundry facility, extra storage and garage parking. Mox Gunderson, Dan Linnell, Josh Talberg and Evan Miller of Marcus & Millichap listed the property on behalf of the seller and procured the buyer.
AVON, CONN. — Midwood Investment & Development has completed the disposition of Shops at Nod Brook, a grocery-anchored shopping center located at 315 W. Main in Avon. A joint venture between Wilder Cos. and Principal Real Estate Investors acquired the 99,788-square-foot property for $29 million. At the time of sale, the property was 91.5 percent occupied by The Fresh Market, Marshalls, Michaels, Top Nail, Music & Arts, Lane Bryant and Great Clips. Jim Koury of HFF represented the seller in the deal. Additionally, Porter Terry and Lauren O’Neil of HFF arranged a five-year, fixed-rate acquisition loan for $16.2 million through a global life insurance company for the buyer.
AUBURN, WASH. — Global real estate investment company Kennedy Wilson has purchased a 430-unit multifamily property in the Seattle suburb of Auburn for $81 million. Belara at Lakeland is a garden-style apartment community built in 2006 on 40 acres within the Lakeland Hills master-planned community. The property features a resident clubhouse, fitness center, outdoor pool and playground and is located in the Dieringer school district. “We are excited to expand our footprint in the Seattle area,” says Shem Streeter, managing director of Kennedy Wilson Multifamily Investments. “This submarket has experienced both high-income job growth and a rapidly growing population, and we will continue to look for opportunities to increase our presence in this area.” Auburn is located at the convergence of the SR-18, SR-167 and I-5, offering access to Seattle, Bellevue and Tacoma. Kennedy Wilson invested $19 million of equity, inclusive of closing costs, and secured a 10-year loan of $62.6 million through Freddie Mac at a fixed rate of 3.6 percent to acquire the property. Kennedy Wilson’s global apartment portfolio includes 135 communities with approximately 26,000 units. The company has an ownership interest in 9,893 units across 39 communities in the state of Washington. — Haisten Willis
