sales_and_leases

Blackstone Buys Market Center in San Francisco

by Nellie Day July 1, 2016

SAN FRANCISCO — Blackstone has purchased Market Center, a 753,000-square-foot office project in downtown San Francisco, for an undisclosed sum. The two-building project is located at 555 and 575 Market St. The campus was 93 percent leased at the time of sale. Market Center is home to Uber, TIBCO Software, PNC Bank and Bank of San Francisco. It will soon serve as the Northern California regional headquarters for Equity Office. Equity Office, a wholly owned affiliate of Blackstone Real Estate Partners, will manage the on-site team. Blackstone represented itself in the transaction, while Eastdil Secured represented the seller, John Hancock Real Estate, the U.S. division of Manulife Financial Corporation. CBRE’s Bill Cumbelich, Tom Poggi and Alexis Walsh will handle leasing.

July 1, 2016

California Office Western

NGKF Completes Sale-Leaseback of School Campus in Solana Beach for $6.2M

by Nellie Day July 1, 2016

SOLANA BEACH, CALIF. — Newmark Grubb Knight Frank (NGKF) has arranged the sale-leaseback of a three-building school campus located at 1010 Solana Drive in Solana Beach. LePort Real Estate LLC sold the 15,881-square-foot property to an intermediary for Builders Trust for $6.25 million. The property is fully occupied LePort Educational Institute Inc. Nick Carey, Byron Foss, Wade Tift and Brent Bohlken of NGKF represented the seller, while Commercial Asset Group represented the buyer in the transaction.

July 1, 2016

California Retail Western

Matthews Retail Advisors Negotiates $3.6M Sale of 7-Eleven Property in Carlsbad

by Nellie Day July 1, 2016

CARLSBAD, CALIF. — Matthews Retail Advisors has brokered the sale of a retail property located at 5802 Van Allen Way in Carlsbad. A private family partnership acquired the 3,260-square-foot property from a private seller for $3.6 million. Aron Cline and Matt Coates of Matthews Retail Advisors represented the seller in the deal.

July 1, 2016

California Retail Western

Faris Lee Investments Brokers $5M Sale of Retail Property in Moreno Valley

by Nellie Day July 1, 2016

MORENO VALLEY, CALIF. — Faris Lee Investments has arranged the sale of a Rite Aid property located at 24991 Alessandro Blvd. in Moreno Valley. Karaglanov Trust acquired the asset from P&A Development for $5 million. Built in 1998 and situated on 1.66 acres, the property features 16,730 square feet of retail space. Jeff Conover of Faris Lee represented the seller, while Century 21 Golden Realty represented the buyer in the deal.

July 1, 2016

Indiana Midwest Retail

CBRE Arranges Sale-Leaseback of 19 Facilities Operated by Raben Tire Co.

by Christina Cannon July 1, 2016

EVANSVILLE, IND. — CBRE has assisted Raben Tire Company Inc. in the sale-leaseback of 19 property across five states. A private REIT, Broadstone Net Lease, acquired the assets, which are located in Arkansas, Illinois, Indiana, Kentucky and Missouri. The properties total 450,711 square feet. Raben Tire Co. currently operates 28 stores, three retreading facilities and two wholesale distribution centers. Andrew Sandquist, JC Asensio and Briggs Goldberg of CBRE’s Chicago office, along with Chris Bosworth, Will Pike and Brian Pfohl of CBRE’s Atlanta office, represented Raben Tire Co. in the transaction.

July 1, 2016

Illinois Midwest Multifamily

Interra Brokers $3.5M Sale of Three Chicago Properties

by Christina Cannon July 1, 2016

CHICAGO — Interra Realty has brokered the sale of a three-property portfolio located in Chicago’s Jefferson Park neighborhood for a total of $3.5 million. The properties include a mixed-use asset at 5802 W. Catalpa Ave. that sold for $2.1 million, and two multifamily properties located at 5402 W. Windsor Ave. and 4518 N. Long Ave. The multifamily properties sold for $657,500 and $702,500, respectively. The portfolio included a total of 32 apartment units and eight commercial spaces. Joe Smazal of Interra Realty represented both undisclosed parties in the transaction.

July 1, 2016

Florida Office Southeast

SunTrust Sells Namesake Office Complex in Fort Lauderdale to Steelbridge Capital for $90M

by John Nelson July 1, 2016

FORT LAUDERDALE, FLA. — SunTrust Bank has sold SunTrust Center, a two-building, 270,000-square-foot office complex located at 501 and 515 E. Las Olas Blvd. in Fort Lauderdale. Steelbridge Capital purchased the asset for $90 million, according to South Florida Business Journal. The transaction is the largest office building to trade in Broward County’s Downtown submarket in the past 12 months, according to Steelbridge Capital. The asset was 77 percent leased at the time of sale. As part of the transaction, SunTrust committed to long-term retail and office leases in both buildings. Steelbridge Capital plans to implement a multi-million renovation of SunTrust Center, including technology upgrades and aesthetic renovations to the lobby and select common areas. Christian Lee, Amy Julian and Jose Lobon of CBRE arranged a $75.4 million acquisition loan through The Blackstone Group on behalf of Steelbridge Capital.

July 1, 2016

Arizona Loans Multifamily Seniors Housing Western

CBRE Secures $80M Acquisition Financing for Seniors Housing Communities in California, Arizona

by Nellie Day June 30, 2016

THOUSAND OAKS, CALIF., AND SCOTTSDALE, ARIZ. — CBRE has arranged $80 million in financing for a joint venture between Blue Moon Capital Partners and Belmont Village Senior Living. The JV will use the funds to purchase an assisted living and memory care portfolio consisting of Belmont Village Thousand Oaks in metro Los Angeles and Belmont Village Scottsdale in the Phoenix suburb of Scottsdale. The seven-year, fixed-rate loan includes 48 months of interest-only payments. A life insurance company provided the funds. The two communities total 275 units and Belmont Village will continue to operate the properties. The California location was built in 2011 and the Arizona location in 2012. Aron Will, vice chairman of CBRE National Senior Housing, arranged the financing.

June 30, 2016

California Retail Western

SVN | The Kase Group Brokers $25.5M Sale of Home Depot Property in Santa Clara

by Nellie Day June 30, 2016

SANTA CLARA, CALIF. — SVN | The Kase Group has arranged the $25.5 million sale of a 95,700-square-foot Home Depot property located in Santa Clara. Jacob Abusharkh of SVN | The Kase Group represented the undisclosed seller in the transaction. An undisclosed all-cash buyer acquired the property. The Home Depot has less than four years remaining on its lease.

June 30, 2016

Arizona Retail Western

Cushman & Wakefield Arranges $15.6 Million Sale of Zocallo Plaza in Metro Phoenix

by Nellie Day June 30, 2016

SCOTTSDALE, ARIZ. — Cushman & Wakefield has arranged the $15.6 million sale of Zocallo Plaza, a 51,195-square-foot shopping center located in the Phoenix suburb of Scottsdale. The property, located within the master-planned community of Kierland, is fully occupied by tenants including Corner Bakery Café, Pella Windows, Desert Schools Credit Union and Classy Closets. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller, Enright Zocallo LP. The buyer was undisclosed.

June 30, 2016

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