GARDENA, CALIF. — Storm Properties Inc. has acquired Redondo Plaza, a grocery-anchored shopping center located in Gardena, roughly 16 miles south of Los Angeles. The price was not disclosed. Smart & Final anchors the fully occupied center, which is also home to tenants including Super Laundry, Crazy Rock’n Sushi, T-Mobile, Domino’s Pizza and Jackson Hewitt Tax Services. Gleb Lvovich, CJ Osbrink and Bryan Ley of HFF represented the seller, Gerrity Group, in the transaction.
NEW YORK CITY — Avanath Capital Management, in partnership with Oak Tree Management, has acquired three affordable multifamily buildings in Brooklyn. A private investor sold the properties, which total 46 apartment units, for $14.4 million. The properties are a 21-unit building with a mix of rent-stabilized and free-market rental units at 257 Quincy St.; a fully occupied nine-unit property at 570 Jefferson Ave; and an 80 percent-occupied 16-unit building at 308 Stuyvesant Ave. D.J. Johnston of Cushman & Wakefield represented the seller in the transaction. With this portfolio acquisition, Avanath now owns 195 apartment units in Brooklyn.
VISTA, CALIF. — Colliers International San Diego Region has arranged the sale of an auto dealership property located at 1100 E. Vista Way in Vista. AV Vista acquired the 33,000-square-foot property from Security Chevrolet Inc. for $3.8 million. The buyer plans to redevelop the property, which is situated on 4.5 acres. Kirk Allison, Vic Gausepohl, Tucker Hohenstein and Mike Erwin of Colliers represented the seller, while Bill Barnett and Doug Hogan, also of Colliers, represented the buyer in the deal.
RANCHO CUCAMONGA, CALIF. — Progressive Real Estate Partners has arranged the sale of a multi-tenant retail center located at 9199 Arrow Route in Rancho Cucamonga. A Florida-based private investor sold the property to an Ontario, Calif.-based private investor for $2 million. Built in 2005, the 17,324-square-foot center is occupied by Meineke Car Care Center, AA Smog Center and Elite One Auto Collision Center. At the time of sale, the property was 87 percent leased. Frank Vora of Progressive Real Estate Partners represented the seller, while Barrett Woods of Lee & Associates represented the buyer in the transaction.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of the Historic Electric Building Apartments, an 18-story high-rise development located at 410 W. 7th St. in downtown Fort Worth. The property features 106 loft-style apartment residences and 10,000 square feet of ground-level retail space. Listed on the National Register of Historic Places, the property was built in 1928 and converted to apartments and retail in 1994. The asset is located within walking distance of Burnett Park, the Fort Worth Convention Center and Sundance Square. John Barker of Marcus & Millichap’s Fort Worth office represented the seller and procured the buyer, both limited liability companies.
HOUSTON — JLL has arranged the sale of a 94,475-square-foot Access Self Storage facility located at 650 Bay Area Blvd. in Houston. The Class A property opened in 2015 and is comprised of one three-story self-storage building consisting of 800 climate-controlled units and 39 non-climate controlled units. The facility, acquired by Simply Self Storage, offers 24-hour video surveillance and a customer service office designed for retail sales. Steve Mellon and Brian Somoza of JLL brokered the sale, and Griffin Guthneck of JLL secured acquisition financing on behalf of the buyer. The seller was undisclosed.
FRISCO, TEXAS — The Vitorino Group has arranged the sale of a freestanding retail property ground leased to McDonald’s in Frisco. The restaurant is located on Custer Road near State Highway 121 and will eventually serve as an outparcel to a Walmart Supercenter. The buyer, a Canadian doctor, purchased the McDonald’s from a local partnership for an undisclosed price. The Vitorino Group represented the seller, and an unnamed broker based in Dallas secured the buyer.
STRATFORD, CONN. — Exeter Property Group has acquired Stratford Industrial Park, a four-building industrial park located at 500-650 Long Beach Blvd. in Stratford. Stratford Development sold the 428,000-square-foot asset for $41 million. Situated on 34 acres, the park is 100 percent occupied by a variety of tenants, including Starbucks Coffee, FedEx Ground, Carrier Corp. and Endo Industrial. Kyle Schmidt, Gary Gabriel, Andrew Merin, David Bernhaut, Al Mirin and Kate Schwartz of Cushman & Wakefield brokered the deal.
EDEN PRAIRIE, MINN. — Mid-America Real Estate – Minnesota has arranged a new 10,319-square-foot lease for Crave, an American kitchen and sushi bar restaurant, in Eden Prairie, approximately 20 miles southwest of Minneapolis. Crave will take over a space at Eden Prairie Center that was formerly occupied by Biaggi’s Ristorante Italiano. The 1.3 million-square-foot shopping center includes retailers such as Von Maur, Target, Kohl’s, Sears and JC Penney. The restaurant is slated to open in November. Tricia Pitchford, Jesseka Doherty and Robert Wise represented the landlord, CAPREF Eden Prairie LLC, in the transaction.
RUSKIN, FLA. — Cushman & Wakefield has brokered the sale of a 1 million-square-foot distribution center located at 3350 Laurel Ridge Ave. in Ruskin, a suburb of Tampa. The transaction was the largest industrial sale in Tampa history in terms of both size and value, according to Cushman & Wakefield research. The price was undisclosed, but public records set the sale price at $103.6 million. USAA Real Estate Co. sold the LEED Silver-certified asset to Cole Office & Industrial REIT Inc., a non-listed REIT sponsored by Cole Capital, the investment management business of Phoenix-based VEREIT. Built in 2014, the property is fully leased to a Fortune 50 retailer and features 40-foot clear heights, a 200-foot truck court, 92 rear-load doors, 54- by 50-foot column spacing, an ESFR sprinkler system and trailer parking. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield represented USAA Real Estate in the transaction.
