ALISO VIEJO, CALIF. — Wilson Journey LLC has acquired Journey Business Park, a 60,648-square-foot R&D facility in Aliso Viejo, for $14 million. The two-building property is located at 6 Journey. It was built in 1999. NGKF’s Gary Allen and Douglas Mathews represented the seller, LL & DM Investments LLC, in this transaction.
CONCORD, CALIF. — Sterling Organization has acquired Olivera Crossing, a 47,571-square-foot shopping center located in Concord, from West Valley Properties for $12 million. The asset, located roughly 30 miles outside of San Francisco, was acquired through the firm’s institutional fund Sterling Value Add Partners II LP. Dan Wald of Cushman & Wakefield represented the seller in the transaction. Planet Fitness anchors the 77 percent occupied center, which was originally built in 1960 and underwent renovations in 2005.
CHICAGO — Baum Realty Group LLC has arranged the sale of a retail property in Chicago’s Edgewater neighborhood for $14.1 million. A local developer sold the ground-floor retail space at The Granville to a private east-coast investor. ALDI anchors the fully leased property, which includes four other tenants. The 31,920-square-foot asset also features 106 covered parking spaces. Danny Spitz and Patrick Forkin of Baum Realty represented the seller in the transaction.
SOUTH PORTLAND, MAINE — CBRE/New England and CBRE – The Boulos Company have arranged the sale of Liberty Commons and Redbank Village, two adjacent multifamily properties in South Portland. Jones Street Investment Partners acquired the 620-unit portfolio for $87.5 million. Delivered in 2006, Liberty Commons features 40 one-bedroom units, four two-bedroom/one-bath units, four two-bedroom/one-and-half-bath units and 72 two-bedroom/two-bath units with the average size of 1,075 square feet. Built in 1945, Redbank Village features 48 one-bedroom units, 302 two-bedroom/one-bath units and 150 three-bedroom/one-bath units with an average size of 752 square feet. The communities share a free clubhouse amenity center, which is also home to Roots and Fruits Daycare and Preschool. Simon Butler and Biria St. John of CBRE/NE, along with Joe Porta of CBRE – The Boulos Company, represented the undisclosed seller in the transaction.
MIAMI — Cisneros, a media and entertainment advertising firm, and Moss & Associates, a construction firm based in Fort Lauderdale, have leased office space at Two MiamiCentral, part of the 11-acre MiamiCentral mixed-use development in downtown Miami. The two companies are joining Ernst & Young LLP, Regus and Florida East Coast Industries at the 10-story, 190,000-square-foot office building. Cisneros will occupy 30,000 square feet on the top two floors of the Class A office building, and Moss & Associates will occupy 4,000 square feet on the seventh floor. Set to open in 2017, the office building is now 60 percent pre-leased. In addition to the office component, MiamiCentral will be the future home of the Brightline train service. Designed by Skidmore, Owings & Merrill LLP, Two MiamiCentral’s office space will begin 120 feet above street level to accommodate the raised Brightline train platform and include a plaza level featuring a fitness facility, conference center and open-air terrace available for tenants and their guests. Blanca Commercial Real Estate is the leasing agent for the commercial space within MiamiCentral.
LINDEN, N.J. — Tulfra Real Estate has completed the disposition of an industrial building located at 1501 W. Blancke St. in Linden. Penwood Real Estate Management acquired the 115,000-square-foot property for an undisclosed price. Jordan Metz of Bussel Realty arranged the transaction. Originally built in 1973 and situated on 4.6 acres, the building features 15,000 square feet of office space, 16-foot to 24-foot clear ceiling heights and 100 on-site parking spaces. The building is currently occupied by Vantage Specialty Chemicals and Hello Fresh.
ORLANDO, FLA. — CBRE has brokered the $17.6 million sale of Cadence Crossing, a 184-unit apartment community located at 6203 Curry Ford Road in Orlando’s Airport submarket. Capital Vision Management purchased the recently renovated property from Aspen Square. Built in 1973, the apartment community features a clubhouse, tennis court, picnic areas, playground, fitness center and a business center. The property was 95 percent occupied at the time of sale. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented Aspen Square in the transaction.
AKRON/TALLMADGE, OHIO — Namdar Realty Group has acquired Midway Plaza Shopping Center, a 165,450-square-foot retail property in Ohio, for $1.2 million. A private investment partnership sold the center, which is located on the Akron/Tallmadge city line. The single-story property is situated on an 18.8-acre site. Current tenants at Midway Plaza include Rent-A-Center, Petra Middle Eastern Foods supermarket, Save-A-Lot, A & A Beauty Supply, Doll House, Liberty Tax Service, Appliance Mart Parts & Repair and Goodwill. Joel J. Gorjian represented Namdar in the transaction.
DENVER — American Realty Advisors has purchased a 341-unit apartment building in the Union Station submarket of downtown Denver. The purchase price was not disclosed. The property, formerly known as Elan Union Station, will be rebranded as ALARA Union Station. The newly constructed asset is located at 1975 19th St. The property also contains 58,000 square feet of ground-floor retail space and a two-story subterranean parking garage. King Soopers, Wells Fargo, upscale pet food store Kriser’s and the Pig and Sprout, a new restaurant concept by a local restaurateur, lease the retail portion. Jordan Robbins and Jeff Haag of Holliday, Fenoglio and Fowler represented the seller, a joint venture that included Greystar, in this transaction.
ALISO VIEJO, CALIF. — Colliers International has arranged the sale of a single-tenant PetSmart location in Aliso Viejo. An Orange County, Calif.-based private investor acquired the land and building, located at 23511 Aliso Creek Road, for $18.5 million, with a 4.62 percent cap rate. The property is one of the anchor tenants for Aliso Town Center. The seller was a Los Angeles-based developer. Jereme Snyder and Eric Carlton of Colliers brokered the transaction.
