sales_and_leases

Olive Hill Group Buys Office Campus in Culver City for $65.5M

by Nellie Day May 5, 2016

CULVER CITY, CALIF. — Olive Hill Group has purchased a 206,538-square-foot office campus in the Los Angeles submarket of Culver City for $65.5 million. The Class A asset is located at 200 and 300 Corporate Pointe. The buildings were 88.6 percent occupied at the time of sale. Notable tenants at the campus include Paychex, Landmark Education, DataScience, Fonality, TransUnion and Shiseido Cosmetics. The assets were constructed in 1988 and renovated in 2004. They are part of a larger master-planned development called Corporate Pointe, which encompasses a total of eight buildings. Bob Safai, Matt Case and Brad Schlaak of Madison Partners represented the seller, Broadreach Capital Partners, in this transaction. The new ownership has retained the firm’s Joe King to continue leasing efforts at the properties.

May 5, 2016

Arizona Multifamily Western

TruAmerica Acquires Little Cottonwoods Apartments in Tempe for $56.7M

by Nellie Day May 5, 2016

TEMPE, ARIZ. — TruAmerica Multifamily and institutional capital partner Investcorp have acquired the 379-unit Little Cottonwoods apartment complex in Tempe for $56.7 million. The community is located at 1820 E. Bell De Mar Drive. Little Cottonwoods was built in phases between 1985 and 1991. This transaction represents TruAmerica’s third and largest multifamily investment in the Phoenix area to date. It is the fourth venture the firm has completed with Investcorp in the past 15 months.

May 5, 2016

California Industrial Western

Prologis Sells 12-Building Carson Industrial Center

by Nellie Day May 5, 2016

CARSON, CALIF. — Prologis has sold the 12-building Carson Industrial Center in the Los Angeles submarket of Carson to an institutional real estate manager for an undisclosed sum. The 450,000-square-foot center is situated on Del Amo Boulevard. Carson Industrial Center is fully leased to 19 tenants. Notable tenants include Sourcecorp BPS, Coast Wire & Plastic Technology and Illumination International. Jeffrey Cole, Jeffrey Chiate and Ed Hernandez of Cushman & Wakefield represented Prologis in this transaction.

May 5, 2016

Colorado Industrial Western

Extra Space Storage Facility in Centennial Sells for $11.3M

by Nellie Day May 5, 2016

CENTENNIAL, COLO. — An undisclosed buyer has purchased a 533-unit Extra Space Storage facility in Centennial for $11.3 million. The community is located at 7059 S. Kenton St., 16 miles southeast of downtown Denver. The facility was built in 2009. Adam Schlosser, Chico LeClaire and Brett Hatcher of Marcus & Millichap executed the transaction. Richard Bird is the firm’s broker of record in Colorado.

May 5, 2016

Retail Washington Western

Vulcan Real Estate Acquires Bellevue Plaza in Metro Seattle for $45.4M

by Nellie Day May 4, 2016

BELLEVUE, WASH. — Vulcan Real Estate has acquired Bellevue Plaza, a 60,000-square-foot shopping center located in Bellevue, roughly 10 miles outside of Seattle, for $45.5 million. The center was approximately 75 percent leased at the time of sale to tenants including Hot Yoga Inc., Pogacha, Jimmy John’s and Toy’s Café. Situated along Main Street between 106th and 105th avenues in the heart of downtown Bellevue, the center is blocks away from Bellevue Downtown Park, Bellevue Square and Lincoln Square. Vulcan has no immediate redevelopment plans for the property, but aims to create a long-term vision for the site that will likely include new residential and retail uses. CBRE led the transaction with a team that included Jon Hallgrimson, Frank Bosl and Eli Hanacek.

May 4, 2016

Arizona Office Western

Gabriel Partners Leases Space at Renaissance Square in Phoenix

by Nellie Day May 4, 2016

PHOENIX — Gabriel Partners has signed a 19,200-square-foot lease at Renaissance Square in Phoenix. The financial and risk analytics provider will occupy the entire 22nd floor of Two Renaissance Square. It will move in this June. Savills Studley represented Gabriel Partners. Pat Devine of Cushman & Wakefield represented the landlord, Hines, in this transaction.

May 4, 2016

Illinois Midwest Retail

Mid-America Arranges $46.5M Sale of The Heritage Shops at Millennium Park in Chicago

by Christina Cannon May 4, 2016

CHICAGO — Mid-America Real Estate Corp. has arranged the $46.5 million sale of The Heritage Shops at Millennium Park, a 98,547-square-foot street retail property located in Chicago. Joe Girardi and Stan Nitzberg of Mid-America represented the seller, Acadia Realty Trust, in the sale of the property to Texas-based Hunt Investment Management. The asset is located at the southeast corner of Randolph Street and Wabash Avenue. Tenants at the property include LA Fitness Signature Club, McDonald’s, Fifth Third Bank, Ann Taylor LOFT, Lane Bryant/Cacique, Fannie May Candies, Intelligentsia Coffee and Sugar Bliss Cake Boutique.

May 4, 2016

Industrial Massachusetts Northeast

Calare Properties Acquires 119,000 SF Warehouse/Retail Building in Massachusetts

by Amy Works May 4, 2016

STOUGHTON, MASS. — Calare Properties has acquired a warehouse and retail building located at 301 Page St. in Stoughton. The 119,000-square-foot property was purchased for an undisclosed sum. The Class A property is currently fully occupied by Boston Interiors. Built in 2004, the property features 10,000 square feet of office space; 9,000 square feet of showroom space; and 100,000 square feet of high-bay warehouse space. Situated on 17.1 acres, the facility also features 36-foot clear ceiling heights, 16 dock-high doors, two trash dock doors and 113 surface level parking spaces. The name of the seller was not released.

May 4, 2016

Healthcare Midwest Office Ohio

NGKF Brokers $10M Sale of Medical Office Property in Cleveland Suburb

by Christina Cannon May 4, 2016

INDEPENDENCE, OHIO — Newmark Grubb Knight Frank (NGKF) has brokered the $10 million sale of a 54,611-square-foot medical office building in Independence, approximately 10 miles south of Cleveland. Dennison Development Group sold the property, located at 6701 Rockside Road, to a healthcare real estate company based in Tennessee. Dennison Development Group built the three-story Rockside Medical Center in 1980. The building features a surgical center, new HVAC system, new roof and recent renovations to common areas. The multi-tenant building is 65 percent leased to St. Vincent Charity Medical Center and The Cleveland Clinic. Bob Nosal and Susan Licciardi of NGKF represented the seller in the transaction.

May 4, 2016

Retail Southeast Virginia

Armada Hoffler Acquires 220,000 SF Retail Center in Metro Richmond

by John Nelson May 4, 2016

COLONIAL HEIGHTS, VA. — Armada Hoffler Properties Inc. has closed on the acquisition of Southgate Square, a 220,000-square-foot retail center located in Colonial Heights, roughly 23 miles south of Richmond. The center was fully leased at the time of sale to tenants such as Burlington Coat Factory, Michaels, Staples, PetSmart, Sleepy’s and Jo-Ann Fabric and Craft Stores. Southgate Square is located in close proximity to Southpark Mall, a Walmart Supercenter and Dimmock Square, a 100,000-square-foot retail center that Armada Hoffler purchased in 2014. The Virginia Beach, Va.-based REIT purchased Southgate Square in exchange for approximately $21.1 million of debt and the issuance of roughly 1.6 million units of limited partnership interest in Armada Hoffler’s operating partnership.

May 4, 2016

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