sales_and_leases

The Heritage Group Arranges $6M Sale of Old Poway Village

by Nellie Day March 9, 2016

POWAY, CALIF. — The Heritage Group has arranged the $6 million sale of Old Poway Village, a 27,453-square-foot retail and office property located in the San Diego suburb of Poway. The center features four multi-tenant retail and office buildings, home to tenants including the Poway Chamber of Commerce, Pomerado News, Countryside Barn, Lily Café, Hagan Chiropractic, San Diego Pond & Garden and Poway Pilates. Old Poway Village Center LLC acquired the property in a 1031 Exchange. Mark Hoekstra and Rocco Cortese of The Heritage Group represented the buyer in the transaction. The Heritage Group will also manage and lease the property.

March 9, 2016

California Office Western

Coseo Family Buys Office Building in San Diego for $3.7M

by Nellie Day March 9, 2016

SAN DIEGO — The Coseo Family Trust has purchased a 26,500-square-foot office property in San Diego for $3.7 million. The building is located at 17075 Camino San Bernardo, within the 4S Ranch Business Park. It was built in 1999. The trust plans to reposition the property before re-leasing. Richard Lebert and Matt Zimsky of Colliers International represented the buyers. JLL’s Tony Russell, Jay Alexander and Tim Olson represented the seller, Wheat Accessories.

March 9, 2016

California Retail Western

Passco Secures Four National Retail Tenants for Hanford Mall

by Nellie Day March 9, 2016

HANFORD, CALIF. — Passco Cos. has secured four national retail tenants for Hanford Mall located at 1675 W. Lacey Road in Hanford. The four new tenants are Buffalo Wild Wings, Five Guys, Dunkin’ Donuts and Pieology. Construction for Buffalo Wild Wings, Five Guys and Pieology is underway with planned openings this summer, while Dunkin’ Donuts is set to start construction soon. Kohls, Forever 21, Sears, JC Penney and Cinemark 8 anchor the property.

March 9, 2016

Arizona Multifamily Western

Sycamore Square Apartments in Mesa Sells for $10M

by Nellie Day March 8, 2016

MESA, ARIZ. — T&D Alder Creek Equity has purchased the 120-unit Sycamore Square Apartments in Mesa for $10 million. The community is located at 1120 S. Sycamore. It is currently 94 percent occupied. Sycamore Square was built in 1978. The seller was RND6 LLC. Brett Polachek and Jim Crews of Cushman & Wakefield executed the transaction.

March 8, 2016

California Retail Western

Lee & Associates Brokers the Sale of Retail Property in Antioch

by Nellie Day March 8, 2016

ANTIOCH, CALIF. — The San Diego North office of Lee & Associates has brokered the sale of a newly constructed retail property located at the northwest corner of Buchanan Road and Somerville Road in Antioch. The 15,789-square-foot property sold for an undisclosed price. CVS occupies the property under a new 20-year net lease. Ryan Bennett and Ryan Barr of Barr & Bennett Net Leased Investment, a specialty group of Lee & Associates-North San Diego, represented the undisclosed seller in the transaction. The name of the buyer was not released.

March 8, 2016

California Retail Western

Hanley Investment Group Arranges $3.3M Sale of Hamilton Center

by Nellie Day March 8, 2016

HUNTINGTON BEACH, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $3.3 million sale of Hamilton Center, a 6,800-square-foot shopping center located in Huntington Beach. Eric Wohl and Ed Hanley of Hanley Investment Group represented the seller, a local investment company, and Eric Vu of Hanley Investment Group represented the buyer, a local investor in a 1031 exchange, in the transaction. Tenants at the fully occupied center include 7-Eleven, Whatta Lotta Pizza, a dental office and a dry cleaner.

March 8, 2016

Arizona Multifamily Seniors Housing Western

Mainstreet Buys Plot in Phoenix Medical Park for $1.7M to Develop Assisted Living Community

by Nellie Day March 8, 2016

PHOENIX — Mainstreet, a seniors housing developer based in Indiana, has purchased 3.65 acres in Algodon Medical Office Park in West Phoenix for $1.7 million. The company is building a 94-bed rehabilitation and assisted living facility at the location. When completed, the community will comprise 67,697 square feet of space for short-stay rehabilitation and assisted living. Mainstreet expects to finish construction in February 2017. Novo Development, which developed Algodon Medical Office Park and sold the plot to Mainstreet, is currently building 42,000 square feet of new medical office buildings at the site, also due for delivery in 2017. Justin Miller and Kurt Rosene of Novo Development represented John F. Long Properties in the sale of the parcel to Mainstreet. Bob Neil and Sam Pollina with Realty Executives represented the buyer.

March 8, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Madison Realty Capital, USAA Real Estate Co. Acquire Mixed-Use Property in Manhattan

by Amy Works March 8, 2016

NEW YORK CITY — Madison Realty Capital has partnered with USAA Real Estate Co. to acquired The Buchanan, a mixed-use property located at 160 E. 48th St. in midtown Manhattan. According to the Wall Street Journal, the partnership purchased the 16-story, 300,000-square-foot property for $270 million. Comprising five interconnected mid-rise towers surrounding a garden courtyard, the property features 289 apartments and 16,000 square feet of retail and office space. Additionally, the asset offers nearly 140,000 square feet of excess air rights. The partnership plans to initiate a comprehensive capital improvement program to renovate and reconfigure the existing residential units, enhance operating efficiencies and create a high-end amenity package. The residential unit mix includes oversized studios, one-bedroom, two-bedroom and three-bedroom apartments on the second floor through the sixteenth floor, with penthouse units offering private outdoor terraces. The ground-level retail and office space is currently 100 percent occupied. The name of the seller was not released.

March 8, 2016

Hospitality Midwest Wisconsin

Marcus & Millichap Arranges $4.5M Sale of Holiday Inn & Suites Hudson Near Minneapolis

by Christina Cannon March 8, 2016

HUDSON, WIS. — Marcus & Millichap has arranged the $4.5 million sale of the Holiday Inn & Suites Hudson, a 68-room hotel located in Hudson, approximately 27 miles east of Minneapolis. An undisclosed partnership sold the asset, located at 1200 Gateway Blvd., to a private investor. Jon Ruzicka of Marcus & Millichap listed the property on behalf of the seller. Ruzicka, along with Matthew Fitzgerald of Marcus & Millichap, also secured the buyer.

March 8, 2016

Industrial Texas

Binswanger Arranges Sale of 388,561 SF Industrial Property in Corsicana

by Katie Sloan March 8, 2016

CORSICANA, TEXAS — Binswanger has arranged the sale of a 388,561-square-foot, single-story industrial property situated on 34 acres at 1901 S. U.S. Highway 287 in Corsicana. The property features two single-story industrial facilities with reinforced concrete floor, 37-foot ceiling heights, a combination of fluorescent and high pressure sodium lighting, a wet sprinkler system, 31 8-by-10 dock-high loading doors, one 25-by-16 grade-level door, and a BNSF rail line running along the northeastern border of the property. Holmes Davis of Binswanger represented the seller, Basic Sportswear Co., in the sale of the property to Polyguard Products Inc.

March 8, 2016

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