sales_and_leases

CBRE Arranges Office Relocation for Lennar Homes in San Antonio

by Haisten Willis October 26, 2015

SAN ANTONIO — CBRE has arranged a 15,409-square-foot office relocation lease for Lennar Homes of Texas Land and Construction. Lennar Homes will move from Parkway North Office Park, located at 1015 Central Parkway North, to RidgeWood Business Center II at 1922 Dry Creek Way. Both properties are in San Antonio. The move will take place in February 2016. The new office is a consolidation of San Antonio office space for Lennar Homes and two affiliated companies owned by Lennar Corp.: North American Title Co. and Universal American Mortgage Co., which are currently in separate offices. Jerry Freyo of CBRE’s Austin office, along with Carl Salvato of CBRE’s San Antonio office, represented the tenant in the lease transaction. Shawn Gulley of R. L. Worth Co. represented the landlord, RidgeWood Building Two. RidgeWood Business Center is a two-building flex project in the far north-central San Antonio submarket.

October 26, 2015

Montana Avenue Capital Buys El Segundo Office Building for $33.5M

by Nellie Day October 26, 2015

EL SEGUNDO, CALIF. — Montana Avenue Capital has purchased a 119,484-square-foot office building in El Segundo for $33.5 million. The building is located at 1700 Walnut Ave. It is currently 99 percent leased to tenants like Fuhu and iSupply. CBRE’s Kevin Shannon, Ken White and Mike Moore represented the seller, USAA Real Estate.

October 26, 2015

California Industrial Western

Totex Manufacturing Buys Industrial Facility in Torrance for $9.8M

by Nellie Day October 26, 2015

TORRANCE, CALIF. — Totex Manufacturing has purchased a 71,496-square-foot industrial facility in Torrance for $9.8 million. The space is located at 3040-3050 Lomita Blvd. The battery pack and charger manufacturer plans to occupy the space by January 2016. It was formerly occupied by General Motors. Todd Taugner, Frank Schulz, David Prior and Patricia Wisman of the Klabin Company represented Totex. Colliers International represented the seller, Lomita Partners.

October 26, 2015

California Colorado Retail Western

Vitality Bowls to Open Three New Locations

by Nellie Day October 26, 2015

SAN RAMON, CALIF. — San Ramon-based Vitality Bowls, a superfood café, is set to open three new locations in Colorado and California. New restaurants include a 1,400-square-foot location at Cherry Creek Shopping Center in Denver, Colo.; a 1,100-square-foot location at 19700 Vallco Parkway in Cupertino, Calif.; and a 796-square-foot location at 20668 Rustic Dr. in Castro Valley, Calif. These openings come as part of a plan to open 100 locations by the end of 2016.

October 26, 2015

Florida Retail Southeast

Franklin Street, Neal Realty Broker $9.1M Purchase of Two Shopping Centers in Palm Beach County

by Haisten Willis October 26, 2015

DELRAY BEACH AND BOYNTON BEACH, FLA. — Franklin Street and Neal Realty & Investments Inc. have brokered the purchase of two shopping centers in Palm Beach County totaling $9.1 million. Greg Matus and Peter Crane of Franklin Street and Tim Neal of Neal Realty represented the buyer, Perkins Realty Management LLC, in both transactions. The acquisitions include the $5.1 million purchase of the 23,094-square-foot Shoppes of Delray in Delray Beach and the $4 million acquisition of the 18,311-square-foot Gables End Plaza in Boynton Beach. Shoppes of Delray was nearly 90 percent leased at the time of sale to tenants such as Radio Shack, Cucina Fra Divolo Restaurant, China Garden Restaurant and Atlantic Insurance. David Donnellan of CBRE represented the seller in the transaction. Built in 2000 and renovated in 2014, Gables End Plaza was 100 percent leased at the time of sale. As part of the two deals, the buyer has obtained a new CMBS loan for both assets.

October 26, 2015

California Industrial Western

Tamrac Headquarters in Chatsworth Changes Hands

by Nellie Day October 23, 2015

CHATSWORTH, CALIF. — Dan Selleck of Selleck Development Group has acquired a 55,000-square-foot building in Chatsworth that served as the Tamrac company’s headquarters building and primary manufacturing facility. It was listed at $6.5 million. The space is located at 9420 Jordan Ave. It contains 27,000 square feet of R&D space and a two-story office totaling 28,000 square feet. Tamrac is a camera case manufacturer. Bart Pucci and Scott Katcher of Savills Studley’s downtown Los Angeles office represented the sellers.

October 23, 2015

California Retail Western

Chase Bank Building in Lake Elsinore Sells for $4.4M

by Nellie Day October 23, 2015

LAKE ELSINORE, CALIF. — Progressive Real Estate Partners has arranged the sale of a Chase Bank located at 31575 Canyon Estates Drive in Lake Elsinore. It sold for $4.4 million, at a capitalization rate of 4.29 percent. Frank Vora of Progressive Real Estate Partners represented the seller, while CBRE’s Don LeBuhn the buyer, a San Francisco-based private investor.

October 23, 2015

Retail Texas

Davis Commercial Arranges Sale of Historic Theater in Dallas

by Haisten Willis October 23, 2015

DALLAS — Ashley Casterlin of Davis Commercial Real Estate represented Edwin Cabaniss, owner of the Kessler Theater in Dallas, in the purchase of the historic Heights Theater at 339 W. 19th St. in Dallas. Star Massing of Boulevard Realty represented the sellers, Sharon and Gus Kopriva. Cabaniss aims to transform the theater, which was recently granted landmark status, into a go-to venue for cultural arts events. With a mid-2016 opening planned, the theater will host events such as concerts, weddings and art openings.

October 23, 2015

Georgia Mixed-Use Southeast

NAP Signs Eight New Retailers, Restaurants to Avalon in Alpharetta

by John Nelson October 23, 2015

ALPHARETTA, GA. — North American Properties (NAP) has signed eight new retailers and restaurants to join the tenant mix at Avalon, an 86-acre, $600 million mixed-use development in Alpharetta, an affluent northern suburb of Atlanta. The new tenants include Madewell, Peter Millar, Branch and Barrel, AYA Med Spa, Café Intermezzo, Farm to Ladle, The Container Store and Parisian Nail Salon. Phase I of Avalon’s retail space is now 98.1 percent leased. Madewell has recently opened its new store and Peter Millar plans to open its store before the holiday season. The other retailers and restaurants are slated to open by spring 2016. Phase II of Avalon is expected to bring 80,000 additional square feet of retail, 500,000 additional square feet of office, 276 luxury multifamily units, a 325-room hotel and a 65,000-square-foot conference center.

October 23, 2015

Illinois Midwest Multifamily

Interra Realty Brokers Sale of Four Multifamily Properties in Separate Transactions for $1.9M

by Christina Cannon October 23, 2015

CHICAGO — Interra Realty has arranged the sale of four multifamily properties in Chicago for $1.9 million. Brad Feldman of Interra Realty represented both parties in each of the four separate transactions. Logan Square, a four-unit apartment building, sold for $775,000 and is located at 2613 W. Armitage Ave. All units were two-bedroom/one-bath. A 12-unit property located at 4950-4956 S. Michigan Ave. sold for $837,500. The building, which had all Section-8 renters, is located in the Bronzeville neighborhood. The property features six three-bedroom units and six two-bedroom units. An eight-unit property in the greater Grand Crossing neighborhood located at 7556 S. Eberhart Ave. sold for $247,500. It is made up of five two-bedroom and three one-bedroom units. In the South Shore neighborhood, a bank-owned 12-unit mixed-use property at 1735 E. 71st St. sold for $105,000. It consists of four retail spaces, one two-bedroom unit and seven studio apartments. The buyer and seller in the transaction were not disclosed.

October 23, 2015

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