TROTWOOD, OHIO — Marcus & Millichap has brokered the sale of a retail building net leased to Walgreens in Trotwood, about 10 miles northwest of Dayton, for $3.8 million. The 14,866-square-foot property is located at 5271 Salem Ave. Walgreens has more than 11 years remaining on its lease. Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Medi Vakili of Investment Property Group represented the buyer, a private trust.
SACRAMENTO, CALIF. — A fund sponsored by Shorenstein Properties has purchased U.S. Bank Tower, a 366,000-square-foot office building in Sacramento, for an undisclosed sum. The 25-story tower is located at 621 Capitol Mall. U.S. Bank Tower is situated immediately south of the Golden One Center, which opened in late 2016, and three blocks west of the state capitol. The property also features more than 23,000 square feet of fully occupied retail and restaurant space, including Morton’s the Steakhouse, and a large parking structure that services both the property and the Golden One Center. JLL represented the sellers, David S. Taylor Interests and Britannia Pacific Properties, in this transaction.
CAMPBELL, CALIF. — Vista Investment Group has acquired Vasona Technology Park, a 314,256-square-foot office campus in the Silicon Valley submarket of Campbell, for $113 million. The campus is situated on an 18.5-acre site bordered by Winchester Boulevard, East Hacienda Avenue and Dell Avenue. Vasona Technology Park is fully leased to tenants like the Kaiser Foundation Health Plan and ChargePoint. Vista plans to reposition the older buildings at the park into a more creative office standard, using the expansive campus setting featuring one of the largest contiguous land sites in the area.
DENVER — TH Real Estate has purchased a three-property industrial portfolio in Denver for $50 million. The transaction contains a total of 485,984 square feet. The assets include two infill properties at 6400 Broadway and Bryant Street Quad in central Denver, as well as a large-scale, high-bay industrial property at 16600 Table Mountain in west metro Denver. The properties are fully leased. TH Real Estate is an affiliate of Nuveen, the investment arm of TIAA. NKF’s John Jugl Jr., Paul Donahue and Bret Hardy represented the seller, an institutional owner, in this transaction.
LOS ANGELES — Lendlease has signed an 11-year lease at City National Plaza in downtown Los Angeles. The center is located at 515 S. Flower St. The Australia-based property company sought a prominent and central downtown location that would keep employees connected to the community, with access to a variety of amenities and transportation. The Class A office tower is part of the larger City National Plaza, a 2.6 million-square-foot project spanning the entire city block between Flower, Figueroa streets, Fifth and Sixth streets. City National Plaza contains two office towers, one plaza-level building, and four subterranean levels featuring retail and parking. Notable tenants include City National Corp., Gensler, Paul Hastings LLP, Chubb Group of Insurance Companies, Foley & Lardner LLP and Norton Rose Fulbright US LLP. Justin Collins of Cushman & Wakefield represented Lendlease, while the firm’s John Bendetti represented the landlord, CommonWealth, in this transaction.
FORT WORTH, TEXAS — A joint venture between Trademark Property Co. and ALTO Real Estate Funds has acquired 5000 South Hulen, an 86,943-square-foot, open-air shopping center in Fort Worth. Anchored by Barnes & Noble and Old Navy, the property was 95 percent leased at the time of sale. Other tenants include Potbelly Sandwich, Jamba Juice and Sprint. The seller was not disclosed.
HOUSTON — Marcus & Millichap has brokered the sale of 3033 Chimney Rock, an 80,653-square-foot office building located on Houston’s west side. Alex Zylberglait, Keith Lloyd and Chris Jones of Marcus & Millichap represented the seller, a limited liability company. Lloyd and Jones also secured the buyer, another limited liability company. Other terms of sale were not released.
MILFORD, CONN. — Avalon Bay Communities has completed the sale of Avalon Milford, an apartment community located in Milford. An affiliate of DSF Group acquired the property for $50.5 million. Jeffrey Dunne, Gene Pride, Simon Butler and Biria St. John of CBRE New England represented the seller in the deal. Built in 2004, the community has 246 apartments with open floorplans, gas heat and cooking, walk-in closets, full-size in-home washer/dryers and 10-foot or more vaulted ceilings on the third floor.
ST. PETERSBURG, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $46.3 million sale of Urban Style Flats, a 481-unit apartment community located at 300 10th St. in downtown St. Petersburg. IPA arranged the transaction on behalf of a New York-based buyer. Other terms of the deal were not disclosed. Constructed between 1971 and 1978, Urban Style Flats has undergone a number of capital improvements since 2010, including new air conditioning systems, a structured parking garage and modern décor. The property comprises a high-rise building with three multi-story towers. Community amenities include a 24-hour fitness center, swimming pool, bocce ball court, golf putting green and an on-site restaurant.
OXFORD, ALA. — JLL has arranged the sale of Oxford Exchange, a 333,975-square-foot shopping center in Oxford. Margaret Caldwell and Margaret Jones of JLL arranged the transaction. Other terms of the deal were not disclosed. The property is located along Interstate 20, less than a mile from Choccolocco Park, a recently opened sports complex. At the time of sale, Oxford Exchange was 99 percent leased to tenants such as T.J. Maxx, Hobby Lobby, Dick’s Sporting Goods, Ross Dress for Less, Bed Bath & Beyond, PetSmart, Old Navy, Office Max and Best Buy. Target, Home Depot, Kohl’s and Sam’s Club shadow-anchor the property.
