sales_and_leases

CBRE, Greywolf Partners Brokers Sale of 78,213 SF Retail Center in South Elgin, Ill.

by Christina Cannon October 2, 2015

SOUTH ELGIN, ILL. — CBRE and Greywolf Partners Inc. have brokered the sale of a tenant-in-common owned 78,213-square-foot retail center. The Shops at Randall Road is located at 352 – 346 Randall Road in South Elgin, approximately 40 miles northwest of Chicago. Richard Frolik and Derrick Almassy of CBRE represented the ownership group in the transaction. Tenants of the Shops at Randall Road include T.J. Maxx, Petco, Pier 1 Imports and Lumber Liquidators. The development is shadow-anchored by Kohl’s and is 100 percent occupied.

October 2, 2015

California Multifamily Western

Decron Properties Buys Eaves Carlsbad Apartments for $112M

by Nellie Day October 2, 2015

CARLSBAD, CALIF. — Decron Properties has purchased the 450-unit eaves Carlsbad apartment community for $112 million. The community is located at 2262 Avenida Magnifica in the San Diego submarket of Carlsbad. Decron plans to execute an $18.2 million capital improvement program at the property that will include significant interior upgrades, exterior enhancements and site improvements. The property will also be rebranded as the Reserve at Carlsbad. This is the real estate investment, development and management firm’s first acquisition in San Diego. Decron has acquired nearly $300 million worth of properties so far this year.

October 2, 2015

California Industrial Western

Sares Regis Buys 150 Acres of Land in Ontario for Industrial Development

by Nellie Day October 2, 2015

ONTARIO, CALIF. — Sares Regis Group (SRG) has purchased 150 acres of land in Ontario for an undisclosed sum. The land is part of the undeveloped, 243-acre Meredith International Centre, which extends nearly a mile along the north side of Interstate 10, between Archibald and Vineyard avenues. SRG plans to develop a 3-million-square-foot industrial distribution campus on the site. Following the initial acquisition, the largest of the site’s seven planned buildings was recently pre-leased to QVC. It will act as the video and e-commerce retailer’s first West Coast distribution hub. QVC’s lease will include 1.5 million square feet. The building will be completed by next July. It will include 30,000 square feet of office and employee cafeteria space. Joe McKay of Lee & Associates represented SRG in the land acquisition and lease. CBRE’s Erik Wanland and Mike Barker represented QVC. Chuck Noble, John Hatzis and Dave Hunsaker of Lee & Associates represented the seller, the Meredith family.

October 2, 2015

Colorado Multifamily Western

Landings at Eagleridge Apartments in Pueblo Sells for $28M

by Nellie Day October 2, 2015

PUEBLO, COLO. — A private individual has purchased the 236-unit Landings at Eagleridge Apartments in Pueblo for $28 million. The community is located at 4749 Eagleridge Circle. Landings at Eagleridge was built in two phases. Phase I was completed in 2002, while Phase II was finished in 2008. Ron, Shane and Ryan Spraggins of Commonwealth represented both the buyer and seller, H.E. Whitlock.

October 2, 2015

California Retail Western

Dunhill Partners Acquires The Shoppes at Chino Hills for $147M

by Nellie Day October 1, 2015

CHINO HILLS, CALIF. — Dunhill Partners Inc. has acquired The Shoppes at Chino Hills, a 377,966-square-foot lifestyle center located in the Los Angeles suburb of Chino Hills, for $147 million. Ryan Gallagher and CJ Osbrink, with assistance from John Crump and Bryan Ley, of HFF represented the seller, MX3 Ventures, in the transaction. The open-air center was 96 percent occupied at the time of sale by tenants including anchors Forever 21, H&M, Trader Joe’s, Banana Republic, Victoria’s Secret and Barnes & Noble.

October 1, 2015

California Retail Western

Scripps Ranch Marketplace Phase II Sells for $20.4M

by Nellie Day October 1, 2015

SAN DIEGO — A private investor has purchased Scripps Ranch Marketplace Phase II, a 28,700-square-foot shopping center located in San Diego, for $20.45 million. Philip Voorhees, Todd Goodman, Preston Fetrow, Kirk Brummer, Megan Wood, Brad Rable, Matt Burson, Jimmy Slusher and John Read of CBRE and Mike Moser of Retail Insite represented the seller, a San Diego-based private asset management and investment company, in the transaction. A Santa Barbara-based private investor purchased the fully occupied property. The center is shadow anchored by Vons and CVS/pharmacy, and home to tenants including Chase, Verizon and Which Wich.

October 1, 2015

California Retail Western

Hanley Investment Group Arranges $15.2M Sale of Single-Tenant LA Fitness

by Nellie Day October 1, 2015

RIVERSIDE, CALIF. — Hanley Investment Group has arranged the $15.2 million sale of a newly built, 45,000-square-foot, single-tenant LA Fitness located in Riverside. Pat Kent and Bill Asher of Hanley Investment Group worked on behalf of the seller, GRAE La Sierra LLC, and George Ragheb of Entrance Homes Inc. represented the buyer, a Lakewood, Calif.-based private investor, in the transaction.

October 1, 2015

Retail Southeast Tennessee

SRS Brokers $15.3M Sale of Shopping Center in Knoxville

by John Nelson October 1, 2015

KNOXVILLE, TENN. — SRS Real Estate Partners’ Southeast investment sales team has brokered the $15.3 million sale of Windsor Square, a 299,329-square-foot shopping center located at 101-245 N. Seven Oaks Drive in Knoxville. The property’s anchors include Burlington Coat Factory, Big Lots and Old Time Pottery. Kyle Stonis and Pierce Mayson of SRS’ Atlanta office represented the seller in the transaction.

October 1, 2015

Indiana Midwest Office

Cushman & Wakefield Arranges Sale of 113,545 SF Office Portfolio in Indianapolis

by Christina Cannon October 1, 2015

INDIANAPOLIS — Cushman & Wakefield / Summit Realty Group has arranged the sale of an 113,546-square-foot office portfolio located at 8935 – 9011 N. Meridian St. in Indianapolis. Keystone Realty Group sold Waterplace Park to Evergreen Investment Corp. Alex Cantu and Alison Melton of Cushman & Wakefield represented the seller. The property was developed in 1980 and is currently 69 percent leased. Tenants of Waterplace Park include Mid America Clinical Laboratories, Omnisource and GoldPoint Clinical Research.

October 1, 2015

California Industrial Western

Westcore Properties Buys MetLife’s SoCal Industrial Portfolio for $69.4M

by Nellie Day September 30, 2015

SAN DIEGO — Westcore Properties has acquired an eight-building industrial portfolio from MetLife for $69.4 million. The properties contain a total of 634,289 square feet throughout four projects in Southern California. The acquisition includes a 300,896-square-foot business park in Buena Park that is leased to tenants like Isuzu Motors and Hochiki America Corp.; a 165,070-square-foot, single-tenant warehouse/distribution building in San Dimas that’s leased to Western Pacific Storage; an 88,323-square-foot, multi-tenant industrial building in Ontario leased to NGOC Hoang Gia LLC and Kelleher Corporation; and an 80,000-square-foot, single-tenant industrial building leased to Spartech Polycom. CBRE’s Darla Longo and Barbara Emmons represented MetLife in the transaction. San Diego-based Westcore Properties now owns more than 2.5 million square feet of commercial space throughout Southern California.

September 30, 2015

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