sales_and_leases

KLNB Retail Brokers $55.5M Sale of Shopping Center in Northern Virginia

by John Nelson July 8, 2015

CENTREVILLE, VA. — The KLNB Retail Investment Sales Group has brokered the $55.5 million sale of Old Centreville Crossing, a 170,000-square-foot shopping center located at 13810-13860 Braddock Road in Centreville, a town in Northern Virginia. The shopping center was 98 percent leased at the time of sale to tenants such as H-Mart, Spa World, IHOP, Glory Days Bar & Grill and Woori American Bank. Andy Stape, Mat Adler and Vito Lupo of KLNB Retail represented the seller in the transaction. The buyer was JBG/Old Centreville LLC.

July 8, 2015

California Retail Western

Retail Portion of San Diego Condo Project Sells for $4.5M

by Nellie Day July 7, 2015

SAN DIEGO – The 10,981-square-foot retail portion of a condominium complex at 101 Market Street in San Diego has sold to PREF ATRIA LLC for $4.5 million. The three-unit space is on the ground floor of Atria, a 149-unit residential condo complex that was built in 2002. The commercial space is fully leased to Banfield Pet Hospital, Lion Coffee, Chase ATM, Carrington Real Estate and Simon’s Deli & Catering. Bill Shrader, David Maxwell and Joe Brady of Colliers International’s Urban Property Group represented both the buyer and the seller, 101 Market Partners LLC, in this transaction.

July 7, 2015

Arizona Office Western

Cypress West Partners Buys Scottsdale at Mescal Medical Office Building

by Nellie Day July 7, 2015

SCOTTSDALE, ARIZ. – Cypress West Partners has purchased Scottsdale at Mescal, a 48,457-square-foot medical office building, for an undisclosed sum. The garden-style complex is located at 10900 N. Scottsdale Road. It is anchored by Honor Health, formerly known as Scottsdale Health. Cypress’ joint venture partner on this acquisition was MedProperties Holdings LLC.

July 7, 2015

California Multifamily Western

Structure PMG Buys Villa Grande in Buena Park

by Nellie Day July 7, 2015

BUENA PARK, CALIF. – Structure Property Management Group (PMG) has purchased the 44-unit Villa Grande apartment complex in Buena Park. The community is located at 7720 Crescent Ave. It was built in 1971. The company plans to improve the property. Structure PMG was represented by Ken Morgan of Morgan-Skenderian Investment Real Estate Group. The seller, Sue Pebley Management LP, was represented by Jay Skenderian of Morgan-Skenderian Investment Real Estate Group.

July 7, 2015

Florida Hospitality Southeast

Joint Venture Buys Majority Stake in Ritz-Carlton, Fort Lauderdale

by John Nelson July 7, 2015

FORT LAUDERDALE, FLA. — A joint venture between Carey Watermark Investors Inc. and Gencom Group has purchased a majority interest in the Ritz-Carlton, Fort Lauderdale, an upscale hotel in Fort Lauderdale. The property comprises 166 hotel rooms, 34 third-party owned condominium hotel units and 28 third-party owned residential units. The hotel features 25,000 square feet of meeting and function space, an 8,500-square-foot spa, outdoor infinity pool, 29,000-square-foot pool deck, fitness center, business center and four managed food and beverage outlets. The Ritz-Carlton Hotel Co. will continue to operate the hotel. According to the South Florida Business Journal, the hotel sold for $45 million. Hodges Ward Elliott represented the seller, RCFL Investor LLC, an affiliate of Gencom. The new ownership is planning a $9 million renovation to the hotel’s lobby, spa and main restaurant that should wrap up in the fourth quarter of this year. The transaction is the third joint venture purchase between Carey Watermark and Gencom. The other two transactions include Ritz-Carlton, Philadelphia and Ritz-Carlton, Key Biscayne Miami. Together, the three transactions represent a total investment of more than $500 million.

July 7, 2015

California Retail Western

Foremost Companies Acquires Two Retail Centers for $23M

by Nellie Day July 6, 2015

DIAMOND BAR, CALIF. — Foremost Companies has acquired two adjacent shopping centers in Diamond Bar totaling more than 120,000 square feet of leasable commercial space for $23 million. The Ranch Center and Oak Tree Plaza cover 10.4 acres of property with a tenant roster including restaurants, medical offices, a bowling alley and retail. Foremost acquired The Ranch Center in an off-market acquisition from Preferred Bank, which foreclosed on the center in October 2014. Foremost acquired and consolidated the interest of a long-term ground-lease tenant at Oak Tree Plaza while restructuring a new lease with the anchor tenant. Preferred Bank provided acquisition financing, and Stonewood Properties will act as property manager for both centers.

July 6, 2015

California Hospitality Western

Palisades Hospitality Group Buys the Colony Palms Hotel in Palm Springs

by Nellie Day July 6, 2015

PALM SPRINGS, CALIF. — Palisades Hospitality Group (PHG) has purchased the 57-room Colony Palms Hotel in Palm Springs for $24 million. The hotel is located at 572 North Indian Canyon Drive. Colony Palms is situated just one block off the city’s main downtown strip. It was built in the 1930s. Amenities include a full-service spa and the Purple Palm restaurant and bar. PHG plans to upgrade and enhance the property over the next several months. It will also create 1,200 square feet of meeting space for small groups and events that can accommodate up to 50 people. The hotel has a colored past, as it was allegedly once owned by mobster Al Westheimer. At the time, it featured a casino, speakeasy and brothel that attracted famous Hollywood guests like Clark Gable, Carole Lombard and Humphrey Bogart. The hotel was purchased in the 1940s by Robert and Amanda Leeds-Howard, the owners of famed racehorse Seabiscuit. It underwent a substantial $17 million renovation in 2008. That renovation was overseen by Martyn Bullard-Lawrence, who was named one of Architectural Digest’s top 100 interior designers. He is also known for his role on Bravo’s “Million Dollar Designers.” PHG will operate the Colony Palms under …

July 6, 2015

Indiana Midwest Office

Fairbridge Properties Acquires Landmark Center in Indianapolis for $21.5M

by Amy Works July 6, 2015

INDIANAPOLIS — Fairbridge Properties has acquired Landmark Center, an office tower located at 1099 N. Meridian St. in Indianapolis. The 12-story, 304,946-square-foot Class A property sold for $21.5 million. The property features 25,000-square-foot floor plates, a fitness center and yoga studio, conference facility, indoor bike storage, full-service cafeteria and a parking ratio of four spots per 1,000 square feet. At the time of sale, the property was 94 percent leased to tenants, including Angie’s List, Consolidated Care, Disciples of Christ, United States Citizenship and Immigration Service and Jacobs Engineering. Andy Banister and Dan Richardson of CBRE represented the undisclosed seller, while Eli Mills and Tucker White, also of CBRE, represented Fairbridge in the transaction.

July 6, 2015

New York Northeast Office Retail

Cushman & Wakefield Brokers $1.8M Sale of Retail and Office Building in Queens

by Amy Works July 6, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a retail building located at 92-06/08 Jamaica Ave. in the Woodhaven neighborhood of Queens. The 7,760-square-foot building sold for $1.8 million, or $238 per square foot, in an all-cash transaction. The property features 3,200 square feet of first-floor retail space and two 2,280-square-foot office/storage spaces on the second and third floors. Brian Sarath of Cushman & Wakefield arranged the transaction. The names of the seller and buyer were not released.

July 6, 2015

Florida Industrial Southeast

The Carlyle Group Acquires 50-Acre Yacht Repair Facility in Fort Lauderdale

by John Nelson July 6, 2015

FORT LAUDERDALE, FLA. — The Carlyle Group has acquired the Lauderdale Marine Center, the nation’s largest yacht repair facility in terms of volume capability. The project is located at 2001 S.W. 20th St. in Fort Lauderdale. The global asset manager purchased the 50-acre facility via Carlyle Realty Partners VII, a U.S. real estate investment fund. The facility features a boatyard, marina and marine service center with 19 covered sheds, three marine travel lifts and 156 wet slips. The marine center’s offices and work stations are leased to 60 on-site contractors that provide services such as fiberglass repair, electrical, painting, brokerage and insurance. The Carlyle Group plans to add more pavement to allow more yacht repair space, complete renovations to an adjacent boatyard to incorporate into the facility and develop a new management and leasing office on-site. Julie Fisher Berry of Stiles Realty represented the sellers, Selvin Passen and business partner Morio Mito, in the transaction. The sales price was not disclosed, but the Sun-Sentinel reports that the transaction could have totaled $140 million to $150 million.

July 6, 2015

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