TEMPE, ARIZ. – A 25,570-square-foot distribution building in Tempe has sold to Adler Realty Investments for $2.1 million. The building is located at 1401 S. Siesta Lane. It is about 50 percent leased. Kurt Saulnier and Ken McQueen of Lee & Associates represented both the buyer and seller, Dunbar Siesta, in this transaction.
CHANDLER, ARIZ. – KH Chandler has purchased a 168,750-square-foot warehouse/distribution property for $4.1 million. The facility is located at 6920 West Allison Road, within the Lone Butte Business and Industrial Park. It will be occupied by Total Solutions. DTZ’s Steve Mardian, Pete Klees and James Harper represented the seller, a financial institution, in this REO transaction.
DORAVILLE, GA. — The RADCO Cos. has purchased Morningside Apartments, a 306-unit multifamily community located near the intersection of I-85 and I-285 in Doraville, a suburb of Atlanta. RADCO purchased the asset for $13.6 million using a combination of private capital and debt provided by First Tennessee Bank. Built in 1983, the property offers one-, two- and three-bedroom units averaging 851 square feet. The community’s amenities include a resort-style pool, fitness center and business center with Wi-Fi. RADCO plans to invest $6 million to upgrade the property’s interiors, façade, balconies and roofs, in addition to expanding the amenity package. RADCO will also rebrand the asset as Ashford Walk. The seller was locally based limited liability company. Berkadia brokered the transaction. With this acquisition, RADCO has expanded its portfolio to 41 properties, with 23 located in metro Atlanta.
SANTA ANA, CALIF. — Avison Young has arranged the sale of the Pacific Building, an historic 16,274-square-foot, mixed-use property located in the Artist Village District of Santa Ana for $5.3 million. Dan Vittone and Alan Pekarcik of Avison Young, along with Gil Marrero of Voit Real Estate Services, represented the seller, Gumm Investments. Red Rock Capital Advisors LLC represented the buyer, Red Rock Management. The property is 100 percent leased to 11 tenants, including Chapter One, a metropolitan-style restaurant and bar, Downtown Sugar, a spa, and the Copper Door, a nightclub. The transaction closed at a capitalization rate of 6 percent.
PASADENA, CALIF. – Congress Management Associates has purchased a 17,632-square-foot medical office building in Pasadena for $10.7 million. The building is located at 39 Congress Street, next to the 625-bed Huntington Memorial Hospital. The facility was built in 1984. Some of the local physicians who acted as investors in this purchase plan to occupy a portion of the building in the near future. The building is currently 95 percent occupied. The buyer was represented by Michael Dettling of Avison Young. The seller, 39 Congress Partnership, was represented by Carver Associates.
NEEDHAM, MASS. — Cushman & Wakefield has brokered the sale of TripAdvisor | Needham, a newly constructed office building located in Needham. An entity controlled by U.S. Realty Advisors LLC purchased the six-story, 280,892-square-foot LEED Gold property for an undisclosed price. The property, which features a café, fitness center, outdoor amphitheater and structured parking, will serve as the global headquarters for TripAdvisor. Robert Griffin, Edward Maher and Matt Pullen of Cushman & Wakefield represented the seller, Normandy Real Estate Partners, in the transaction. Additionally, Jay Wagner and Timothy Hosmer of Cushman & Wakefield placed the acquisition financing with a national life insurance company for the transaction.
PHOENIX — Parallel Capital Partners has acquired One North Central, a 410,000-square-foot office tower in Phoenix, for $93.7 million. The Class A tower is located at 201 North Central Ave. Parallel Capital plans to invest more than $1.5 million to renovate and upgrade the property. This will include lobby modernizations, common-area upgrades, a new tenant lounge and spec suites. The tower was originally built in 2001. It has LEED-Silver certification. One North Central is currently 95 percent leased. Notable tenants include Ryley, Carlock and Applewhite, Arizona Summit Law School, Comerica Bank and the Bureau of Land Management. Parallel represented itself in the transaction. The seller was represented by Eastdil Secured. Parallel currently maintains a portfolio of 1.2 million square feet of office and retail space in Phoenix, including the City Square and Midtown regions.
PHOENIX — Realty Associates Fund X L.P. has purchased the White Star Portfolio, which contains nine industrial buildings throughout Phoenix, for $42.2 million. The buildings are all situated near Phoenix Sky Harbor International Airport. The portfolio features a total of 460,669 square feet of multi-tenant industrial space. It includes White Star Corporate Center at 2110 – 2140 S. 7th Ave.; Baseline Foothills at 4401 – 4409 E. Baseline Road; 3710 E. University Drive; and 2501 W. Phelps Road. The transaction was executed by JLL’s Mark Detmer and Bo Mills.
LOS ANGELES — Laurus Corporation is set to begin a $30 million renovation of Promenade at Howard Hughes Center, a 250,000-square-foot retail center located just off Interstate 405 in Los Angeles. Renovation plans call for an exterior facelift, a new outdoor screening area and fire pit, new restaurants, enhanced landscaping and interior design, and an outdoor dining area with casual lounge space. A new pedestrian-friendly layout will be included in the renovation, adding more indoor-outdoor connections and courtyards. Jerde Partnership will act as lead architect in the renovation. Laurus recently acquired Promenade at Howard Hughes Center for $111 million.
ATLANTA — Shane Investment Property Group has brokered the $68.5 million sale of a Class B, 392,000-square-foot office building located at 1117 Perimeter Center W. in Atlanta. Built in 1985, the five-story office building is located at the intersection of Perimeter Center West and Mount Vernon Boulevard in Atlanta’s Central Perimeter office submarket. The office building was 90 percent leased at the time of sale. Andy Sutton of Shane Investment represented the buyer, a private foreign investor family, in the transaction.
