LONG BEACH, CALIF. – A 20-unit apartment complex in Downtown Long Beach has sold to a private investor from Egypt for $3 million. The community is located at 765 Cerritos Ave. It was built in 1963 and recently underwent a major renovation. Robert Stepp of Stepp Commercial represented both the buyer and seller, 765 Cerritos LLC, in this transaction.
PHOENIX – ViaWest Group has acquired a 72,129-square-foot industrial building in Phoenix for $3 million. The building is located at 77 N. 45th Ave. The building, known as Riverside Industrial, is situated just south of a full diamond interchange at the I-10 freeway, with immediate access to 43rd and 51st avenues. It is fully leased. Will Strong, Mike Haenel, Andy Markham and Phil Haenel of DTZ will continue leasing the property. The group also represented the seller, Cordia Capital Management, in this transaction.
PLANTATION AND PEMBROKE PINES, FLA. — May Realty Advisors has brokered the sale of two net leased Petco stores in Plantation and Pembroke Pines to investors based in Venezuela and Portugal. Matthew May and Richard Huelsman of May Realty represented a U.S.- and Columbian-based family office in the sale of the two stores, which both had roughly four years remaining on their initial lease. The store at 12251 Pines Blvd. in Pembroke Pines sold for $5.9 million and the store at 8111 W. Broward Blvd. in Plantation sold for $7 million. The buyers purchased the assets in all cash. Alexandria Escudero of Miami-based Fortune Realty represented both buyers in the two transactions.
BUENA PARK, CALIF. – Tesla Motors has signed a seven-year lease for 23,000 square feet of space in Buena Park. The dealership is located at 6692 Auto Center Drive, within the Buena Park Auto Center. The space was previously occupied by Premier Chevrolet and General Motors. It served as a temporary location while the company’s five-acre dealership was being developed within the auto center. Jodi V. Meade of Avison Young represented both Tesla and the landlord, RST Associates, in this transaction.
PHOENIX – Palm Plaza, a 25,000-square-foot office building in Phoenix, has sold to MDR Enterprises for $2 million. The building is located at 141 E. Palm Lane in the Midtown submarket. The property is 85 percent occupied. MDR Enterprises was represented by John Oliver of Century 21 AZ Foothills. The seller, Lee Center, was represented by Justin Horwitz and Jonathan Levy of Sperry Van Ness, and by Paul Christ of Encom Properties. Both parties were completing 1031 exchange transactions.
MANITOWOC, WIS. — Mid-America Real Estate Corp. has brokered the sale of Harbor Town Center, a shopping center located in Manitowoc. Phoenix-based American Realty Capital Properties, on behalf of Cole Credit Property Trust IV Inc., acquired the 138,739-square-foot property for $18.5 million. Located at the northeast corner of Rapids Road and Calumet Avenue, the center is anchored by Kohl’s, MC Sports, Petco, Aspen Dental and Aldi’s. Rick Drogosz of Mid-America Real Estate Corp. and Dan Cohen of Mid-America – Wisconsin LLC represented the seller, Green Bay, Wis.-based Commercial Horizons, in the transaction.
NEW YORK CITY — Hines, along with Pacolet Milliken Enterprises and institutional investors advised by J.P. Morgan Asset Management, have sold 7 Bryant Park in New York City to an institutional investor for an undisclosed price. Located between West 39th and 40th streets, the 30-story, 470,000-square-foot property was designed by Henry N. Cobb and Yvonne Szeto of Pei Cobb Freed & Partners. Currently, floors 15 through 27 and a first-floor retail space are available for lease. Hines has assumed on-site management responsibilities and CBRE has been selected as the exclusive leasing agent for the property. Phillips Lytle and Proskauer advised on the transaction.
SAN DIEGO — Drawbridge Realty has purchased Spectrum Corporate Center Campus, a 182,870-square-foot office campus in San Diego, for $61 million. The campus is located at 9388 Lightwave Ave. in the Kearny Mesa submarket. The three-building campus is triple-net leased to Northrop Grumman Systems Corporation, a wholly owned subsidiary of Northrop Grumman Corporation. The sellers, Real Estate Capital Partners and IVG Institutional Funds, were represented by Michael Roberts and Brunson Howard of Cushman & Wakefield.
LAS VEGAS — Infinity Realty Advisors has purchased the combined Grandview and Sunwood apartments in Las Vegas for an undisclosed sum. The complex is located at 4255 W. Viking Road. The complex contains a total of 708 units. It is the largest apartment deal in Las Vegas so far this year, according to Infinity Realty. The complexes were built in 1981 and 1985. The occupancy rate is currently 96 percent. The properties were formerly supervised by two separate management companies. They will be renamed the Viridian and Topaz apartments. The assets will be managed by Sunrise Management. Infinity Realty Advisors was formed jointly by Asia Pacific Company and Jiangxi Hengmao Real Estate Development Co. Asia Pacific manages several properties in Las Vegas.
ATLANTA — Affiliates of Boston-based Berkshire Group have completed their purchase of Crescent Howell Mill, a new 256-unit apartment community that Crescent Communities recently delivered in Atlanta’s West Midtown district. The transaction is part of the sale of a nine-property, $700 million portfolio of Crescent Communities-developed assets in the Southeast. Berkshire’s affiliates have also purchased three other assets in the portfolio and are expected to acquire two more, according to Crescent Communities. UBS Global Asset Management is the buyer of the other three portfolio properties, including the recently opened Crescent Bayshore in Tampa.
