sales_and_leases

Madison Park Apartments in Anaheim Changes Hands

by Nellie Day April 3, 2015

ANAHEIM, CALIF. — Intercontinental Real Estate Corporation and MG Properties Group have purchased the 768-unit Madison Park Apartments in Anaheim for an undisclosed sum. The community is located at 2235 W. Broadway. This is the largest single property by number of units to be purchased in Southern California since 2013, according to the buyers. Madison Park is situated in West Anaheim near the I-5 freeway, between Disneyland and Knott’s Berry Farm. The buyers plan to make improvements to the community’s common areas and interiors. Common-area amenities include two swimming pools, sports courts, a large fitness center and group exercise room, clubhouse, movie theater, banquet room and a business center. Madison Park was purchased from a private multifamily investment firm that was represented by Institutional Property Advisors’ Greg Harris and Kevin Green. The buyers represented themselves in this transaction. The acquisition was financed with a 10-year, fixed-rate mortgage from Fannie Mae that was arranged by Brian Eisendrath at CBRE.

April 3, 2015

California Office Western

Hines, Oaktree Buy the Tri-City Corporate Centre in San Bernardino

by Nellie Day April 3, 2015

SAN BERNARDINO, CALIF. — A joint venture between Hines and funds managed by Oaktree Capital Management L.P. have purchased Tri-City Corporate Centre, a 17-building, mixed-use office complex in San Bernardino, for an undisclosed sum. The property is located near the intersection of the I-10 and I-215 freeways. Tri-City Corporate Centre contains more than one million square feet of space on 153 acres. The master-planned business park offers a range of building styles, including mid-rise, low-rise, flex and eight Class A office towers. This was the largest office sale by square footage in recorded history for the Inland Empire, according to CBRE, which represented the sellers. Construction began on the center in 1986 and continued through 2008. It is currently 61 percent occupied. Notable tenants include Northrop Grumman, Art Institute of California, Wells Fargo, CalPERS, Health Net, Fidelity Title, Parsons Brinckerhoff, TASC and Chicago Title. Tri-City contains notable buildings like One Vanderbilt, Vanderbilt Plaza, Brier Corporate Center, One, Two and Three Parkside, Lakeside Tower, North River Place, One and Two Carnegie Plaza, Northcourt Plaza, and Carnegie Business Center I and II. The campus is entitled to add more than 300,000 square feet of development on four parcels of land. It also …

April 3, 2015

Arizona Office Western

Brookwood Commerce Centre in Glendale Sells for $9.9M

by Nellie Day April 3, 2015

GLENDALE, ARIZ. – Brookwood Commerce Centre, a 209,182-square-foot office building in Glendale, has sold to United Realty MTA for $9.9 million. The mid-rise center is located at 4425 W. Olive Ave. It was built in 1974. Brookwood was 79 percent occupied at the time of sale. The seller, 4425 West Olive Holdings, was represented by DTZ’s Eric Wichterman and Mike Coover.

April 3, 2015

Retail Texas

Kite Realty Group Trust Acquires Shopping Center in Metro Dallas

by Haisten Willis April 3, 2015

COLLEYVILLE, TEXAS — Kite Realty Group Trust has acquired Colleyville Downs, a 201,000-square-foot shopping center located in Colleyville. The center is 92 percent leased and anchored by three national anchor tenants including Petco, Ace Hardware and Whole Foods Market. Colleyville Downs is located at the southeast corner of Highway 26 and Glade Road. The shopping center is situated in a densely populated market with an estimated population of 80,000 and an average household income of $127,000 within a three-mile radius.

April 3, 2015

California Retail Western

Los Angeles-Area Jack in the Box Sells for $3.6M

by Nellie Day April 3, 2015

LOS ANGELES – A 2,872-square-foot retail property in the Los Angeles submarket of Santa Fe Springs has sold to an Orange County-based buyer for $3.6 million. The property is located at 11442 Telegraph Road. It is situated within the Santa Fe Springs Promenade. The center is anchored by 99 Cent Only. Other notable tenants include Bank of America, Auto Zone and KFC/Taco Bell. Matthew Mousavi and Joe Chichester of Faris Lee Investments represented both the buyer and the seller, a private Orange County partnership, in this transaction.

April 3, 2015

Industrial Southeast Virginia

Huntington Ingalls Industries Leases 515,486 SF in Hampton Roads Area

by John Nelson April 3, 2015

HAMPTON, VA. — Huntington Ingalls Industries, a publicly traded shipbuilding company, has leased 515,486 square feet of warehouse space in West Park, a business park located at 300 and 500 W. Park Lane in Hampton. Worth Remick, Ashton Williamson and Chamie Burroughs of CBRE|Hampton Roads represented the owner, Boston-based High Street Equity, in the transaction. Clay Culbreth of Cushman & Wakefield | Thalhimer represented the tenant.

April 3, 2015

New Jersey Northeast Office

American Real Estate Partners Buys CenterPointe at Bridgewater for $24.7M

by Amy Works April 3, 2015

BRIDGEWATER, N.J. — American Real Estate Partners has acquired CenterPointe at Bridgewater, a four-building office park located at 1130, 1140, 1150 and 1160 Route 22 East in Bridgewater. The 331,846-square-foot asset sold for $24.7 million. Situated on 20 acres, the property features flexible and highly efficient office space, fitness and food amenities, a conference facility and on-site management. American Real Estate Partners plans to invest $2.7 million in capital improvements to the office campus, including improved finishes and upgrades to elevators, lobby and common areas. At the time of sale, the campus was 54 percent leased, with two buildings 100 percent leased. The property is being acquired by a joint venture sponsored by a discretionary fund managed by American Real Estate Partners and is the fund’s fourth investment. The name of the seller was not disclosed.

April 3, 2015

California Industrial Western

Kenamar Group Buys Miramar Industrial Building in San Diego

by Nellie Day April 2, 2015

SAN DIEGO – Kenamar Group has purchased a 40,222-square-foot industrial building in the Miramar submarket of San Diego for $4.3 million. The space is located at 7737 Kenamar Court. It property is part of Centerpointe Court. The buyer plans to use the property for manufacturing and office space. Kenamar was represented by Marc Lipschitz of Canter Companies. The seller, Providence II Centerpointe, was represented by Evan McDonald and Derek Hulse of Colliers International.

April 2, 2015

Multifamily New Jersey Northeast

Fieldstone Properties Buys New Jersey Apartment Community for $117M

by Amy Works April 2, 2015

PLAINSBORO, N.J. — Fieldstone Properties has acquired eaves Plainsboro, a 776-unit apartment community located at 60 Fox Run in Plainsboro. AvalonBay Communities sold the property for $117 million, or $150,000 per unit. The asset consists of 58 two-story buildings featuring a total of 624 one-bedroom units and 152 two-bedroom units. On-site amenities include a clubhouse, fitness center, community room with fireplace, outdoor swimming pool with sundeck, tennis courts and jogging trail. Jose Cruz, Kevin O’Hearn, Michael Oliver and Andrew Scandalios of HFF represented the seller in the transaction.

April 2, 2015

Arizona Office Western

Arizona DCS Office in Phoenix Sells for $3.1M

by Nellie Day April 2, 2015

PHOENIX – Arizona DCS Office in Phoenix has sold to TH Stratman for $3.1 million. The space is located at 3310 and 3320 N. 19th Ave. The two-story office building is fully leased to the Arizona Department of Child Safety (DCS) through the end of 2021. The space was built in 1983. It was remodeled in 2011 and 2014. The seller, Fenway Properties, was represented by DTZ’s Eric Wichterman and Mike Coover.

April 2, 2015

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