sales_and_leases

The Boulevard Apartment Community in Phoenix Sells for $33.5M

by Nellie Day March 18, 2015

PHOENIX — The P.B. Bell Companies has acquired The Boulevard, a 294-unit apartment community in north Phoenix, for $33.5 million. The community is located near Bell Road and 7th Street. The Boulevard was built in 1994. P.B. Bell plans to invest about $2 million in improvements to the property, which will include updates to the interior living areas and exterior common areas, as well as to the clubhouse, pool area, leasing office and outdoor common areas. Enhancements will also be made to the unit’s cabinets, lighting, flooring and countertops. The seller was Slavin Residential. The transaction was executed by CBRE’s Sean Cunningham and Tyler Anderson. Jim Pierson and Keaton Merrell of Legacy Capital Advisors also arranged a $26.8-million, non-recourse acquisition loan with Freddie Mac.

March 18, 2015

Arizona Retail Western

Sabre Springs Plaza in San Diego Sells for $4.5M

by Nellie Day March 18, 2015

SAN DIEGO – Sabre Springs Plaza, a 15,038-square-foot retail center in San Diego, has sold to Capstone Advisors for $4.5 million. The center is located at the intersection of Poway Road and Springbrook Drive. The core-plus asset is anchored by 7-Eleven. Capstone plans to make capital improvements to the landscaping and parking lot, among other things. The unnamed seller was represented by Pat Toomey and Kyle Mathews of Colliers International. Financing was provided by Silvergate Bank.

March 18, 2015

Industrial Washington Western

Padden Industrial Park in Vancouver Sells for $3.2M

by Nellie Day March 17, 2015

VANCOUVER, WASH. – Padden Industrial Park in Vancouver has sold to Herschell Management for $3.2 million. The 40,870-square-foot park is located at 7613 NE Street Johns and 4601 NE 78th Street. It is composed of five buildings. Herschell was represented by Garret Harper of NAI Norris, Beggs & Simpson. The seller, Heuvel Enterprises LLC, was represented by Jim Lewis of Cushman & Wakefield.

March 17, 2015

California Multifamily Western

Helix Manor Townhomes in San Diego Sells for $2.8M

by Nellie Day March 17, 2015

SAN DIEGO – The 16-unit Helix Manor Townhomes in the San Diego submarket of La Mesa has sold to Munther and Jawan Jarjes Gorial for $2.8 million. The community is located at 4261 Lowell Street. The buyers were represented by Peter Scepanovic and Corey McHenry of Colliers International’s Multifamily Advisory Group. The seller, Victor M. Garcia, was represented by Lucila Garcia of Re/Max United.

March 17, 2015

Arizona Office Western

ITT Technical Institute Renews Space in Phoenix

by Nellie Day March 17, 2015

PHOENIX – ITT Technical Institute has renewed its lease for 18,000 square feet of office space in Phoenix. The space is located at West 101 Business Center. The center contains three Class A office buildings totaling 118,853 square feet. The center is about 88 percent leased. ITT Technical Institute has more than 130 locations in 38 states across the U.S. ITT Tech currently has four campuses throughout Arizona, serving thousands of students annually. The five-year lease renewal was executed by ViaWest Group and Lee & Associates.

March 17, 2015

Office Texas

CBRE Brokers Medical/Oncology Building Sale In El Paso

by Haisten Willis March 17, 2015

EL PASO, TEXAS — CBRE Capital Markets has arranged the sale of a 42,750-square-foot, three-story medical/oncology facility in El Paso. El Paso-based Verchel Medical Properties purchased the facility from PlainsCapital Bank for an undisclosed price. The facility is located at 4532 N. Mesa St. on the western side of El Paso, and is within six miles of 14 hospitals and ambulatory surgery centers. The vacant property comes furnished with fixtures and equipment. The asset was built in 2009 on three acres, and includes a covered patient drop-off area, a retail-style pylon sign and available building signage. It was also designed to accommodate high patient volumes. Scott Herbold of CBRE Investment Properties | Healthcare, and William Caparis, SIOR, of CBRE’s El Paso office, represented the seller.

March 17, 2015

MidCity Plaza Atlanta Perimeter FOCUS Brands

Georgia Office Southeast

FOCUS Brands to Lease Entire MidCity Plaza in Atlanta for New Headquarters

by John Nelson March 17, 2015

ATLANTA — FOCUS Brands Inc. has leased MidCity Plaza, a Class A, 63,000-square-foot office building located at I-285 and GA 400 in Atlanta’s Central Perimeter submarket. MidCity Real Estate Partners purchased the property, located at 5620 Glenridge Drive, in mid-2013 and was completely converted to Class A standards over the course of a nearly two-year process. The office building is part of a mixed-use development including five restaurants (Blue Moon Pizza, Taziki’s, Firehouse Subs, Qdoba and Sushi Nami) and Windsor at Glenridge, a Class A apartment community developed by Wood Partners. FOCUS Brands is the parent company of Cinnabon, Auntie Anne’s, Moe’s Southwest Grill, McAlister’s Deli, Schlotzsky’s Bakery and Café and Carvel brands.

March 17, 2015

Colorado Loans Retail Western

Lambertson Lakes Shopping Center in Thornton Receives $2.1M

by Nellie Day March 16, 2015

THORNTON, COLO. – Lambertson Lakes Shopping Center, a 13,465-square-foot retail center in the Denver submarket of Thornton, has received $2.1 million in financing. Phase I of the center is located at 871-887 Thornton Parkway. The property is shadow anchored by a 55,000-square-foot Safeway grocery store that was not part of the transaction. The permanent, 10-year, CMBS loan allowed the borrower to obtain a 30-year amortization on a non-recourse basis. The refinance was arranged by Steve Bye and Brian Fisher of NorthMarq Capital’s Denver office.

March 16, 2015

Connecticut Multifamily Northeast

IPA Arranges $115.5M Sale of 323-Unit Multifamily Property in Connecticut

by Amy Works March 16, 2015

STAMFORD, CONN. — Institutional Property Advisors (IPA) has brokered the sale of Avalon on Stamford Harbor, a multifamily property located in Stamford. The property sold for $115.5 million, or $357,585 per unit. Located at 150 Southfield Ave., the waterfront property features 323 residential units, a marina and 72 boat slips. Steve Witten and Victor Nolleti of IPA, a division of Marcus & Millichap, represented the buyer, TGM Anchor Point LLC, in the transaction. The seller was Harbor Financing LLC.

March 16, 2015

Retail Southeast Virginia

Benderson Development Acquires Bed Bath & Beyond in Metro D.C. for $29M

by John Nelson March 16, 2015

VIENNA, VA. — Benderson Development has purchased a 55,695-square-foot Bed Bath & Beyond store located at 2051 Chain Bridge Road in Vienna, a suburb of Washington, D.C. Benderson’s $29 million acquisition of Bed Bath & Beyond is the company’s entry into Tysons Corner, a super-regional retail destination in the greater D.C. area. Sarasota, Fla.-based Benderson has a portfolio that comprises more than 40 million square feet in 38 states.

March 16, 2015

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