LITHONIA, GA. — Multi Housing Advisors (MHA) has brokered the $15.8 million sale of Devon Place, a 415-unit apartment community located in the metro Atlanta suburb of Lithonia. The property recently underwent renovations to upgrade unit interiors and exteriors. Josh Goldfarb and Tyler Averitt of MHA’s Atlanta office represented the seller, Varden Capital Properties LLC, in the transaction and were the sole brokers involved in the deal.
ONTARIO, CALIF. — Third-party logistics provider Allen Distribution has leased a total of 1.2 million square feet of distribution space in Ontario. The buildings are owned by Prologis and located within the firm’s West Inland Empire portfolio of properties. Allen Distribution signed three leases at the center. The company was represented by JLL’s Kim Meincke, Tim O’Rourke and Mike Fowler. Prologis was represented in-house by Travis Durfee.
County, a 288,348 square-foot office campus in the Orange County submarket of Foothill Ranch, for an undisclosed sum. The campus is located at 27042, 27051 and 27121 Towne Centre Drive. The three-building Campus South County was built in 1999. It was renovated last year. The renovation included the addition of a state-of-the-art conference center, a tenant lounge and a Wifi-enabled, outdoor meeting area. The campus is near the Foothill Ranch Towne Center and fronts the Foothill Transportation Corridor (SR-241). The seller, MetLife, was represented by Kevin Shannon, Paul Jones, Bob Smith and Blake Bokosky of CBRE’s Institutional Properties Group.
DENVER — The Preiss Company has acquired the Vista Student Housing Complex in Denver for an undisclosed sum. The 286-bed property is located at 1920 South University Blvd., directly across from the University of Denver campus. Preiss acquired the asset with a separate private investment group and its joint venture partner, Criterion Holdings, which will act as general manager. The company plans to invest an additional $500,000 to upgrade the facilities, including Internet bundled services, clubhouse and common area upgrades and enhancements to the vistas that overlook Denver’s Rocky Mountain range. Community amenities include a computer lab, business center with study rooms, clubhouse with television, outdoor television and pool table, fitness center, stand-up tanning bed, bocci ball court, outdoor fire pit and bike storage.
HUNTINGTON BEACH, CALIF. — Cypress Equities has acquired the Strand, a 96,638-square-foot mixed-use development in Huntington Beach. The property sits adjacent to the Huntington Beach Pier. The Strand contains a mix of office and retail tenants, including CVS Pharmacy, Forever 21, Rip Curl Surf Shop, Skechers, Johnny Rockets, RA Sushi, U.S. Taco Co., Bruxie Gourmet Waffle Sandwiches, Ritter’s Steam Kettle Cooking and INNOCEAN, a multi-national advertising and media agency. The larger mixed-use development also contains the 157-room Shorebreak Hotel, which was not a part of the transaction. The Strand’s four buildings were constructed in 2008. The transaction was executed by REZA Investment Group.
IRVING, TEXAS — CBRE’s Capital Markets Office Investment Group has arranged the sale of Canal Centre, a Class A office property located in Irving. Canal Centre is comprised of a recently redeveloped, 10-story office building with 238,051 rentable square feet and a six-story parking garage. Libitzky Property Companies purchased the asset from LaSalle Investment Management for an undisclosed price. CBRE’s Eric Mackey, Gary Carr, John Alvarado and Robert Hill represented the seller. Canal Centre is positioned at the heart of the Urban Center within the master-planned Las Colinas community. Las Colinas is home to 8,500 businesses, including 50 Fortune 500 companies, five Fortune 500 global headquarters and roughly 100 multi-national companies.
FLAGSTAFF, ARIZ. – The 100-unit Table Rock Apartments in Flagstaff has sold to Red Rock Investment Management for $14.3 million. The community is located at 3400 S. Lake Mary Road. It was built in 1998. The seller, Virtu Investments, was represented by Jim Crews and Brett Polachek of Cushman & Wakefield.
TEMPE, ARIZ. – A pair of free-standing, single-tenant buildings in Tempe that are triple-net leased to Target and US Bank have sold to Rosebud Tempe One LLC for $11.9 million. The properties are located at the northeast corner of McClintock Drive and Baseline Road. Target has occupied this space since 1988. Major employers in the area include Intel, Arizona State University and Maricopa Community Colleges. Acquisition financing was arranged by CBRE’s Geoffrey Harris. Joseph Compagno of the same firm represented both the buyer and seller, Hudson Retail Center LLC, in this transaction.
MURRIETA, CALIF. – A 41,472-square-foot industrial incubator property in Murrieta has sold to a private investor for $3.8 million. The two-building property is located at 26398 Deere Court and 41571 Corning Place. It was built in 2002 and is currently 96 percent occupied. The buyer funded this acquisition with proceeds from the sale of a golf course in Jurupa, Calif. The seller, Murrieta Commerce Center LLC, was represented by Dan Vittone and Alan Pekarcik of Avison Young.
KILLEEN, TEXAS — The Boulder Group has arranged the $1.7 million sale of a single-tenant Family Dollar property located at 4802 Bridgewood Drive in Killeen. The 9,180-square-foot, newly constructed property is located at the intersection of West Stan Schlueter and Bridgewood Drive. Jordan Kaufman of The Boulder Group represented the seller, a Texas-based private developer, in the transaction. A private Midwest-based investor purchased the property in a 1031 tax-deferred exchange. Family Dollar has 10 years remaining on its lease at the building. The lease features 10 percent rental escalations in each of the six five-year renewal option periods.
