SAN DIEGO – A 45,000-square-foot building in San Diego that is net leased to Dave & Busters has sold to Store Capital for $11.9 million. The building is located at 2931 Camino Del Rio N., at the intersection of the 805 and 8 freeways, near Downtown San Diego. Store Capital was represented by Patrick Luther and Matthew Mousavi of Faris Lee Investments. The seller, San Diego Food & Games LLC, was represented by Jeff Conover of the same firm in this leasehold interest sale.
LOS ANGELES – A 33,730-square-foot industrial building in the Los Angeles submarket of Compton has sold to Perera Family Trust for $4.7 million. The building is located at 2250 S. Central. It was built in 1990. The building also includes 12,000 square feet of Class A office space. The trust was represented by David Denitz of Gateway Business Properties. The seller, M&H Capital Investments LLC, was represented by Craig Poropat and Garen Ramyan of Lee & Associates’ Los Angeles – Long Beach.
TUCSON, ARIZ. – The 172-unit Quality Inn & Suites Tucson Airport North has sold to a partnership for $2.3 million. The hotel is located at 5251 South Julian Drive. The buyer was represented by Sam Hanna and Evan Taylor of Marcus & Millichap. The seller, a limited liability company, was represented by James I. Meng of the same firm.
CHARLOTTE, N.C. — First Capital Realty has brokered the $26.4 million sale of Belle Haven, a 176-unit, Class A apartment community in northeast Charlotte near UNC-Charlotte. The property was delivered in 2014 and has received LEED Silver certification. Rick Shinberg and Jeff Coles of First Capital Realty represented the seller, an undisclosed national developer, in the transaction.
DALLAS — CBRE has brokered the sale of Citymark, a Class A office building in Dallas’ Uptown submarket. The asset is located at 3100 McKinnon St. on a 3.7-acre site and compromises an 11-story office tower, four-level parking garage and half-acre developable parcel with roughly 200 feet of frontage along McKinnon Street. The office asset offers a total of 218,926 rentable square feet and is 73.6 percent leased. Bradford Commercial Real Estate Services purchased the asset from Hines Real Estate Investment Trust Inc. for an undisclosed price. CBRE’s Gary Carr, John Alvarado, Eric Mackey and Robert Hill represented the seller. On-site amenities include a full-service deli with indoor and outdoor seating, a fitness center and a landscaped plaza with a half-court basketball court and jogging trail. Citymark houses the U.S. headquarters of its largest tenant, Balfour Beatty Construction.
DENVER — Clayton Lane, a 335,000-square-foot lifestyle center in the Denver submarket of Cherry Creek, has received $48 million in financing. The center is located at the intersection of East 1st Avenue and University Boulevard, near Cherry Creek Regional Mall. Clayton Lane is 99 percent leased to notable tenants like Whole Foods, Crate & Barrel, Arhaus Furniture, Sur La Table, White House Black Market, A Pea in the Pod, Design Within Reach and Bose. Anchor Whole Foods, along with an adjacent Sears property, will be part of a massive redevelopment that is likely to include multiple uses like office and multifamily. The fixed-rate, 10-year, interest-only loan was arranged by Andrew Stewart and Allison Moravec of Cronheim Mortgage. It was placed with the American General Life Insurance Company and the National Union Fire Insurance Company on behalf of the borrower, AmCap Clayton. Cronheim acted as correspondent and servicer for both lenders.
WESTMINSTER, COLO. — The 504-unit Lakeview Apartments in Westminster has received $26.3 million in financing. The community is located at 3701 West 68th Ave., about 10 miles north of Downtown Denver. Lakeview Apartments is situated at the intersection of West 68th Avenue and Lowell Boulevard. It is within three blocks of an upcoming light rail station. The fixed-rate loan features a 10-year term with three years interest-only. The securitized loan contains a 3.65 percent interest rate. Acquisition financing was arranged by HFF’s Brock Yaffe and Kristian Lichtenfels through the firm’s Freddie Mac Program Plus Seller/Servicer program. The loan was arranged on behalf of BMC Investments.
MODESTO, CALIF. — Phillips Edison Grocery Center REIT II has purchased North Point Landing, a 152,769-square-foot shopping center in Modesto, for an undisclosed sum. The center is located at 3848 McHenry Ave. North Point is anchored by Walmart Supercenter. Other notable tenants include GNC, T-Mobile, the UPS Store, Allstate and Round Table Pizza. Phillips Edison Grocery Center REIT II is a public, non-traded REIT that seeks to acquire and manage well-occupied, grocery-anchored neighborhood shopping centers having a mix of national and regional retailers selling necessity-based goods and services. It looks for properties in strong demographic markets throughout the U.S. It currently owns and manages an institutional-quality retail portfolio with 22 grocery-anchored shopping centers totaling 2.5 million square feet.
TAMPA, FLA. — Marcus & Millichap has brokered the $21.8 million sale of University Club, a 536-unit apartment community located at 12702 University Club Drive in Tampa. Community amenities include 24-hour gated access, on-site laundry facilities, a fitness center, business center, two dog parks, playground and two swimming pools. Francesco Carriera and Michael Regan of Marcus & Millichap represented both the buyer and the seller in the transaction.
FLEMINGTON, N.J. — CBRE Group Inc. has brokered the sale of Turntable Junction & Fulper Center in Flemington. The 5.3-acre retail and multifamily property sold for $3 million. Charles Berger and Elli Klapper of CBRE represented the seller, a private family, while James Gunning, Donna Falzarano and Evan Kleppe of CBRE Group Inc. secured the financing for the deal. The new owner, an out-of-state buyer, plans to hold the property, which is nearly 100 percent occupied, for investment purposes with the possibility for redevelopment in the future.
