LONG BEACH, CALIF. – The 40-unit Bixby Park Apartments in Long Beach has sold to a local private investor for $6.2 million. The community is located at 1132 San Antonio Drive and 4481 Orange Ave., in the Bixby Knolls submarket. Robert Stepp of Stepp Commercial represented both the buyer and sellers, Pathfinder Partners and Ryanik, in this transaction.
LAGUNA HILLS, CALIF. – A Chevron gas station and convenience store in Laguna Hills has sold to a Southern California-based buyer for $4.5 million. The property is located at 23991 El Toro Road. It was built in 1973 and renovated in 2012. The buyer is also the current operator. The investor was represented by C-Store Realty. The seller, also a private investor, was represented by Donald MacLellan and Tom Chichester of Faris Lee Investments.
RAHWAY, N.J. — Gebroe-Hammer Associates has brokered the sales of two multifamily properties, River Place at Rahway and Alden Apartments, in Rahway. In the first transaction, an undisclosed buyer acquired River Place, located at 190 Lewis St., for $36 million. Built in 2005, the two-building property features 60 one-bedroom and 76 two-bedroom units. Each apartment features ceramic tile kitchens and bathrooms, nine-foot ceiling heights, washer and dryers, fully equipped kitchens and private balconies. On-site amenities include a fitness center, media room, outdoor courtyard, parking and attached garages. Joseph Brecher and Gehane Triarsi of Gebroe-Hammer represented the undisclosed owner, while Ken Uranowitz, also of Gebroe-Hammer, represented the undisclosed buyer in the deal. Additionally, Greg Pine, David Jarvis and Gehane Triarsi of Gebroe-Hammer brokered the sale of Alden Apartments for an undisclosed price. Alden Apartments Complex LLC sold the 32-unit apartment complex to an undisclosed buyer.
MIAMI — CBRE has brokered the $140 million sale of 777 Brickell Ave., a 288,485-square-foot office tower located in Miami’s Brickell neighborhood at the intersection of Brickell Avenue and S.E. 8th Street. The 13-story asset also features an adjacent five-story parking garage. An unnamed private investment group from South America purchased the waterfront office tower from an institutional investor advised by CBRE Global Investors. The office building is currently 93 percent leased to 29 tenants. Christian Lee, Charles Foschini, Christopher Apone, Amy Julian and Jose Lobon of CBRE Capital Markets represented the seller in the transaction. Brian Gale and Andrew Trench of Taylor & Mathis helped the CBRE Capital Markets team market 777 Brickell Ave.
LOS ANGELES — A 28-story office tower in the Los Angeles submarket of Century City has received $125 million in financing. The Class A tower was built in 1969. The 596,856-square-foot tower contains a mixture of FIRE (finance, insurance, real estate) and legal tenants. The non-recourse, fixed-rate loan features a 10-year, interest-only term. It was arranged by George Mitsanas and Doug Tisdale of Newmark Realty Capital’s Los Angeles office through the firm’s correspondent life insurance company lenders. Mitsanas has previously financed this property twice for the borrower.
SCOTTSDALE, ARIZ. — Transwestern Strategic Partners has acquired Lincoln Towne Centre, a 226,112-square-foot office property in downtown Scottsdale, for $58.8 million. The two-building property is located at 4150-4250 N. Drinkwater Blvd. Lincoln Towne Centre is situated directly across from the Scottsdale City Hall, near the Loop 101. Nearly half of the property is occupied by investment-grade tenants, including CAN, Catlin and EMC2. The seller, Equus Capital Partners, was represented by Chris Toci, Chad Littell, Jerry Noble, Pat Devine and Greg Mayer of Cushman & Wakefield of Arizona. Equus had acquired the asset on behalf of its value-add fund, BPG Investment Partnership IX, L.P. Transwestern acquired the asset on behalf of its TSP Value and Income Fund. Transwestern Strategic Partners is the discretionary investment management arm of Dallas-based Transwestern Investment Group.
FOLSOM, CALIF. — Sequoia Equities has acquired the 280-unit Iron Point at Prairie Oaks in the Sacramento Valley submarket of Folsom for $58.2 million. The community is located at 1550 Iron Point Road. Iron Point was built in 2000. It is situated near Prairie City Crossing neighborhood shopping center, the Palladio at Broadstone lifestyle center, Folsom Premium Outlets, Broadstone Marketplace and Plaza, the Folsom Historic District and the central Folsom shopping district. Community amenities include a fitness center, resort-style swimming pool and hydrotherapy spa, a business center and a clubhouse. Sequoia Equities was represented by Kenneth Blomsterberg of Marcus & Millichap. The seller, Interland LLC, was represented by IPA’s Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni.
DENVER AND ALBUQUERQUE — Gary Hines and Ray Ubieta have sold their 19 Twisters restaurants, the Twisters concept and its intellectual property to Rajiv Grover of VKC Group. The Southwestern fast-casual concept is located throughout Denver and Albuquerque. The restaurant gained notoriety when one of its locations served as the setting for “Los Pollos Hermanos,” a fictional Mexican restaurant in AMC’s Breaking Bad. The transaction was brokered by National Restaurant Brokers and its affiliate National Convenience Store Brokers.
MONROVIA, CALIF. – A 17,000-square-foot building in Monrovia that is triple-net leased to 24 Hour Fitness has sold to HREH LLC for $5.5 million. The building is located at 715 East Huntington Drive, within the East Huntington Drive technology corridor. It was built in 1995. 24 Hour Fitness has occupied the property for 19 years. The gym recently signed a 10-year lease extension. The seller, Monrovia Fitness LLC, was represented by Jeff Conover of Faris Lee Investments. The all-cash buyer represented itself.
BRAINTREE, MASS. — Bierbrier Development has purchased South Shore Plaza, a shopping center located at the corner of Routes 128 and 37 in Braintree. Carpenter & Co. sold the property for $41.5 million. The 45,000-square-foot retail property is fully occupied by a variety of local and national tenants, including Legal Sea Foods, Starbucks, AT&T, Jos. A. Bank and TGI Friday. Brian Corcoran of Ackman-Ziff arranged $29.6 million in acquisition financing through Wells Fargo for the transaction. Ben Sayles and Coleman Benedict of HFF represented the seller in the deal.
