sales_and_leases

Weingarten Nostat Buys Scottsdale Horizon Shopping Center

by Nellie Day January 12, 2015

SCOTTSDALE, ARIZ. – Weingarten Nostat has acquired Scottsdale Horizon Shopping Center, a 154,766-square-foot neighborhood shopping center, for an undisclosed sum. The center is located at 14850 N. Frank Lloyd Wright Blvd. in Scottsdale. It was 95 percent leased at the time of sale. Notable tenants include Safeway, CVS Chase Bank, H&R Block, Supercuts, Jack in the Box, Massage Envy and Leslie’s Pools. The seller, CHC–Real Estate, was represented by DTZ’s Dan Wald, Michael Hackett and Ryan Schubert.

January 12, 2015

California Retail Western

Shelter Island Village in San Diego Sells for $7.3M

by Nellie Day January 12, 2015

SAN DIEGO – Shelter Island Village, a 16,013-square-foot retail center in San Diego’s Point Loma submarket, has sold to Investcal Realty Corporation for $7.3 million. The center is located at 2904 Shelter Island Drive. Notable tenants include Supannee House of Thai, the Wine Pub, Stars and Stripes, Edward Jones, Haute Spa, Marvelous Muffins, Postal Annex and Subway. The center was built in 1990 by Union Bank of California (UBOC), which also operates an adjacent UBOC branch. Shelter Island is known for its distinctive Cape Cod-style architecture. Investcal represented itself, while the seller, Shelter Island Village LLC, was represented by Brian Quinn, Steve Avoyer and Matt Peckham of Flocke & Avoyer Commercial Real Estate, as well as by Jack Naliboff and Craig Carlson of Stepstone Realty.

January 12, 2015

California Industrial Western

Placentia Industrial Building Sells for $2.6M

by Nellie Day January 12, 2015

LOS ANGELES – A 20,087-square-foot industrial building in Placentia has sold to the Dayton Family Trust for $2.6 million. The space is located at 580 S. Melrose Street in the Los Angeles submarket. The trust will use the property for a food-flavoring business. It was represented by Scott Read of Newmark Grubb Knight Frank. The seller, Nan-Hsing Cheng, was represented by Morgan Hill, Mike Vernick and Mike Hefner of Voit Real Estate Services’ Anaheim office.

January 12, 2015

California Retail Western

Kneaders Bakery and Café Building in Parker Sells for $2.5M

by Nellie Day January 12, 2015

DENVER – A 3,798-square-foot building near Denver that is leased to Kneaders Bakery and Café has sold to an unnamed buyer for $2.5 million. The space is located at 19190 East Main Street in Parker, just southeast of Denver. It also contains a 1,400-square-foot patio. The bakery holds a 15-year lease at the newly constructed property. The transaction was executed by Tom Ethington and Rob Edwards of Pinnacle Real Estate Advisors.

January 12, 2015

Florida Retail Southeast

HFF Brokers $37.3M Sale of Power Retail Center in Orlando

by John Nelson January 12, 2015

ORLANDO, FLA. — HFF has brokered the $37.3 million sale of Colonial Landing, a 259,024-square-foot retail power center in Orlando. The property is located 2.2 miles from downtown Orlando across from Orlando Fashion Square Mall. Colonial Landing is fully leased to tenants such as Bed Bath & Beyond, Buy Buy Baby, PetSmart, Sports Authority, Jo-Ann Fabrics & Crafts, H.H. Gregg, Party City, Red Lobster, Smokey Bones, Fifth Third Bank and Pollo Tropical. Retail Centers of America, which was advised by Lincoln Retail REIT Services, purchased the property free and clear of existing debt. Brad Peterson, Whitaker Leonhardt and Anthony Frogameni of HFF led the investment sales team in representing the seller, a joint venture between Weingarten Realty Investors and other private investors.

January 12, 2015

New York Northeast Retail

CBRE Brokers Sale of 240,378 SF Retail Center in New York

by Amy Works January 9, 2015

NEWBURGH, N.Y. — CBRE Group Inc. has brokered the sale of Newburgh Crossing, a retail center located in Newburgh. Monsey, N.Y.-based DBD Holdings LLC purchased the property from RPAI Newburgh Crossing LLC, an entity controlled by Retail Properties of America Inc., for an undisclosed price. Situated at the intersection of Route 300 and 17K, the 240,378-square-foot retail center is 100 percent occupied by national tenants, including Michaels, Barnes & Noble, Pier 1 Imports and TGI Friday’s. Jeffrey Dune and David Gavin of CBRE’s Institutional Properties team represented the seller and procured the buyer in the transaction.

January 9, 2015

California Industrial Western

Townsgate Business Center in Thousand Oaks Sells for $13M

by Nellie Day January 9, 2015

LOS ANGELES – Townsgate Business Center, a 73,888-square-foot business park in the Los Angeles submarket of Thousand Oaks, has sold to Townsgate Business Park LLC for $13 million. The four-building complex is located at 2637-2649 Townsgate Road. It is fully leased and offers a mix of warehouse, flex and office applications. The seller, DMC Investment Group, was represented by Dan Spell, Timothy P. Foutz and Mickey Belt of NAI Capital. Delphi Business Properties also assisted with this transaction.

January 9, 2015

California Office Western

Canada Pension Plan Buys Stake in San Francisco Office Building

by Nellie Day January 9, 2015

SAN FRANCISCO — A joint venture between Canada Pension Plan Investment Board (CPPIB) and Hudson Pacific Properties has acquired a 45 percent interest in a 1-million-square-foot office building in San Francisco for $219.1 million. The Class A building is located at 1455 Market Street. The 22-story property was acquired by Hudson in December 2010. Hudson will retain a 55 percent ownership in the property, as well as its “general partner” status. It will also continue to oversee the building’s leasing and management. The office building fronts an entire block along 11th Street in San Francisco’s Mid-Market neighborhood. The concrete building was constructed in 1976. It features a nine-story podium topped by a 14-story tower. The building currently serves as the global headquarters for Uber and Square. It was previously a critical data center for Bank of America. A repositioning and expansion of the property’s ground-floor retail will commence early this year. The goal is to attract high-end retail and restaurant users to the space. Hudson plans to use joint-venture proceeds for a like-kind exchange, which could include an acquisition from Blackstone Real Estate Partners V and VI, as part of the Equity Office Properties’ San Francisco Peninsula and Silicon Valley …

January 9, 2015

Industrial Nevada Western

GID Leases Space at Prologis Las Vegas Corporate Center

by Nellie Day January 9, 2015

LAS VEGAS — Global Industrial Distribution (GID) has leased a 464,203-square-foot speculative industrial building in the Prologis Las Vegas Corporate Center. The building is located at 3700 Bay Lake Trail in North Las Vegas. This is the largest industrial spec building to be leased in Las Vegas in the past eight years, according to Cushman & Wakefield | Commerce, which represented GID in this transaction. GID distributes electronics, office supplies and other equipment. The Prologis Corporate Center is expected to be delivered in the second quarter of this year. GID is scheduled to occupy the building this July. The distributor was represented by C&W’s Danielle Steffen, Art Farmanali and Amy Ogden.

January 9, 2015

California Office Western

Peregrine Realty Partners Buys Woodland Hills Office Building

by Nellie Day January 8, 2015

LOS ANGELES – Peregrine Realty Partners has acquired an office building in the Warner Center Business Park for $19.5 million. The six-story building is located at 5950 Canoga Ave. in the Woodland Hills submarket. This sale marks the closing of a three-building portfolio that included 5955 De Soto and 21155 Califa Street. The seller, a joint venture between Oakfield Realty Partners and Long Wharf Real Estate, was represented by Bob Safai and Matt Case of Madison Partners.

January 8, 2015

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