TEMPE, ARIZ. – AZ Partsmaster has purchased a 73,536-square-foot industrial building in Tempe for $4.9 million. The building is located at 7125 West Sherman Street, just three miles from the homebuilding and property maintenance supply provider’s former location. The seller was Sun State Builders. The transaction was executed by Payson MacWilliam and Don MacWilliam of Colliers International.
SAN DIEGO – Charter Industrial Supply has acquired a 23,608-square-foot industrial building in the San Diego submarket of Kearny Mesa. The price was not disclosed. The building is located at 7832 Ostrow Street. The new space will allow Charter Industrial to expand within San Diego. The company will store and distribute more than 30,000 products, including fasteners, chemicals and aerosols, at the new facility. The seller was the Vander Linde Family Trust. Charter Industrial was represented by Nick Price of Voit Real Estate Services’ San Diego office.
MONACA, PA. — CBRE Inc. has brokered the sale of Township Marketplace, a power center located in Monaca. American Realty Capital, advised by Lincoln Retail REIT Services, purchased the retail center for $41.1 million. Built in 1999, the 298,630-square-foot center is anchored by Lowe’s Home Improvement Warehouse. Additional tenants include Cinemark, Party City, Michaels, PetSmart and Five Below. Brad Nathanson, Tom Gorman, Paul Fedorko and Antoine Matthews of CBRE represented the undisclosed seller in the transaction.
OKLAHOMA CITY — The RADCO Cos. has acquired a three-property multifamily portfolio in Oklahoma City for $38.5 million with plans to invest more than $7.6 million to improve the properties. Arbor Lake, Deer Creek and Lincoln Greens contain a combined 714 units and are located in the north-central Oklahoma City market near Lake Hefner. The Class B properties average 94 percent occupancy and were built between 1984 and 1986. RADCO financed the purchase with a mixture of bridge debt and private equity. Arbor Lake is a townhome community originally built as condominiums. It consists of one- and two-bedroom units. Deer Creek consists of 104 units with either one or two bedrooms. Lincoln Greens is a 458-unit complex with one- and two-bedroom layouts.
CHARLOTTE, N.C. — A joint venture between Childress Klein Properties and a pension fund advised by CBRE Global Investors has sold RiverGate Shopping Center in Charlotte. The 236,579-square-foot property is located in southwest Charlotte’s Steele Creek submarket adjacent to a Super Target and Home Depot. Childress Klein constructed RiverGate in 2006-2007. The shopping center was 98 percent leased at the time of sale to tenants such as Marshalls, PetSmart, Old Navy, Best Buy, Office Max, Starbucks Coffee, Bath & Body Works, Rack Room, Dress Barn, Verizon Wireless, Mattress Firm and Massage Envy. Mike Burkard and Steve Shields of CBRE represented the joint venture in the transaction. The undisclosed buyer has retained Childress Klein to manage the property.
NEW YORK CITY — New York City-based Savanna has partnered with Hornig Capital Partners and Chelsea Village Associates to acquire 95 Evergreen Ave. in the Bushwick neighborhood of Brooklyn for an undisclosed price. The five-story, 165,000-square-foot industrial building is located on the southeastern corner of Evergreen Avenue and George Street. Originally built as the Schlitz Brewery, the property features 15,500- to 36,600-square-foot floor plates, 15- to 30-foot ceiling heights and large windows with direct views of Manhattan and the surrounding boroughs. The joint venture plans to launch a $20 million building-wide capital improvement program in the first quarter of 2015 to convert the property into an office and retail location. Renovations include upgrading the property’s façade, windows, roof, generator, elevators, electric and plumbing systems, fire alarms, sprinklers and HVAC systems. The new space will cater to creative, media and technology tenants. Joe Berko and Lee Slipe of Berko & Associates represented the undisclosed seller in the transaction.
BOCA RATON, FLA. — Crocker Partners and Cornerstone Real Estate Advisers LLC have teamed up to acquire Boca Center, a 476,000-square-foot mixed-use development in Boca Raton. The development features three Class A office buildings totaling 360,000 square feet and a high-end retail center totaling 116,000 square feet. The office component was 91 percent leased at the time of sale to tenants such as FINRA, UBS and Sun Capital. The retail component was 98 percent leased to tenants such as Rocco’s Tacos, Morton’s, Joseph’s Classic Market and Total Wine. Boca Center also features a 256-room Marriott hotel, which wasn’t part of the transaction. Crocker and Cornerstone purchased Boca Center from TIAA-CREF for an undisclosed price.
LOS ANGELES — American Realty Capital Global Trust (ARC Global Trust) has purchased the 226,441-square-foot Quest Diagnostics building in the Los Angeles submarket of Santa Clarita for $96 million. The lab and office facility is located at 27027 Tourney Road. The property sits adjacent to Interstate 5, about 40 miles north of Los Angeles International Airport (LAX). Quest Diagnostics is the world’s leading provider of diagnostic testing and is one of the largest biomedical companies in the U.S. Quest occupies the entire building. The seller, Clarion Partners, was represented by HFF’s Ryan Gallagher, Mike McCann, Andrew Harper and Nick Foster.
PHOENIX — American Realty Capital Healthcare Trust (ARC Healthcare) has acquired Paradise Valley Medical Plaza, a 104,000-square-foot medical office building in Phoenix, for $28.3 million. The Class A building is located at 3805 East Bell Road, on the Abrazo Paradise Valley Hospital campus. Paradise Valley Medical Plaza was 90 percent occupied at the time of sale. The property was sold by RP Paradise Valley LLC, a joint venture between Plaza Companies and USAA Real Estate Company. Plaza will continue to provide leasing, construction services and property management for the building. The medical office building was sold to ARHC PVPHXAZ01 LLC, a subsidiary of ARC Healthcare. Plaza Companies and ARC Healthcare are also collaborating on Arrowhead Professional Center in Glendale, which is owned by ARC Healthcare and managed by Plaza.
DALLAS — Marcus & Millichap has arranged the sale of Villas at Montierra, a 28 building, 357-unit apartment property built in 1984 in Dallas. Al Silva of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a limited liability company located in the state of Washington. Villas at Montierra is located at 1603 John West Road in Dallas just north of I-30. The property was recently renovated with new roofs and exterior paint. The new owners plan to make additional improvements to the interior and exterior of the apartments.
