CHANDLER, ARIZ. – The 40,952-square-foot Ocotillo Fiesta Shopping Center in Chandler has sold to Ocotillo Fiesta LLC for an undisclosed sum. The center is located at the southeast corner of Alma School and Queen Creek roads. It is shadow-anchored by Albertsons. The center is currently 97 percent leased. The landlord, Southgate Mall Associates, was represented by Mindy Korth and Kirk Kuller of Colliers International.
SAN DIEGO – Viewridge Business Park, a 72,571-square-foot office complex in the Kearny Mesa submarket of San Diego, has sold to MIG Real Estate for an undisclosed sum. The park is located at 4711, 4715 and 4719 Viewridge Ave. It is currently 82 percent leased. Notable tenants include Coastal Credit, YARDI and Vericare. MIG Real Estate represented itself in this transaction, while the unnamed seller was represented by Bob Prendergast and Lynn LaChapelle of Jones Lang LaSalle.
TARRYTOWN, N.Y. — DLC Management Corp. has acquired an 11-asset retail portfolio totaling 2.58 million square feet. The properties are located in New York, North Carolina, Arkansas and Tennessee. The acquisition is the largest in DLC’s history and the properties match well with the company’s operations and represent large, high-quality assets with strong anchor tenants. Additionally, the portfolio offers value-add opportunities through property stabilization. The portfolio includes: 2015 Walden Ave. (26,500 square feet), Union Consumer Square (386,320 square feet), Walden Consumer Square (253,225 square feet) and Walden Place (68,002 square feet) in Cheektowaga, N.Y.; Batavia Commons (49,431 square feet) and BJ’s Plaza (95,846 square feet) in Batavia, N.Y.; Premiere Place (414,639 square feet) in Williamsville, N.Y.; River Hills (315,234 square feet) in Asheville, N.C.; Spring Creek (588,606 square feet) and Steele Crossing (261,665 square feet) in Fayetteville, Ark.; Towne Center (390,607 square feet) in Murfreesboro, Tenn. Additional terms of the transaction were not released.
WASHINGTON, D.C. — PRP LLC has purchased a 100,000-square-foot office building located at 2501 M St. N.W. in Washington, D.C.’s West End for $31.6 million. PRP acquired the property from the Association of American Medical Colleges on behalf of one PRP’s real estate funds in partnership with an institutional investor. PRP will convert the building into a 60-unit luxury residential condominium property with 11,475 square feet of retail space featuring outside dining. PRP plans to begin selling condo units in 2015 and deliver the finished homes by mid-2016.
BAYTOWN, TEXAS — Aries Capital has arranged an $8.9 million loan for the Holiday Inn Express in Baytown. The property opened in April and is located at 7515 Garth Road across the bay from Houston. Rushi Shah of Aries’ Chicago office arranged the non-recourse, 10-year loan on behalf of the borrower, Pride Management. The loan replaces an existing full recourse, bank-constructed loan.
CAMBRIDGE, MASS. — Jamestown, a national real estate and investment firm, has acquired the Davenport building in Cambridge from DivcoWest for an undisclosed price. The property was originally constructed in 1860 as the Davenport Furniture Factory. In 1987 the seven adjoining buildings were renovated to function as a single four-story, 220,000-square-foot office building. Recently the building underwent an $18 million capital improvements program to bring the property to modern standards. The property is currently fully leased to seven tenants: HubSpot, Sonos, PowerSteering Software, npg, Nimbus, Atlas Venture and Manta. Robert Griffin, Edward Maher and Matt Pullen of Cushman & Wakefield of Massachusetts brokered the transaction.
MERIDIANVILLE, ALA. AND MARIETTA, GA. — The Shopping Center Group (TSCG) has brokered the sale of two shopping centers in the suburbs of Huntsville, Ala., and Atlanta for nearly $10 million. Flint Crossing in Meridianville sold for $6.5 million and The Shoppes at Due West Pavilion in Marietta sold for $3.3 million. The 65,000-square-foot Flint Crossing is fully leased to tenants such as Publix, Rite Aid, Mattress King, Regis Salons, Subway, Domino’s Pizza, China One and Madison County Commission. TSGC represented the seller, Flint Crossing Market Center LLC, in the transaction. The buyer was Real SUB LLC. The 18,200-square-foot Shoppes at Due West Pavilion is 92 percent leased to tenants such as Nature’s Corner Market, Blimpie, Peace Love Pizza and Daily Grind. TSCG represented the seller, The Shoppes at Due West Pavilion LLC, in the transaction. The buyer was SCGV-Due West LLC, a private fund based in the Southeast.
DENVER – An 8,048-square-foot retail building at the Promenade at Denver West development has sold to an unnamed buyer for $4.3 million. The building is located at 14650 West Colfax in the Lakewood suburb. It contains three tenants, including Native Foods, Elements Message and Nekter Juice Bar. The newly constructed property is adjacent to Colorado Mills Mall. The unnamed seller was represented by Tom Ethington and Rob Edwards of Pinnacle Real Estate Advisors.
SAN DIEGO – An 11,686-square-foot office building in San Diego has sold to Jason R. Larson for $3 million. The building is located at 5925 Kearny Villa Road. The buyer plans to use the first floor of the building as the headquarters for Lars Remodeling and Design. The current tenant will continue to occupy the second floor. The building was constructed in 1991. Larson was represented by Jody VanSumer of San Diego Market Realty. The seller, 5925 Kearny LLC, was represented by Derek Hulse and Derek Applbaum of Colliers International.
CAMARILLO, CALIF. – Fitness 19 has signed a 10-year lease for 19,732 square feet at Camarillo Plaza shopping center. The center is located at 1775 Daily Drive. Fitness 19 will occupy more than 25 percent of Camarillo Plaza. Other tenants at the center include Urbane Café, the Habit Burger Grill, Baja Fresh, Presto Pasta, Hobby People, Revolution Surf Shop and Brendan’s Restaurant. Fitness 19 was represented by Rainier Commercial. The landlord, DP Grand Camarillo Center LLC, was represented by CBRE’s Larry Tanji, Scott Siegel and Lisa Engel.
