sales_and_leases

Lincoln Property, Lincoln Harris Broker $35.3M Sale of Shopping Center in North Carolina

by John Nelson October 20, 2014

PINEVILLE, N.C. — Lincoln Property Co. and its affiliate Lincoln Harris have arranged the $35.3 million sale of The Centrum Shopping Center, a 270,747-square-foot retail center located at 10500 Centrum Parkway in Pineville. The asset is 99 percent leased to 17 tenants, including Kmart, Stein Mart and T.J. Maxx. Chris Cotten of Lincoln Property Co., along with Chris Vasbinder and Johno Harris of Lincoln Harris, represented the buyer, American Realty Capital-Retail Centers of America, in the transaction. Rob Carter of Berkeley Capital Advisors LLC represented the seller, Pineville Centrum LP, an entity comprised of DRA Advisors LLC and Kimco Realty Corp.

October 20, 2014

Florida Retail Southeast

Colliers Brokers $19.1M Sale of Whole Foods-Anchored Shopping Center in Sarasota

by John Nelson October 20, 2014

SARASOTA, FLA. — Colliers International has brokered the $19.1 million sale of Whole Foods Market Centre, a multi-tenanted, 59,341-square-foot shopping center located at 1451 1st St. in downtown Sarasota. Whole Foods Market anchors the center. Consolidated-Tomoka Land Co. purchased the shopping center from Casto-Zenith Venture LLC. Mike Milano, Ron Schultz, Cynthia Shelton and Kane Morris-Webster of Colliers International represented the seller in the transaction.

October 20, 2014

Industrial New Jersey Northeast

Principal Real Estate Investors Buys 216,000 SF Industrial Facility

by Amy Works October 17, 2014

MOONACHIE, N.J. — Principal Real Estate Investors has acquired One Lladro Drive, an industrial facility located in Moonachie, for an undisclosed price. The 216,000-square-foot industrial facility will undergo a major capital improvements program, including improved sprinkler systems, lighting and loading capabilities, to ensure the property as an institutional-quality asset. Principal Real Estate Investors has selected the CBRE team of William Waxman, Mindy Lissner, Matthew Corpuel, Thomas Tucci and Jamie Dennison to rebrand and reposition the property, which will be renamed Tri-State Commerce Center.

October 17, 2014

Office Texas

DivcoWest Purchases Office Portfolio in Northwest Austin

by Haisten Willis October 17, 2014

AUSTIN — DivcoWest has purchased Lakewood Center and The Park, two office complexes located in Austin’s northwest submarket. The projects contain three buildings totaling 185,000 square feet of Class A office space. Lakewood Center consists of two buildings located on Highway 360, one with 48,000 square feet and the other with 44,000 square feet. The Park, located on Highway 1, consists of one building with 93,000 square feet.

October 17, 2014

Multifamily Nevada Western

Las Vegas Apartment Portfolio Sells for $40M

by Nellie Day October 17, 2014

LAS VEGAS – The Bascom Group and funds managed by Carlyle Realty VII L.P. have acquired a two-property Las Vegas apartment portfolio for $39.9 million. The properties included in this transaction are Summerhill Villas at 2150 North Tenaya Way and Bayshore Club at 4975 South Duneville Street. “We are excited to be acquiring two very well-located properties in the Las Vegas metro,” says Scott McClave, principal transactions for Bascom. Summerhill Villas was built in 1990, while Bayshore Club was constructed in 1989.

October 17, 2014

Alaska Retail Western

Glenn Square in Anchorage Sells for $25.5M

by Nellie Day October 17, 2014

ANCHORAGE, AK — JL Properties has acquired Glenn Square, a 182,451-square-foot shopping center in Anchorage, for $25.5 million. The property is located at 3090 Mountain View Drive. Notable tenants at the center include Bass Pro Shops, Bed Bath & Beyond, Michael’s and PetCo. The center was built in 2006. Capital Pacific represented both the buyer and seller, Kimco, in this transaction.

October 17, 2014

Arizona Retail Western

Rosenthal & Rosenthal Acquires Whole Foods Property in Flagstaff

by Nellie Day October 17, 2014

FLAGSTAFF, ARIZ. — Rosenthal & Rosenthal has acquired a retail property in Flagstaff that is leased to Whole Foods for $11.6 million. The property is located at 320 S. Cambridge Lane within the Aspen Place at the Sawmill development. The space is situated near Northern Arizona University, at the corner of Butler Avenue and Lone Tree Road. Other notable tenants at Aspen Place at the Sawmill include REI, Chico’s, Eddie Bauer, Flagstaff Jean Company, Wildflower Bread Company and Pita Jungle. Rosenthal & Rosenthal purchased the property through its affiliate Broadway Tenth/Flagstaff LLC. The seller, Sawmill NF LLC, an affiliate of The Aspen Group, was represented by Ryan Schubert and Michael Hackett of Cassidy Turley’s Retail Capital Markets Group.

October 17, 2014

California Retail Western

Sierra Commons Shopping Center in Palmdale Sells for $18.3M

by Nellie Day October 17, 2014

PALMDALE, CALIF. — An investment group led by Progression Real Estate Investments has acquired the leasehold-interest in Sierra Commons, a shopping center in Palmdale, for $18.3 million. The center is located at 39626 10th Street. The property is 90 percent occupied. Notable tenants at Sierra Commons include Ashley Furniture, Michaels, BevMo!, the Coffee Bean & Tea Leaf and Pacific Dental. The center was built in 1994 and renovated in 2005. The seller, Grae Palmdale Landlord LLC, was represented by Patrick G. Kent and William B. Asher of Hanley Investment Group.

October 17, 2014

Florida Office Southeast

CBRE Global Investors Fund Buys 11-Building Office Park in Miami

by John Nelson October 17, 2014

MIAMI — A fund sponsored by CBRE Global Investors has acquired Airport Corporate Center, a 45-acre, 11-building office park located adjacent to Miami International Airport. The campus is located at 7200-7665 Corporate Center Drive and includes more than 1 million square feet of space, which was 78.6 percent leased at the time of sale. CBRE Global Investors plans to upgrade the campus with the firm’s 5-Star Worldwide service and amenity program, including the addition of conference centers and a fitness center. The buyer is also planning to renovate building interiors and exteriors and upgrade the property’s landscaping.

October 17, 2014

Massachusetts Multifamily Northeast

GPT-RG Amherst Sells Rolling Green Apartments for $30.3M

by Amy Works October 16, 2014

AMHERST, MASS. — CBRE/New England’s Capital Markets team has brokered the sale of Rolling Green Apartments, an apartment community in Amherst. GTP-RG Amherst, an affiliate of Equity Residential, sold the 204-unit, garden-style apartment community to an affiliate of Beacon Communities LLC for $30.3 million. Built in the early 1970s, the community consists of 16 two-story, garden-style buildings with a mix of 64 one-bedroom, 103 two-bedroom apartments, 31 three-bedroom apartments and six four-bedroom units. The apartments range in size from 759 to 1,158 square feet, with 76 of the units consisting of a townhouse configuration. The community was originally developed with MassHousing financing. However, when the financing matured in 2012, the affordable housing restrictions also went away. Beacon is working in collaboration with the town of Amherst and the Department of Housing and Community Development to secure the resources necessary to maintain Rolling Green as a high-quality, mixed-income housing property.

October 16, 2014

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