OWATONNA, MINN. — Upland Real Estate Group Inc. has arranged the sale of Three Corners Marketplace in Owatonna, located in southern Minnesota, for $1 million. The 7,666-square-foot retail property is fully leased to four tenants including Caribou Coffee, Subway, Re-Bath and Midnight Sun Spas. Keith Sturm, Deborah Vannelli and Amanda Leathers of Upland represented the undisclosed seller. The private buyer was completing a 1031 exchange.
RICHMOND, TEXAS — Hunington Properties Inc. (HPI) has brokered the sale of Long Meadow Plaza Shopping Center, a 15,692-square-foot retail center located at 7909 W. Grand Parkway S. in the Houston metro of Richmond. Tenants include Wendy’s, Mattress One, Today’s Vision and Little Caesars, all of which are subject to seven-year, triple-net leases. Rafael Melara of Hunington represented the seller in the transaction. Other terms of sale were not disclosed.
DALLAS — JLL has negotiated a 6,760-square-foot office lease at 1800 Landmark Blvd. in Dallas on behalf of DerbySoft Inc., a provider of software for the hospitality industry. Steve Thelen of JLL represented the tenant in the lease negotiations. Tabitha Layne of Sunwest Real Estate Group represented the landlord, 14800 Landmark LLC. The space will serve as the company’s new North American office, which was previously located in Frisco.
OCOEE, FLA. — Avison Young has arranged the $23.8 million sale of Good Homes Plaza, a 165,741-square-foot, Publix-anchored center located at 8805-8995 W. Colonial Drive in Ocoee, roughly 13 miles west of Orlando. John Crotty, Ray Hayhurst, Steve Tanner and Joshua Ladle of Avison Young arranged the transaction on behalf of the seller, IMC Equity Group, and secured the buyer, Canadian-based Slate Retail REIT. Good Homes Plaza was 96 percent leased at the time of sale to anchor tenant Publix, Pet Supermarket and Beall’s Outlet Store.
BLACKSBURG, VA. — Cushman & Wakefield | Thalhimer has arranged the sale of University Crossroads, an 18,316-square-foot retail center located at the main entrance of Virginia Tech in Blacksburg. Eric Robison and Catharine Spangler of Cushman & Wakefield | Thalhimer arranged the sale on behalf of the undisclosed seller. Additional terms of the transaction were not disclosed. Constructed this year, the center is part of the larger University Crossroads mixed-use development, which includes additional retail space, a freestanding CVS/pharmacy and two hotels with a total of 250 rooms. Graystone Cos. developed University Crossroads. At the time of sale, the center was home to Chipotle Mexican Grill, Panda Express and Tropical Smoothie Café. John Nielsen of Cushman & Wakefield | Thalhimer completed the lease-up of the property. The Thalhimer Commercial Property Services team will manage the asset under the new ownership.
SAN DIEGO — Realterm Logistics has purchased Bernardo Mesa Technology Center, a 180,946-square-foot warehouse in the San Diego submarket of Rancho Bernardo, for $60.5 million. The warehouse is located at 16550 Via Esprillo. The building is fully leased. Realterm Logistics is an owner and manager of high-flow-through logistics facilities serving the transportation industry. CBRE’s Louay Alsadek, Darla Longo, Barbara Perrier, Michael Kendall and Hunter Rowe were the investment advisors. The firm’s Brent Wright provided leasing market expertise.
DENVER — ColRich Multifamily has acquired The Park at Canyon Ridge, a 272-unit apartment community in Denver, for $44.9 million. The community is located at 9757 E. Colorado Ave. The Park at Canyon Ridge is situated near light rail service, schools and major employment drivers, including the Fitzsimons Medical Campus, the Southeast Business Corridor and Buckley Air Force Base. The 13-acre community features units averaging 785 square feet with washers and dryers, fireplaces and private balconies. Amenities include a large swimming pool, fitness center and dog park. The Park at Canyon Ridge is 94 percent leased. HFF’s Jordan Robbins, Jeff Haag and Anna Stevens executed the transaction.
AZUSA, CALIF. — Hanley Investment Group Real Estate Advisors and SRS Real Estate Partners have arranged the sale of a single-tenant McDonald’s ground lease in Azusa. A private 1031 exchange buyer acquired the ground lease from a Newport Beach-based private investor for $3.5 million. Built in 2017, the 4,365-square-foot property features a double drive-thru. McDonald’s occupies the property on a 20-year ground lease. Eric Wohl of Hanley Investment and Michael Walseth of SRS represented the seller, while Mark Repstad of Realty Advisory Group represented the buyer in the transaction.
NORTH RICHLAND HILLS, TEXAS — JLL has negotiated the sale of Diamond Loch, a 138-unit multifamily community located in the Fort Worth suburb of North Richland Hills. Scott LaMontagne, Zar Haro, Moses Siller and David Fersing of JLL represented the seller, 6100 Glenview Drive LLC, in the transaction. California Capital Real Estate Advisors Inc. purchased the asset for an undisclosed price.
SUGAR LAND, TEXAS — Poynter Commercial Properties Corp. has negotiated 30,266 square feet of office leases at Commerce Green Office Park in Sugar Land. Notable individual leases include Comcast of Houston LLC’s 6,936-square-foot space and Community Impact Newspaper’s 6,397-square-foot space. Developed in 1998, the Class A, 1.2 million-square-foot property is now 100 percent leased. Kevin Poynter and Peyton Poynter of Poynter Commercial represented the landlord, Commerce Green Associates LP. in the lease negotiations.
