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Calif. office complex to change hands; Nev. apartment community sells for $58M


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Calif. office complex to change hands; Nev. apartment community sells for $58M

This feature rounds up recent commercial property news and highlights larger deal coverage already published.

* Sares Regis, an Irvine, Calif.-based developer, is purchasing a 110-acre office complex from Toyota with 2 million square feet of office and industrial space, the Los Angeles Times reported. The deal will close by the end of October and the 18-building asset could fetch over $150 million, according to the report.

* MG Properties Group acquired the 432-unit Bristol at Sunset Apartments in Henderson, Nev., for roughly $58.3 million. The company financed the acquisition with a $39.4 million Fannie Mae Loan arranged by CBRE.

* Grander Capital and North Colony Asset Management purchased a 160,912-square-foot, 85%-occupied office building, Heritage Point at 108 Myrtle St. in Quincy, Mass., for $28.3 million, Commercial Property Executive reported.

* Fondo Atlas purchased a 105,453-square-foot shopping center at 7100 Fairway Dr., in Palm Beach Gardens, Fla., for $25 million from Barings Real Estate Advisers.

* UnitedHealth Group Inc. acquired the five-story, 386,000-square-foot former headquarters of G&K Services at Opus Parkway 5995, in Minnetonka, Minn., for $22 million from Founder Properties, the Minneapolis/St. Paul Business Journal reported.

* A PCCP LLC and Westbridge Properties LLC joint venture sold the Arterra Townhomes apartments at 10031 SE 258th Place in Kent, Wash., for $20 million to Meter Properties. The asset is 97.53% leased and offers 81 units averaging 1,376 square feet.

* A Kimco Realty Corp. affiliate sold the 107,724-square-foot Home Depot, built on about 9 acres, at the Hayden Plaza North shopping center in north Phoenix for $11.8 million to Realty Income Properties, the Phoenix Business Journal reported.

* Reven Housing REIT Inc. purchased 40 single-family homes in Birmingham, Ala., from multiple parties for around $2.4 million.

* National Storage Affiliates Trust bought ACE Storage, a six-property storage portfolio with about 440,059 square feet of net rentable space, in the St. Louis, Mo.-Ill., Metropolitan Statistical Area for an undisclosed amount from SkyView Advisors.

* ZOM Living entered into a $30.0 million joint venture partnership for the development of a six-story, 203-unit, Class AA apartment property at 4401 Barclay Downs Drive in Charlotte, N.C. Hazel SouthPark will include 14,000 square feet of ground floor retail space.

* Developers ITB Holdings LLC and Regency Centers Corp. secured a $20 million construction contract from Williams Co. Southeast for the Midtown East shopping center at Wake Forest Road in Raleigh, N.C., the Triangle Business Journal reported. The shopping center will sit on 22 acres and comprise five retail buildings with 42,000 square feet of space and 400 parking spaces, and it will be anchored by a 120,000-square-foot Wegmans grocery store.

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