Ten buildings at One Eleven La Quinta Center have sold for $35 million to Milan Capital Management in Anaheim, according to SRS Real Estate Partners’ Investment Properties Group.
The retail center built in La Quinta between 1993 and 2007 sits on 12.95 acres at Washington St at Route 111.
SRS Senior Vice Presidents Chris Tramontano and John Redfield represented the seller, a Coachella Valley-based family. The buyer represented itself.
Tenants in the center that were part of the property sale include Ross Stores, Staples, Petco, Big 5 Sporting Goods, among others. The center is “shadow” anchored by tenants that include Stater Bros, Hobby Lobby and Kohl’s.
“… The seller was ready to pass the baton to a great Southern California operator. This transaction had its challenges and many moving pieces, fortunately, all outside of the high-quality real estate that was purchased,” Redfield said.
Greenlaw joint venture completes 3-building logistics buy in Utah
A joint venture between Irvine-based Greenlaw Partners and Mirae Asset Global Investments recently acquired the last of three industrial buildings leased by Amazon in Utah, according to Cushman & Wakefield.
The deal, totaling 547,290 square feet, was worth a combined $291.5 million. The seller was Gardner Batt.
The third building in the city of West Jordan was completed this spring and spans 200,000 square feet on 76 acres. It sold for $103.8 million on July 7. The other two building sales included a new 201,096-square-foot building finished in 2021 on over 56 acres in Salt Lake City and a 146,194-square-foot building completed in 2020 in American Fork. The Greenlaw venture bought the pair of buildings for $187.75 million.
Jeff Chiate, Mike Adey, Brad Brandenburg, and Matthew Leupold of Cushman & Wakefield’s Irvine office, together with Tom Freeman and Travis Healey with Cushman & Wakefield’s Salt Lake City, office represented the seller in all three transactions.
“Industrial sites remain in high demand by investors due to the continued robust tenant activity happening across many of the sector’s industries and as quality industrial supply remains limited,” said Chiate.
Westport goes on storage unit buying spree
Newport Beach-based Westport Properties and Invesco have acquired eight self-storage facilities in Tennessee, North Carolina and Oregon.
Terms of the acquisition were not provided by either firm.
The partnership is rebranding the properties under the US Storage Centers brand with Westport Properties serving as the operator.
Properties include: 1,347 units in three complexes in Clarksville, Tenn.; 686 units and 52 parking spaces in Raleigh, N.C.; 646 units in Durham, N.C.; 674 units in two complexes in Bend, Ore.; 491 units in Winston Salem, N.C.
Invesco and Westport were self-represented in the acquisitions.
Townhome community breaks ground in north San Diego
Newport Beach-based IHP Capital Partners and homebuilder KB Home have bought and are now building Marja Acres in Carlsbad.
The two firms are converting a 20-acre former nursery in north San Diego County into a new housing community that will include 248 three-story townhomes, 10,000 square feet of commercial space and 46 affordable apartments for adults 55 years of age and over.
The community at 4901 El Camino Real between Kelly Drive and Cannon Road will offer three-story townhomes in two design styles: modern farmhouse and contemporary. Amenities will include a one-and-a-half-acre village green, four pocket parks, a dog park and a community center with a pool, barbeque area and bocce ball court.
Construction on model homes should begin later this year with sales opening in 2023, according to IHP. Home pricing will be released at a later date.
On the move
Daniel “Dane” Rowland is the new commercial property and business association manager at Irvine-based Guthrie Development Co. Previously, he held multiple roles and responsibilities at Irvine Co. With more than 15 years of experience in property management, Rowland will be responsible for overseeing daily operations for properties owned by both Guthrie Development and the business associations that Guthrie Asset Management manages.
Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at [email protected]. Please allow at least a week for publication. All items are subject to editing for clarity and length.