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LOS ANGELES-The 115,925-sf of gross rentable space sold by Catalina Ltd. Partnership for about $97,656 per unit. The Bascom Group, LLC, the new owners, plan to apply $2.25 million in renovations in an operational play to turn the property around within four to five years.
WOODLAWN, MD-The 177,000-sf former JC Penney outlet in the Security Square Mall is about to be sold to Baltimore, MD's MIE Properties Inc. in a $2.2 million deal. The two-level space has been vacant since the retailer closed its store there in August.
PLEASANTON, CA-It took five brokers and a three-part lease to finalize the deal between Safeway and CarrAmerica, but the grocery chain has secured a five-year lease to occupy about 143,000-sf of office space at CarrAmerica Corporate Center.
COLUMBIA, MD-In a $16 million transaction, the 145,806-sf building at 7000 Columbia Gateway Drive becomes Corporate Office Properties Trust's 15th property in the multi-structure Columbia Gateway Business Park.
SAN ANTONIO-A San Antonio investor has the franchise and his first location for the Texas launch of a Chicago-based vehicle repair chain. Ground breaks next week. San Antonio will get six stores before the owner decides if it's time to map out another city.
PHOENIX-The Macerich Partnership has plunked almost $1.5 billion on the table for Phoenix-based Westcor Realty. The regional mall owner's acquisition is to close in the third quarter. The plan calls for assuming $733 million in debt.
SAN FRANCISCO-The real estate investment brokerage company taps the manager of its Palo Alto office to be the next director of its National Office and Industrial Properties Group.
HARTFORD CT-The state of Connecticut has approved more than $13 million in funding to support a nearly $40-million project that will be used in part to create 221 rental housing units in downtown New Haven.
DENVER-Breaker Property Management LLC finishes a 10-year remodeling and rehabilitation program after buying it in the "days of agony" in the multifamily market, then puts the two-building, 39-unit property with "Old World charm" on the market.
MIAMI-Locally based Esslinger-Wooten-Maxwell brokers have sold 83% of the 630-unit community at competitive prices of $300 per sf, bringing sales to $12 million with another $18 million waiting to close.