CBRE arranged the $12.05-million sale of 6060 Cornerstone Ct. West, a 67,099-square-foot office building in San Diego, to a local private investor, Sorrento Biotech Center LLC, which plans to convert the property for life sciences use. A CBRE team of Matt Carlson, Hunter Rowe, Camille Doan, Alex Hayden, Barbara Perrier, Mike Longo, Matt Pourcho and Anthony DeLorenzo represented the corporate seller. Chris Duncan of Voit Real Estate represented the buyer.

“Significant entrepreneurial capital continues to flow into the market, focusing on mid-market lab investments and repurposing underutilized assets,” said Carlson.

The asset is situated on 2.96 acres at a prominent intersection in Sorrento Mesa, a hub for growth and innovation. Its prime corner location is enhanced by proximity to universities, renowned research institutions and San Diego’s life sciences epicenter.

Built in 1985, the property was owned and occupied by a corporate owner. This transaction marks the first time the asset has been for sale to the broader real estate market.

Jay O’Meara, Justin Parsonnet and Ryan Reethof have left CBRE and joined Newmark to lead office investment sales in the Southeast, including Atlanta, Nashville, Tennessee, Charlotte and Raleigh, North Carolina, and Florida. O’Meara and Parsonnet will serve as vice chairmen, and Reethof will serve as senior managing director.

O’Meara, Parsonnet, and Reethof have more than 65 years of collective experience, bringing a southeast track record of over 110 million square feet of closed transactions and $23 billion in sales volume spanning more than 25 markets. They were notably involved with the $380 million sale of Bank of America Plaza, the $201 million disposition of 3630 Peachtree and the 1.4 million-square-foot King & Queen towers—the landmark assets on which Newmark was recently engaged for agency leasing.

O’Meara, Parsonnet, and Reethof have built a network of institutional and private clients, including Oaktree Capital Management, Highwoods Properties, Shorenstein, Cousins Properties, CP Group and numerous high-net-worth groups.

CBRE Capital Markets’ Debt & Structured Finance group secured a $37.75-million loan to refinance 101 Redwood Shores, a Class A office building located in Redwood City. EVP Mike Walker and Brad Zampa of CBRE’s Northern California Capital Markets Institutional Properties team represented the sponsor, Diamond Investment Properties. A Chicago-based financial institution originated the loan.

“The property’s modern amenities, prime location and the opportunity for a long-term relationship with the sponsor led to an attractive outcome,” said Walker. “Financing office assets requires incredible creativity right now due to the broader headwinds in the asset class. Achieving a balance sheet execution with an accretive combination of pricing and proceeds is a win and sets a great comp for the market as liquidity begins to return to the asset class.”

101 Redwood Shores is 100,000-plus-square-foot office building that is 100% leased to Zuora for approximately five years. It’s located just off U.S. 101 on the San Francisco Peninsula.

CBRE has arranged the sale of Post House, a 159-unit multifamily property in Evansville, Indiana. Prosperity Commercial Real Estate purchased the property from Scannell Properties for an undisclosed amount.

CBRE’s Hannah Ott, George Tikijian, Cam Benz, Claire Bullard and Ryan Stockamp represented the seller in the transaction.

“Our team was very pleased to represent Scannell Properties on the sale of this beautiful Class A deal in downtown Evansville,” said Ott. “We look forward to hearing about the continued success at the property and wish the new ownership well.”

Post House is located at 215 Vine St., proximate to the Ohio River Scenic Byway and several riverfront restaurants, retail centers and entertainment venues. Built in 2020, the property features a range of studio-, one- and two-bedroom floor plans averaging 894 square feet and 15 loft-style one-bedroom live/work street-level units.

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

CBRE has secured $38.5 million in construction financing for the development of Village Green, a new 90,525-square-foot shopping center in Nolensville, Tennessee. 

Richard Henry, Mike Ryan, Brian Linnihan, and Taylor Crowder with CBRE Capital Markets’ Debt & Structured Finance represented the borrower, Watkins Real Estate Group. The construction loan was sourced through ServisFirst Bank. 

Village Green will be located 18 miles south of downtown Nashville on a 16.98-acre site at the intersection of Nolensville Road and Rocky Fork Road. The shopping center will include nine buildings and be anchored by Publix grocery store. 

Watkins is an Atlanta-based, family-owned, full-service real estate development and management firm focused on commercial, retail and multi-family properties throughout the Southeast. Since inception, Watkins Real Estate Group has developed 4.7 million square feet of retail including over 50 projects anchored by Publix Super Markets and over 11,000 multifamily units.

CBRE has arranged the sale of The Barrington, a 282-unit multifamily property in Woodbury. Nuveen Global Investments LLC purchased the property from Tilden Fundamental Barrington Apartments, LLC for an undisclosed amount.

CBRE’s Keith Collins, Abe Appert, Ted Abramson, and Danny Baker represented the seller in the transaction. “The Barrington received strong buyer interest due to its Woodbury location, strong submarket absorption, lack of future supply and remaining value-add upside,” said Collins.

The Barrington is located at 7255 Guider Drive, near Interstate 494, Woodbury Village Shopping Center and Tamarack Nature Preserve, a 150-acre city park. Built in 1998-2001, the property features one—and two-bedroom floor plans averaging 932 square feet.

Community and unit amenities include two heated community pools, two community rooms, a fitness center in each building, a cybercafé, a dog park, in-unit washers and dryers, walk-in closets and stainless steel appliances.

Don’t miss the Lifetime Achievement Award Presentation and Keynote Interview with G. Joseph Cosenza, Vice Chairman of The Inland Real Estate Group, LLC and President of Inland Real Estate Acquisitions, LLC at Connect Midwest: Multifamily, Affordable, Student & Senior Housing Trends on June 4, 2024, at the W-Chicago, City Center Hotel, Chicago, IL. Register Today to network with your peers!

CBRE finalized the sales of two six-unit multifamily properties in San Clemente to individual private investors, resulting in a combined sale price of $5,545,000. EVP Dan Blackwell, first VP Mike O’Neill and associate Amanda Fielder represented both the buyers and the same seller in the two transactions.

In the first transaction, Blackwell, O’Neill and Fielder represented the repeat client investors, a private buyer from San Clemente and the San Diego County-based seller, in the $2,820,000 sale of a six-unit, 3,535-square-foot multifamily property at 306 Cazador Ln. in San Clemente.

In the second transaction, Blackwell, O’Neill and Fielder represented the repeat buyer, a private buyer from Newport Beach, and the San Diego County-based seller, in the sale of a six-unit, two-story multifamily property at 239 Avenida Pelayo for $2,725,000.

“The San Clemente market offers multifamily investors a rare blend of coastal charm, robust rental demand, and promising investment potential,” said O’Neill. “With its desirable location and strong demographics, San Clemente presents an excellent opportunity for investors seeking long-term growth and stability in the coastal multifamily sector.”

Sterling Bay has listed a trio of properties near the stalled Lincoln Yards $6 billion megaproject site. The firm is selling the properties to pay off debt amid the firm’s search for a new financial partner for the 53-acre mixed-use development.

Sterling Bay has hired CBRE to market the three parcels at 1907 North Mendell Street, 1901 North Elston Street, and 1500 West Cortland Avenue, reported Crain’s. Sterling Bay has faced mounting financial pressure as it deals with the imminent need to pay off debt amid the search for a new financial partner.

Last year, the firm sold an industrial property near the Lincoln Yards site, a joint venture of Farpoint Development and Langdon Partners. The ambitious Lincoln Yards project was aimed to breathe fresh life into a former industrial site in Chicago’s North Side, with improved infrastructure and transportation, new businesses and residences, along with parks and open spaces.

The Promenade at Brentwood, a 337,800-square-foot retail shopping center located in Brentwood, Missouri, has been listed for sale. The open-air center, owned by Site Centers of Ohio, is one of the most dominant shopping centers in the St. Louis MSA, situated within the Brentwood retail corridor.

CBRE’s Christian Williams and Chase Young are leading the marketing and sale of the property. Ranked among the top three shopping centers in the MSA for consumer traffic, the center features a list of national retailers, including Target, Trader Joe’s, Burlington Stores, Inc., Five Below, Ulta Beauty, and Chase Bank.

St. Louis County appraises the site at $29 million, reported the St. Louis Business Journal. Brentwood Promenade was developed in the 1990s, by Orix Sansone Brentwood LLC, a joint venture between St. Louis-based Sansone Group and Orix Real Estate Equities Inc. of Chicago. The property last sold in 2001.