REBusinessOnline

Prime US REIT Buys Sorrento Towers Office Complex in San Diego from Shorenstein Properties for $146M

SAN DIEGO — Prime US REIT has purchased Sorrento Towers, a Class A office complex located at 5355 and 5375 Mira Sorrento Place in San Diego’s Sorrento Mesa submarket. Shorenstein Properties sold the asset for $146 million.Built in 1990, Sorrento Towers features two seven-story buildings totaling 296,327 square feet of office space atop a multi-level parking structure. At the time of sale, the property was 98.2 percent occupied.Kevin Shannon, Brunson Howard, Ken White and Paul Jones …

Redwood Capital Buys 322-Unit Ascent Cresta Bella Apartments in San Antonio

SAN ANTONIO — Chicago-based investment firm Redwood Capital Group has purchased Ascent Cresta Bella, a 322-unit apartment community in northwest San Antonio. The property offers one-, two- and three-bedroom units with quartz countertops, stainless steel appliances, hardwood-style floors, kitchen islands and tile backsplashes. Communal amenities include an infinity pool with cabanas, outdoor kitchens, a rooftop terrace, social lounge, business center, two-story fitness center with a spin room …

Trilogy Real Estate Group Buys 115-Unit Luxury Apartment Community in Suburban Chicago

PARK RIDGE, ILL. — Trilogy Real Estate Group, a Chicago-based real estate investment, management and development firm, has acquired Park 205 in the Chicago suburb of Park Ridge. Located at 205 Touhy Ave., the luxury apartment community features 115 units. Amenities include a fitness center, heated pool, firepit, grills and a parking garage. The property is situated adjacent to a Whole Foods Market. Trilogy Residential Management, Trilogy’s management company, will serve as property manager. …

Marcus & Millichap Brokers $5.6M Sale of Office Portfolio in Indianapolis

INDIANAPOLIS — Marcus & Millichap has brokered the sale of the Banta Trails office portfolio in Indianapolis for $5.6 million. The four-building portfolio spans 79,246 square feet. All of the buildings are located on the same street. Forest Bender and Joseph DiSalvo of Marcus & Millichap marketed the portfolio for sale and procured the buyer, a local ownership group. The portfolio had been owned by a single ownership group up until 2016 when Buildings III and IV were sold to an …

Venture One Acquires 60,033 SF Industrial Building in Chicago

CHICAGO — Venture One Real Estate has acquired a 60,033-square-foot industrial building located at 6450 Cortland St. in Chicago for an undisclosed price. The property was vacant at the time of acquisition. Situated on nearly three acres, the building features seven docks, one drive-in door and parking for 63 cars. Venture One plans to undertake office renovations, add energy-efficient lighting, resurface the parking lot and build a new roof. Elise Couston and Jimena Sayavedra of Newmark …

Adelphia Properties Arranges Sale of Value-Add Retail Building in Orland Park, Illinois

ORLAND PARK, ILL. — Adelphia Properties has arranged the sale of a 7,365-square-foot retail building in Orland Park, a suburb of Chicago. The sales price was undisclosed. Situated on one acre at 15845 S. Harlem Ave., the value-add property was 17 percent occupied at the time of sale. It was formerly home to Panera Bread. George Spirrison and Simeon Spirrison of Adelphia represented the seller, a Chicago-based private real estate investor. The buyer was also a local

Barvin Acquires 302-Unit Novel at Bishop Arts Apartments in Dallas

DALLAS — Houston-based multifamily investment firm Barvin has acquired Novel at Bishop Arts, a 302-unit apartment community in the Bishop Arts neighborhood of Dallas. Crescent Communities developed the property, which also houses 20,000 square feet of retail space, in 2019. Units feature stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a guitar-shaped pool inspired by Stevie Ray Vaughan, a rooftop sky deck and lounge, an outdoor entertainment …

CIM Group Acquires 301-Unit Vale at The Parks Apartments in D.C.

WASHINGTON, D.C. — CIM Group has acquired The Vale at The Parks, a newly constructed, mixed-use apartment development in Washington, D.C. The project features 301 apartment units, 18,269 square feet of ground floor commercial space and 316 parking stalls. The sales price and seller were not disclosed.Located at 6800 Georgia Ave. NW, The Vale offers a mix of studio, one-, two- and three-bedroom apartments. Community amenities include a fitness center, indoor and outdoor yoga studio, club …

Tricera Capital Purchases ICON Central Retail Space in St. Petersburg for $11.1M

ST. PETERSBURG, FLA. — Tricera Capital has acquired a ground-floor retail space at Related Group’s recently completed ICON Central, a mixed-use development in St. Petersburg. The transaction totaled $11.1 million and included the adjoining Union Trust Bank building. In total, the ground-floor retail space and historic bank building span nearly 35,000 square feet of rentable space. Related Group was the seller.Currently, about 7,000 square feet of the retail space is leased to BurgerFi …

Fantini & Gorga Arranges $17.2M Loan for Refinancing of Self-Storage Facility in Darien, Connecticut

DARIEN, CONN. — Fantini & Gorga, a Boston-based mortgage banking firm, has arranged a $17.2 million loan for the refinancing of Hollow Tree Self Storage, a 90-unit facility in the southern coastal city of Darien. The facility spans 83,595 net rentable square feet and includes outdoor vehicle storage space. Casimir Groblewski of Fantini & Gorga arranged the loan through an undisclosed, locally based bank on behalf of the borrower, Connecticut-based Affordable Self Storage

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