NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $5.5 million sale of an eight-unit apartment building located in the Park Slope area of Brooklyn. According to StreetEasy.com, the four-story building was originally built in 1920. Benjamin Vago, Stephen Vorvolakos and Sean Kelly of Ariel Property Advisors brokered the deal. Both the buyer and seller requested anonymity. The deal traded at a cap rate of 4.8 percent.
O’FALLON, MO. — First National Realty Partners has acquired River City Marketplace in O’Fallon, about 37 miles northwest of St. Louis, for $22.5 million. A 31,000-square-foot Fresh Thyme Market anchors the 157,779-square-foot shopping center, which was built in 2004 and is currently 93 percent leased. Fresh Thyme has operated at the property since 2015. Additional tenants include Total Wine & More, Ross Dress for Less, Five Below, Kirkland’s and Kay Jewelers. There is 10,000 square feet of available space for lease. Evan Halkias, David Matheis and Link Dierks of Cushman & Wakefield represented the seller, PEBB Enterprises, which acquired the center in 2015 when it was 55 percent occupied.
CHICAGO — Greenstone Partners has brokered the sale of a 6,600-square-foot apartment building at 2049 W. Division St. in Chicago’s Wicker Park neighborhood for $2 million. The property features four recently renovated units as well as retail space. Brewster Hague and Danny Spitz of Greenstone represented the seller, a Chicago-based partnership, and procured the buyer, a California-based hospitality group.
PHOENIX — Los Angeles-based Odyssey Properties Group has purchased Nola on 50th, an apartment property in the Arcadia neighborhood of Phoenix, from an undisclosed seller for $37.2 million. Odyssey will rebrand the 155-unit community as Parq on 50th. Constructed in 1979, Parq on 50th features 12 buildings on 5.6 acres of land and offers a mix of studios, one- and two-bedroom units. Current amenities include a pool and spa, two laundry facilities, a fitness center, grilling station and dog park. The asset is located at 5008 E. Thomas Road.
LAS VEGAS — Newmark has negotiated the sale of The Quinn Apartment Homes, a garden-style multifamily property located at 5500 S. Mountain Vista St. in Las Vegas. Haven Realty Capital sold the asset to a Los Angeles-based real estate firm for an undisclosed price. Angela Bates, Curt Allsop, Doug Schuster and Vittal Ram of Newmark represented the seller in the transaction. Built in 1991 on 10.3 acres, the two-story property features 237 units in a mix of four floor plans ranging from 740-square-foot one-bedroom/one-bath layouts to 1,056-square-foot two-bedroom/two-bath units.
LACEY, WASH. — Panattoni Development Co. and GLP Capital Partners have completed the disposition of Lacey Logistics, a Class A industrial building in Lacey. An undisclosed buyer acquired the asset for $23.8 million. Completed in 2021, the cross-dock, 141,884-square-foot building features 130-foot truck courts, 30-foot clear heights, dock-high and drive-in loading, trailer parking, ESFR sprinklers and heavy power. The facility is fully leased to three tenants: Morgan Transfer, Direct Export and Blue Line Foodservice. The property is located at 3130 Hogum Bay Road, less than 1.5 miles from Interstate 5, approximately 35 miles southwest of the Port of Tacoma and 60 miles southwest of downtown Seattle. Brett Hartzell and Paige Morgan of CBRE National Partners in the Pacific Northwest represented the sellers in the deal.
NEW YORK CITY — JLL has arranged the $252 million sale of the former AIG global headquarters to 99c LLC, a real estate firm specializing in adaptive reuse development in urban markets. The 31-story property is located at 175 Water St. in Lower Manhattan’s Seaport submarket and comprises 684,500 square feet of rentable space. Vanbarton Group was the seller. The purchase represents 99c’s entry into the New York market following a focus on London, where it acquired millions of square feet of commercial office space. The firm is currently one year into a four-year plan to do the same in New York. 175 Water St. features 12-foot ceilings, 24,000-square-foot floor plates, center-core configuration and an efficient design. The building’s flexibility also includes an unused ground floor, which is being primed for a reimagined lobby along with two usable rooftop terraces with amenities. The building is completely vacant, following AIG’s move to a new location in 2021. Andrew Scandalios, David Giancola, Vickram Jambu, Marion Jones, Steven Rutman and Alexander Riguardi led JLL’s capital markets investment sales advisory team representing the seller. “175 Water St. received a generous amount of investor interest given the nature of the building, which provided a blank canvas …
PHOENIX — Tradewinds Capital LP, a private investor out of Alberta, Canada, has purchased the newly constructed Laveen Park Place, a Class A shopping center located in the Laveen neighborhood of Phoenix. LB 59th LLC, an entity formed by Phoenix-based Kitchell Corp., sold the property for $40.3 million. Built in phases between 2019 and 2022, Laveen Park Place offers 109,219 square feet of retail space on 17.5 acres at the southeast corner of Loop 202 and Baseline Road. Sprouts Farmers Market, TJ Maxx and Michaels are tenants at the fully occupied shopping center. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office represented the seller in the deal.
LONE TREE, COLO. — HR Assets has acquired Park Meadows Medical Center, a multi-tenant medical office property located at 9218 Kimmer Drive in Lone Tree. Park Meadows Medical LLC sold the asset for $14.8 million in an off-market transaction. The three-story, 34,685-square-foot building offers medical office space and a surgery center. At the time of sale, the property was 100 percent occupied. William Lucas, Stuart Thomas and Doug Wulf of Cushman & Wakefield’s Denver office represented the seller in the transaction.
LAS VEGAS — Haven Realty Capital has completed the disposition of Quinn Apartment Homes, a garden-style multifamily community located at 5500 S. Mountain Vista St. in Las Vegas. A Los Angeles-based real estate firm acquired the asset for an undisclosed price. Built in 1991 on 10.2 acres, Quinn Apartment Homes features 237 residences in a mix of four floor plans ranging from a 740-square-foot one-bedroom/one-bath unit to a 1,056-square-foot two-bedroom/two-bath unit. Angela Bates, Curt Allsop, Doug Schuster and Vittal Ram of Newmark represented the seller in the deal.