ST. LOUIS — MMG Real Estate Advisors has arranged the sale of Gateway at City Park, a 769-unit apartment complex in St. Louis that was formerly known as Cityview. Located in the city’s downtown west neighborhood, the property was built in 1960 and renovated in 2013. Amenities include a CityHive coworking space, covered parking garage, media room, rooftop terrace and two fitness centers. Daniel Wiele and Tom Maloney of MMG represented the seller, Mills Properties, which completed more than $28 million in upgrades. Blue Magma Residential was the buyer.
TEXAS — Blueprint Healthcare Real Estate Advisors has brokered the $8.7 million sale of an unnamed, vacant seniors housing property in Texas. The seller and the location of the facility were not disclosed. Developer Mainstreet originally constructed the 70-unit property as a transitional care facility but did not fully complete construction prior to being foreclosed upon. A Texas-based investor acquired the property and plans to lease it to an East Coast-based skilled nursing operator.
HYANNIS, MASS. — Linchris Hotel Corp., a Massachusetts-based hospitality owner-operator, has acquired the 266-room Cape Codder Resort & Spa in Hyannis. The resort houses four food-and-beverage concepts, a waterpark, fitness center, indoor and outdoor pools, a pickleball court and 18,000 square feet of meeting and event space. Alan Suzuki and Matthew Enright of JLL represented the seller, Catania Hospitality Group, in the transaction. Greg LaBine and Amy Lousararian, also with JLL, arranged acquisition financing through HarborOne Bank on behalf of the buyer.
GADSDEN, ALA. — An affiliate of Phoenix Investors has purchased an approximately 3 million-square-foot industrial campus located at 1000 Goodyear Ave. in Gadsden, which is roughly midway between Birmingham and Chattanooga along I-59. Global tire manufacturer Goodyear was the former occupant of the property, which is currently vacant. Adam Wolinetz of CBRE arranged an undisclosed amount of acquisition financing through International Bank of Commerce on behalf of Phoenix Investors. The seller and sales price were not disclosed. Renovated in 2015, the 156-acre park features 30 dock doors and clear heights of up to 30 feet, as well as ample car and trailer parking, rail access and proximity to I-759 and I-59. Phoenix Investors plans to make numerous capital and cosmetic improvements to repurpose the park and boost tenancy. The Milwaukee-based owner says the available space is easily divisible for multi-tenant occupancy and will be marketed in the near future for lease.
MYRTLE BEACH, S.C. — Cushman & Wakefield has arranged the $78.4 million sale of two adjacent multifamily communities in Myrtle Beach’s Little River submarket. The assets include The Banks at Bridgewater, a new 252-unit multifamily community, and Stepping Stone at Bridgewater, a 44-unit build-to-rent community. Tai Cohen, John Phoenix and Louis Smart of Cushman & Wakefield represented the seller, Wakefield Residential, in the transaction. PassiveInvesting.com, a private equity real estate investment firm based in the Carolinas, was the buyer. Craig Davis Properties developed Banks at Bridgewater earlier this year. The property’s amenities include a coffee bar, on-demand yoga, saltwater pool, walking trails and units featuring built-in workspaces. Built in 2020, Stepping Stone at Bridgewater comprises two-bedroom/two-bath duplexes with attached garages in a neighborhood, cul-de-sac-style setting.
STEUBENVILLE, OHIO — Sekulovski Group has arranged the $14 million sale of Rural King Plaza, a 215,360-square-foot shopping center located in Steubenville, roughly 40 miles west of Pittsburgh. A Brooklyn-based private investor acquired the property from PICOA Inc. of Los Angeles. Tony Sekulovski of Sekulovski Group brokered the transaction. Anchor Rural King, a farm supply store, occupies 104,230 square feet at the retail center, which was 97 percent leased at the time of sale. Other tenants at the property include Ollie’s and Planet Fitness, which occupy 43,600 and 20,365 square feet, respectively. A 17,000-square-foot Dollar Tree and a Kay Jewelers store also occupy the center.
LIBERTY, MO. — Northmarq has arranged the sale of Jefferson Park East, a 208-unit multifamily property in the Kansas City suburb of Liberty. Built in 1987, the value-add community is located at 1220 Missouri Court. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, Kansas City-based Maxus Properties. The buyer and sales price were not provided.
MAYWOOD, ILL. — Colliers has negotiated the sale of a 79,869-square-foot industrial building in Maywood, a western suburb of Chicago. The sales price was undisclosed. Completed in August, the property at 1900 Maywood Drive features a clear height of 32 feet. Built on a speculative basis, the development was leased to The Kroger Co. upon completion. Jeff Devine and Steve Disse of Colliers represented the seller, DSI Development. California-based Pacifica Real Estate was the buyer.
KENNESAW, GA. — Franklin Street has brokered the $13 million sale of Town Center Commons, a 72,168-square-foot shopping center located at 725 Ernest W. Barrett Parkway in Kennesaw, a northwest suburb of Atlanta. Nashville-based 615 Ventures purchased the retail center from Ardent Cos. Bryan Belk and John Tennant of Franklin Street represented the seller in the transaction. Town Center Commons is anchored by Public Lands, the first Southeast location of a new outdoors and sporting goods retail concept from Dick’s Sporting Goods. Other tenants include Five Below, which recently renewed its lease, as well as The Original Mattress Factory, Affordable Dentures & Implants, Town Center Nails, K-Town Vapor Lounge, Automation Personnel Services and Pinch of Spice. The center, which is shadow-anchored by Dick’s Sporting Goods and Costco, was 96 percent leased at the time of sale.
TAMPA, FLA. — Colliers Mortgage has provided a Fannie Mae loan for the acquisition of French Quarter Apartments, a 57-unit multifamily community in Tampa. Built in 1968, the market-rate property features one- and two-bedroom units, as well as laundry facilities, a picnic area, barbecue grills, Spanish-speaking staff and a pool. Fritz Waldvogel of Colliers Mortgage’s Minneapolis office originated the seven-year loan on behalf of the undisclosed borrower.