FORT WORTH, TEXAS — Oklahoma City-based investment firm Mazaheri Properties has acquired The Shops at Chisholm Trail Ranch, a 213,416-square-foot retail power center in Fort Worth. At the time of sale, the center was 97.5 percent leased to tenants such as Studio Movie Grill, Ulta Beauty, Old Navy, Ross Dress for Less, Marshalls, Tuesday Morning and Five Below. Chris Gerard, Barry Brown and Matthew Barge of JLL represented the seller, Dallas-based StreetLevel Investments, which completed the center in August 2020, in the transaction. Phillip Mazaheri of Price Edwards & Co. represented the buyer.
AUSTIN, TEXAS — Newmark has arranged the sale of Radius on Grove, a 156-unit apartment complex in Austin’s East Riverside neighborhood. The property offers one- and two-bedroom units and amenities such as a pool, clubhouse, business center, fitness center, pet play area and outdoor grilling and dining stations. Patton Jones and Andrew Dickson of Newmark represented the seller, Houston-based investment firm Hilltop Residential, in the transaction. The buyer, Los Angeles-based Square House Capital, plans to implement a value-add program. Radius on Grove was 98 percent occupied at the time of sale.
LAS VEGAS — VICI Properties has entered into an agreement to purchase Blackstone Real Estate Trust’s (BREIT) 49.9 percent interest in the joint venture that owns MGM Grand Las Vegas and Mandalay Bay Resort in Las Vegas. The joint venture between BREIT and MGM Growth Properties was originally formed in early 2020, before VICI’s acquisition of MGM in 2021. VICI will acquire the stake for $1.3 billion and assume BREIT’s pro-rata share of the existing $3 billion property-level debt. The deal is expected to close early in first-quarter 2023. Combined the properties total 18 million square feet, with 11,000 guest rooms, 321,000 square feet of gaming space and 3 million square feet of exhibit and meeting space.
RIALTO, CALIF. — Houston-based Lovett Industrial has closed on a six-acre parcel in Rialto with plans to develop Renaissance Logistics Center on the site, which is directly on I-210. Construction for the 114,115-square-foot, front-load industrial facility is scheduled to commence in January, with completion slated for September 2023. The building will feature efficient ingress and egress to the adjacent freeway interchange, 36-foot clear heights, a 7-inch reinforced concrete slab, 90 auto stalls, skylights and speculative office space with mezzanine space. HPA is serving as architect, and Westland Engineering is serving as civil engineer of the development. Bill Heim and Alex Heim of Lee & Associates Ontario, Calif., will handle marketing and leasing of the project.
PITTSBURGH — JLL Capital Markets has negotiated the $46 million sale of The Mall at Robinson, an 874,553-square-foot shopping center in Pittsburgh. Dick’s Sporting Goods, Macy’s, J.C. Penney and a space formerly occupied by Sears anchor the retail center, which was 92.1 percent leased at the time of sale. Kohan Retail Investment Group purchased the property from an entity doing business as QIC US Management Inc. David Monahan, Claudia Steeb, Cameron Pittman and Emerson Pierce of JLL brokered the sale.
HARTFORD, CONN. — Blueprint Healthcare Real Estate Advisors has brokered the sale of three skilled nursing facilities in Connecticut. Totaling 380 beds, the properties are all located in the northeastern suburbs of Hartford. A joint venture owner sold the assets to a regional buyer for an undisclosed price, with both parties requesting anonymity. The new ownership plans to focus on operational efficiencies, including staffing, and to invest in capital projects at the facilities.
KENT, WASH. — Kidder Mathews has arranged the sale of Highland Green Apartments, a garden-style multifamily complex located at 10105 SE 236th St. in Kent. A California-based company acquired the asset from a private family for $23.5 million, or nearly $245,000 per unit. Dylan Simon, Brandon Lawler and Jerrid Anderson of Kidder Mathews’ Simon and Anderson team represented the seller in the deal. Kidder Mathews also sourced the buyer and was the only brokerage firm involved in the transaction. Built in 1991, Highland Green features 96 apartments.
LOS ANGELES — A private family has completed the disposition of a retail property in the Studio City neighborhood of Los Angeles. A private investor acquired the asset for $6.9 million. Sit N Sleep, a mattress retailer, has occupied the two-story, 15,000-square-foot building at 12318 Ventura Blvd. for 11 years. The tenant’s current lease terminates in 2023, with a six-year option to renew. Tanel Harunzade, Darrell Levonian and Brittney McCarthy of Kidder Mathews represented the seller in the deal.
SHEBOYGAN, WIS. — Marcus & Millichap has brokered the sale of the Champion Storage portfolio in Sheboygan, about 55 miles north of Milwaukee. The sales price was undisclosed. The portfolio totals five properties and 1,167 units. At the time of sale, the portfolio was 95 percent occupied. The facilities feature both climate-controlled and non-climate-controlled units as well as outdoor parking spaces and portable container units. Sean Delaney of Marcus & Millichap represented the seller, JGSS LLC, and the buyer, Rogers Equity Group IV LLC.
CARLSBAD, CALIF. — Progressive Real Estate Partners has arranged the sale of a multi-tenant retail center located at 711 Grand Ave. in Carlsbad. A New York-based private investor sold the asset to a San Diego-based private investor for $4.5 million, or $976 per square foot. Built in 2019, the 4,584-square-foot property is fully leased to three tenants: Harumana Noodles + Buns, Village Optical and The Shop Salon, all of which are on triple-net leases. Mike Lin of Progressive Real Estate Partners represented the seller, while Josh Simms and Ryan King of Voit Real Estate Services represented the buyer in the transaction.