ZIONSVILLE, IND. — Marcus & Millichap has arranged the $3.9 million sale of Whitestown Parkway in Zionsville, a northwest suburb of Indianapolis. Built in 2018, the 11,332-square-foot retail property is home to five tenants. Alex Perez and Chris Garavaglia of Marcus & Millichap brokered the transaction. Both the buyer and seller were limited liability companies.
CHICAGO — Interra Realty has negotiated the $2.2 million sale of a two-building multifamily portfolio in Chicago’s Pilsen neighborhood. The properties include a six-unit building at 1924 S. Loomis St. and a seven-unit building at 2214 W. 18th Place. The average price per unit was $171,538. Jeremy Morton of Interra represented the seller, a private local owner that purchased the properties more than 20 years ago. The buildings sold to two separate private buyers. The buyer of 2214 W. 18th Place plans to modernize the units and add in-unit laundry. The building was last renovated in 2003. The buyer of 1924 S. Loomis St. plans to install in-unit laundry. The property was last renovated in 1998.
ALPHARETTA, GA. — Northland, a private equity investor based in Newton, Mass., has purchased Emblem Alpharetta, a 210-unit active adult community in the north Atlanta suburb of Alpharetta. Situated on seven acres, the property was fully occupied at the time of sale and represents the fourth Georgia acquisition for Northland this year but the first active adult acquisition in its portfolio. The seller and sales price were not disclosed. Emblem Alpharetta comprises one- and two-bedroom apartments in a four-story building that centers around a resort-style pool and sundeck. Units are reserved for households age 55 and older. Amenities include a fitness center, bocce ball court and outdoor entertaining spaces. Northland plans to invest $3 million in capital improvements at Emblem Alpharetta over the next four years.
ALBUQUERQUE, N.M. — Northmarq has brokered the sale of Villas Esperanza, an affordable apartment property located at 3901 Lafayette Drive in Albuquerque. Aspen, Colo.-based Copper Street Capital sold the asset to Los Angeles-based Element Property Group for an undisclosed price. Cynthia Meister, Trevor Koskovich, Bill Hahn and Jesse Hudson of Northmarq’s investment sales team represented the seller in the transaction. Griffin Martin, Brandon Harrington, Bryan Mumman and Tyler Woodard of the Northmarq debt & equity team arranged financing for the buyer through its relationship with Freddie Mac. Built in 1972 on 10.5 acres, Villas Esperanza features 188 apartments in a mix of one-, two-, three- and four-bedroom layouts spread across 24 two-story residential buildings. The units offer either one or two bathrooms and range in size from 602 square feet to 1,128 square feet. The gated community features onsite laundry facilities, a children’s playground, barbecue grills and a picnic area. All units at the property are designated for residents earning 60 percent or less of the area median income with the project’s Land Use Restrictive Agreement (LURA) expiring in 2037. Additionally, 40 percent of the units, a total of 75, are project-based Section 8 housing with additional rent restrictions as …
TEMPE, ARIZ. — CBRE has negotiated the sale of a freestanding warehouse property situated on 3.3 acres at 3001 S. Wilson St. in Tempe. Bio Huma Netics purchased the asset from Tempe-based Phoenix Plastics Products for $10.5 million. Built in 2004, the 40,182-square-foot building features 3,000 amps, 277/480-volt electrical service, 24-foot to 40-foot clear heights and Union Pacific rail service. Mike Parker of CBRE represented the buyer and seller in the deal.
FLINTSTONE, MD. — New York City-based VICI Properties Inc. (NYSE: VICI) and Century Casinos Inc. (NASDAQ: CNTY) have entered into a definitive agreement to acquire the operations of Rocky Gap Casino Resort from Golden Entertainment Inc. for approximately $260 million. Rocky Gap is situated along Lake Habeeb in Flintstone, located in the western panhandle of Maryland between Pennsylvania and West Virginia. It offers a casino, hotel, conference center, comedy club, five food-and-beverage venues, 5,000 square-foot events center, 18-hole golf course designed by Jack Nicklaus, spa, indoor pool, fitness center, pro shop and multiple outdoor recreational activities. The casino comprises more than 25,000 square feet of gaming floor, 630 slot machines, 16 table games and two casino bars. The hotel offers 198 rooms. The seller recently invested $10 million in renovations to its hotel, slot machines, restaurants and sports lounge. “We are looking forward to working with the Maryland Lottery and Gaming Control Agency to obtain gaming approvals and with the casino leadership and team members to effect a smooth transition and great future for Rocky Gap,” say Erwin Haitzmann and Peter Hoetzinger, Co-chief executive officers of Century Casinos. VICI Properties will acquire an interest in the land and buildings associated with Rocky Gap for …
SAN MARCOS, TEXAS — International investment firm Walton Global has sold a 681-acre development site located along State Highway 142 in the Central Texas city of San Marcos. The buyer, SafeHand Holdings LLC, plans to develop both residential and commercial space at the site, which is known as Turner Crest but did not disclose specific components or construction timelines. Richard Harmon of TRE Commercial represented the buyer in the land deal.
ROSENBERG, TEXAS — Colliers has brokered the sale of Fountains of Rosenberg, a 184-unit multifamily complex located on the southwestern outskirts of Houston. The recently renovated property offers a pool and a fitness center. Chip Nash, Bob Heard and Jaleel Adatia of Colliers represented the seller, an entity doing business as Mosaic Fountains LP, in the transaction. The buyer was Dallas-based Momentum Multifamily.
HOUSTON — NAI Partners has arranged the sale of an 82,053-square-foot industrial building located at 12218 Cutten Road in northwest Houston. According to LoopNet Inc., the single-tenant building was constructed in 2022. Travis Land and A.J. Williams of NAI Partners represented the seller, an entity doing business as Cutten Houston Investments LP, in the deal. Geoff Perrott and David Buescher of JLL represented the undisclosed buyer.
CHICAGO — Continental Realty Corp. (CRC), a Baltimore-based real estate investment and management company, has entered the Chicago market with its acquisition of a five-property shopping center portfolio for $93.6 million. The properties total more than 900,000 square feet of gross leasable area and are located in Cicero, Mount Prospect, Naperville and Palatine. Specifically, the properties include Cicero Marketplace in Cicero, Northwest and English Valley shopping centers in Palatine, Golf Plaza II in Mount Prospect, and Fox River Commons in Naperville. DiMucci Cos. was the seller. Tucker Development served as an acquisition and development consultant on the transaction. The portfolio was 84 percent leased at the time of sale. Major tenants include Sam’s Club, The Home Depot, Jewel-Osco, Kroger, Walgreens and Ross Dress for Less. CRC utilized its Continental Realty Opportunistic Retail Investment Fund I, a private equity fund formed last year that is focused on acquiring value-add and income-producing retail properties throughout the U.S. Jeff Kowal of Edgemark Commercial Real Estate Services LLC and John Thompson of Retail Focus represented DiMucci in the sale.