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.
Acquisitions
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.
SBH Real Estate Group Divests of Raising Cane’s-Occupied Property in Alhambra, California for $8.2M
by Amy Works
ALHAMBRA, CALIF. — SBH Real Estate Group has completed the disposition of the ground lease for a single-tenant restaurant building in Alhambra. A Southern California-based private investor acquired the asset for $8.2 million. Raising Cane’s Chicken Fingers occupies the 3,957-square-foot property, which is situated on 1.4 acres at 1300 E. Valley Blvd. The newly developed building features the restaurant’s latest prototype design and opened for business in June 2022. The property offers a double drive-thru and includes a 704-square-foot outdoor patio area. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller, Eric Silverman of SBH Real Estate Group, while Voit represented the buyer in the deal. Ben Townsend and Matt Marlin of SRS’ debt and equity group procured acquisition financing for the buyer.
DALLAS — Northmarq has arranged the sale of Verge Apartments, a 217-unit multifamily property in North Dallas. Built in 1980, the complex houses studio, one- and two-bedroom units with an average size of 700 square feet. Amenities include two pools, outdoor grilling and dining areas, a fitness center, business center and onsite laundry facilities. Taylor Snoddy, Charles Hubbard, Eric Stockley and Philip Wiegand represented the seller in the transaction. Patrick Elliott and Lauren Bresky, also with Northmarq, originated Freddie Mac acquisition financing on behalf of the buyer. Both parties requested anonymity.
HOUSTON — Dallas-based investment firm Apricus Realty Capital has purchased three outdoor industrial storage sites totaling approximately 70,000 square feet in Houston. The sites comprise five buildings on a combined four acres in the city’s Northwest Inner Loop submarket. Apricus Realty Capital acquired the assets in a joint venture with institutional investment firm Alex Brown Realty. The seller and sales price were not disclosed.
NEW YORK CITY — Locally based investment firm Regal Ventures has acquired a 37,165-square-foot retail and parking condo located at 897 Eighth Ave. in Manhattan’s Hell’s Kitchen neighborhood. The sales price was $35.2 million. The property’s retail component is 15,893 square feet, and the parking space spans 21,272 square feet. Regal Ventures acquired the property in partnership with Morrison Street Capital from Prudential Financial.
SUFFIELD, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $13 million sale of Suffield West, an 84-unit multifamily property located in Hartford County. The property was built on 10 acres in 1968. Tess Cullen and Jordan Pinto of Chozick Realty represented the seller, an entity doing business as Suffield West Apartments LLC, in the transaction, and procured the undisclosed buyer.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $5.7 million sale of a 35-unit apartment building located in the Bay Ridge area of Brooklyn. The four-story building houses four studios, 30 one-bedroom units and one three-bedroom residence. Stephen Vorvolakos, Sean Kelly and Lawrence Sarn of Ariel Property Advisors brokered the deal. Both the buyer and seller requested anonymity.
KANSAS CITY, MO. — Colliers has brokered the sale of Twin Creeks Shopping Center in Kansas City for $32 million. The 257,450-square-foot property is located along North Madison Avenue. The center is 99 percent leased to 14 tenants, including Kohl’s, Ross Dress for Less, Ulta, Petco, Five Below, Famous Footwear, Bath & Body Works, Spectrum and AT&T. A Target store at the property was not included in the sale. El Warner, Charley Simpson, Caitlin Zirpolo and Drew Quinn of Colliers represented the seller, an entity doing business as AREP III BT LLC. Buyer information was not provided.
Marcus & Millichap Arranges $6.2M Sale of Rasmussen University-Occupied Property in Suburban Chicago
ROMEOVILLE, ILL. — Marcus & Millichap has arranged the sale of a 25,000-square-foot property occupied by Rasmussen University in the Chicago suburb of Romeoville for $6.2 million. The net-leased asset at 1400 W. Normantown Road was constructed as a build-to-suit for the university in 2009. Peter Doughty and Brent Holder of Marcus & Millichap represented the seller, a California-based private investor that had purchased the property through a 1031 exchange. The duo also represented the buyer, a New York-based private investor. American Public Education acquired Rasmussen University in 2021.