LAKEVILLE, MINN. — Upland Real Estate Group has arranged the $4.5 million sale of a retail property occupied by KinderCare Learning Center in the Minneapolis suburb of Lakeville. The building is part of Crossroads of Lakeville, a 127,070-square-foot shopping center anchored by Cub Foods. Deborah Vannelli, Keith Sturm and Amanda Leathers of Upland brokered the sale. A local buyer purchased the asset while completing a 1031 exchange. KinderCare operates more than 1,500 early childcare centers in 40 states.
ITHACA, N.Y. — Hunter Hotel Advisors, an Atlanta-based hospitality brokerage firm, has arranged the $11.2 million sale of the 107-room Courtyard Ithaca Airport Hotel in upstate New York. The select-service property is situated adjacent to Ithaca Tompkins International Airport and Cornell University’s campus. Rochester, N.Y.-based owner-operator DelMonte Hotel Group sold the property to Skyline Investments Inc. Mayank Patel of Hunter Hotel Advisors brokered the deal.
TEMPE, ARIZ. — Mesa West Capital has provided KB Investment & Development Co. with $108 million in first mortgage debt for its acquisition of an apartment community in Tempe. The five-year, floating-rate loan is for Skywater at Town Lake, located at 601 W. Rio Salado Parkway. Built in 2015, the five-acre property offers 328 apartments in a mix of studio, one-, two- and three-bedroom floor plans spread across five four-story, elevator-served buildings. Community amenities include a sundeck; swimming pool; top-floor resident clubhouse with a full kitchen, pool tables and wrap-around balcony; outdoor kitchen and entertainment space with firepits and games; two-story fitness center with a yoga studio and Peloton bikes; electric vehicle charging stations; bike/paddle board/kayak storage room; underground parking structure; and onsite coffee shop. At the time of closing, the property was 96.6 percent leased. Rocco Mandala of CBRE arranged the financing.
KENT, WASH. — Colliers has arranged the sale of two industrial properties in Kent. Holman Logistics sold the assets to Lift Partners for $106.1 million. Matt McGregor and Bill Condon of Colliers represented both parties in the off-market transaction. Totaling 381,790 square feet, the buildings are located at 22434 and 22408 76th Ave. South. The properties feature a mix of dock-high and grade-level loading doors, 200,000 square feet of excess yard and rail access to the Burlington Northern Santa Fe line. The buyer has agreed to a 12-month leaseback of the properties with the seller, which will continue to operate in the current buildings while it completes construction and relocation plans for new facilities in Fredrickson and Sumner.
LAS VEGAS — Dornin Investment Group has completed the sale of Marnell Corporate Center 3 (MCC3), a three-story, Class A office building in Las Vegas. A private investor acquired the asset for $23.2 million, or $325 per square foot. Located at 6725 Via Austi Parkway, MCC3 features 71,378 square feet of multi-tenant office space. The seller originally purchased the building in early 2014 for $222 per square foot as part of a portfolio that consisted of three multi-tenant office buildings totaling 176,960 square feet, all located within the master-planned Marnell Corporate Center. This is the third and final disposition of the portfolio. Marlene Fujita Winkel, Charles Moore and Alex Casingal of Cushman & Wakefield’s Private Capital Group in Las Vegas represented the seller in the deal. Charles Van Geel, also of Cushman & Wakefield, provided leasing advisory for the property.
ATLANTA — RangeWater Real Estate and Artemis Real Estate Partners have sold The Monroe, a 217-unit apartment community located at 222 Colonial Homes Drive NW in Atlanta’s Brookwood neighborhood. ParkProperty Capital purchased the property, which was delivered in 2015, for $91 million. Robert Stickel and Alex Brown of Cushman & Wakefield represented the sellers in the transaction. Situated along the Atlanta BeltLine and overlooking the Bobby Jones Golf Course, The Monroe features studio, one-, two- and three-bedroom floor plans. Amenities include complimentary package receiving services, controlled access garage parking, an athletic club, saltwater pool, rooftop lounge with skyline views and a clubhouse equipped with a kitchen and coffee bar.
MONTGOMERY, ALA. — Kushner Cos., a real estate developer and investor based in New York, has purchased Broadstreet at Eastchase, a 276-unit multifamily asset in Montgomery. The seller, an undisclosed local family office, sold the community for $49.5 million, or $182,000 per unit. Josh Jacobs and Royce Emerson of Marcus & Millichap represented the seller and procured the buyer in the transaction. Built in 2010, Broadstreet at Eastchase features one-, two- and three-bedroom floor plans ranging from 822 to 1,208 square feet, according to Apartments.com. Amenities include a 24-hour fitness center, trails, outdoor kitchen and lounge area, playground, resort-style swimming pool, dog park, detached garages, media center and a recreation room.
DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Mosaic Dallas, a 440-unit multifamily property in downtown Dallas. Constructed as office buildings in the 1950s, Mosaic Dallas was converted into apartments in 2006. The two high-rise buildings also house 8,766 square feet of ground-floor retail space. Amenities include a rooftop pool, indoor putting lounge, valet and concierge services, dry cleaning service and a fitness center. Joey Tumminello, Drew Kile, Taylor Hill, Michael Ware, Grant Raymond and Will Balthrope of IPA represented the seller, Olympus Property, and procured the buyer, a New York-based investment manager, in the deal.
JACKSONVILLE, FLA. — JLL has arranged the sale of 600 Whittaker, a 469,830-square-foot distribution center located within Imeson Industrial Park in Jacksonville. AEW Capital Management purchased the property from LRC Properties and Machine Investment Group. The sales price was not disclosed, but Jacksonville Business Journal reports the property traded for $45 million. Luis Castillo, Cody Brais and Luke Pope of JLL represented the sellers in the transaction. The sellers purchased the property last year for $29.6 million. 600 Whittaker was fully leased at the time of sale to Constellation Brands, a beer, wine and spirits distributor based in New York that signed the full-building lease in the first quarter.
YORKTOWN, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has brokered the sale of Boulevard Crossing, a 12,600-square-foot retail strip center located in the Hampton Roads city of Yorktown. An out-of-town 1031 buyer purchased the property from an entity doing business as Boulevard Crossing LLC for $4.6 million. Clark Simpson and Erik Conradi of Thalhimer represented the seller in the transaction. Built in 2016 at 8135 George Washington Highway, Boulevard Crossing was fully leased at the time of sale to tenants including Starbucks, Tropical Smoothie Café and Verizon Wireless, as well as service-oriented retailers and restaurants.