SAN ANTONIO — A joint venture between two Texas-based retail owner-operators, San Antonio-based Headwall Investments and Houston-based Fifth Corner, has acquired a 102,803-square-foot shopping center in San Antonio. Sunset Ridge Shopping Center was originally built in 1950 and was 96 percent leased at the time of sale to a roster of more than 25 tenants, including Jefferson Bank, Great Clips, Baskin-Robbins and Orangetheory Fitness. The seller and sales price were not disclosed.
ROCHESTER, N.H. — Locally based investment firm Torrington has purchased The Ridge, a 300,000-square-foot retail power center in Rochester, located along the Maine-New Hampshire border, for $51.3 million. The Ridge is an open-air center that is home to approximately 30 tenants, including Walmart, Market Basket, Marshalls, Hobby Lobby, Old Navy, NH Liquor & Wine Outlet, 110 Grill, Ulta Beauty and Gentle Dental. Waterstone Properties was the seller.
OXNARD, CALIF. — Bascom Northwest Ventures, through an affiliate venture, has completed the sale of Tempo at Riverpark Apartments in Oxnard, to a venture led by Hines for $105 million. Blake Rogers, Alex Caniglia and Kip Malo of JLL handled the transaction. Apartment Management Consultants managed the community for Bascom Northwest over the holding period. Located less than one mile from the Pacific Ocean, Tempo at Riverpark features 235 apartments with in-unit laundry, stainless steel appliances, custom sliding barn doors, large bedrooms, spacious open floor plans and balconies or patios. Community amenities include an outdoor pool and spa, poolside cabanas, an outdoor barbecue area and fireplace, a 24/7 fitness center, yoga/spinning room and attached garages. Bascom Value Added Apartment Investors Fund IV, an affiliate of The Bascom Group, and a private investment group led by Bascom Northwest purchased the property for $75.2 million in 2028. Brian Wirtz of Bascom Northwest assisted throughout the investment execution process.
WASHINGTON, D.C. — A partnership between Carr Properties and Barings has purchased a 12-story office building located at 1401 New York Ave. NW in downtown Washington, D.C. Eastdil Secured represented the undisclosed seller in the transaction. The sales price was also not disclosed. The new ownership plans to fully renovate the 211,500-square-foot building with a new enclosed amenity space on the rooftop, as well as upgrades to the office building’s lobby, fitness center and conference facilities. Current tenants at the LEED Gold-certified building include Boies Schiller Flexner, Capstone, Vedder Price and Nossaman.
DELRAY BEACH, FLA. — A joint venture between PEBB Enterprises and Cincinnati-based Topvalco Inc. has sold Delray Landing, a shopping center located at 5024-5070 W. Atlantic Ave. in Delray Beach. Sprouts Farmers Market anchors the shopping center, whose tenant roster also includes Retro Fitness, Keke’s Breakfast Café, CJ’s Sports Bar & Grill and Good Vets. An entity doing business as 30 Realty LLC purchased the shopping center for $30 million. Eric Williams and Cole Frantz of Newmark represented the seller in the transaction. During their ownership period, PEBB and Topvalco fully renovated Delray Landing to feature a new façade and roof and upgraded parking, lighting, signage and landscaping.
TUCSON, ARIZ. — Vertical Street Ventures has sold Vertical East Apartments in Tucson to Seattle-based Investors Capital Group for $22 million. Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller. The property was developed in 2001 and is comprised of two- and three-bedroom floor plans. Community-wide amenities include a pool and hot tub, a picnic area and a dog park.
RALEIGH, N.C. — Tishman Speyer has acquired The Maggie, a 244-unit apartment community located at 401 Oberlin Road in Raleigh’s Village district. The property is situated on 2.8 acres adjacent to North Carolina State University. William Yowell, Kevin Kempf, Don Hoffman and Tai Cohen of CBRE brokered the transaction. The seller and sales price were not disclosed. Built in 2014, The Maggie features a unit mix ranging from studios to three bedrooms, as well as 9,000 square feet of street-level retail space. Amenities include a fitness center, outdoor saltwater pool, business center, lounge, golf simulator and a game room.
VIENNA, VA. — Cresa has arranged the $12 million sale of a vacant, 100,000-square-foot office building located at 901 Follin Lane in Vienna, about 17 miles west of Washington, D.C. Navy Federal Credit Union acquired the property from Zalco Commercial. Gene Sachs, Rich Rhodes and Dan Silverman of Cresa represented Navy Federal in the transaction. The property is situated on 9.1 acres across the street from Navy Federal’s headquarters and will be utilized for the time being as a parking lot. Future plans for the office building and surrounding land were not disclosed. The property has sat vacant for the past six years after being leased to an unnamed federal government tenant.
FISHERS AND MCCORDSVILLE, IND. — Hanley Investment Group Real Estate Advisors has arranged the sales of four metro Indianapolis retail centers totaling nearly 83,000 square feet. The combined sales price was more than $30.5 million. Three of the centers — Brookschool Plaza, Sunblest Shoppes and Geist Corner — were owned by the same Indianapolis-based private investor. Thompson Thrift owned the fourth property, Geist Landing. Hanley Investment Group’s Dylan Mallory, in association with ParaSell Inc., represented the sellers. Charleston, S.C.-based Bond Street REIT purchased Brookschool Plaza in Fishers. Bryan Belk of Franklin Street represented the buyer. The 22,400-square-foot property, built in 2003, is fully occupied by Dunkin’, Sherwin-Williams, Ascension Medical Group, Travel Eye Care, Boutique Hair and Nails and Speck’s Pet Supply. Bond Street REIT also purchased Sunblest Shoppes in Fishers. Built in 1989, the 9,600-square-foot asset is fully occupied by Papa Murphy’s, Domino’s Pizza, Subway, H&R Block, Sunflower Spa, Armore’ Nails, Marian Coffee and The Mailing Station. A private investor based in Indianapolis purchased Geist Corner in McCordsville. The 19,248-square-foot strip center was built in 2006. Tenants include Goodfella’s Brick Oven Pizza & Pasta, Fit Body Boot Camp, Happy Cuisine, Subway, Huntington Learning Center, Papa John’s, Bella Nail & Spa …
NORMAL, ILL. — Mid-America Real Estate Corp. has brokered the sale of Shoppes at College Hills, a 144,555-square-foot shopping center located at the southwest corner of Old Route 66 and East College Avenue in the central Illinois market of Bloomington-Normal. Anchored by Hobby Lobby, the property is 96 percent leased to tenants such as J.Crew Factory, Starbucks, JD Sports, Maurices, Buckle, Comcast, Dry Goods, Charles Schwab, Massage Envy, J. Jill, Bath & Body Works, Chico’s, Soma, WHBM and Crumbl Cookies. National brands comprise 90 percent of the center. Ben Wineman of Mid-America represented the seller, a joint venture between M&J Wilkow and ALTO Real Estate Funds. A private investment group was the buyer.