COUNTRYSIDE, ILL. — In a sale-leaseback transaction, MDH Partners has purchased a 78,490-square-foot industrial property in Countryside, about 18 miles southwest of Chicago. The sales price was undisclosed. The property is located at 5315 Dansher Road within Chicago’s North I-55 industrial submarket. Doug Pilcher of Cushman & Wakefield represented the seller and tenant, Sokol & Co., which is a food manufacturing company. Houston Hawley served as the acquisition lead for MDH.
ELGIN, ILL. — Chicago-based Martinez Produce & Seafood has expanded its Chicagoland footprint with the purchase of a 65,772-square-foot industrial facility in Elgin. The building, which features six truck docks and two drive-in doors, more than doubles the company’s footprint. Cory Kay and Mike DeSerto of Entre Commercial Realty represented Martinez Produce & Seafood, while Lee & Associates represented the seller. The sales price and seller were not provided.
PHOENIX — KB Investments has acquired Green Leaf Arts District, an apartment complex in Central Phoenix, for an undisclosed price. Located at 222 E. McDowell Road, the property features 280 units with nine-foot ceilings, gourmet kitchens, granite countertops, stainless steel appliances and modern cabinetry. Common area amenities include a two-story clubhouse with an upscale chef’s kitchen, a swim deck with a pool, spa and covered fireplace, a two-story fitness facility and outdoor yoga lawn and a gaming area with barbecue grills and fire pits. The community was built in 2017. Asher Gunter, Matt Pesch, Sean Cunningham, Austin Groen and Tyler Anderson of CBRE represented the seller, Green Leaf Capital Partners, in the transaction.
MARTINEZ, CALIF. — Newmark has negotiated the sale of Village Oaks, a 79,875-square-foot shopping center in Martinez. An undisclosed private family investor sold the asset to an institutional investment group for an undisclosed price. Situated on 7.9 acres at 1185 Arnold Drive, Village Oaks was 96 percent leased at the time of sale to tenants within the financial, medical, restaurant and service retail sectors. Grocer Lucky California and Rite Aid currently anchor the property. Nicholas Bicardo and Cheyne Bloch of Newark represented the seller in the transaction.
COLORADO SPRINGS, COLO. — Pinnacle Real Estate Advisors has brokered the sale of Brookside Apartments, an apartment building located at 418-432 E. Brookside St. in Colorado Springs. The asset traded for $6.6 million, or $170,000 per unit. Built in 1955, the building features 39 apartments. Michael Krebsbach and Kenny Clarke of Pinnacle represented the buyer in the deal.
LOUISVILLE, KY. — Middleburg Communities, a Vienna, Va.-based real estate investment, development, construction and management firm, has sold Vesta Derby Oaks, a 418-unit apartment community located at 3237 Utah Ave. in Louisville. Craig Collins and Austin English of Cushman & Wakefield | Commercial Kentucky, along with Travis Presnell and Mike Kemether of Cushman & Wakefield’s Multifamily Investment Sales Group, brokered the sale of the property. The buyer and sales price were not disclosed. Middleburg invested $17 million in an extensive renovation at Vesta Derby Oaks, including all new siding, windows, roofs, plumbing and HVAC and electrical systems, as well as improved sidewalks and landscaping. Interiors were also equipped with new Energy Star-rated appliances, LED lighting, cabinets, countertops, flooring, fixtures and finishes. Additionally, the property previously was 100 percent two-bedroom units, but Middleburg reconfigured the layouts for some units to now be one-bedroom apartments. At the time Middleburg acquired it, the property was approximately 15 percent occupied with most of the buildings in shell or uninhabitable condition. At the time of sale, Vesta Derby Oaks was 95 percent occupied.
CHATTANOOGA, TENN. — Los Angeles-based Haven Realty Capital, in a joint venture with funds managed by New York City-based Yieldstreet, has closed on the first phase of a $28.6 million acquisition of Hartman Hill, a 71-home build-to-rent (BTR) residential community in Chattanooga. The Haven-led joint venture will close on the remaining homes in phases over the next seven months. Hartman Hill is being developed on a 26-acre site at 5005 Dayton Blvd. in the Red Bank neighborhood, approximately eight miles north of downtown Chattanooga. At full buildout, the property will offer three- and four-bedroom homes ranging in size from 1,538 to 2,515 square feet. Each of the two-story homes will offer custom cabinetry with soft-close drawers, quartz countertops, tile backsplashes, stainless steel appliances, private backyards and direct access garages. Common area amenities will include a sports court, bark park and a pet washing station. The new ownership will maintain the landscaping for all homes and common areas.
CARLSBAD, CALIF. — Luminous Capital Management, in partnership with Austin, Texas-based Virtus Real Estate Capital, has acquired 5931 Priestly Drive, an industrial/research and development (R&D) building in Carlsbad. Locally based investment firm Greene Properties sold the asset for $14 million, or $265 per square foot. Situated within Carlsbad Research Center, the 52,800-square-foot property was fully leased to two tenants under short-term leases that expire in 2023 at the time of sale. The buyers plan to implement significant renovations and reposition the property for bioscience R&D and manufacturing. The partial two-story building features approximately 16,000 square feet of space with 24-foot clear heights, as well as heavy power, abundant parking and grade-level loading. Michael Nucci of RW Commercial represented the seller in the deal, while Chris Baumgart of JLL represented the buyer. Baumgart will also handle leasing of the property. John Chun and John Marshall of JLL arranged the equity joint venture between Luminous and Virtus. California Bank & Trust provided financing for the acquisition and conversion.
GLENDALE, ARIZ. — Silver Star Real Estate has purchased Maryland West, a multifamily community located at 4530 W. McLellan Road in Glendale. CRSC Residential Inc. sold the asset for $26.5 million, or $265,000 per unit. Built in 1970, Maryland West features 100 apartments, the majority of which are two- and three-bedroom units. Communal amenities include onsite laundry facilities, a basketball court, playground and covered parking. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
BREA, CALIF. — Lee & Associates Orange has brokered the sale of a freestanding industrial property located at 760 Challenger St. in Brea, an eastern suburb of Los Angeles. The asset traded for $12.5 million, approximately 20 percent over asking price. The 27,734-square-foot building features two dock-high doors and 24-foot minimum warehouse clearance. Mark Hintergardt of Lee & Associates represented the undisclosed seller in the transaction. The name of the buyer was also not released.
