PENNSAUKEN, N.J. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Ivystone Senior Living in Pennsauken, located across the Delaware River from Philadelphia. The community features 100 independent living residences, 43 assisted living units and 21 memory care units. The property was originally constructed in 1965. Priority Life Care, a court-ordered receiver as the property was in bankruptcy, sold the asset to UNPPG Management LLC, a privately held owner-operator based in New York. The sales price was not disclosed.
ANSONIA, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $14 million sale of Ansonia Landing, a 91,460-square-foot shopping center located in Connecticut’s New Haven County. The property, which was built in 1979 and was 91.5 percent leased at the time of sale, consists of a 60,000-square-foot Stop & Shop grocery store and a 31,460-square-foot strip center. Jim Koury of IPA represented the seller and procured the buyer, both of which were limited liability companies, in the transaction.
SCOTTSDALE, ARIZ. — JLB Partners has completed the disposition of The Moderne, a mid-rise apartment property located at 4848 N. Goldwater Blvd. in Scottsdale. An undisclosed buyer acquired the asset for $260 million, or $704,607 per unit. Completed in 2015, The Moderne features 369 apartments with nine-foot ceilings, full-size washers/dryers, hardwood flooring, walk-in closets with custom wood shelving and private patios. Select units have integrated desks and bookshelves, built-in wine racks, pass-through laundry chutes and private yards. Community amenities include a resort-style pool and spa, leasing office, resident clubhouse, wellness center, electric car charging stations and private garages. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal, which is the largest single-asset core multifamily sale in Arizona history, according to IPA.
LAFAYETTE, CALIF. — An institutional investment group has acquired a two-property retail portfolio in Lafayette from an undisclosed private seller. Terms of the transaction were not released. The portfolio includes La Fiesta Square, a 3.9-acre open-air, convenience-oriented lifestyle center, and Lafayette Mercantile, a 56,614-square-foot mixed-use asset. La Fiesta Square features 74,295 square feet of retail space spread across five buildings. The three-story Lafayette Mercantile offers ground-floor retail space and office space on the second and third floors. Nicholas Bicardo and Steven Golubchik of Newmark represented the seller in the transaction.
PLANO, TEXAS — A partnership between two locally based investment firms, Centennial and Cawley Partners, as well as New York City-based Waterfall Asset Management, has acquired the 1.4 million-square-foot Shops at Willow Bend in Plano. The new ownership plans to redevelop the property, though specific details were not disclosed. Taubman originally developed the shopping center in 2001. Tenants include Neiman Marcus, Dillard’s, Macy’s, Crate & Barrel, Vineyard Vines, H&M, Anthropologie, Equinox and Crayola Experience. California Pizza Kitchen, Wetzel’s Pretzels and Great American Cookies are among the food and beverage users. According to Chain Store Age, the seller was Syracuse-based Spinoso Real Estate Group.
LAKE MARY, FLA. — Ten Capital Management, a privately held real estate investment management firm based in metro Cleveland, has purchased SunTech Commerce Park, a six-building, 224,359-square-foot industrial park in suburban Orlando. The property is situated on 19.3 acres at 39-59 Skyline Drive in Lake Mary, about a quarter mile from Interstate 4. According to LoopNet Inc., the campus includes five single-story flex buildings and one three-story office building. The seller and sales price were not disclosed.
CHARLESTON, S.C. — CREC Real Estate LLC and Rincon Capital Partners have acquired Planters Trace Apartments, a 96-unit, Class B multifamily community located in the West Ashley submarket of Charleston. The seller and sales price were not disclosed. The 10.6-acre property, built in 1974 and located at 2222 Ashley River Road, has convenient access to nearby jobs, retail and entertainment. The buyers plan to invest $2.8 million in value-add renovations to update common areas, amenities and unit interiors. The property currently features a pool, communal firepit and garden, laundry room, grilling area and a dog park.
OAK CREEK, WIS. — Stan Johnson Co. has brokered the sale of The Shoppes at Drexel in Oak Creek near Milwaukee for $5.9 million. The retail center spans 10,351 square feet and is fully leased to five tenants. Built in 2017, the property serves as an outparcel to Drexel Town Square, an 85-acre mixed-use development. Tenants include Mod Pizza, Men’s Hair House, Five Guys, Crumbl Cookies and Potbelly Sandwich Shop. Ronnie Givargis of Stan Johnson represented the seller, a New York-based individual investor. A Cedar Rapids, Iowa-based investor group was the buyer. Each party executed the transaction as part of a 1031 exchange. The sales price represents a cap rate of 5.9 percent.
CHINO, CALIF. — Newmark has arranged the sale of Country Fair Shopping Center, a multi-tenant neighborhood shopping center in Chino. Red Mountain Group acquired the property from a publicly traded REIT based in New York for $42.2 million. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark represented the seller in the deal. Located at 11901-12089 Central Ave., Country Fair Shopping Center features 168,264 square feet of retail space. At the time of sale, the center was 92 percent occupied. Current tenants include PetSmart, Rite Aid, Dollar Tree, Harbor Freight Tools, America’s Tires, Kaiser Permanente and Sherwin-Williams.
MESA, ARIZ. — Newport Beach, Calif.-based Scriba Waldron Capital has acquired Fiesta Square, a multi-tenant office complex in Mesa. A private individual sold the asset for $7.2 million, or $208 per square foot. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the buyer and seller in the deal. Comprising two two-story buildings, the asset totals 34,974 square feet of creative office space. At the time of sale, the property was fully leased. Built in 1985, Fiesta Square is located at 1220 S. Alma School Road.