MENOMONEE FALLS, WIS. — Founders 3 Real Estate Services has arranged the $4.3 million sale of a 70,000-square-foot industrial building in Menomonee Falls, a northwest suburb of Milwaukee. The property is located on Woodale Drive. Bob Flood of Founders 3 represented the seller, Kohl’s Inc. Dynamic Tool Corp., which builds plastic injection molds for the packaging, personal care and healthcare industries, was the buyer.
MOUNT SHASTA, CALIF. — One Shasta LLC has purchased a 266-acre property in Mount Shasta. Crystal Geyser Water Co. sold the asset for $7.1 million. The property comprises industrial, low-intensity agriculture and residentially zoned land in Siskiyou County, Calif. Additionally, the acquisition includes a 144,900-square-foot industrial building at 210 Ski Village Drive. The building offers dock-high access and proximity to Interstate 5. John Troughton and Adam Elomari of Kennedy Wilson Brokerage represented the buyer in the deal.
ARVADA, COLO. — Evans Senior Investments (ESI) has arranged the sale of The Kipling Meadows, a 120-unit independent living community in the first-ring Denver suburb of Arvada. Built in 2008 with a renovation in 2018, Kipling Meadows averaged 86 percent occupancy in the three months prior to sale. “With the community recently recovering occupancy back to 90 percent in just the latest month, the Evans Senior Investments team was able to showcase the potential upside for a new ownership group by forecasting a 6 percent rental rate increase,” says Hank Fuller, senior associate with ESI. ESI represented the seller, an institutional private equity group, in the transaction. The buyer was regional operator looking to expand in Colorado. The price was not disclosed.
COMMERCE CITY, COLO. — Blue West Capital has arranged the $3.4 million sale of a single-tenant retail property in Commerce City, approximately six miles northeast of downtown Denver. Brandon Gayeski and Robert Edwards of Blue West Capital represented the seller, a Colorado-based partnership. The buyer was a 1031 exchange investor based in Colorado. The 2,340-square-foot property features a drive-thru and was constructed in 2020. Located at 4860 East 60th Ave., Starbucks Coffee occupies the property on a long-term lease.
LAS VEGAS — RealComm Advisors has brokered the sale of a 34,982-square-foot industrial building located at 7090 W. Arby Ave. in Las Vegas. 7090 Arby LLC purchased the asset for $7.3 million. Greg Pancirov and Paul Hoyt of RealComm Advisors represented the seller, Palo Alto Properties, in the transaction.
ROUND ROCK, TEXAS — Edge Realty Partners has arranged the sale of Round Rock Crossing, a 245,592-square-foot shopping center in the northern Austin suburb of Round Rock. Built in phases on 31.5 acres between 2004 and 2006, the eight-building property was 52 percent leased at the time of sale to 18 tenants. The roster includes Best Buy, Michael’s, Dollar Tree, Vitamin Shoppe, Five Guys and Salons by JC. Mart Martindale and Brandon Beeson of Edge Realty Partners represented the undisclosed seller in the transaction. The buyer, Los Angeles-based BH Properties, intends to execute a value-add program at Round Rock Crossing.
DALLAS — Locally based investment firm M2G Ventures has acquired eight industrial buildings totaling approximately 207,000 square feet in the West Brookhollow submarket of Dallas. The properties, the six-building Commonwealth Industrial Park and two buildings plus an adjacent parcel on Woodall Street, comprise a total of 11.6 acres. M2G Ventures plans to implement a value-add program. The seller and sales price were not disclosed.
DALLAS — Next Wave Investors, a private equity firm based in Southern California, has purchased Casa Luna Apartments, a 232-unit multifamily community in East Dallas. The property was built in 1969 and features one-, two- and three-bedroom units and amenities such as a playground, clubhouse, lounge, courtyard and onsite laundry facilities. Next Wave plans to implement a value-add program to enhance unit interiors, building exteriors, utility systems and landscaping. The seller and sales price were not disclosed.
NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has entered into an agreement to purchase 450 Park Avenue, a 33-story office building in Midtown Manhattan, for $445 million. The seller, Oxford Properties, is also a tenant in the 337,000-square-foot building, which was originally designed by Emery Roth & Sons. Other office users include Banco Bradesco and BDT Capital Partners, and the retail space will soon house a showroom for luxury automaker Aston Martin. Darcy Stacom, William Shanahan and Doug Middleton of CBRE brokered the deal, which is expected to close in the second quarter.
CHAMPIONSGATE, FLA. — Grandbridge Real Estate Capital has negotiated the sale of Merrill Gardens at ChampionsGate, a 223-unit seniors living campus in ChampionsGate, approximately 25 miles southwest of downtown Orlando. David Kliewer and Jay Jordan of Charlotte-based Grandbridge facilitated the $45 million sale to funds managed by Fortress Investment Group, which has tapped Watermark Retirement Communities to manage the property. The new owner also changed the property’s name to The Glades at ChampionsGate. Built in 2017, the community offers 114 independent living, 73 assisted living and 36 memory care units. Following challenges in meeting the operating covenants of the bond structure, in July 2021 a court order appointed William King of WK Financial as receiver.