PHOENIX — Los Angeles-based Pro Residential has completed the disposition of Cove on 44th, an apartment property located at 4030 44th Ave. in Phoenix. Tide Equities acquired the asset for $51 million. The buyer has rebranded the community to Tides on 44th. The 134,000-square-foot community features 10 studio and 246 one-bedroom apartments, ranging in size from 452 square feet to 598 square feet. Built in 1983, the two-story property offers two swimming pools, a spa, a clubhouse and multiple laundry facilities. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq represented the seller in the transaction. Jeff Erxleben, Lauren Bresky, Kevin Leamy and Loren Heikenfeld of Northmarq’s Dallas Debt & Equity team secured $46.2 million in acquisition financing for the buyer.
REDDING, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Shasta Orthopedics Medical Office Building in Redding. Terms of the transaction were not released. Anthony Lunceford, Joe Massa and Michael Grenaway of IPA represented the undisclosed seller and buyer in the deal. Adam Christofferson served as Marcus & Millichap’s broker of record in California. The Shasta Orthopedics Medical Office Building features 41,191 square feet of space and is within a two-mile radius of Shasta Regional Medical Center, Mercy Medical Center Redding and Vibra Hospital of Northern California.
CHELMSFORD, MASS. — The Shearwater Cos., an investment firm based in southern New England, has acquired a 91,476-square-foot industrial building in Chelmsford, a northern suburb of Boston. The sales price was $14.8 million. The recently renovated building features a clear height of 27 feet and was fully leased to a subsidiary of medical device provider Teleflex Inc. at the time of sale. Scott Dragos, Chris Skeffington, Doug Jacoby, Anthony Hayes, Roy Sandeman, Tim Mulhall and Dan Hines of CBRE represented the seller, The RAM Cos., in the transaction.
IRVING, TEXAS — NAI Robert Lynn has brokered the sale of two adjacent industrial buildings totaling approximately 400,000 square feet in Irving. According to LoopNet Inc., the property at 2205-2255 E. Pioneer Drive totals 271,406 square feet, and the building at 600 N. Wildwood Drive spans 133,205 square feet and was built in 1975. Chase Miller and Robert Blankinship of NAI Robert Lynn represented the undisclosed seller and procured the buyer, Dallas-based CanTex Capital, in the transaction.
BREA, CALIF. — Brixmor Property Group has acquired Brea Gateway Center, a grocery- and drug-store-anchored retail center located at 101-407 W. Imperial Highway in Brea. An institutional investor sold the asset for $85.7 million. Brea Gateway Center comprises of 13 parcels on 12.5 acres offering a total of 181,891 square feet of retail space. At the time of sale, the property was 97.9 percent occupied. Current tenants include Ralphs, HomeGoods, Cost Plus World Market, Mattress Firm, Taco Bell and Panda Express. Gleb Lvovich, Bryan Ley, Geoff Tranchina and Daniel Tyner of JLL Retail Capital Markets represented the seller in transaction.
Link Logistics, Western Realco Acquire 16.4-Acre Industrial Redevelopment Site in Corona, California
CORONA, CALIF. — A partnership between Link Logistics and Western Realco has purchased a 16.4-acre industrial redevelopment site located at 1375 Magnolia Ave. in Corona. Terms of the acquisition were not released. Jeff Chiate, Mike Adey and Brad Brandenburg of Cushman & Wakefield’s National Industrial Advisory Group represented the undisclosed seller in the deal. Rick Ellison and Brett Lockwood of Cushman & Wakefield will handle leasing for the new project. The site has the potential to house two Class A industrial buildings totaling more than 300,000 square feet of warehouse space. Currently, the property consists of multiple older industrial structures originally built in the mid-1990s that would be demolished.
GRESHAM, ORE. — Westcore has purchased Halsey Business Park, an industrial asset located at 18225-18557 NE Halsey St. in Gresham. New York-based DRA Advisors sold the property for $54.1 million. American Direct, International Paper and Trailblazer Foods fully occupy the 405,000-square-foot facility. Westcore was self-represented, while Buzz Ellis, Mark Detmer, Ryan Sitov and Tyler Sheils of JLL represented the seller in the transaction.
IRVING, TEXAS — A joint venture between two metro Philadelphia-based firms, developer Korman Communities and private equity firm Verde Capital, has purchased AVE Las Colinas, a 288-unit apartment community in Irving. According to Apartments.com, the property was built in 2020. Units come in one- and two-bedroom formats and are furnished with stainless steel appliances, quartz countertops, tile backsplashes, brushed nickel hardware and individual washers and dryers. Amenities include a pool, business center, fitness center and a dog park. The seller and sales price were not disclosed.
RENO, NEV. — DCG has brokered the purchase of South Meadows Promenade, a retail center located on the corner of South Meadows Parkway and Double R Boulevard in Reno. An investor in a 1031 exchange acquired the property for $34 million. The name of the seller was not released. At the time of escrow, the 80,000-square-foot shopping center was 100 percent occupied. Current tenants include Sprouts Farmers Market, Marshalls, Pet Station, The Joint Chiropractic, Chase Bank, Chipotle, Panda Express, Starbucks Coffee, Blaze Pizza, Jersey Mike’s Subs and Sports Clips. Truckee Meadows Construction built the asset in 2017. Tom Fennell, Chris Shanks and Matt DeRicco of DCG represented the buyer in the deal.
NEW YORK CITY — New York-based investment firm Navika Group of Cos. and Blue Sky Hospitality Solutions have acquired Andaz Wall Street, a 253-room hotel in Manhattan. Guestrooms range in size from 345 to 1,500 square feet, and amenities include 10,000 square feet of meeting and event space, as well as a new onsite restaurant and bar. The new ownership plans to invest about $5 million in capital improvements and to rebrand the property as the Hyatt Centric Wall Street New York.