ALVIN, TEXAS — Capstone has brokered the sale of Sun Meadows Mobile Home Community, a 288-site manufactured housing community in Alvin, about 25 miles southeast of Houston. According to Apartments.com, the property was built in 1998 and includes a pool. Capstone’s Ian Hilpl, Kevan Enger, Brian Hummell and Hunter LaRocca represented the seller and procured the buyer, both of which requested anonymity, in the transaction. Sun Meadows was 96 percent occupied at the time of sale.
LOS ANGELES — Torrance FRM LLC has completed the disposition of Torrance Technology Campus, a five-building industrial facility situated on 27 acres in Los Angeles’ South Bay market. Rexford Industrial acquired the campus for $182 million. Located at 3100-3110 Lomita Blvd. and 3121 Skypark Drive, Torrance Technology Campus offers 575,976 square feet of industrial space. At the time of sale, the property was 90 percent leased to three credit tenants. L3Harris (S&P: BBB) occupies 80 percent of the campus. Other tenants include Torrance Memorial Medical Center and various parking tenants. Kevin Shannon, Scott Schumacher and Ken White of Newmark represented the seller, while the buyer was self-represented in the deal.
PASADENA, CALIF. — Cushman & Wakefield has arranged the sale of a three-building office portfolio, known as 2 N Lake, in downtown Pasadena. A Los Angeles-based private investor acquired the asset from 2 North Lake JV LLC, a private family ownership located in Hong Kong and Los Angeles, for $80 million. Totaling 242,012 square feet, the portfolio consists of an 11-story building, a three-story building, a single-story building and a six-story parking garage. The buildings were collectively 63 percent leased at the time of sale. The buyer plans to implement a Class A repositioning of the property, including renovating the lobbies, activating the outdoor areas and implementing other interior and exterior upgrades. Mike Condon Jr., Erica Finck, Bailey Dawson and Marc Renard of Cushman & Wakefield represented the seller, while the buyer was unrepresented in the deal. Cushman & Wakefield’s Shaun Stiles, Steven Marcussen and Katie Cowan also partnered in the sale and were retained for future leasing of the property.
COLORADO SPRINGS, COLO. — Colliers Multifamily Advisory Group has arranged the sale of The Enchanted Springs Apartments, a multifamily property located at 3281 Divine Heights in Colorado Springs. A private investor sold the property to Hamilton Zanze for $65 million, or $325,000 per unit. Built in 2020, Enchanted Springs features 200 apartments, an indoor fitness center, clubhouse, resort-style swimming pool, spa and business center. Bill Morkes, Craig Stack and Keegan Hofer of Colliers represented the seller in the transaction.
PHOENIX — Charleston, South Carolina-based Greystar has purchased Cordoba, a multifamily property located at 4520 E. Baseline Road in Phoenix, from Dallas-based Cordoba Apartments LLC for an undisclosed price. Cindy Cooke, Brad Cooke, Matt Roach and Chris Roach of Colliers in Arizona handled the transaction. Originally built in 1986 and renovated in 2018 through 2020, Cordoba features 352 apartments in a mix of one-, two- and three-bedroom layouts, averaging 740 square feet. At the time of sale, the property was 99 percent leased. The buyer plans to continue value-add renovations at the property.
PHILADELPHIA — Paramount Realty Services has sold Northeast Town Center, a 500,000-square-foot retail power center located at 4600 Roosevelt Blvd. in northeast Philadelphia. Walmart and Home Depot anchor the property, which was originally built in 1996. Other tenants include Old Navy, Ross Dress for Less, DD’s Discount, PetSmart, Pep Boys and Dollar Tree. Brad Nathanson of Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the transaction. The buyer was not disclosed.
LYNNFIELD, MASS. — Marcus & Millichap has brokered the $19.5 million sale of a 64,056-square-foot shopping center in Lynnfield, a northern suburb of Boston. The property consists of three buildings, including one that was built in 1991, remodeled in 2019 and is occupied by Christmas Tree Shops, as well as two others that were completed in 2018. Other tenants include Yankee Candle, Meraki Spa, Starbucks and East Boston Savings Bank. Glen Kunofsky, Josh Kanter and Anthony D’Ambrosia of Marcus & Millichap brokered the deal. The buyer and seller were not disclosed.
INDIANAPOLIS — Ziff Real Estate Partners (ZRP) has sold Pyramid Place Shopping Center in Indianapolis for $10.6 million to an undisclosed buyer. The neighborhood shopping center is located at the intersection of Michigan Road and West 86th Street and features a gross leasable area of 51,974 square feet. The property was 86 percent occupied at the time of sale to tenants such as Five Guys, Einstein Bagels, Chicken Salad Chick, Qdoba and Tavel Eye Care. ZRP acquired the asset in 2015 from LNR Property LLC. Jordan Klink and Andrew Margulies of Marcus & Millichap’s The Klink Group represented Ziff in the sale.
NILES, ILL. — Venture One Real Estate has acquired a 179,508-square-foot industrial building in Niles, about 15 miles northwest of Chicago. The purchase price was undisclosed. Located at 6900 Austin Ave., the property is fully leased to one tenant. Constructed in 1980, the building features a clear height of 21 feet, nine docks, one drive-in door, parking for 120 cars and 4,820 square feet of office space. Christopher Volkert of Colliers International represented the undisclosed seller. Venture One’s acquisition fund, VK Industrial V LP, is a partnership between Venture One and Kovitz Investment Group.
NEWARK, N.J. — JLL has negotiated the $9 million sale of a 62,275-square-foot retail property with redevelopment potential that is located at 727 Broad St. in one of downtown Newark’s Qualified Opportunity Zones. Michael Oliver, Marta Villa, Jose Cruz, Kevin O’Hearn and Steve Simonelli of JLL represented the undisclosed buyer and seller in the transaction.