NORCROSS, GA. — Atlanta-based Bull Realty has brokered the sale of a 103,105-square-foot office building in metro Atlanta that was formerly owned by Ameris Bank. Located at 6625 The Corners Parkway in Norcross, the property sold for $6.4 million in an all-cash deal. The buyer was an investor partnership that included ALM Automotive Group, a current tenant in the building. Michael Bull and Austin Bull of Bull Realty marketed the property on behalf of the seller.
WAYZATA, MINN. — JLL Capital Markets has arranged the $17.5 million sale of 401 Lake Street, a Class A building with office and retail space in the western Minneapolis suburb of Wayzata. Completed in 2022, the three-story property totals 19,014 square feet and features a 4,600-square-foot roof deck, wraparound balconies on each floor and underground parking for 40 vehicles. Currently 45.8 percent occupied, the asset is home to Brick + Linen and Compass. Colin Ryan and Dave Berglund of JLL represented the seller, Lothenbach Properties LLC, and procured the undisclosed buyer. The sale represents the highest price per square foot for office sales in Minnesota history, according to JLL.
NORMAL, ILL. — Marcus & Millichap has negotiated the $3 million sale of a retail property leased to Chipotle and Blaze Pizza in Normal, which is located just north of Bloomington. The 5,311-square-foot building, located at 1601 E. College Ave., was constructed in 2016. Zack House, Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, a Delaware-based limited liability company. The buyer plans to hold the property as a long-term investment.
SANTA MARIA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $116 million sale of La Vista Apartments, a 460-unit multifamily community located in the Central Coast community of Santa Maria. Joseph Grabiec, Kevin Green and Gregory Harris of IPA represented the seller, Kennedy Wilson, and procured the buyer, WestView Capital, in the transaction. The property is the largest multifamily asset to trade hands in Santa Barbara County both by number of units and sales price, according to IPA. Constructed in 1979 on 31 acres, the community offers studio, one-, two- and three-bedroom units. Shared amenities include two pools and spas, a clubhouse, leasing office, large courtyards, picnic tables and grills. “Santa Maria is in the midst of a dynamic growth period with surging housing demand,” says Grabiec. “It is estimated that the city’s population will grow 27 percent between 2024 and 2050, and during the next five years, average year-over-year rent growth is projected to be 4 percent annually while occupancy remains above 96.5 percent.” Beverly Hills, Calif.-based Kennedy Wilson (NYSE: KW) is a real estate investment firm with over $28 billion of assets under management across the United States, United Kingdom and …
SAN ANTONIO — Newmark has brokered the sale of The Sterling at Oak Hills, a 330-unit multifamily property located within South Texas Medical Center in San Antonio. Built in 2019, the property offers one- and two-bedroom units that are furnished with stainless steel appliances, granite or quartz countertops and walk-in closets. Amenities include a pool, outdoor kitchen, fitness center and a clubhouse with an entertainment kitchen. Patton Jones, Matt Michelson and Andrew Dickson of Newmark represented the undisclosed seller in the transaction. The buyer was San Antonio-based AHV Communities.
ARLINGTON, TEXAS — Marcus & Millichap has negotiated the sale of Treehouse Apartments, a 16-unit multifamily complex located at 1400 Cherry Drive in Arlington. According to Apartments.com, the property was built in 1972 and offers one-, two- and three-bedroom units. Dylan York, Ford Braly and Al Silva of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
BOSTON — Marcus & Millichap has brokered the $88.5 million sale of a portfolio of 31 single-tenant retail properties that are located in various markets throughout the Northeast. The addresses of the standalone properties, which are all net leased to automotive services provider Town Fair Tire, were not disclosed, but they comprise locations in Connecticut, Massachusetts, New Hampshire, Maine, New York, Rhode Island and Vermont. Town Fair Tire has 16 years remaining on the leases at each location. James Koury and Alex Quinn of Marcus & Millichap, in conjunction with Dan Plotkin of Northeast Retail, represented the seller, the estate of Town Fair Tire founder Neil Mellen, in the transaction. Koury and Quinn also procured the buyer, Orion Buying Corp.
AVON, MASS. — B&D Holdings has purchased a 109,300-square-foot industrial building in Avon, a southern suburb of Boston, for $18.5 million. Built in 1972, the building at 21 Parker Drive features clear heights of 17 to 32 feet, 135-foot truck court depths and more than an acre of outdoor storage space. Michael Restivo and David Coffman of JLL represented the seller, a partnership between Oliver Street Capital and Bain Capital Real Estate, in in the transaction. Thomas Didio Jr., Amy Lousararian and Max Custer, also with JLL, arranged a three-year, fixed-rate acquisition loan through Provident Bank on behalf of B&D Holdings. At the time of sale, the property was fully leased to tenants such as Taylor Communications, HelloFresh and FreshPoint.
BRIDGEPORT, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $9.9 million sale of the 86-unit Bridgeport Commons Apartments in southern coastal Connecticut. The property consists of two buildings that were originally built between 1967 and 1970 and house nine studios, 73 one-bedroom units and four two-bedroom units. Brad Balletto, Rich Edwards and Robert Paterno of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
LOS ANGELES — Tishman Speyer has completed the sale of 9242 Beverly Boulevard, an office building in Los Angeles’ Beverly Hills neighborhood, to Envision and Faring for $90 million, or $675 per square foot. Completed in 1990 and certified LEED Platinum, the 133,300-square-foot building features flexible floor plates, light-filled workspaces, balconies, an interior courtyard with outdoor office settings and a reimagined entrance and lobby. Tishman Speyer acquired the asset in 2005 for $38 million and subsequently secured leases with private investment firm Post Real Estate Group and Miller-DM to establish a Mercedes-Benz luxury vehicle franchise at the building.
