CHICAGO — SVN Chicago Commercial has negotiated the sale of a 44-unit multifamily building in Chicago’s Kenwood neighborhood for $4.9 million. The property is located at 4611 S. Drexel Blvd. Jeff Baasch of SVN brokered the sale. ShainRealty Capital, a Los Angeles-based privately owned real estate investment firm, purchased the property from the undisclosed seller. The acquisition marks ShainRealty’s ninth purchase on Chicago’s South Side.
ROCHESTER, MINN. — Upland Real Estate Group has brokered the sale of a Sleep Number-occupied retail property in Rochester for $2.4 million. Sleep Number relocated from Apache Mall in 2018 to this 3,000-square-foot, freestanding store at 2257 Commerce Drive NW. Deborah Vannelli, Keith Sturm and Amanda Leathers of Upland represented the 1031 exchange buyer in the acquisition of the net-leased property. Tom Gommels of Marchs & Millichap represented the seller, a limited liability company.
FRANKLIN, TENN. AND PHOENIX, ARIZ. — TruAmerica Multifamily has acquired two garden-style communities in Phoenix and Nashville’s Cool Springs district in separate transactions totaling $196 million. The two properties add about 1,000 apartments to the company’s national multifamily portfolio. The 435-unit Phoenix property is dubbed The Urban. Built in 2005, the property is located at 3601 E. McDowell Road and features floorplans that range in size from studio to three-bedroom, two-bathroom units. Community amenities include two swimming pools, an outdoor kitchen, fitness center and community green space. The Urban is the second acquisition in Phoenix this year for TruAmerica, after purchasing The Bella, a 200-unit, garden-style community on the city’s north side. The metro Nashville property is Viera Cool Springs, a 468-unit property built in 1987. Acquired in an off-market transaction from Miami-based Lindemann Multifamily, Viera Cool Springs is located at 300 Royal Oaks Boulevard in Franklin, 25 miles south of downtown Nashville. The property has one- and two-bedroom apartment homes that are situated in 38 two-story buildings on a 36.5-acre site. Community amenities include lighted tennis courts, two swimming pools, resident clubhouse and business center, yoga studio and fitness center. Viera Cool Springs is TruAmerica’s second investment in metro …
NASHVILLE, TENN. — A fund sponsored by CBRE Global Investors has provided a $52 million acquisition loan for a 452-unit multifamily property in Nashville. The borrower is a subsidiary of Charleston, S.C.-based Greystar Real Estate Partners. The seller was not disclosed. The property, known as Avana Overlook, is a garden-style apartment located at 727 Bell Road. Built in 1998, the property offers one-, two- and three- bedroom units that include in-unit washers and dryers, private patios and balconies and walk-in closets. Community amenities include two swimming pools with cabanas, a 24-hour fitness center, playground, outdoor grilling area, clubhouse and a dog park. Avana Overlook is situated one mile from Interstate 24 and State Highway 41. The property is 14 miles from downtown Nashville, 7.2 miles from Nashville International Airport and less than two miles from the Century Farms Development, a 310-acre, $1.7 billion mixed-use project currently under construction. Nate Sittema of CBRE’s Charlotte office arranged the loan on behalf of Greystar.
NEWPORT NEWS, VA. AND LAWRENCEVILLE, GA. — SRS Real Estate Partners’ National Net Lease Group has brokered the sales of two single-tenant retail properties for a combined $10.6 million. The properties are located in Newport News and Lawrenceville and were both built in 2020. Petsuites, a pet resort and spa operator based in Erlanger, Ky., signed long-term, 20-year leases at both locations. The properties were in high demand as the $232 billion pet care industry has seen a huge increase in growth amid the pandemic, according to Raymond of SRS. Britt Raymond and Kyle Fant of SRS represented the seller, a North Carolina-based developer, in both 1031 exchange transactions. Both stores span 14,000 square feet. The Newport News location is located at 12533 Warwick Blvd. The property is situated on just over two acres and sold for $5.5 million. Danny Brooker of Monument Retail represented the Florida-based, privately held buyer. The store is close to other national retailers including Harris Teeter, Food Lion and Chick-fil-A. The Lawrenceville property is located at 2525 Sugarloaf Parkway and is situated on 4.7 acres. Elizabeth Morgan of Pinnacle Real Estate represented the Minnesota-based buyer in the $5.1 million transaction.
HOUSTON — 29th Street Capital, a Chicago-based investment firm, has acquired Lincoln Medical Center Apartments, a 224-unit multifamily community located in the Med Center/Braes Bayou submarket of Houston. Built in 1990, the property offers one- and two-bedroom units and amenities such as a pool, fitness center and a coffee bar. The new ownership will implement a value-add program and rebrand the property as Helix at Med Center. The seller was not disclosed.
HOUSTON — NAI Partners has brokered the sale of a 30,194-square-foot industrial property located on a five-acre site at 3815 Hollister St. in northwest Houston. According to LoopNet Inc., the property was built in 1972. Michael Keegan and Andrew Laycock of NAI Partners brokered the deal. The buyer, seller and sales price were not disclosed.
SUGAR LAND, TEXAS — A local developer doing business as LJ Parkway LLC has sold Riverstone Plaza, a 28,000-square-foot retail center in the southwestern Houston suburb of Sugar Land. Built in 2018, the property was 98 percent leased at the time of sale to a roster of 16 tenants that includes salons, medical services, a learning center and restaurants. Marc Peeler of NewQuest Properties represented the seller in the transaction. Bob Yuanjie of Ping Management LLC represented the undisclosed, locally based buyer.
BELLEVUE, WASH. — Brookfield Asset Management real estate fund has purchased Block 24, a recently completed office property located at The Spring District in Bellevue. Wright Runstad & Co., Shorenstein Properties and institutional investors advised by J.P. Morgan Global Alternatives sold the asset for $200 million. Facebook occupies the 197,959-square-foot building, which is the latest addition to The Spring District. The district currently consists of more than 1 million square feet of office space, neighborhood retail space and over 800 apartments centered on the future Spring District light rail station, which is slated to open in 2023. More than 350,000 square feet of additional office and retail space is under construction at the development, with over 1 million more square feet in the planning stages. This transaction marks Brookfield’s second at The Spring District. The company acquired the adjacent, 338,000-square-foot Block 16 office building, which is also fully leased to Facebook, in October 2020.
PARSIPPANY, N.J. — A partnership between P3 Properties, Image Capital LLC and Lionstone Capital has sold a majority interest in MCC Blue, a 541,035-square-foot trophy office building in the Northern New Jersey city of Parsippany. The building serves as the U.S. headquarters of Teva Pharmaceuticals and was 93 percent leased at the time of sale. Jeff Dunne, Jeremy Neuer, Steve Bardsley, Gene Pride, David Gavin, Travis Langer and Zach McHale of CBRE represented the partnership in the transaction.
