AURORA, COLO. — Watermark Residential, a wholly owned affiliate of Indianapolis-based Thompson Thrift, has completed the disposition of The Townhomes at Dayton Station, a leased townhome community in Aurora. RedPeak acquired the asset for $33.5 million. Located at 3899 S. Dallas St., the property features 12 three-story buildings offering a total of 63 townhomes for renters. Each private-entry townhome features a three- or four-bedroom layout, two-car garage, ample storage, gourmet bar-kitchens with quartz countertops, stainless steel appliances, walk-in closets, garden tubs and full-size washers/dryers.
Sentre Buys Industrial Campus in Los Angeles for $12.5M in Sale-Leaseback from Mortech Manufacturing
LOS ANGELES — San Diego-based Sentre has purchased Azusa Center, a two-building industrial property located at 301 and 411 N. Aerojet Drive in Los Angeles’ San Gabriel Valley. Mortech Manufacturing sold the asset for $12.5 million in an off-market, sale-leaseback transaction. Mortech occupies the 75,081-square-foot facility and, upon closing of the sale, the company executed a new 10-year lease for the entire property. Scott Peterson and Morgon Fraser of CBRE Capital Markets Debt & Structured Finance Placement team arranged a $7.5 million fixed-rate, five-year loan for the acquisition.
DENVER — Capstone has brokered the sale of Sherman Commons, a 35-unit apartment community located at 10 S. Sherman St. in Denver’s West Washington Park neighborhood. An undisclosed buyer acquired the asset from an undisclosed seller for $8 million. The property offers a studio unit, 24 one-bedroom units and 10 two-bedroom units, as well as 34 off-street tenant parking spaces. This year, the building underwent renovations including new windows, stairs and landings. Brandon Kaufman and Nik MacCarter of Capstone represented the buyer in the deal.
PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Cabana on 12th, an apartment community located in Phoenix. Greenlight Communities sold the asset to JB Partners for $54.5 million, or $216,270 per unit. Constructed in 2020, Cabana on 12th features 252 units in a mix of studio, one- and two-bedroom apartments with nine-foot ceilings and a swimming pool. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.
SIGNAL HILL, CALIF. — Faris Lee Investments has completed the break-up strategy of Signal Hill Gateway, a retail property in Long Beach, to four different buyers for a total of $28.3 million. Prior to listing, the urban infill property was divided into four product categories, including big box parcels, quick-service restaurant and daily needs strip, a sit-down restaurant and a drive-thru fast-food restaurant. Scott DeYoung and Jeff Conover of Faris Lee Investments represented the seller in the deal, Signal Hill Petroleum. The company will retain ownership of a one-acre parcel within the shopping center that contains active oil wells and drill sites. An undisclosed buyer in a 1031 exchange acquired the three-tenant big box parcel, which includes Ross Dress for Less, Petco and Dollar Tree, at 99.2 percent of the listing price. Another undisclosed buyer in a 1031 exchange purchased the quick-service restaurant and daily needs parcel, which includes Starbucks Coffee, Chipotle, T-Mobile and Bank of America ATM, for 99.5 percent of the list price. The sit-down restaurant parcel features an Applebee’s Grill + Bar parcel, which is under an absolute triple-net ground lease and operated by an entity of Flynn Restaurant Group. The parcel sold for a 5.1 percent …
KIRKLAND, WASH. — Bell Partners, on behalf of its Bell Core Fund I vehicle, has purchased Aura Totem Lake, a multifamily property in the Seattle suburb of Kirkland. Bell Partners plans to rename the 202-unit property Bell Totem Lake. Built in 2020, Bell Totem Lake features three elevated courtyards with a covered outdoor entertaining kitchen, fire pits, hammocks and grills; a resident lodge with a demonstration kitchen and billiards table; an athletic center with cardio theater and free weights; two private business suites and workstations; a pet spa; bike storage; 24/7 parcel lockers; and a multi-level parking garage with elevator access and electric car charging stations. Apartments feature wood-like flooring, designer lighting, flat-panel kitchen cabinets with tile backsplash and under-cabinet lighting, quartz countertops with undermount sinks, energy-efficient stainless steel appliances, gas ranges with smart features, and soaking tubs. Terms of the transaction were not released.
EVANS, COLO. — Marcus & Millichap has brokered the sale of a Rodeway Inn hotel location at 3015 Eighth Ave. in Evans. Neville Rustomjee of Marcus & Millichap’s Denver office represented the seller, a limited liability company, and secured and assisted the buyer, also a limited liability company. Rodeway Inn features 96 guest rooms in an exterior corridor configuration. The buyer will implement a franchise property improvement plan and additional improvements to the property.
HOUSTON — Colliers International has brokered the sale of World Houston Plaza, a 216,889-square-foot office building located at 15710 John F. Kennedy Blvd. on the city’s north side. The eight-story building was originally constructed on a 3.5-acre lot in 1985. David Carter of Colliers represented the undisclosed seller in the transaction. The buyer, David Z. Mafrige Interests, purchased the asset via a Ten-X auction for an undisclosed price.
CHICAGO — Interra Realty has brokered the $3.4 million sale of an 18-unit multifamily property in Chicago’s Lincoln Square neighborhood. Located at 4841 N. Rockwell St., the asset comprises one-bedroom units, all of which were occupied at the time of sale. Craig Martin of Interra represented the seller, a local family office, which had owned the property for more than 50 years. Martin also represented the private buyer.
GURNEE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired a 62,940-square-foot industrial building in Gurnee, about 40 miles north of Chicago. The purchase price was undisclosed. Located at 905 Lakeside Drive, the property is 35 percent leased to three tenants. Constructed in 1989, the building features four docks, six drive-in doors and parking for 75 cars. Venture One plans to make improvements that will include office and warehouse renovations, parking lot resurfacing and new LED lighting. Donald Glyman of Tri-County Commercial Real Estate Inc. represented the undisclosed seller. Robert Elbrecht of Tri-State Realty represented Venture One and will be retained to market the property for lease. VK Industrial V LP is a partnership between Venture One and Kovitz Investment Group.