DENVER — University and Evans, a limited liability company based in Denver, has completed the disposition of the fee simple interest in University Lofts, a student housing and retail property located at 2076 University Blvd. in Denver. An entity doing business as DU Univ Lofts Acq. LLC purchased the asset for $17.3 million. Built in 2006, the 44,495-square-foot property features 35 residential units totaling 97 bedrooms, as well as 8,636 square feet of street-level retail space. The five-story building also features a two-story underground parking structure with 69 heated parking stalls. The residential component is master leased by the University of Denver for student housing through summer 2022. The four-tenant retail space is 48 percent leased to TCF Bank and Paradise Dentistry, which will open in the third quarter. Patrick Henry and Boston Weir of Henry Group represented both the buyer and seller in the transaction. The new owner plans to renovate the unit interiors and convert a portion of the existing retail space into amenity space for residents.
LONG BEACH, CALIF. — Stepp Commercial has arranged the sale of a multifamily property located at 2104 E. Florida in Long Beach’s Fourth Street/Retro Row neighborhood. A locally based private investor sold the asset to another local private investor in a 1031 exchange for $4 million. Built in 1948, the property features 10 one-bedroom units and one studio apartment. The community recently underwent more than $600,000 of capital improvements. Interior units included the installation of new laminate flooring, custom shaker-style cabinets, quartz countertops, washers/dryers in most units, stainless steel appliances, designer bathroom tile and pedestal sinks, as well as modern lighting, ceiling fans and fixtures throughout. Robert Stepp and Todd Hawke of Stepp Commercial represented the seller in the deal.
TUCSON, ARIZ. — REM Investment Group has purchased Grant Road Place, a multi-tenant office property located in Tucson. Entities doing business as Shenitzer Family Trust U/T/A, the Pepper Trust U/T/A and WV LLC sold the asset for $2.7 million. Located at 5625-5687 E. Grant Road, the property features 20,057 square feet of office space. Richard Kleiner of Cushman & Wakefield | PICOR represented the buyer and seller in the deal.
PHOENIX — Newmark has arranged the sales of two grocery-anchored shopping centers located in Phoenix for a combined total of $14 million. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark facilitated the transactions. In the first deal, Boros Investments sold Safeway Shops at 83rd & Camelback, a multi-tenant retail center located at 4819 N. 83rd Ave. and 8141 W. Camelback Road, to an entity doing business as Reel Retail Fund I LLC. Tenants at the fully occupied property include H&R Block, Great Clips, One Main Financial, a donut shop, dentistry office and a Mexican restaurant. Newmark represented the buyer and seller in the deal. In the second transaction, Desert Canyon Investment Properties III acquired Happy Valley Walmart Shops, located at 25155 N 67th Ave. and 6520 W. Happy Valley Road, from BevNorm Olive LLC. Tenants at the property include Pacific Dental, Edward Jones, a bagel shop, bike store and a sushi restaurant. The property includes the shops on other side of a Walmart Neighborhood Market store.
BLACKSBURG, VA. — Berkadia has secured $100.2 million in financing and arranged the sale of a three-property student housing portfolio in Blacksburg. The properties in the portfolio include Hunters Ridge, Maple Ridge Townhomes and Collegiate Suites of Blacksburg and are approximately 1.3 to 2.1 miles from Virginia Tech. The student housing communities are also located close to the shops and restaurants along North Main Street. David Hudgins of Berkadia’s Newport News office represented the undisclosed seller and the buyer, California-based Reliant Group, in the transaction. John Richards of Berkadia’s Richmond office secured the acquisition financing for the portfolio. Pacific Life Insurance provided the five-year, interest-only loan, which features a 30-year amortization schedule and a fixed 2.66 percent interest rate. Hunters Ridge is a 72-unit property located at 1401 and 1441 Seneca Drive. The student housing community features four-bedroom floor plans with balconies or patios, in-unit washers and dryers and full appliance packages. Community amenities include a clubhouse, coffee bar, gaming area with a pool table, grilling stations, full-sized basketball court, fitness center and a tanning salon. Maple Ridge Townhomes is located at 344 Red Maple Drive. The 314-unit property features two-, three- and four-bedroom floor plans with in-unit washers and …
CHICAGO — Office Properties Income Trust (NASDAQ: OPI) has acquired 1K Fulton in Chicago’s Fulton Market district for $355 million. The 531,190-square-foot office property serves as the Midwest headquarters for Google, which leases 73 percent of the building. The property was 99 percent leased at the time of sale, with a weighted average lease term of six years. Built in 1923 and redeveloped in 2015, the building features amenities such as two fitness centers, multiple roof decks, a steak house restaurant, ground-floor retail space and 157 subterranean parking spaces. Stephen Livaditis, Matthew Graham and Bryan Rosenberg of Eastdil Secured brokered the sale. American Realty Advisors was the seller, according to local media reports. Office Properties Income Trust is managed by The RMR Group and is based in Newton, Mass.
EDINA, MINN. — Marcus & Millichap has brokered the sale of 4001 Mavelle Drive, a 12-unit multifamily complex in Edina, for $2.1 million. Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer, both of which were undisclosed. The property is set within a few blocks of shopping destinations Galleria and Southdale Center. There are 11 two-bedroom units spanning roughly 625 square feet each that rent for $940 to $1,159 per month. The one studio unit spans 450 square feet and is rented for $760 per month. Residents have their own parking garage stalls and access to onsite laundry.
ALEXANDRIA, VA. — Avison Young’s Capital Markets Group has brokered the sale of a retail center in Alexandria. An entity doing business as Santay Realty of Alexandria LLC purchased the property, known as 6001 Kingstowne Village Parkway, from The Halle Cos. for $14.2 million. Jonathan Hipp, Richard Murphy, Chip Ryan and Matt Weber of Avison Young represented the seller in the transaction. Michael Patz of KLNB represented the buyer. The center is fully leased to Aldi, La-Z-Boy furniture and a newly opened Ashley Furniture HomeStore. Built in the late 1990s, the property spans approximately 72,000 square feet of retail space.
HOLLYWOOD, FLA. — Fort Lauderdale-based BTI Partners, along with equity partner Bridge Investment Group, has acquired the Hollywood Bread Building located at 1747 Van Buren St. in downtown Hollywood. MG3 Hollywood LLC sold the property to BTI and Bridge for $11 million. BTI plans to replace the existing Hollywood Bread Building with a 25-story high-rise totaling 362 market-rate apartments and approximately 16,000 square feet of retail space. Construction is slated to begin later this year. The Hollywood Bread Building used to be a landmark, but over the years has fallen into disrepair. BTI Partners plans to demolish the building this summer, but will preserve the original “Hollywood Bread Building” sign on the property. The developer is also planning to replace a rundown strip mall located close to the Bread Building with two modern towers on the east side of Young Circle. The project will include residential living, shops, restaurants, office space and a skywalk connecting the two towers. Both projects together will represent a direct investment of over $500 million in Hollywood’s Young Circle neighborhood. Steve Kohn, Chris Moyer, Brad Capas, Zachary Kraft and Ricky Giles of Cushman & Wakefield’s Equity, Debt & Structured Finance team represented BTI in the …
DALLAS — Newmark has negotiated the sale of Granite Tower, a 241,378-square-foot office building in North Dallas. The 10-story, recently renovated building offers amenities such as a tenant lounge, conference center and fitness center. Gary Carr, Robert Hill, Chris Murphy, John Alvarado and Chase Tagen of Newmark represented the undisclosed seller in the transaction. The buyer was also not disclosed. Granite Tower was 92 percent leased at the time of sale.