FARMINGTON HILLS, MICH. — Colliers International Detroit has brokered the sale of a 222,965-square-foot industrial flex building in Farmington Hills for an undisclosed price. The property, located along Haggerty Road, is known as Tech Park. Barry Swatsenbarg, Gary Grochowski and Bryan Banas of Colliers represented the seller, Promanas. ICAP was the buyer. Colliers has also been hired as property manager on behalf of the new owner.
BOURBONNAIS, ILL. — Hanley Investment Group Real Estate Advisors has negotiated the $4.3 million sale of a newly constructed retail building at Bradley Commons, a Walmart-anchored shopping center in Bourbonnais. The 9,723-square-foot building is fully leased to Jersey Mike’s Subs, Midwest Express Clinic, AT&T and uBreakiFix. Built in 2018, the property is home to its original tenants. Jeff Lefko and Bill Asher of Hanley, in conjunction with ParaSell Inc., represented the seller, Cincinnati-based Midland Atlantic Properties. A Des Moines-based private investor was the buyer.
STEUBENVILLE, OHIO — Mohr Capital, a Dallas-based, privately held real estate investment firm, has sold a ground lease occupied by Texas Roadhouse in Steubenville, nearly 40 miles west of Pittsburgh. The sales price was undisclosed. The restaurant property is located across the street from Fort Steuben Mall. Mohr acquired the ground lease in 2019 upon the launch of its retail acquisition and redevelopment division. Rob Solls of Mohr represented the company on an internal basis. The Mansour Group procured the buyer, a private investment company. Texas Roadhouse maintains over 630 restaurants in 49 states and 10 countries worldwide. The Steubenville location is a corporate-owned restaurant.
LOS ANGELES — Xenon Investment Corp. has purchased The Hollywood Regency Apartments, a multifamily property located at 1635-1639 N. Martel Ave. in the West Hollywood submarket of Los Angeles. A Los Angeles-based private partnership sold the asset for $21.3 million, or $355,000 per unit. Built in 1972, the four-story, 67,329-square-foot building features 60 apartments, an open-air courtyard, pool and 105 parking spaces. The units have an average size of 1,100 square feet with a mix of 39 one-bedroom apartments and 21 two-bedroom apartments. Matthew Kanner of The Kanner Group of KW Commercial represented the seller and buyer in the transaction.
CERES, CALIF. — Yosemite Properties has completed sale of Whitmore Plaza, a shopping center located at 2517-2617 Mitchell Road and 2908-2920 E. Whitmore Ave. in Ceres. Save Mart Portfolio Owner NLP CA LLC acquired the asset from Yosemite Properties for $18.4 million. Save Mart grocery store and Planet Fitness anchor the 115,396-square-foot property. Greg Aguirre of Sacramento-based Capital Rivers Commercial and Jeff Lefko of Corona Del Mar-based Hanley Investment Group Real Estate Advisors represented the seller in the deal.
SALEM, ORE. — Norris & Stevens has arranged the sale of Riverbend Apartments, a multifamily property located at 1225, 1241 and 1253 Riverbend Road NW in Salem. Riverbend Viking LLC acquired the asset from 3030 Riverbend LLC for $9.5 million. Totaling 41,820 square feet, the three-building property opened in summer 2020. Riverbend Apartments features 48 units in a mix of one- and two-bedroom layouts. Units feature vinyl plank flooring, stainless steel appliances, washers/dryers, cadet heating units and ductless cooling. David Chatfield and Cameron Mercer of Portland-based Norris & Stevens represented the buyer, while Greg Goodenough of Premiere Property Group represented the seller in the deal.
PHOENIX — Marcus & Millichap has negotiated the sale of a two-tenant medical office building located at 349 E. Coronado Road in Phoenix. A limited liability company sold the property to a California-based buyer in a 1031 exchange for $4.3 million. Arizona Digestive Health and Phoenix Endoscopy occupy the 11,760-square-foot asset, which was built in 2003 on 1.7 acres. The property is 60 percent medical office and 40 percent licensed surgery center. Alan Laulainen, Chris Lind and Mark Ruble of Marcus & Millichap’s Phoenix office represented the seller in the deal.
BIRMINGHAM AND HOOVER, ALA. — Marcus & Millichap has brokered the sale of two multifamily properties in the Birmingham area. The first property is Chace Lake Villas, a 264-unit asset in Birmingham that sold for $31.4 million, or $118,826 per unit. The second is Renaissance at Galleria, a 244-unit property in Hoover that traded at $26.8 million, which represents $110,000 per apartment. Chace Lake Villas was built in 1996 on 13 acres and Renaissance at Galleria was constructed in 1994. Jacobs represented the seller, the West Palm Beach, Florida-based Myers Apartment Group and procured the buyer, Carter Funds.
DALLAS — Fort Worth-based based investment and development firm Crescent Real Estate LLC has re-acquired The Crescent, a 1.3 million-square-foot mixed-use property in Uptown Dallas. The property was originally built in 1986 and consists of a luxury hotel, three office towers and retail/restaurant space. According to The Dallas Morning News, the sales price was upwards of $700 million. The 11-acre property was part of Crescent Real Estate’s initial public offering in 1994. After a later sale, Crescent Real Estate re-acquired the asset in 2009 in partnership with Barclays. This latest acquisition of the property marks its third stint under Crescent Real Estate’s ownership; however, the firm has continued to lease and manage The Crescent since 1994. The previous owner completed $33 million in renovations in 2016. “I chose the Crescent name for our company because I loved the asset — its quality, timeless architecture and iconic nature,” said John Goff, chairman of Crescent Real Estate. “To acquire it, now for the third time, is exciting for me personally and the entire Crescent team.”
ODENTON, MD. — Harbor Stone Advisors has arranged the $10.3 million sale of Highland Court Apartments, a 78-unit garden-style complex in Odenton. Justin Verner and Brooks Healy of Harbor Stone Advisors served as exclusive advisor and agent to the seller, Bethesda-based Outlier Realty Co., in addition to sourcing the buyer, Willow Creek Partners. The property sold for $132,051 per unit. Constructed in 1962, Highland Court Apartments includes one- and two-bedroom units with white or black appliances, wood cabinets, formica countertops, some dishwashers and garbage disposals. Community amenities include four onsite laundry rooms, a surface parking lot and a patio or balcony for each unit. Highland Court Apartments is located at 1221 Scotts Manor Court and is 16 miles away from Annapolis, 23 miles from Baltimore, 30 miles from Washington, D.C. and 15 miles from Columbia. The property is also less than four miles from Fort George G. Meade, Maryland’s largest employer, according to Harbor Stone Advisors.
