CHICAGO — TLC Management has purchased Ravenswood Terrace Apartments, a multifamily property located at 1801 W. Argyle St. on Chicago’s North Side, for $46 million. Built in 2014 by Chicago-based Belgravia Group, the 150-unit property was recapitalized in 2016 when Washington, D.C.-based The Carlyle Group acquired a majority interest in the asset. The community features a clubhouse, fitness center, rooftop deck, community garden and courtyards. The property is 7.5 miles north of downtown Chicago and approximately 2.5 miles north of Wrigley Field. Bill Baumann of Monarch Realty Partners represented the buyer in the deal, which represents the highest value multifamily transaction in the Ravenswood neighborhood, according to CoStar.
JACKSON, MICH. — Senior Living Investment Brokerage (SLIB) has arranged the sale of RidgeCrest Health Campus, an assisted living and skilled nursing community in Jackson, approximately 75 miles west of downtown Detroit. Built in 2010, the community features 50 skilled nursing beds and 40 assisted living units. Totaling 54,696 square feet, the property was more than 90 percent occupied at the time of sale despite the ongoing COVID-19 pandemic. The seller was a regional owner-operator with communities across Indiana, Ohio, Michigan and Kentucky. The buyer was a Michigan-based company looking to grow its portfolio within the state. Ryan Saul of Senior Living Investment Brokerage (SLIB) facilitated the sale. The price was not disclosed.
GLENDALE, ARIZ. — Merit Partners is leading a joint venture to develop Camelback 303, a $1.5 billion industrial park in the northwest Phoenix suburb of Glendale. The Phoenix-based firm recently closed on the acquisition of 611 acres along the Loop 303 corridor for the project, which will total 9 million to 10 million square feet of logistics and manufacturing space upon completion. Merit’s joint venture partners include industrial REIT First Industrial Realty Trust Inc. (NYSE: FR) and equity partner Diamond Realty Investments, which is the real estate investment arm of Mitsubishi Corp. According to second-quarter 2020 research from JLL, industrial asking rents in metro Phoenix are up 1.8 percent and absorption has increased 39 percent from this time last year. The second quarter marks the 28th straight quarter of positive absorption for the market. “We are extremely excited to be building at this location and at a point in the cycle where demand for Class A industrial is exponential — and expected to continue to rise in the years ahead,” says Kevin Czerwinski, president of Merit Partners. Camelback 303 will sit along the west side of Loop 303 and feature freeway frontage between the Camelback Road and Bethany Home Road …
COLUMBIA, S.C. — Marcus & Millichap has brokered the $25.5 million sale of 34 Crestmont Apartments, a 250-unit multifamily community in Columbia. Built in 2003, the property offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, pool, sundeck, fitness center, breakfast/coffee concierge and a picnic area. The asset is located at 34 Woodcross Drive, 10 miles northwest of downtown Columbia and the University of South Carolina. Drew Babcock of Marcus & Millichap brokered the transaction between the buyer, Southwood Realty, and the undisclosed Charleston, S.C.-based seller.
SUFFOLK, VA. — Cushman & Wakefield | Thalhimer has negotiated the $2.7 million sale of Obici Shops, a 7,600-square-foot retail property in Suffolk. The property is located at 1910 N. Main St., two miles north of downtown Suffolk. The asset was leased to Chartway Federal Credit Union and Jersey Mike’s at the time of sale. Clark Simpson of Cushman & Wakefield | Thalhimer represented the buyer, Battlefield Consolidated Properties LLC, in the transaction. Venture Obici LLC sold the property.
BELLAIRE, TEXAS — Newmark Knight Frank (NKF) has brokered the sale of a 99,768-square-foot medical office building located at 5420 West Loop S. in the Houston suburb of Bellaire. Chad Lavender and Ryan Maconachy of NKF represented the seller, EPC Sparti LLC, in the transaction. The buyer was Bellaire 5420 APL MP LLC.
CLIFTON, N.J. — New Jersey-based development and investment firm Tulfra Real Estate has sold a 925-unit self-storage facility located at 10 Kingsland Road in Clifton, about 20 miles west of New York City, for $24.2 million. Tulfra acquired the site, which spans 6.5 acres, from an out-of-state corporation in 2017. The buyer, Columbia Storage Group, also recently acquired a 108,000-square-foot self-storage facility in West Caldwell, New Jersey, from Tulfra.
TEMPLE, PA. — Marcus & Millichap has arranged the $11.5 million sale of a 21,850-square-foot retail center in the eastern Pennsylvania city of Temple. The newly built property is situated on 3.2 acres and houses tenants such as Chick-fil-A, Panera Bread, Mod Pizza and Visions Credit Union. Derrick Dougherty and Mark Krantz of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, a 1031 exchange investor.
CLINTON, CONN. — Blueprint Healthcare Real Estate Advisors has brokered the sale of The Shoreline of Clinton, a 48-unit memory care community in Clinton, located on Long Island Sound east of New Haven. The community was renovated in 2015, but due to high levels of competition was still marketed as a value-add opportunity. A New York-based owner-operator acquired the property. The seller and price were not disclosed.
HOWELL, MICH. AND CHILLICOTHE, OHIO — Stan Johnson Co. has brokered the sales of two Walmart Supercenter-occupied properties in the Midwest on behalf of Dayton, Ohio-based developer RG Properties. Daniel Herrold and Campbell Black of Stan Johnson represented RG Properties, the seller, in the transactions. The first property totals more than 214,000 square feet and is located at 3850 E. Grand River Ave. in Howell, about 38 miles southeast of Lansing, Michigan. Brandon Duff of Stan Johnson represented the buyer, Consolidated Tomoka Land Co., which purchased the asset for $20.6 million. The second property spans 204,184 square feet and is located at 85 River Trace Lane in Chillicothe, about 48 miles south of Columbus. It sold for approximately $11 million to Agree LP, an institutional investor. Both buildings were constructed in the 1990s and sit on roughly 20 acres.