CHICAGO — Marcus & Millichap has brokered the sale of Galewood Plaza in Chicago for $2.7 million. The 14,071-square-foot retail property is located at 6600 W. North Ave. It was fully leased at the time of sale to tenants such as Jackson Hewitt, CD One Price Cleaners and Cricket Wireless. Sean Sharko, Austin Weisenbeck and Adrian Mendoza of Marcus & Millichap marketed the building on behalf of the seller, a limited liability company. The buyer was undisclosed.
SANTA CLARITA, CALIF. — Realty Advisory Group has negotiated the sale of an industrial and distribution building located at 24903 Avenue Kearny within Valencia Industrial Center in Santa Clarita. Los Angeles-based Dedeaux Properties acquired the facility from AmerisourceBergen Corp. for an undisclosed price. The seller has owned and operated the property as a pharmaceutical warehouse/distribution center since 1988. Dedeaux Properties plans to reposition the 214,436-square-foot facility and place it on the market for lease. Jim Abbott of Realty Advisory Group handled the transaction.
SAN LEANDRO, CALIF. — Cushman & Wakefield has brokered the sale of Creekside Apartments, a multifamily property located at 424 Callan Ave. in San Leandro. Trion Properties acquired the asset from a private partnership for $20.6 million. Developed in 1969, Creekside Apartments features 80 one- and two-bedroom apartments averaging more than 880 square feet. At the time of sale, six of the units were fully renovated. Community amenities include a swimming pool and laundry facilities. Jason Parr, Scott MacDonald and Seth Siegel of Cushman & Wakefield represented the seller in the deal.
SACRAMENTO, CALIF. — LDK Ventures and USA Properties Fund have closed on the financing and acquisition of a development site for The A.J., a multifamily property located in the Railyards mixed-use development in Sacramento. Situated on 2.9 acres at the southwest corner of Sixth Street and Railyards Boulevard, The A.J. will feature 345 apartments in a mix of studio, one- and two-bedroom layouts, with 69 of the units designated as affordable. The community will also include 5,000 square feet of ground-floor retail space, a fitness center, pool and spa, dog wash, and rooftop sky lounge with outdoor grills and fire tables. The A.J. is the first project at the Railyards, a 244-acre urban infill development in downtown Sacramento. Completion of the multifamily property is slated for winter 2022. The A.J. is named in honor of A.J. Stevens, who was deemed father of innovation at the Sacramento Railyards in the late 1800s. LDK Ventures is the managing member of Downtown Railyard Venture. The City of Sacramento, the California Department of Housing and Community Development, and Sacramento Housing and Redevelopment Agency provided assistance to structure the financing for the $130 million residential project. Citi Bank Community Capital provided financing for the development.
OLYMPIA, WASH. — San Francisco-based Glencrest Group has purchased Briggs Village Apartments, a multifamily community located at 4225 Briggs Drive SE in Olympia. Andrew Behrens of CBRE Capital Markets’ Debt & Structured Finance arranged a $12.8 million Freddie Mac acquisition loan for the buyer. The 10-year loan features interest-only payments and a fixed-interest rate. Jay Timpani, Mitchell Belcher and Steven Chattin of CBRE represented the seller, Briggs Apartments LLC, in the transaction. Built in 2019, Briggs Village Apartments features six buildings offering a total of 72 one-, two- and three-bedroom apartments with high ceilings, modern appliances and balconies or patios. Community amenities include covered parking, a playground, park and basketball court. The property is part of a 137-acre master-planned community two miles from downtown Olympia.
ATHENS, TEXAS — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 112-bed skilled nursing facility in Athens, approximately 80 miles southeast of Dallas. Built in 1987, the property is located near the University of Texas Health East Texas campus. An undisclosed REIT sold the asset to a Fort Worth-based owner-operator. The sales price was undisclosed.
BAYONNE, N.J. — Hudson Regional Hospital (HRH) has purchased Bayonne Medical Center, a healthcare property located across the Hudson River from Brooklyn, for $76 million. HRH has purchased the operations of the property, which features 278 beds, from its current operator CarePoint Health. Additional terms of sale were not disclosed.
HARTFORD, CONN. — CBRE has brokered the sale of a $16.3 million multifamily portfolio in the Connecticut capital city of Hartford. The portfolio spans two properties, a 165-unit community at 873 West Blvd. and a 52-unit property at 748 New Britain Ave. Jeffrey Dunne, Gene Pride, Eric Apfel, Jeremy Neuer, Steven Bardsley, David Gavin, Simon Butler and Biria St. John of CBRE represented the seller, a partnership between Forum Capital Partners and Cantor Real Estate, in the transaction. The team also procured the buyer, New York-based private investment firm 25th Century, which will implement a value-add program.
SAN JOSE, CALIF. — Machine Investment Group, a newly created New York-based real estate investment platform, has launched its business with the purchase of Stevens Creek Executive Park in San Jose. An undisclosed seller sold the asset for $54.5 million. Machine Investment acquired the property in partnership with Miramar Capital Advisors. Situated on 9.2 acres, Stevens Creek Executive Park consists of 164,986 square feet of existing office space, plus entitlements for the development of 582 multifamily units, 10,000 square feet of retail space and additional office space. The executive park is located within Stevens Creek Urban Village Plan and the Cupertino Union School District, less than two miles from Apple’s global headquarters and the Santana Row shopping district. Under the leadership of real estate veterans Andy Kwon and Eric Rosenthal, Machine Investment Group focuses on opportunistic, distressed and special-situation commercial real estate across the United States.
PHOENIX — ViaWest Group has completed the disposition of Bell 17 Industrial, a three-building industrial park in North Phoenix’s Deer Valley submarket. An undisclosed private investor acquired the asset for $8.3 million. Totaling 70,495 square feet, Bell 17 Industrial is located at 16602 N. 23rd Ave., 16601 N. 25th Ave. and 2401 W. Phelps Road. At the time of sale, the three buildings were fully occupied by multiple tenants. Geoffrey Turbow, Anthony DeLorezo, Rusty Kennedy, Daniel Calihan and Bryan Johnson of CBRE Capital Markets represented the seller, while Mark Trueblood of Glendale, Calif.-based Trumark Real Estate Management Services represented the buyer in the deal.