SELMA, CALIF. — Flocke & Avoyer Commercial Real Estate has arranged the sale of a retail property located in Selma. Astrolabe Enterprises acquired the asset from Selma High Street LLC for $2.3 million. Citibank occupies the property, which is located at 2121 High St. Brian Quinn of Flocke & Avoyer and David Malloy of Colliers International represented the seller, while Peter Svidler, Dario Svidler and Lee Mintz of Compass represented the buyer in the deal.
APOPKA, FLA. — JLL has arranged the $71.5 million sale of a 289,839-square-foot industrial facility in Apopka. The property is situated within the 180-acre Mid-Florida Logistics Park, 20 miles northwest of downtown Orlando. The seller, BlueScope Properties Group, delivered the asset in July on a build-to-suit basis for an undisclosed beverage company. The asset features 36-foot clear heights, ESFR sprinklers, LED lighting, cold storage capacity with space for 6,200 pallets, five cold dock doors and 10 dry dock doors. John Huguenard, Sean Devaney, Julia Silva, Luis Castillo, Brian Walsh and Keith Largay of JLL represented the seller in the transaction. Realty Income Corp. acquired the property.
NORCROSS, GA. — The RADCO Cos. has sold Ashford Indian Trail, a 467-unit apartment complex in Norcross, for $71.3 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, sundeck, barbecue areas, sand volleyball court, fitness center and a dog park. TruAmerica Multifamily Investments acquired the asset, which is located at 1100 Indian Trail Lilburn Road NW, 22 miles northeast of downtown Atlanta. Shea Campbell, Colleen Hendrix and Ashish Cholia of CBRE represented the seller in the transaction.
COLLEGE PARK, GA. — Olive Tree Property Holdings LLC has sold The Life at Lakeview, a 326-unit multifamily community in College Park, for $21.2 million. The property offers studio, one- and two-bedroom floor plans. According to Apartments.com, rents at the gated complex range from $733 per month to $965. Olive Tree acquired the asset in 2018 for $12.7 million and implemented upgrades to the security systems around the complex. The buyer was not disclosed.
HOUSTON — Indus Management, a locally based affordable housing owner-operator, has acquired Sharpstown Garden Apartments, a 396-unit workforce housing community in southwest Houston. The property features one-, two- and three-bedroom units. According to Apartments.com, Sharpstown Garden was originally built in 1960 and renovated in 2000 and now offers amenities such as multiple pools, a business center and a clubhouse. Indus Management purchased the community from Pryzant Management, which had spent approximately $900,000 in capital improvements over the last four years. Chris Young and Joey Rippel of JLL brokered the deal.
AUSTIN, TEXAS — San Francisco-based investment firm Hamilton Zanze has sold Bradford Pointe, a 264-unit apartment community in North Austin. The property was built in 1984 and offers one- and two-bedroom residences averaging 638 square feet. Units feature wood-style flooring, upgraded appliances and resurfaced countertops, and select units have private patios and balconies. Amenities include two pools, a fitness center, business center, playground, resident clubhouse and an outdoor kitchen. Hamilton Zanze acquired Bradford Pointe, which was 95 percent occupied at the time of sale, in 2015. The buyer was not disclosed.
INDIANA, MISSOURI, OKLAHOMA AND GEORGIA — Stan Johnson Co. has brokered the sale of a four-property industrial portfolio totaling approximately 1.9 million square feet across four markets. The sales price was undisclosed. The properties are leased to a mix of public and private tenants. The buildings include: 2001 Commerce Parkway in Franklin, Ind.; 65 Corporate Woods Drive in Bridgeton, Mo.; 524 N. Sara Road in Yukon, Okla.; and 6878 Kelly Ave. in Morrow, Ga. Mollie Alteri, Joey Odom, Mike Sladich, Maggie Holmes and Michael Watson of Stan Johnson represented the seller, an institutional advisor based in New York. The buyer was a Dallas-based institutional investor.
SACRAMENTO, CALIF. — The Jacobson Co. has completed the disposition of two multifamily properties in metro Sacramento. Nearon acquired the 231-unit portfolio for $34.2 million, or approximately $148,000 per unit. The portfolio includes: The Cottage Bell, a 161-unit property in the Arden Arcade neighborhood of Sacramento County that sold for $23.3 million. Hilltop Garden, a 70-unit property in Carmichael, an unincorporated suburb of Sacramento, that sold for $10.9 million. Situated on a combined 9.6 acres, the properties feature a unit mix of one-, two- and three-bedroom floor plans with an average unit size of 744 square feet. Salvatore Saglimbeni, Stanford Jones, Philip Saglimbeni and Alex Tartaglia of Institutional Property Advisors (IPA), a division of Marcus & Millichap, along with Tony DeLoney and Ken Blomsterberg of Marcus & Millichap, represented the seller in the deal.
BOSTON — Locally based investment firm Griffith Properties has acquired Boston Dedham Commerce Park, a 632,188-square-foot industrial complex in Boston, for $76 million. The five-building property is situated on 22 acres inside Route 128 adjacent to the Readville commuter rail stop. Griffith Properties, which will enter into a joint venture with affiliates of Dune Real Estate Partners LLC to operate the complex, acquired the asset from First Highland in an off-market deal. Robert Griffin, J.R. McDonald, Mike Frisoli, Tyler McGrail and Caroline Collett of Newmark represented both parties in the transaction and will market the available space for lease.
BELLEVUE, WASH. — Innovatus Capital Partners has purchased Overlake 520, an office complex near State Route 520 and the Overlake Transit Center Rapid Ride in Bellevue. Terms of the transaction were not released. Situated adjacent to Microsoft’s headquarters, the campus consists of two low-rise buildings offering a total of more than 145,500 rentable square feet of office space. The property features ample parking, large floor plates and a variety of tenant amenities, including an outdoor lounge, on-site market and fitness center. At the time of sale, the property was 100 percent leased to seven tenants primarily in the technology consulting industry with a weighted average lease term of five years. The previous owner completed a series of capital improvements to the property, which was constructed in 1985. LPC West, the West Coast arm of Lincoln Property Co., will provide property management services at the building. Innovatus and LPC West plan to continue property enhancements and value-add improvements to the site.
