CHANDLER, ARIZ. — Winlee Development has completed the disposition of the last component of Chandler Viridian Primegate for $12.8 million. The sale, which included both of the recently completed Thirsty Lion and Charles Schwab flagship buildings, consummates the phased sale of the four-building project for a total of $20.8 million, or approximately $870 per square foot. All of the buildings featured single-tenant leases. The other components are the Panera building, which sold for $4.3 million, and The Sicilian Butcher restaurant, which sold for $3.7 million. Winless Development, the commercial real estate division of Phoenix-based Winfield Lee Investments, developed Primegate. Jamie Meddress and Chris Lind of Marcus & Millichap helped broker all of the project’s transactions. Primegate is the restaurant and retail portion of Chandler Viridian, a 25-acre, $250 million, mixed-use project located at the entrance of Chandler Fashion Center in Chandler. A consortium that includes Hines, Winlee Development, Alliance Residential and Concord Hospitality is developing the larger Chandler Viridian project. The development features office, residential, hospitality, restaurant and retail space, as well as wellness trails, fountains and a dog park. The Primegate development team includes Alliance Bank, Berry Riddell, Sacks Tierney, Wespac Construction, Reigle & Associates and Larson Engineering. CBRE’s …
DENVER — CBRE has arranged the acquisition of Garfield Park, a multifamily property located at 1300 and 1325 Garfield St. in Denver’s Congress Park neighborhood. Elterra Investments purchased the asset from an undisclosed seller for $18.9 million. Robert Bratley of CBRE’s Denver office represented the buyer in the deal. The 51,730-square-foot property features 78 apartments, a leasing office, fitness center, courtyard, storage areas, laundry room and abundant parking. Prior to the sale, the seller completed updates to several units, as well as common areas. Additionally, Cornerstone Apartment Services, the buyer’s property manager, took over management while the community was under contract and filled several vacancies prior to closing the sale. At the time of sale, the property was 93 percent leased.
TINLEY PARK, ILL. — Marcus & Millichap has brokered the $5.2 million sale of a 14,421-square-foot property occupied by CVS Pharmacy in Tinley Park, a southern suburb of Chicago. Constructed as a build-to-suit for CVS, the building is located at 9551 171st St. Matt Emerick, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a developer. A Texas-based institutional buyer purchased the asset.
STURGIS, MICH. — Greystone Bel Real Estate Advisors has arranged the $1.8 million sale of Colonial Crest Apartments in Sturgis in southern Michigan. Built in 1972, the 48-unit apartment property is located at 1000 E. Lafayette St. The Michigan-based buyer plans to complete interior unit renovations.
CONCORD, MASS. — Taurus Investment Holdings LLC has purchased 300 Baker Avenue, a 410,296-square-foot office building in Concord, a northwestern suburb of Boston. The sales price was $74.5 million. At the time of sale, the Class A building was 93.2 percent leased to 13 tenants, including the corporate headquarters of fruit juice manufacturer Welch’s and a satellite facility for Emerson Hospital. Amenities include a fitness facility, conference center, cafeteria and Starbucks kiosk. Robert Griffin and Edward Maher led a Newmark Knight Frank team that represented Taurus in the transaction. Novaya Real Estate Ventures was the seller.
NEW YORK CITY — Transwestern Real Estate Services has brokered the sale of the leasehold interest for a new charter elementary school at a 65,000-square-foot building in The Bronx. Located at 1919 Arthur Ave., the school will be called Zeta Bronx Tremont Park Elementary and will serve students in pre-K through fifth grade starting in August 2021. Lindsay Ornstein, Stephen Powers and Thomas Hines represented Zeta Charter Schools in the leasehold negotiations. The building ownership, Joyland Group, was represented internally in the transaction.
ROCHESTER, N.Y. — MAG Capital Partners LLC (MAGCP), a Texas-based investment firm, has acquired a 42,700-square-foot frozen pie manufacturing facility in Rochester in a sale-leaseback deal. At the time of sale, SatisPie LLC occupied the property, which is located at 155 Balta Drive. An affiliate of SatisPie previously owned the property, and the frozen pie manufacturer has leased back its space. Mary Garnett of Barnes & Thornburg LLP represented MAGCP in the transaction. Luis Ortega and Kent Williams of Marcus & Millichap represented the seller. The sales price was undisclosed.
WATERFORD, CONN. — Marcus & Millichap has arranged the $1.8 million sale of Stop & Shop Gas, a 44,431-square foot, net-leased property located in Waterford, located approximately 45 miles east of West Haven. Located at 155 Boston Post Road, the property was built in 2009 and offers immediate access to State Route 1. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, a private investor, in the transaction. The team also represented the buyer, another private investor. Both parties requested anonymity.
FORT WORTH, TEXAS — Locally based investment and development firm Westmount Realty Capital has purchased River Park, a 280-unit apartment community in southwest Fort Worth. Built on 9.8 acres in 1985, the property offers one- and two-bedroom units with stainless steel appliances, individual washers and dryers and private patios. Amenities include a pool, fitness center, business center, outdoor grilling area, coffee bar, dog park and onsite laundry facilities. Westmount will implement a value-add program to the unit interiors and amenity spaces. The seller was not disclosed.
HOUSTON — Miami-based One Real Estate Investment has acquired Sunswept Townhomes, a 211-unit multifamily asset in southwest Houston. Built in 1982, the property features one-, two- and three-bedroom floor plans ranging in size from 745 to 1,257 square feet. Mitch Sinberg and Brad Williamson of Berkadia originated a 10-year, floating-rate acquisition loan through Freddie Mac for One Real Estate Investment. A portion of the proceeds will be used for renovations. The seller and sales price were not disclosed.