BEAVER DAM, WIS. — Colliers International has brokered the sale of a single-tenant retail building to be occupied by Verizon Wireless in Beaver Dam, about 40 miles northeast of Madison. The sales price was undisclosed. Completed this year, the 3,000-square-foot build-to-suit sits at 107 Frances Lane along Highway 151. Joe Eldredge of Colliers brokered the transaction. Beaver Dam VZ LLC purchased the building from an undisclosed seller.
BANCROFT, MICH. — The Boulder Group has arranged the $1.3 million sale of a single-tenant property net leased to Dollar General in Bancroft, about 30 miles east of Lansing. the 9,100-square-foot building is located at 4531 Lansing Road near I-69. There are 15 years remaining on Dollar General’s lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based developer. A Michigan-based private investor purchased the asset.
SANDY, UTAH — The LeClaire Group of Marcus & Millichap has brokered the sale of Hidden Creek Storage, a self-storage facility in Sandy. Jordan Farrer and Adam Schlosser of Marcus & Millichap represented the seller, a private self-storage investor and developer, and procured the undisclosed buyer in the deal. The acquisition price was not released. The 60-unit Hidden Creek Storage features 14,400 net rentable square feet. The self-storage property features garden-style doors and all units are drive-up accessible. The facility is located within The Villas at Hidden Creek Homeowners Association.
CHARLOTTE, N.C. — Albany Road Real Estate Partners has sold an industrial portfolio comprising four properties in metro Charlotte for $75.5 million. The first property, Overlook 77, totals three buildings at 5521 Lakeview Road in Charlotte. The portfolio includes two parks on the north side: International Corporate Center, a five-building property located at 4601 Corporate Drive in Concord, and the three-building Lakefield Corporate Center located at 307 Oates Road in Mooresville. The final property is the two-building SouthCross Corporate Center in Rock Hill, S.C. The property is situated at 3042 SouthCross Blvd., 21 miles southwest of downtown Charlotte. Patrick Gildea, Matt Smith, Anne Johnson, Bryan Crutcher, and Grayson Hawkins of CBRE represented the seller in the transaction. The buyer, CIP Real Estate, retained Anne Johnson and Bryan Crutcher of CBRE to handle leasing efforts for the portfolio.
JACKSONVILLE, FLA. — CBRE has arranged the $17 million sale of Riviera Parkway Apartments, a 134-unit waterfront community in Jacksonville. Situated along the St. Johns River, the property, which was origianlly built in 1937, offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, dog park and laundry facilities. The asset is located at 2798 St. Johns Ave., four miles southwest of downtown Jacksonville. Joe Ayers and Cliff Taylor of CBRE represented the seller, KAE Apartments, in the transaction. Maryland Management Co. acquired the property.
CORONA, CALIF. — Denver-based EverWest Real Estate Investors has completed the $37 million sale-leaseback acquisition of Magnolia Point, a Class A industrial facility in Corona. Located at 1560 E. Sixth St., the 210,345-square-foot building features 32-foot clear heights, 21 dock-high doors, two ground-level doors, a 150-foot truck court and more than 27,300 square feet of office space. Amrapur Overseas occupies the entire warehouse/distribution building, which was constructed in 2014. Richard Schwartz, Joey Reaume and Tommy Gilmore of Colliers International represented the buyer, while Jim deRegt of Lee & Associates represented the seller in the transaction.
CHANDLER, ARIZ. — KeyBank Real Estate Capital (KBREC) has provided $25 million in fixed-rate, Fannie Mae financing for LEDG Capital, a real estate investment firm specializing in affordable housing throughout the country. The borrower will use loan proceeds to acquire and renovate Chandler Village Apartments, an affordable multifamily property in Chandler. Robbie Lynn of KBREC’s Commercial Mortgage Group and Steve Sparks of KBREC’s Community Development Lending team structured the financing, which features a 17-year term followed by a 35-year amortization schedule. Built in 1972 on eight acres, Chandler Village Apartments features 127 garden-style apartments spread across 11 two-story residential buildings with covered parking. The property was encumbered by a land use restriction agreement (LURA) that expired on Dec. 31, 2019. As part of the acquisition and renovation, the Arizona Department of Housing plans to grant 4 percent Low-Income Housing Tax Credits (LIHTC) and execute a new LURA that will continue to restrict all units to tenants earning no more than 50 percent of the area median income. The new LIHTC restrictions will apply for a 15-year compliance period and a 15-year extended-use plan, likely ending in 2050.
EL CAJON, CALIF. — The Mogharebi Group (TMG) has brokered the sale of Willow Creek, a multifamily property located at 8410 Los Coches Road in El Cajon. A Southern California-based private investor acquired the asset for $8.5 million. The seller was a Southern California-based investor. Built in 1987, Willow Creek features 33 apartments in a mix of two- and two-bedroom floor plans spread across two three-story residential buildings totaling 31,800 rentable square feet. Units offer upgraded quartz countertops, stainless steel appliances, air conditioning, new flooring, accented painted interiors and in-unit washers/dryers. Community amenities include a swimming pool, hillside views and covered parking. Alex Mogharebi and Otto Ozen of TMG represented the seller in the deal.
DENVER — NAI Shames Makovsky has arranged the sale of an industrial asset located at 11100 E. 51st Ave. in Denver. Colorado Farms sold the property to GS 51st LLC for $7.3 million. The building consists of 60,758 square feet of industrial space. Jake Malman and Sandy Feld of NAI Shames Makovsky represented the seller in the deal.
FOUNTAIN, COLO. — NavPoint Real Estate Group has negotiated the sale of a single-tenant retail property located at 7985 Fountain Mesa Road in Fountain. RJ at MMR LLC sold the building to Foothills Property Group for $2.4 million. Built in 2017, the 7,150-square-foot property is part of the Markets at Mesa Ridge shopping center. O’Reilly Auto Parts occupies the building on a net-lease basis. Matt Call and Ian Elfner of NavPoint Real Estate Group represented the seller, while Chris Student of Brockman Group represented the buyer in the transaction.