AUSTIN, TEXAS — Colliers International has arranged the $7.4 million sale of a 12,900-square-foot retail property Austin. The tenant, CVS, has 13 years remaining on its 25-year lease. Jon Busse and Volmey Campbell of Colliers represented the San Diego-based seller in the transaction. Brad Kritzer and David Chasin of Pegasus Investments represented the buyer, a California-based 1031 exchange investor.
MESA, ARIZ. — Stratis-Mesa Properties has completed the disposition of The Shoppes at Higley Village, a neighborhood retail center in Mesa. An undisclosed buyer acquired the asset for $5.5 million, or $224 per square foot. The three-building, 24,580-square-foot property features 14 tenants, including Walmart Neighborhood Market, Bahama Buck’s, Great Clips and Marco’s Pizza. At the time of sale, the property was 85 percent occupied. Derek Buescher of Orion Investment Real Estate represented the seller in the transaction.
FORT MOHAVE, ARIZ. — Marcus & Millichap has arranged the sale of a retail property located at 4751 Highway 95 in Fort Mohave. A limited liability company sold the property to a private investor for $2.1 million. Mark Ruble, Jamie Medress and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller, while Andrew Irvine of Marcus & Millichap’s Ontario, Calif., office procured the buyer in the deal. Starbucks Coffee occupies the 2,021-square-foot property, which was constructed in 2020. The tenant has a new 10-year lease, including 10 percent rental increases every five years and four five-year renewal options. The double-net lease is backed by Starbucks Corp.
YONKERS, N.Y. — CBRE has brokered the $39.5 million sale of Stratus on Hudson, a 74-unit luxury apartment building in Yonkers, a northern suburb of New York City. Located at 1077 Warburton Ave., the Class A multifamily community was completed in 2019 and features one- and two-bedroom floor plans. Amenities include a fitness center, resident lounge and a rooftop terrace overlooking the Hudson River, as well as convenient access to the Greystone Metro North Station. Jeffrey Dunne and Gene Pride led a CBRE team that represented the seller, RMS Cos., in the transaction. Ginsburg Development Cos. was the buyer.
BURLINGTON, N.C. — NorthMarq has provided a $25.3 million Fannie Mae acquisition loan for Retreat at the Park, a 249-unit multifamily community in Burlington. The 10-year loan features five years of interest-only payments followed by a 30-year amortization schedule. The property was built in two phases from 2015 to 2017 and offers one-, two- and three-bedroom floor plans. Communal amenities include a conference room with Starbucks coffee bar, saltwater pool, fitness center, game lounge, outdoor fireplace and a clubhouse. Melissa Marcolini-Quinn and Lee Weaver of NorthMarq originated the loan on behalf of the borrower, Carter Exchange, a Carter Funds Co. The seller was not disclosed.
DORAVILLE, GA. — NAI Brannen Goddard has arranged the $13.7 million sale of North Park, a 181,799-square-foot portfolio comprising office, warehouse and showroom space in Doraville. The property is situated at 3591-3649 Clearview Parkway, along Interstate 285 and 16 miles northeast of downtown Atlanta. David Beak and Mark Sheffield of NAI Brannen Goddard represented the seller, New North Park LLC, in the transaction. An affiliate of Atlanta-based Mimms Enterprises acquired the property.
WEST COVINA, CALIF. — IPA Capital Markets, a division of Marcus & Millichap Capital Corp., has secured $22.4 million in financing for the acquisition of an apartment asset located in West Covina. An undisclosed borrower used the loan proceeds to purchase the 85-unit asset, which is located at 217 S. Barranca Ave. Michael Derk and Nick Gray of Marcus & Millichap Capital Corp. arranged the financing, while Tyler Leeson and Matthew Kipp of Marcus & Millichap’s Newport Beach office, along with Kevin Green of IPA, represented the borrowers in the acquisition. The interest rate is fixed at 3.75 percent for seven years, with the first three years bring interest-only payments followed by a 30-year amortization. The loan-to-value ratio is 60 percent.
SANTA MONICA, CALIF. — NAI Capital has facilitated the sale of The Centinela, a multifamily property located at 2643 Centinela Ave. in Santa Monica. A Charitable Trust sold the asset to a private investor for $12.1 million, or $426 per square foot. Built in 1963, the two-story building features 48 one-bedroom/one-bath apartments, including eight poolside and six patio units. Community amenities include well-manicured grounds, a pool, laundry facilities, parking and storage. Sheri Messerlian and Tim Steuernol of NAI Capital’s Multifamily Services Group represented both parties in the transaction.
SAN FRANCISCO — Colliers International Northern California has arranged the sale of 99 Jersey Street, a marina-style apartment building in San Francisco’s Noe Valley district. The property traded for $6.9 million. The names of the seller and buyer were not released. Brad Lagomarsino and James Devincenti of Colliers International Northern California represented the seller and buyer in the deal. Located at 99 Jersey St., the building features 15 studio apartments.
HOUSTON — Dallas-based Sentinel Peak Capital Partners has acquired Lakebridge Apartments, a 272-unit multifamily community in North Houston. The property was originally built on 13.2 acres in 1984 and was expanded in 2001. Units average 896 square feet, and all ground-floor residences were recently renovated. Amenities include a pool, lake access, clubhouse, fitness center and 538 covered parking spaces. Chip Nash, Bob Heard, Greg Austin, Chris Young, Joey Rippel, Chris Curry and Todd Marix of JLL represented the undisclosed seller in the transaction. Campbell Roche and James Brolan of JLL arranged floating-rate acquisition financing through Voya Investment Management on behalf of Sentinel Peak.