ROBBINSDALE, MINN. — Upland Real Estate Group Inc. has negotiated the $8.9 million sale of a single-tenant retail property occupied by Walgreens in Robbinsdale, about seven miles northwest of Minneapolis. Walgreens has a triple net lease with more than 16 years remaining. The property is situated at the corner of West Broadway and 41st avenues. Buyer and seller information was not disclosed.
CHICAGO — Interra Realty has brokered the sale of a 37-unit apartment property in Chicago’s West Rogers Park neighborhood for $4.3 million. Located at 6415-6425 N. Richmond St., the asset was 95 percent occupied at the time of sale. Built in 1937, the property features 24 one-bedroom units and 13 two-bedroom units. Joe Smazal of Interra represented both the private seller and private buyer. At $115,405 per unit, the sale was the largest multifamily sale in the neighborhood this year, according to CoStar Group.
SEATTLE — Newmark Knight Frank (NKF) has arranged the sale of First and Stewart, a creative office property located at 101 Steward St. in Seattle’s central business district. L&B Realty Advisors sold the asset to DWS, formerly known as RREEF, for $59.2 million, according to public records reported by The Registry. Situated at the convergence of the Pike Place Market, Belltown, Retail Core and central district, the building features 94,333 square feet of Class A creative office space. Nick Kucha, Michael Moll, James Childress, Jesse Ottele and Tim O’Keffe of NKF represented the seller, while the buyer was self-represented in the deal.
FREMONT, CALIF. — Dermody Properties has purchased a flex property, located at 44370 Christy St. in Fremont. The name of the seller and acquisition price were not released. The 88,246-square-foot asset features 26,473 square feet of office space, 20-foot clear heights, four dock-high doors, two drive-in doors, 277 auto parking spaces and an ESFR fire protection system. Will Connors, Daniel Renz, Erik Doyle, Greg Matter, Eddie Shuai and Rich Branning of JLL represented the seller in the transaction.
GARDEN GROVE, CALIF. — Valore Ventures has completed the sale of a restaurant property located at 12001 Harbor Blvd. in Garden Grove. A private investor acquired the asset for $6.6 million. Outback Steakhouse occupies the 6,180-square-foot building, which was built in 2001, on a triple-net leased basis. The property is situated a mile from Disneyland and Disney California Adventure and minutes from the Anaheim Convention Center. Valore Ventures originally purchased the property as part of a four-building portfolio that included a Red Robin Gourmet Burger and Brews, Joe’s Crab Shack and Oggi’s Pizza & Brewery. This sale is the last of the four fee simple interests that Valore acquired in January for $13.1 million. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group brokered the transaction.
SAVANNAH, GA. — Cushman & Wakefield has brokered the $48.2 million sale of The Ellis, a new 235-unit apartment complex in Savannah. The property offers studio, one- and two-bedroom floor plans. Communal amenities include a swimming pool, clubroom, yoga studio, 24-hour fitness center, poolside fire pit, dog park, pet spa and grilling stations. The sellers, Brand Properties and Mariner Group, delivered the property earlier this year. Robert Stickel, Taylor Bird and Alex Brown of Cushman & Wakefield represented the sellers in the transaction. ECI Group acquired the property.
POOLER, GA. — Granite REIT has acquired a 689,400-square-foot distribution center located at 100 Clyde Alexander Lane in Pooler, adjacent to another industrial park it owns. The Toronto-based company, which is traded on both the Toronto and New York stock exchanges, bought the 100 Clyde Alexander facility for $47.5 million. The property is situated on 48.3 acres about four miles from the gate of the Port of Savannah. The property offers 32-foot clear heights, four drive-in doors and 120 dock doors. The property was fully leased at the time of sale with more than three years left on the tenant’s lease. The tenant was not disclosed, although the Atlanta Business Chronicle reports the tenant is Best Choice Products, an e-commerce provider with a focus on home furnishings, toys and appliances.
BATON ROUGE, LA. — Greystone has a provided a $15.4M Fannie Mae acquisition loan for the purchase of Live Oaks Apartment Homes in Baton Rouge. The loan carries a 12-year term with two years of interest-only payments. The buyer, Cyprus Multifamily, plans to implement upgrades that will improve water and electricity usage as part of the Fannie Mae Green Rewards program. Live Oaks was built in 2001 and offers 184 units with one-, two- and three-bedroom floor plans. Communal amenities include barbecue and picnic areas, a clubhouse, business center, fitness center and a pool. Keith Hires of Greystone originated the loan.
STOUGHTON, MASS. — JLL has brokered the $19.5 million sale of a shopping center in Stoughton, located approximately 20 miles south of Boston. A 59,987-square-foot Stop & Shop grocery store anchors the 79,300-square-foot center, which also houses tenants such as Bank of America, Care Central Urgent Care and Andrade’s Liquors. Nat Heald, Chris Angelone and Jessica Dowd of JLL represented the seller, Katz Properties Retail, in the transaction. RK Centers was the buyer.
HOUSTON — JLL has negotiated the sale of The Mix @ Midtown, a 73,000-square-foot retail center that occupies a full city block in Houston’s Midtown neighborhood. The property was fully leased at the time of sale to tenants such as 24 Hour Fitness, Jinya Raman Bar, Artisans Restaurant, Gen Korean BBQ, Piola, Kung Fu Tea and Cloud 10 Creamery. Rusty Tamlyn, John Indelli, Michael Johnson and Bryan Strode of JLL represented the seller, Crosspoint Properties, which developed the center in 2008, in the transaction. A joint venture between Houston-based Fifth Corner and Pointer Real Estate Partners purchased the asset for an undisclosed price.