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Acquisitions

1125-Olive-Dr-Bakersfield-CA
AcquisitionsCaliforniaRetailWestern

Torrey Financial Group Sells Single-Tenant Retail Property in Bakersfield, California for $2.6M

by Amy Works

BAKERSFIELD, CALIF. — San Diego-based Torrey Financial Group has sold a single-tenant retail property located at 1125 Olive Drive in Bakersfield to a Los Angeles-based investor for $2.6 million. The 8,302-square-foot, newly renovated building was originally constructed in 2013. AutoZone occupies the property on a new 15-year triple-net lease featuring 10 percent rent increases every five years. Jeff Lefko and Bill Asher of Hanley Investment Group Real Estate Advisors represented the seller in the deal, while Greg Bedell and Lance Mordachini of Progressive Real Estate Partners represented the buyer.

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Palomar-West-El-Paso
AcquisitionsMultifamilyTexas

JLL Negotiates Sale of 248-Unit Apartment Complex in El Paso

by Taylor Williams

EL PASO, TEXAS — JLL has negotiated the sale of Palomar West, a 248-unit apartment complex in El Paso. The property was built on a 10.6-acre site on the city’s west side in 1986 and offers one- and two-bedroom units with an average size of 701 square feet. Amenities include a pool, fitness center and a resident clubhouse. Steven Hahn Jr., Art Barnes and William Jennings of JLL represented the seller, Dallas-based Saxony Capital Management, in the transaction. The buyer and sales price were not disclosed.

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AcquisitionsIndustrialSelf-StorageTexas

Versal Negotiates Sale of 93-Unit Self-Storage Facility in The Colony, Texas

by Taylor Williams

THE COLONY, TEXAS — Self-storage brokerage firm Versal has negotiated the sale of a 93-unit facility in The Colony, located north of Dallas. LifeSmart Storage operates the facility, which totals 9,300 net rentable square feet. Bill Bellomy, Michael Johnson, Logan Foster, Hugh Horne and Kirk Silas of Versal represented the seller and procured the buyer, both of which were Texas-based limited liability companies, in the transaction.

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AcquisitionsMultifamilyNew JerseyNortheast

Berkadia Brokers $8.7M Sale of Northern New Jersey Apartment Building

by Taylor Williams

ELIZABETH, N.J. — Berkadia has brokered the $8.7 million sale of Aberdeen Arms Apartments, a 52-unit building located in the Northern New Jersey community of Elizabeth. Built in 1965, Aberdeen Arms offers 10 one-bedroom units and 42 two-bedroom units and was fully occupied at the time of sale. Nat Gambuzza, Trevor Fiebel and Nick Balancia of Berkadia represented the undisclosed seller in the transaction. Berkadia also arranged acquisition financing for the deal. The buyer and direct lender were also not disclosed.

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AcquisitionsDevelopmentMarylandMixed-UseRetailSoutheast

Home Depot to Open First Store in Southern Maryland

by John Nelson

CALIFORNIA, MD. — The Home Depot has purchased 13.5 acres within Lexington Exchange, a 140-acre mixed-use park situated along Three Notch Road (Md. Route 235) in California. The Atlanta-based retail giant plans to open a new store at the site, representing the company’s first store in southern Maryland. Baltimore-based St. John Properties Inc., the master developer of Lexington Exchange, sold the site to The Home Depot for an undisclosed price. Alex Lyons and Bill Holzman handled negotiations for St. John Properties internally, and Greg Ferrante of Segall Group represented The Home Depot. The size of the store and target opening date were not released. The Home Depot is the latest retailer coming to the lineup at the mixed-use development, joining tenants including Aldi, Royal Farms, Chipotle Mexican Grill and RC Theatres. Lexington Exchange currently features five buildings spanning 120,000 square feet of flex/research-and-development space and 65,000 square feet of retail. The park is configured to support approximately 600,000 square feet of commercial space. St. John Properties and development partner Chaney Enterprises are currently marketing several pad sites within Lexington Exchange to retail users in the healthcare, banking and food-and-beverage segments.

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AcquisitionsIllinoisMidwestRetail

Newmark Brokers Sale of 51,795 SF Retail Condo Along Chicago’s Magnificent Mile

by Kristin Harlow

CHICAGO — Newmark has brokered the sale of a 51,795-square-foot retail condominium at 919 N. Michigan Ave. along Chicago’s Magnificent Mile. Louis Vuitton is the anchor tenant and has occupied space at the property for more than 20 years. The luxury retailer recently completed a renovation and expansion of its flagship store and extended its lease. Keely Polczynski and Conor Lalor of Newmark represented the buyer, L3 Capital. Joe Girardi of Mid-America Real Estate represented the undisclosed seller. The asset occupies the base of the historic, 37-story Palmolive Building. The four-level property is 68.8 percent leased by luxury retailers. Originally built in 1929 and renovated in 2005, the Palmolive Building features retail, office and residential condominiums.

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The-Remy-Apts-Mesa-AZ
AcquisitionsArizonaMultifamilyWestern

Geringer Capital Sells 267-Unit Apartment Community in Mesa, Arizona

by Amy Works

MESA, ARIZ. — Geringer Capital has sold Avia 266, a 267-unit apartment community in Mesa, to San Diego-based ColRich for $52.4 million, including the assumption of an existing HUD loan. ColRich will rename the property The Remy. Matt Pesch, Asher Gunter and Austin Groen of CBRE represented the seller in the deal. Completed in 1984, The Remy features one- and two-bedroom units in a low-density garden-style design. Community amenities include two pools and spa areas, a 24/7 fitness center, outdoor courtyard with recreation and gathering spaces, resident clubhouse with a community kitchen, package lockers and a fenced dog park.

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Terramonte-Foothill-Apts-Pomona-CA.jpg
AcquisitionsCaliforniaMultifamilyWestern

IPA Brokers $36.7M Sale of Apartment Complex in California’s Inland Empire

by Amy Works

POMONA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $36.7 million sale of Terramonte at Foothill, an apartment property in the Inland Empire city of Pomona. Positive Investments sold the asset to Sack Capital Partners for $265,942 per unit. Kevin Green, Chris Zorbas, Joseph Grabiec, Alexander Garcia Jr. And Greg Harris of IPA represented the seller and procured the buyer in the transaction. Built in 1963 on 9 acres and renovated between 2012 and 2023, Terramonte at Foothills features 138 apartments, two pools, sundecks, spa, fitness center, barbecue pavilion, coworking space and garages. The unit mix is 70 percent two-bedroom units, plus studios and one- and three-bedroom apartments, with an average unit size of 910 square feet.

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AcquisitionsAffordable HousingCaliforniaMultifamilySeniors HousingWestern

Marcus & Millichap Arranges $12.5M Sale of Affordable Seniors Housing Community in Southern California

by Taylor Williams

LA MESA, CALIF. — Marcus & Millichap has arranged the $12.5 million sale of Guava Gardens, an affordable seniors housing community in La Mesa, located in San Diego County. Los Angeles-based Positive Investments was the buyer.  Built in 1986, the property totals 81 units, with 40 studio apartments and 41 one-bedroom apartments. Residences are reserved for seniors age 62 and older. Amenities at the community include a pool, spa, recreation room, outdoor gathering areas, laundry facilities and dedicated parking.  Christopher Zorbas, Graeme Henderson and Austin Huffman of Marcus & Millichap represented the undisclosed seller in the transaction. 

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AcquisitionsCaliforniaMultifamilySeniors HousingWestern

Clarion Partners Purchases 70-Unit Seniors Housing Property in Rohnert Park, California

by Amy Works

ROHNERT PARK, CALIF. — Clarion Partners has purchased Clearwater at Sonoma Hills, a seniors housing community in Northern California in Rohnert Park. Built in 2020, Clearwater of Sonoma Hills offers 70 assisted living residences and 24 memory care residences with capacity for 100 residents. The 49,000-square-foot community features restaurant-style dining, a theater, art studio, fitness center, putting green and landscaped indoor and outdoor gathering spaces. John Sweeny, Aron Will and Austin Summy of CBRE advised on the sale. Clearwater Living will continue as the property’s operating partner.

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