DALLAS — Los Angeles-based investment and development firm CIM Group has sold Best Buy Plaza, a 177,434-square-foot shopping center located in North Dallas. Built on 14.6 acres in 1995, Best Buy Plaza was fully leased at the time of sale to tenants including Dick’s Sporting Goods, Total Wine & More, Cavender’s, Hyper Kidz and Best Buy. CIM Group originally acquired Best Buy Plaza in 2016 and subsequently implemented a capital improvement program. The buyer and sales price were not disclosed.
DAVIS, CALIF. — Interstate Equities Corp. (IEC) has purchased a two-property apartment portfolio in Davis for $42.8 million from an undisclosed seller. The portfolio includes Pepperwood Apartments at 2222 Sycamore Lane and Temescal Apartments at 2477 Sycamore Lane. Situated approximately 2.8 miles from the University of California, Davis, the portfolio currently offers 141 units, or 357 beds. IEC plans to gradually transition leasing toward a “by-bedroom model,” which is prevalent in the Davis student housing market. Constructed in 1981 and 1983, Pepperwood and Temescal offer a mix of one-, two-, three- and four-bedroom apartments averaging approximately 1,090 square feet. The properties offer value-add potential, and IEC plans to maintain affordability while implementing targeted interiors and exterior upgrades to Pepperwood.
CASTLE ROCK, COLO. — Colliers has arranged the sale of Castle Rock Industrial at The Meadows, an industrial asset in Castle Rock. Saunders Commercial Development Co. sold the property to a joint venture between New York-based Sound Capital and Connecticut-based Palladian Management for an undisclosed price. Located at 3563-3593 Timber Mill Parkway, Castle Rock Industrial at The Meadows offers 158,380 square feet of industrial space. T.J. Smith, Nick Rice, Tim Shay and Brad Calbert of Colliers represented the seller in the transaction.
SAN BERNARDINO, CALIF. — Hanley Investment Group Real Estate Advisors has negotiated the $3.6 million sale of a single-tenant retail property leased to Starbucks Coffee in San Bernardino. The newly constructed, drive-thru-only café prototype spans 1,200 square feet and operates on a 15-year triple-net corporate lease with 10 percent rental increases every five years. The asset is located at 291 E. Hospitality Lane. Bill Asher and Jeff Lefko of Hanley represented the seller, a local developer, in the transaction. David Kluver of Lee & Associates represented the buyer, a local investor from Orange County.
NASHVILLE, TENN. — JLL Capital Markets has negotiated the sale of two apartment properties in Nashville’s Hillsboro Village neighborhood totaling 177 units: Belcourt Park and Village 21 at Regions Park. Nick Brown, Peter Yorck and John Weber of JLL represented the seller, Atlanta-based TriBridge Residential, in the off-market transaction. A partnership between Harrison Street Asset Management and Nashville-based Elmington Residential purchased the properties for $54.8 million, according to the Nashville Business Journal. Village 21 at Regions Park opened in 2017 and offers 101 units, including retail space with tenants such as E3 Chophouse, Taco Mama and Bad Ass Coffee, among others. Elmington and Harrison Street only acquired the apartment portion of the development. Belcourt Park, a 76-unit property, stands four stories tall with units averaging 646 square feet in size.
OROVILLE, CALIF. — Valore Ventures has acquired a 2-acre development parcel at 350 Oro Dam Blvd. East in Oroville and signed a long-term ground lease with Chick-fil-A for the site. The quick-service restaurant will commence construction of a 4,266-square-foot dual drive-thru restaurant this month. Ryan Orn of Capital Rivers Commercial Real Estate represented the seller, Maverick, in the deal. The financial terms were undisclosed.
MARIANNA, FLA. — Marcus & Millichap Capital Corp. (MMCC) has arranged $3.2 million in acquisition financing for The Grove Apartments, a 44-unit multifamily community located in the heart of the Florida Panhandle in Marianna, approximately 65 miles west of Tallahassee. Garrett Fierstein of MMCC secured the five-year loan through a local credit union. The loan carries a 6.12 percent fixed interest rate, 30-year amortization period and a 70 percent loan-to-value ratio. Situated near Chipola College and Florida Caverns State Park, The Grove is fully occupied and features a mix of two- and three-bedroom townhomes with an average size of 1,100 square feet, according to Apartments.com.
CHICAGO — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has acquired a 51,820-square-foot industrial building located at 4114 Peoria St. in Chicago. The single-tenant property was fully leased at the time of sale. Situated within the Stockyards Industrial Park and constructed in 1969, the building features three docks and parking for more than 45 cars. Zeke Rowan, Adam Haefner, Nick Fazio and Marty Mikaitis of Avison Young represented the undisclosed seller. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.
LAS VEGAS — Irvine, Calif.-based investment and development firm The Bascom Group has acquired The Ellison, a 294-unit apartment complex located in the Summerlin/Spring Valley submarket of Las Vegas, for $103 million. The sales price translates to approximately $350,000 per door. The Ellison is situated along I-215 in southwest Las Vegas in an area known as “The Curve.” Several developments are underway in the surrounding area, including the Athletics’ new baseball stadium, Intermountain Healthcare’s Children’s Hospital and expansions of the Roseman Nursing School and UNLV Harry Reid Research & Technology Park. Completed in 2024, The Ellison offers studio, one- and two-bedroom units with an average size of 901 square feet. Amenities include a heated, resort-style pool and spa with a jumbotron screen, as well as a clubhouse lounge, fitness center with dedicated spin and Pilates studios. Jonathan Merhaut, Doug Schuster and Curt Allsop of Newmark represented the undisclosed seller in the transaction. Lee Redmond, Nicholas Schroeder, Vincent Punzi and Lowell Takahashi, also with Newmark, arranged an undisclosed amount of acquisition financing through AXA Investment Managers US Inc. on behalf of Bascom Group. “The Ellison is a notable example of why we keep coming back to Las Vegas,” says Tom Gilfillan, …
GRAND PRAIRIE, TEXAS — Bradford Commercial Real Estate Services has negotiated the sale of a 40,670-square-foot industrial building in Grand Prairie, located roughly midway between Dallas and Fort Worth. Situated on a 3.4-acre site at 1207 Farmers Road, the building was developed on a speculative basis in 2023 and features 16 dock doors, 24-foot clear heights and 100-foot truck court depths. Erik Blais of Bradford represented the the developer, Hamilton Commercial, in the all-cash transaction. The buyer was Dossun Truck Body Parts.