NEW YORK CITY — Marcus & Millichap has brokered the $16.2 million sale of a 28,819-square-foot retail building in The Bronx. The building at 2244 Westchester Ave. was constructed in 1970 and has housed the flagship branch and corporate headquarters of Ponce Bank for the past 25 years. Steven Siegel of Marcus & Millichap represented the seller, Arc Trust, in the transaction. Judson Kauffman of Surmount (formerly NNN Pro) represented the undisclosed buyer, which acquired the property via a 1031 exchange.
LAS VEGAS — A joint venture between Confluent Development and Ovation Group has sold MorningStar at The Canyons, a seniors housing community located in Las Vegas. Confluent and Ovation co-developed the property, which totals 168 units, with MorningStar Senior Living. Delivered in 2024, the community features independent living, assisted living and memory care units in studio, one- and two-bedroom layouts. Amenities at MorningStar at The Canyons include multiple dining venues, a salon and spa, theater, fitness center and swimming pool, as well as walking paths, a central courtyard and outdoor dining areas. JLL Capital Markets brokered the sale on behalf of the joint venture. JLL also secured a five-year acquisition loan on behalf of the undisclosed buyer. MorningStar will remain as the operator and a joint venture partner.
DENVER — Brennan Investment Group has purchased 5050 Ironton, an industrial building on 8.7 acres within Montbello Industrial Park in Denver’s northeast industrial submarket. Terms of the transaction were not disclosed. Originally constructed in 1970, the 136,744-square-foot concrete and masonry facility features 18- to 26-foot clear heights, 13 dock-high doors, four drive-in doors, potential rail service, heavy industrial zoning and excess acreage with secure outdoor storage. The property is fully leased to a building products distributor that has occupied the building since the early 2000s. The building can accommodate either a single tenant or a two-tenant configuration.
DEER PARK, ILL. — Brand Street Properties and AEW Capital Management have acquired Deer Park Town Center, a 410,000-square-foot, open-air shopping center in Deer Park, about 35 miles northwest of downtown Chicago. Conor Lalor, Kyle Minter and Keely Polczynski of Newmark represented the seller, PGIM, with support from colleagues James Sharpe V and Brian Schneiderman. The sales price was $125 million. Deer Park Town Center is home to more than 60 tenants, including Apple, Crate & Barrel, Williams-Sonoma, Gap, Lululemon, Anthropologie and Sephora. Restaurants include Biaggi’s Ristorante Italiano, Sweetgreen, Stoney River, Ancho & Agave and California Pizza Kitchen. Built in 2000, the property is currently 85 percent leased. Brand Street will be responsible for the day-to-day management, operations and leasing of the center, with the intent of growing occupancy. Public gathering spaces will be reimagined to drive traffic and enhance customer experience.
HOPKINS, MINN. — Tempus Realty Partners, an Arkansas-based real estate investment firm, has acquired Excelsior Crossings, a two-building office property totaling 546,548 square feet in Hopkins. The purchase price was $66 million. The campus is 98 percent leased and sits in the I-394 corridor. U.S. Bank fully occupies one building, accounting for 54 percent of the property’s square footage. The second building is home to Element Fleet Management Corp., Digi International Inc., Michael Foods Inc. and Sovos Compliance LLC. The seven-story buildings are LEED Gold certified and sit on more than 20 acres around a central lake with covered parking, heated sidewalks and more than $1.4 million in recent capital upgrades.
NEW ALBANY, IND. — Highgates has sold High Park Apartments, a 96-unit multifamily community in New Albany near Louisville, for $9.5 million. Highgates acquired the property in July 2019 for $6.7 million utilizing a 10-year, fixed-rate Fredie Mac loan at a rate of 4.4 percent. During the hold period, the firm invested roughly $500,000 in capital improvements, including roofing, HVAC systems and unit interiors.
COLUMBIA, S.C. — Trinity Partners has negotiated the sale of 2930 Devine Street and 618 Sims Avenue, a 19,615-square-foot, multi-tenant retail property located in Columbia. The property was fully leased at the time of sale to tenants including Arabesque on Devine, Best Mattress, Eggs Up Grill and Za’s on Devine. William Mills and Robbie Cook of Trinity Partners represented the seller and sourced the buyer in the transaction. Further details of the transaction were not disclosed.
MOUNT PROSPECT, ILL. — Newmark has arranged the $95 million sale of Randhurst Village, a 931,798-square-foot power center in Mount Prospect. Conor Lalor and Keely Polczynski of Newmark represented the seller, DLC, with support from colleague Brian Schneiderman. The buyer was Rhino Investment Group. The transaction follows DLC’s execution of a comprehensive business plan to enhance the asset’s value, drive leasing activity and strengthen the property’s tenant mix. Situated on more than 94 acres at the intersection of Rand and Elmhurst roads, Randhurst Village is home to anchor tenants Costco, Jewel-Osco and The Home Depot. Additional tenants include TJ Maxx, HomeGoods, AMC Theatres, Skechers, Orangetheory Fitness and PetSmart. The property was originally redeveloped from the former Randhurst Mall. 3650 Capital and Aquarian Real Estate Partners (AREP) originated $72.3 million in financing for the acquisition. The financing included a $45.6 million senior loan arranged by AREP and a $26.7 million mezzanine loan from 3650 Capital. In addition to the acquisition, the financing includes future funding for the buyer to execute its value-add plan, including leasing up vacant spaces and pursuing outparcel sales. Anthony Longo of Alpha Capital CRE served as the capital advisor on the whole loan financing.
RICHMOND, TEXAS — California-based brokerage firm RealSource Group has negotiated the $5.8 million sale of a 3,072-square-foot restaurant building in Richmond, a southwestern suburb of Houston. Shake Shack occupies the newly constructed building, which is located within Waterview Town Center, a 134-acre mixed-use development by Read King, on a 15-year, triple-net lease. Austin Blodgett and Jonathan Schiffer of RealSource Group, along with Parasell Inc., represented Read King in the sale. Anthony Cerrone of Marcus & Millichap represented the undisclosed buyer.
BURLESON, TEXAS — Westwood Financial, a California-based retail investment firm, has acquired South Town Crossing II, a 23,300-square-foot shopping center in Burleson, a southern suburb of Fort Worth. The center was fully leased at the time of sale to tenants such as Petco, Mathnasium, Mattress Firm and Glitz Nails. The seller and sales price were not disclosed. Westwood now owns 83,286 square feet within South Town Crossing.