CODY, WYOMING — Marcus & Millichap has directed the sale of a retail property located at 324 Yellowstone Ave. in Cody. An undisclosed buyer acquired the asset for $4.8 million. The 22,064-square-foot property was constructed as a build-to-suit in 2014 for Tractor Supply, which occupies the building on a net-leased basis. Brett Winger and Dominic Sulo of Marcus & Millichap’s Chicago Oak Brook, Ill., office represented the seller, a private investor. Neville Rustomjee, also of Marcus & Millichap, served as the broker of record in Wyoming.
SPRINGFIELD, ILL. — Elevation Financial Group has acquired two affordable seniors housing communities in Springfield, the capital city of Illinois, for a total price of $10.7 million. The first property, Homestead at Montvale, is a 160-unit community. Elevation purchased the property through its Elevation Real Property VII fund for $8.4 million. The three-story community was built in 1999. The second property is Homestead Place, a 60-unit community built in 1996. Elevation purchased the property through its Elevation Real Property Fund VI fund for $2.3 million. Both properties are low-income housing tax credit properties. Elevation will continue to operate both, rebranding Homestead Place as Serenity Manor at Spring Creek and Homestead at Montvale as Serenity Manor at Springfield.
WYOMING, MINN. — Newmark Knight Frank (NKF) has brokered the $4.3 million sale of a 99,282-square-foot industrial building in Wyoming, about 35 miles north of Minneapolis. The property is located at 5240 257th St. Dan Friedner, Jay Chmieleski and Patrick Cullen of NKF represented the buyer, Kirvida Holdings Inc., and the seller, U.S. Small Business Administration.
ORLAND PARK, ILL. — Marcus & Millichap has arranged the sale of Concordia Commons in Orland Park for $2.2 million. The 23,125-square-foot retail strip center is located on the corner of La Grange Road and 147th Street. US Bank anchors the property, which is home to service-oriented tenants. Mitchell Kiven, Michael Volini, James Ziegler and Keith Zelenika of Marcus & Millichap marketed the property on behalf of the seller.
LAS VEGAS — Caesars Entertainment Corp. (NASDAQ: CZR) has agreed to sell the Rio All-Suite Hotel & Casino for $516.3 million. The buyer is a company controlled by a principal of New York City-based investment firm Imperial Cos. The property is located on Flamingo Road, two blocks from the highly concentrated stretch of casinos on Las Vegas Boulevard known as the Las Vegas Strip. The Rio features 117,300 square feet of casino space, over 1,000 slot machines and 2,520 hotel rooms. Caesars will continue to operate the property for a minimum of two years under a triple-net lease, paying annualized rent of $45 million. The buyer has the option to pay Caesars $7 million to extend the lease under similar terms for a third year. At the end of the lease term, Caesars will either continue to manage Rio or provide transition services to the buyer. The agreement allows for co-ownership of Rio-specific guest data and places no restrictions on Caesars’ marketing activities. The Rio will continue to be part of the Caesars Rewards network during the lease term, and “the transaction is not expected to result in any changes to the guest experience,” according to Caesars. The World Series …
SANDY SPRINGS, GA. — NexPoint Residential Trust has sold Edgewater at Sandy Springs, a 700-unit apartment complex in Sandy Springs, for $101 million. According to Fulton County property deeds, Bridge Investment Group acquired the property for $132,000 per unit. Edgewater at Sandy Springs offers one- and two-bedroom floor plans. The asset is located at 7600 Roswell Road, 19 miles north of downtown Atlanta. Communal amenities include a swimming pool, clubhouse, car wash area, business center, playground and a tennis court.
NEW YORK CITY — Marcus & Millichap has brokered the $1.6 million sale of a multifamily property in Brooklyn. The six-unit apartment building is located at 276 19th St.. Jakub Nowak, Matthew Resenzweig and Jesse Kay represented the seller, a private individual, in the transaction. The team also secured and represented the buyer, an undisclosed limited liability company.
ATLANTA — Ackerman & Co. and MDH Partners have acquired the four-building, 433,204-square-foot Lee + White project in Atlanta’s West End for $40.3 million. The seller, Stream Realty Partners, recently redeveloped the buildings, which were initially constructed as industrial facilities in the 1950s and 1960s. The Lee + White buildings are currently home to breweries, restaurants, retailers and food manufacturers. The buyers plan to add a 20,000-square-foot food hall, 30,000 square feet of additional retail and 170,000 square feet of creative loft offices. A masterplan for the redevelopment is under way and construction is expected to begin in six to 12 months. Leo Wiener and Kelly Wilson of Ackerman will lead the restaurant and retail leasing efforts at the property. Porter Henritze and Sonia Winfield of Cushman & Wakefield will represent ownership in office leasing. The property features more than a half-mile of frontage along the Atlanta BeltLine with direct access to the westside trail. Lee + White is located three miles southwest of downtown Atlanta. Miles Theodore, Mack Freudenstein, Mark Zebouni and Drew Nations of Eastdil Secured represented the seller in the transaction. The buyer was represented internally.
HOOVER, ALA. — CHC Hotel Capital has arranged an $11.9 million acquisition loan for Residence Inn in Hoover. Local hotelier Chiman Patel in partnership with Kana Hotels purchased the 118-room property. Kana will manage the hotel. An undisclosed national lender provided the 10-year loan with a fixed 3.8 percent interest rate and a 30-year amortization schedule. Blackstone sold the asset, which is located about 10 miles south of downtown Birmingham.
CHARLOTTE, N.C. — Cushman & Wakefield has negotiated the $6.7 million sale of Hawkins @ Rampart, a 1.2-acre property comprising two flex buildings in Charlotte’s South End totaling 19,120 square feet. The adjacent buildings were constructed in 1987 at 2170 Hawkins St. and 210 Rampart St., two miles south of downtown Charlotte. The assets were fully leased at the time of sale to three tenants. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the seller, Carolina Commercial Holdings LLC and R 2170 LLC, in the sale. The buyer was undisclosed.