SAN DIEGO — JLL Income Property Trust, an institutionally managed daily NAV REIT, has acquired a two-building medical office campus known as Genesee Plaza for $90 million. Genesee Plaza is located in San Diego’s University Town Center, near the University of California, San Diego and Scripps Hospital campuses.
SAN DIEGO — Cushman & Wakefield has advised the seller in the disposition of Sorrento Ridge, a 103,325-square-foot, three-story office building in the Miramar submarket of San Diego. Tappan Corp. purchased the property, located at 7220 Trade St., from an unnamed seller. The price was not disclosed. Cushman & Wakefield’s Rick Reeder, Brad Tecca, Brooks Campbell and Duncan Dodd represented the seller, while Bill Cavanagh and Mike Novkov provided local market advisory. Larry Glenn of Glendale Mortgage represented the buyer. Sorrento Ridge was nearly 60 percent leased at the time of sale to mainly smaller tenants representing a mix of professional services, engineering and technology firms, with the largest leasing less than 10,000 square feet. The property is situated on 4.4 acres near interstates 5 and 805 and the Sorrento Plaza shopping center.
PHOENIX — NorthMarq has brokered the sale of Park at Deer Valley Apartments, a multifamily community located near 19th Avenue and Bell Road in Phoenix, for $56.7 million. The NorthMarq Phoenix investment sales team of Trevor Koskovich, Bill Hahn and Jesse Hudson represented both the seller and the buyer in the transaction. Tides at Deer Valley Owner LLC, an entity formed by Los Angeles-based Tides Equities, was the buyer. Tides acquired the asset with a $49.1 million bridge loan arranged by James DuMars and Griffin Martin of NorthMarq’s debt and equity team. Park at Deer Valley LLC, an entity formed by Billah Khan of Chandler, Ariz., was the seller. Built in 1984, the 436-unit apartment community feature studio, one- and two-bedroom apartments, along with two swimming pools, five playgrounds, a dog park and multiple sport courts.
AUSTIN, TEXAS — A joint venture between debt and equity provider The Community Development Trust, the Housing Authority of the City of Austin and its nonprofit affiliate, the Austin Affordable Housing Corp., has purchased The Bridge at Asher Apartments for $70 million. The 452-unit affordable housing community was built in 2003 and is located on the city’s southwest side. The seller was not disclosed. With this acquisition, the joint venture now owns 1,716 units of affordable housing in the state capital.
HOUSTON — Local investment firm Three Pillars Capital Group has acquired Pine Lake Village Apartments, a 96-unit asset in Houston. Spanning 3.5 acres, the Class B community was built in 1984 and features amenities such as a pool, dog park and a playground. Three Pillars, whose affiliate will also manage the property, plans to invest $1 million in renovations, with specific upgrades still to be determined.
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of a 62-room Country Inn & Suites hotel located at 2730 Cherry Lane in Fort Worth. Joseph Jacques and Chris Gomes of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The duo also procured the buyer, a private investor. Additional terms of sale were not disclosed.
NEW YORK CITY — Locally based investment firm RFR has acquired 477 Madison Avenue, a 325,000-square-foot office building in Midtown Manhattan. Built in 1953 and renovated in 2016, the property includes 11,000 square feet of street-level retail space. RFR will continue to enhance various features of the building by upgrading the façade, windows, landscaping and mechanical systems. The seller and sales price were not disclosed.
BROOKLYN, N.Y. — Lee & Associates has brokered the sale of two multifamily buildings in Brooklyn for $36.5 million. The properties include 145 Henry St., a six-story, 45-unit elevator building; and 15-19 Wyckoff St., a four-story, 40-unit walkup property. The buyer, Isaac Abraham, plans to renovate the properties to modernize amenities. Both buildings are located close to public transportation lines. Chris Varjan, Vickram Jambu, George Steffani and Jonathan Braun of Lee & Associates represented both the buyer and seller, the estate of Alan Frank, which previously owned and managed the buildings for more than 40 years.
WESTPORT, CONN. — Investment firm Marcus Partners has sold two office buildings in Westport for $30 million to New York-based Waterway Capital. The newly renovated buildings, located at 8 & 19 Wright St., total 83,964 square feet and are situated within walking distance of the Saugatuck River, as well as high-end retail and dining options. The buildings were 94 percent leased at the time of sale to tenants such as UBS, Regus Corp., Berkowitz, Energy Income Partners and Ameriprise Financial. CBRE’s Jeffrey Dunne, Steven Bardsley and Stuart MacKenzie represented the seller and procured the buyer.
LANCASTER, PA. — Maryland-based Trout Daniel & Associates (TDA) has arranged the sale of the historic Stehli Silk Mill, a two-building, 175,000-square-foot industrial facility in Lancaster, one of the oldest inland towns in the United States. The two-building facility is situated on nearly 11 acres at 701 Martha Ave. At the time of its original construction in 1897, the silk mill was the largest of its kind in the world. Gary Olschansky of TDA represented the buyer, Rhode Island-based developer Union Box Co., which plans to convert the existing structures into multifamily and commercial uses.
