SAN JOSE, CALIF. — Federal Realty Investment Trust has completed the $74 million disposition of Levare, a Class A apartment building located within Santana Row in San Jose. The name of the buyer was not released. Delivered in 2011, Levare features 108 apartments that were 95 percent leased at the time of sale.
MESA, ARIZ. — Phelan Development has completed the sale of Phelan Pecos Center I—Building C, a 141,117-square-foot Class A industrial asset located at 8341 E. Pecos Road in Mesa. Emeryville, Calif.-based Libitzky Property Cos. acquired the asset for $29.4 million. Cyclic Materials is occupying the property on a brand new 10-year lease. Phil Handel, Will Strong, Foster Bundy, Molly Hunt and Katie Repine of Cushman & Wakefield’s Private Capital Group in Phoenix represented the seller in the transaction. Building C features a clear height of 32 feet, a heavy 6,000 amps of power, a private truck court with optimal loading capabilities, 28 dock doors, three grade doors, multiple access points, functional column spacing, full-building HVAC, LED lighting, ample parking and freeway and airport proximity.
DENVER — Platinum Commercial Real Estate has arranged the sale of 76 N. Broadway, a retail and office property in Denver. The mixed-use property includes two buildings with long-term tenants in place. The main building features 13,000 square feet with The Hornet and Lucky Noodles restaurant on the ground floor and 18 fully leased office suites on the second floor. The properties also offer off-street parking with 21 spaces for the buildings. Paul Cattin of Platinum CRE represented the buyer, 76 N Broadway LLC, while Todd Snyder of Kentwood Commercial represented the seller in the deal.
MILWAUKEE, PORT WASHINGTON, SLINGER AND WEST BEND, WIS. — EquiCap Commercial has brokered the sale of the StorSafe of Wisconsin Portfolio, a 258,450-square-foot self-storage portfolio in Wisconsin. The five properties, totaling 1,454 units, are located in Milwaukee, Port Washington, Slinger and West Bend. Jesse Luke and Scott Rihm of EquiCap brokered the transaction. An out-of-state buyer purchased the portfolio within 97 percent of the list price. The deal closed within 75 days of going under contract.
FARGO, N.D. — Marcus & Millichap has negotiated the $8.3 million sale of Comfort Suites Medical Center, an 82-room hotel in Fargo. Allan Miller, Chris Gomes, Huberth Marak and Skyler Cooper of Marcus & Millichap represented the buyer, a limited liability company, while the brokerage firm’s Jon Ruzicka assisted in closing the transaction. The buyer was part of a hospitality group completing a 1031 exchange after selling a hotel in Montana. The deal closed with conventional financing from a local lender. The property is located at 4417 23rd Ave. S.
CHICAGO — Interra Realty has arranged the $3.4 million sale of a 34-unit apartment building in Chicago’s Albany Park neighborhood. Located at 4901 N. Christiana Ave. and built in 1928, the property includes 33 studios and one one-bedroom unit. The building was 97 percent occupied at the time of sale and recently received capital improvements to 23 units. Patrick Kennelly of Interra represented the local buyer, 606 Realty. Joe Smazal of Interra represented the seller, an entity led by Mike Root of Chicago-based Root Realty.
CHICAGO — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has acquired a 56,068-square-foot industrial building located at 235 N. Artesian Ave. in Chicago. The property was vacant at the time of acquisition. Situated in the Kinzie Industrial Corridor, the building features direct access to the central business district. The facility features three docks, one drive-in door and parking for 38 cars. Venture One plans to improve the asset with office renovations, warehouse paint, parking lot paving, energy-efficient warehouse lights, roof replacement and landscaping. Cal Kropke and John Huguenard of JLL represented the undisclosed seller. Larry Goldwasser, Matt Cowie and John Marks of CBRE will market the property for lease. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.
WHITE PLAINS, N.Y. — CBRE has brokered the sale of a multifamily development site in White Plains, located north of New York City. The 1.3-acre site at 1 Water St. is located on the eastern edge of the downtown area, directly adjacent to the local public transit station. A partnership between David Gaber of Bijou Properties and Kavneet Sethi of Green Property LLC purchased the site, which is approved for the development of a 301-unit high-rise building, from New Jersey-based Veris Residential. Jeffrey Dunne, Eric Apfel and Travis Langer of CBRE brokered the deal.
LEXINGTON, KY. — Hendricks Commercial Properties, a Wisconsin-based development and investment firm, has acquired The Summit at Fritz Farm, a mixed-use development in Lexington that opened in 2017. The development features a collection of more than 60 shops and restaurants that sit below modern offices and The Henry apartments. Some components of the development that were not included in the sale include the Origin Lexington hotel and a 192-unit seniors housing community, Legacy Reserve at Fritz Farm. Hendricks did not disclose the sales price or specific aspects of the acquisition beyond the commercial space. Hendricks acquired the development from a partnership between Swift Creek Real Estate Partners and Centennial Real Estate Management LLC, which has owned The Summit at Fritz Farm since acquiring the original developer, Birmingham, Ala.-based Bayer Properties, in 2022. “We are excited to add Fritz Farm to our portfolio,” says Rob Gerbitz, CEO of Hendricks Commercial Properties. “This acquisition aligns with our strategic vision of investing in high-quality, experiential mixed-use properties that serve as community hubs. We look forward to building upon the strong foundation established at Fritz Farm and continuing to enhance the experience for tenants and guests alike.” Whole Foods Market, Pottery Barn and Arhaus anchor …
HOUSTON — Locally based brokerage firm Finial Group has arranged the sale of a 21,879-square-foot warehouse in West Houston. According to LoopNet Inc., the single-tenant building at 11505 Todd St. was originally constructed in 1953. Chase Tucker and William Alcorn of Finial Group represented the undisclosed seller in the transaction. The name and representative of the buyer were also not disclosed.
