WESTMINSTER, CALIF. — Marcus & Millichap has brokered the sale of Westminster Golden Center, a shopping center located at the southwest corner of Westminster Boulevard and Swan Avenue in Westminster. A private investor acquired the property from another private investor for $7 million. Situated on 1.5 acres in the Little Saigon submarket, the shopping center consists of three buildings offering a total of 16,480 square feet of space spread across 11 retail suites. Michael Matter and Aveesh Singroha of Marcus & Millichap’s South Bay office represented the seller and buyer in the deal.
ELK GROVE VILLAGE, ILL. — Marcus & Millichap has brokered the sale of a 2,331-square-foot building net leased to Wendy’s in Elk Grove Village for $1.5 million. The property is located at 900 Busse Road. Brian Parmacek of Marcus & Millichap marketed the property on behalf of the seller. Calvin Lee of Marcus & Millichap secured and represented the buyer.
REDWOOD CITY, CALIF. — The Levin Johnston team of Marcus & Millichap has arranged the purchase of 926 Woodside, a multifamily asset at 926 Woodside Road in Redwood City. A private investor acquired the property for $40 million in a 1031 exchange. The seller was not disclosed. Adam Levin, Robert Johnston and Michael Henshaw of the Marcus & Millichap’s Levin Johnston team represented the buyer in the transaction. Situated in the Palm Park neighborhood, the property was originally constructed in 1963 and renovated in 2016. The community features secure gated entry, keyless building entry, elevators, bike storage, electric vehicle chargers, an on-site laundry room and community courtyards with barbecue areas. The property exchange included the sale of four multifamily communities with a combined value of $31.9 million. The properties include 131 Elm Street, a 20-unit multifamily asset in San Mateo, Calif.; Delano Apartments, a 35-unit community in San Jose, Calif.; 560 Charter Street, a 15-unit property in Redwood City; and 1416 Floribunda Avenue, a nine-unit property in Burlingame, Calif.
SAN LUIS OBISBO, CALIF. — Evans Senior Investments (ESI) has arranged the sale of The Manse on Marsh, an 87-unit independent living and assisted living community in San Luis Obispo. An independent owner-operator sold the property to a California-based owner-operator for $12.8 million. The buyer is a turnaround specialist, and acquired the property as a value-add opportunity. The property was partially encumbered by a ground lease and included multiple cottages that were rented to residents at the community. Both the fee simple interest and leasehold interest were transferred to the buyer with the transaction. At the time of the sale, the community was 75 percent occupied and 100 percent private pay.
UNION CITY, N.J. — A joint venture between New York City-based Maya Capital Partners and Norfolk, Virginia-based Harbor Group International has acquired One23 Apartments, an 80-unit building in Union City, located across from Upper Manhattan. The sales price was $31 million. The property, which was fully occupied at the time of sale, offers one- and two-bedroom units, a fitness center and an outdoor sundeck. The seller was not disclosed.
PLAINVIEW, N.Y. — Silber Investment Properties, a brokerage firm specializing in retail real estate, has arranged the $8 million sale of a 13,000-square-foot building in the Long Island City of Plainview. Situated on 1.3 acres, the asset was triple net-leased to CVS at the time of sale. Adam Silber of Silber Investment Properties represented the seller, Pandem Enterprises, in the transaction. Silber also procured the buyer, JRI 28CI LLC, a New York City-based real estate investment group.
HOUSTON — Colliers International has brokered the sale of a two-building, 234,746-square-foot office complex in Houston. Located at 263 N. Sam Houston Parkway, one building totals 87,611 square feet and the other spans 147,135 square feet and includes a four-story parking garage. David Carter of Colliers represented the seller, BH Properties, in the transaction for the Class B buildings. The buyer was not disclosed, but the property is listed on the Houston portfolio page of Lincoln Property Co.
FORT WORTH, TEXAS — JLL has negotiated the sale of the 23,413-square-foot former Katy Depot located near downtown Fort Worth. The property was originally built in 1909 as a freight depot for the Katy Railroad, which connected Missouri, Texas and Kansas. The building served as a builder’s supply house from 1996 until the seller, Besco Supply, a family-owned masonry and building supply company, relocated to larger facility last year. Joel St. John and Ryan Matthews of JLL represented Besco in the sale. Todd Hubbard of NAI Robert Lynn represented the buyer, a medical supply company that plans to renovate the building. Plains Capital Bank provided acquisition financing for the deal. The sales price was not disclosed.
HARVARD, ILL. — A joint venture of Brennan Investment Group LLC and a client of Arch Street Capital Advisors LLC has acquired a 1.3 million-square-foot distribution facility occupied by True Value Co. in Harvard, located approximately 30 miles northeast of Rockford, Ill. The purchase price was not disclosed. True Value, a hardware wholesaler, has occupied the property since 1998. This is the final acquisition in a portfolio owned by Brennan and Arch Street, but the companies plan to launch another venture to continue to seek single-tenant, net-leased industrial properties. David Berglund and Tom Shepherd of Colliers International represented the seller, Industrial Realty Group LLC.
TERRE HAUTE, IND. — Newmark Knight Frank (NKF) has brokered the sale of Honey Creek Mall in Terre Haute for an undisclosed price. JC Penney and Vendor’s Village anchor the 676,322-square-foot regional mall. Additional retailers include American Eagle, Bath & Body Works, Hollister, Shoe Dept. Encore and Ulta Beauty. Located near I-70, the property is the only enclosed regional mall within a 50-mile radius. Thomas Dobrowski of NKF represented the seller, CBL Properties. The property sold for $14.6 million to Out of the Box Ventures, according to the Tribune-Star newspaper.