FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Fowler’s RV Park, a 217,800-square-foot manufactured housing community in Fort Worth. The property comprises 65 recreational vehicle sites, 10 apartments and four commercial units on five acres. The property, which was close to fully occupied at the time of sale, was acquired at a 10 percent cap rate and a price of approximately $22,900 per site. A local bank provided acquisition financing at a 70 percent loan-to-value ratio. Jeff Taylor, Douglas Danny and Braeden Jehle of Marcus & Millichap represented the seller, a private investor, in the transaction. Additional terms of sale were not disclosed.
HOUSTON — HFF has negotiated the sale of Beechcrest Shopping Center, an 89,679-square-foot, grocery-anchored shopping center in southwest Houston. The property is located near Beltway 8 at the intersection of Beechnut and Wilcrest streets, which have a combined traffic count of nearly 60,000 vehicles per day. Beechcrest Shopping Center was 100 percent leased at the time of sale to tenants such as DD’s Discounts, Dollar General, Pizza Hut and Lone Star Title. Ryan West, John Indelli, Charles Strauss and Ethan Goldberg of HFF represented the seller, South Florida-based Global Fund Investments LLC, in the transaction. Houston-based Wu Investments acquired the asset for an undisclosed price.
DALLAS — California-based CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Lakewest Rehabilitation & Skilled Care, a 118-bed skilled nursing facility located in Dallas. Next Gen P LLC is the operator of the property, which was acquired for roughly $10 million. Initial annual cash rent will be approximately $900,000. The seller was not disclosed.
AMARILLO, TEXAS — The Richland Cos., a privately held full-service real estate firm, has purchased Lone Star Heart Center, a 4,830-square-foot medical office building located in the West Texas city of Amarillo. The property, which was 100 percent leased at the time of sale to a single tenant, offers access to Interstate 40 as well as multiple medical facilities and a large selection of lodging options. The seller was not disclosed.
PHOENIX — Denver-based Continental Realty Advisors (CRA) has completed the sale of Courtney Village Apartments, a multifamily property in Phoenix, for $62.2 million. Constructed in 2002, CRA originally acquired the 368-unit property in partnership with HQ Capital in June 2016. Greystar Property Management managed the asset for 2.5 years. CRA upgraded property’s clubhouse/leasing center, fitness center and pool area, as well as renovated unit interiors, including flooring, appliances, countertops, lighting fixtures and plumbing fixtures. The property was sold in March 2019; additional terms of the transaction were not released.
GLENDALE, ARIZ. — Los Angeles-based B.H. Properties has purchased the Honeywell Aerospace Glendale DSES Campus, located at 19019 N. 59th Ave. in Glendale, for an undisclosed price. Constructed in 1986 and situated on 45 acres, the property features 252,300 square feet of space, including offices, clean rooms, R&D labs and assembly areas. At the time of sale, the property was 100 percent occupied by Honeywell International, which signed a new lease to extend occupancy until July 2024. Mindy Korth and Kirk Kuller of Colliers International in Arizona negotiated the sale.
LOS ANGELES — Madison Partners has arranged the sale of a retail and creative office building, located at 62-66 Windward Ave. in the Venice neighborhood of Los Angeles. Southern California-based Optimus Properties sold the property to BrandView Capital Partners for $7.1 million, or $957 per square foot. Originally constructed in 1922, the 7,471-square-foot asset features a street-level portico with three retail units and a creative office unit on the second level, which features a rooftop deck. Bob Safai, Matt Case and Brad Schlaak of Madison Partners represented the seller in the deal.
INDIANAPOLIS — Millennial Holdings, a New Jersey-based real estate group, has purchased Felbram Plaza North, a nearly 200,000-square-foot shopping center on the south side of Indianapolis. The purchase price was not disclosed. The property is approximately 75 percent leased. Millennial plans to repair the parking lot, replace the roof and install new HVAC units. Anchor tenants include Shopper’s World, Dollar Tree, Dollar General and MCL. John Riser of Riser Retail Group represented Millennial and the seller in the transaction. McCrea Property Group serves as leasing agent.
STREETSBORO, OHIO — Pine Tree has LLC acquired Streetsboro Crossing, an 89,436-square-foot retail center in Streetsboro near Cleveland. The purchase price was not disclosed. Giant Eagle anchors the property, which was completed in 1996 and renovated in 2001. Other tenants include Pet Supplies Plus, Palm Beach Tan, GNC, Sally Beauty Supply and Great Clips. The occupancy rate is 94 percent. Amy Sands and Clinton Mitchell of HFF marketed the property on behalf of the seller, Brixmor Property Group.
MAMARONECK, N.Y. — Scarsdale, New York-based Goldschmidt & Associates has brokered the sale of the former Chase Bank building, a 10,000-square-foot office property in Mamaroneck, a northern suburb of New York City. The sales price was approximately $2 million. Pam Bren Goldschmidt and Adam Bren of Goldschmidt & Associates represented the seller in the transaction. The buyer was an undisclosed religious institution.