HUMBLE, TEXAS — Marcus & Millichap has brokered the sale of a 10,714-square-foot retail property that is net-leased to Mattress One in Humble, a northern suburb of Houston. Nate Newman of Marcus & Millichap represented the seller, a Florida-based family trust, in the transaction. Newman also procured the buyer, a limited liability company. Both parties requested anonymity.
MERIDIAN TOWNSHIP, MICH. — Martin Commercial Properties has arranged the sale of a 7,400-square-foot retail property located at 3490 Okemos Road in Meridian Township near Lansing. The sales price was not disclosed. Shawn O’Brien of Martin represented the buyer, Tommy Hannawa of Affinity 8 Investments LLC, which also purchased a neighboring Tim Horton’s property. Property renovations are scheduled to begin in the next 90 days. The seller was not disclosed.
GOLDEN, COLO. — Los Angeles-based Karlin Golden has completed the disposition of Clear Creek Square, a mixed-use building located at 600-650 12th St. in downtown Golden. Colorado State Land Board acquired the asset for $15.9 million in an off-market transaction. Built in 2002, the building features 78,647 square feet of office space, with approximately 11 percent of the square footage dedicated to ground-floor retail space, free covered parking, on-site showers and lockers. The multi-tenant building is home to five office users. Tenants include Equian, The Regis Co., Institutional Cash Distributor, Big Ring Cycles, Anthony’s Pizza & Pasta and Barrels & Bottles. At the time of sale, the property was 95 percent occupied. Campbell Davis, James Brody and Blake Harris of CBRE represented the seller in the deal.
ESCONDIDO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of Escondido Valley Center, a retail property located at 1346, 1352 and 1358 W. Valley Parkway in Escondido. An Orange County, Calif.-based family trust acquired the property from El Segundo, Calif.-based Paragon Commercial Group for an undisclosed price. Situated on 7.2 acres, the 92,169-square-foot property is anchored by ALDI, HomeGoods, BevMo! and Staples. At the time of sale, the property was fully occupied. Ed Hanley, Bill Asher and Kevin Fryman of Hanley Investment Group represented the seller, while Ken McLeod and Zachary Card of CBRE’s Los Angeles’ office represented the buyer in the deal.
ORANGE, CALIF. — CBRE has arranged the sale of two seniors housing communities in Orange, approximately 33 miles southeast of downtown Los Angeles. Marlon LTD, a private partnership, acquired the two newly constructed apartment communities from RC Hobbs Cos. for $15 million. The sale was an exchange dependent on Marlon selling two older properties in nearby Tustin. The seniors housing apartments included a 28-unit property at 184 N. Prospect St. and a 12-unit property at 130 S. Hewes St. CBRE’s Dan Blackwell represented Marlon and RC Hobbs in the transactions. Korkees LP, another exchange buyer represented by Blackwell, purchased the two older assets in Tustin.
LAS VEGAS — Colliers International has arranged the acquisition of a retail and office property, located within Scottsdale Plaza at 8716 S. Maryland Parkway in Las Vegas. SREF Scottsdale Plaza LLLP sold the 85,134-square-foot property to Highland and Sterling LLC for $11.5 million. Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the buyer in the deal.
NEW YORK CITY — The Moinian Group has closed on a $595 million CMBS loan from J.P. Morgan and Deutsche Bank to refinance 3 Columbus Circle, a 26-story office tower in Manhattan that also houses the real estate investment firm’s headquarters. Formerly known as the Newsweek Building and originally built as the headquarters of General Motors Corp., 3 Columbus Circle is situated along Broadway and occupies a full city block just south of the Merchant’s Gate entrance to Central Park. The CMBS financing includes 10 years of interest-only payments at a fixed interest rate of 3.91 percent. The Moinian Group is using the loan to replace an existing $350 million CMBS loan. The property is fully leased, according to Moinian Group. Anchor office and retail tenants include global marketing firm VMLY&R, Moinian, Nordstrom, Chase Bank and CVS/pharmacy. History of ownership The Moinian Group originally purchased 3 Columbus Circle in 1999. The company’s path back to full control of the tower began in 2011, when the company first partnered with SL Green on the property. In 2012, together with architectural firm Gensler, Moinian completed the redevelopment of the building, including the design of a new facade, lobby, elevator system and the …
RICHMOND, VA. — Cushman & Wakefield | Thalhimer has arranged the $125 million sale of a five-property shopping center portfolio in metro Richmond spanning 745,000 square feet. Connie Jordan Nielsen of Cushman & Wakefield | Thalhimer represented the seller, Marchetti Properties, in the transaction. Rosenthal Properties and PGIM Real Estate purchased the portfolio, which includes Stonehenge Village, a 180,000-square-foot power center anchored by Wegmans. The shopping center also features 71,300 square feet of inline space and five outparcels. Other assets in the portfolio include Staples Mill Marketplace, a 156,476-square-foot, Kroger-anchored retail center, with additional tenants including Panda Express and Zaxby’s; Staples Mill Square, a 96,488-square-foot center leased to Petco, Aldi and a separately owned Target, as well as Discount Tire, McDonald’s and Taco Bell; Parham Plaza is a 177,450-square-foot center anchored by Walmart, T.J. Maxx and Petco; Ridge Shopping Center, situated across from Parham Plaza, is a 101,163-square-foot center anchored by The Fresh Market, with other tenants including Sherwin Williams, Chick-fil-A, Hallmark, Virginia ABC and Sugar Shack.
CRANSTON, R.I. — CBRE has brokered the $6.9 million sale of a 234,600-square-foot industrial facility in Cranston. Located at 2700 Plainfield Pike, the property consists of 225,000 square feet of distribution space. The facility also includes a 9,600-square-foot truck maintenance facility with fueling area. Gerald Lavallee of CBRE represented the seller, First Bank and Trust Company of Illinois, in the transaction. The buyer was Equity Industrial Partners, which plans to update the facility with a new roof, LED lighting and parking lot.
PENNSYLVANIA — Capital Health Group LLC (CHG) has arranged the sale of a four-community, 534-bed seniors housing portfolio in southeastern Pennsylvania. Affiliates of CHG acquired the portfolio, which features a mix of independent living, assisted living and memory care units, in January 2017. CHG’s affiliated management company, Milestone Retirement Communities LLC, operated the communities during this time. Under CHG’s ownership, portfolio occupancy averaged over 93 percent and the operating margin was consistently above 38 percent. CHG sold the community on behalf of CHH Senior Housing LP, a CHG-sponsored operating company capitalized by Akard Street Partners, an investment venture with the Teacher Retirement System of Texas. The buyer, price and names of the communities were not disclosed. CHG is a private equity firm that was founded in 2006 to make capital investments in seniors housing facilities through acquisition and development. CHG’s current portfolio includes 41 operating communities and six communities under development. Milestone’s portfolio is located nationally across 20 states and consists of 89 communities with more than 7,800 units.