YORK, PA. — Marcus & Millichap has negotiated the $1.6 million sale of a 3,640-square-foot, net-leased retail property in York. Located at 2650 S. Queen St., the property is currently occupied by KFC. Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap’s New Jersey office represented the buyer, a limited liability company, in the transaction. The seller was undisclosed.
SAN DIEGO, CALIF. — HFF has arranged the $92.5 million sale of Fifty Twenty-Five, a 942-bed student housing community located near San Diego State University. Sean Deasy, Hunter Combs and Scott Clifton of HFF represented the seller, FPA Multifamily, and procured the buyer, Denver-based Cardinal Group Investments. Completed in 2010, the LEED-Gold certified property offers a mix of studio, two- and four-bedroom units. Shared amenities include a resort-style swimming pool, 24-hour fitness center, study rooms, a computer center, coffee bar, tanning bed, shuttle service and 598-space parking garage.
COSTA MESA, CALIF. — Kidder Mathews has arranged the sale of 19@18th, an apartment building located at 145 E. 18th St. in Costa Mesa. Jim Colombo, a private investor, acquired the property from 18th Street Partners for $7.2 million. Situated on a 30,000-square-foot lot, the apartment building features 19 units. The buyer plans to renovate the property, including new air conditioning, granite countertops, new roofs, and kitchen and bath upgrades, as well as resurfacing of exterior decks. Steven Brombal and Josh Rhee of Kidder Mathews represented the seller in the deal.
REEDSPORT, ORE. — SRS Real Estate Partners’ National Net Lease Group has arranged the sale of a newly renovated retail property, located at 1300 U.S. 101 in the small, coastal city of Reedsport. An Oregon-based developer sold the property to an Oregon-based private family trust for $3.2 million. McKay’s Market and Dollar Tree each recently signed 10-year triple-net leases to occupy the 27,011-square-foot building. Patrick Luther, Matthew Mousavi and Ron Dowhaniuk of SRS Real Estate Partners represented the seller, while the buyer was self-represented.
HOUSTON — 29th Street Capital, an investment firm with offices in San Francisco and Chicago, has acquired Limestone Apartments, a 438-unit multifamily community in Houston. The property was built in 1999. The new ownership will update the unit interiors, landscaping and signage. Amenity spaces, which include a pool, fitness center and a clubhouse, will also be upgraded. The transaction, the seller in which was not disclosed, represents 29th Street Capital’s second acquisition in the Houston area in the last six months.
BARSTOW, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly delivered retail asset, located at 2804 Lenwood Road in Barstow. An Orange County, Calif.-based partnership sold the property to a Los Angeles-based private investor for $2.6 million, or $1,000 per square foot. The newly constructed 2,600-square-foot building features a drive-thru. A combination Dunkin’ and Baskin-Robbins occupies the single-tenant property. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Paul Bahk and James Chin of Los Angeles-based Realtex Properties represented the buyer in the transaction.
SAN ANTONIO — California-based Creative Realty Partners (CRP) has purchased Escondido Village, a 338-unit multifamily asset in San Antonio. Built in 1969, the recently renovated property is located near The Rim, a shopping and dining destination, as well as USAA’s headquarters. Escondido Village offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, picnic area, dog park and a playground. The seller was not disclosed. Florida-based Michaelson Real Estate Group will operate the property.
ANN ARBOR, MICH. — An affiliate of Linchris Hotel Corp. has acquired the Holiday Inn Ann Abor near the University of Michigan for an undisclosed price. The 225-room, full-service hotel was developed in 1980 and renovated in 2012. The property features more than 6,800 square feet of meeting space, a full-service restaurant, fitness center, video arcade, business center, salon, pool and tennis and basketball courts. Greg LaBine, Jeff Bucaro, Nicole Aguiar and Matthew Schoenfeldt of HFF arranged a five-year, fixed-rate loan for the acquisition. Loan proceeds will also be used to execute a property improvement plan that will include modernizing the guestrooms, bathrooms and building envelope.
NASHVILLE— CapRidge Partners has acquired Nashville City Center, a 27-story office tower. Multiple media outlets reported the sales price as $105.3 million. Located at 511 Union St. in downtown Nashville, the 477,261-square-foot building features a fitness center, freestanding restaurant and an onsite music studio available for tenant use. The building is near the Tennessee Performing Arts Center and Bridgestone Arena as well as number of dining and entertainment options. Andy Scott and Jim Curtin of HFF worked on behalf of CapRidge Partners to secure a four-year, floating-rate acquisition loan through lender CIT Group. “We were pleased to arrange financing for the acquisition of this notable office property in Nashville, which is a vibrant market for commercial properties,” says Chris Niederpruem, managing director for CIT’s Real Estate Finance division. Will Yowell, Jay O’Meara, Morgan Hillenmeyer and Douglass Johnson of CBRE represented the seller, Alliance Partners HSP LLC, in the transaction. Since 2011, the property’s average occupancy is 95 percent. “This offering was a very rare opportunity to acquire one of Nashville’s most prominent office assets at an attractive basis and we received significant investor interest because of it,” says Yowell, vice chairman at CBRE. “Nashville City Center benefits from its location in the …
MARIETTA, GA. — HFF has arranged the sale of Olde Mill Plaza, a 105,487-square-foot retail center in Marietta, to Livingston Properties. Olde Mill Plaza is located at 3101 Roswell Road, 20 miles northwest of downtown Atlanta. The asset was 91 percent leased at the time of the sale to tenants including Walmart Neighborhood Market, Just Fitness 4U, Los Arcos Mexican restaurant, European Deli, Le Nails Spa2, K&G Tailors, Roxy Package Store and House of Ming. Outparcel tenants include McDonald’s and RaceTrac. The sales price was not disclosed.