OVERLAND PARK, KAN. — The Boulder Group has arranged the sale of a single-tenant property net leased to Skechers in Overland Park for $1.5 million. The 6,415-square-foot building is located next to a Walmart Supercenter. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate company. A West Coast-based real estate investment company purchased the asset.
NASHVILLE, TENN. — Multifamily investment firm The Sterling Group has sold Hampton Chase Apartments, a 202-unit multifamily community located approximately 10 miles from downtown Nashville. The buyer was Los Angeles-based Lion Real Estate Group, which acquired the asset for $20.7 million. Prior to the sale, Sterling Group renovated 137 units at the property, which was built in 1974. Communal amenities include two swimming pools, a fitness center, clubhouse, picnic area, firepit, sun deck and a playground. Russ Oldham, Brett Kingman and Steve Massey of CBRE represented The Sterling Group in the deal.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of two commercial development sites located on 31st St. in the Astoria neighborhood of Queens for a combined total of $2.9 million. Each site is zoned for mixed-use development and will include a residential component. Stephen Preuss and Andreas Efthymiou of Cushman & Wakefield represented the undisclosed sellers in the transaction. A trio of private investors purchased the property.
ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Avenue J, a 29,770-square-foot office building in Arlington. The multi-tenant property was built in the 1980s and offers proximity to Interstate 30. Cody Payne and Wayne Bares of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer, both of which were private investors. Additional terms of sale were not disclosed.
SAN DIEGO — Innovative Industrial Properties (IIP) has acquired a five-property industrial portfolio in Southern California for $27.1 million. The assets total 102,000 square feet of industrial space. This acquisition marks IIP’s second investment in California, following the company’s acquisition in Sacramento earlier this year. The company claims to be the only real estate company on the New York Stock Exchange focused on the regulated U.S. cannabis industry. Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease at each property with a licensed cannabis operator. The tenant intends to operate the properties as licensed cannabis cultivation, manufacturing, processing and distribution facilities in accordance with California regulations.
TUCSON, ARIZ. — The LaClaire Group of Marcus & Millichap has negotiated the sale of National RV Central, a 125,015-square-foot recreational vehicle storage facility in Tucson. A Colorado-based national private self-storage operator acquired the property from a local partnership for an undisclosed price. Situated next to Interstate 10, National RV Central features 112,115 rentable square feet of indoor, climate-controlled RV storage; 5,100 rentable square feet of traditional drive-up self-storage space; and a 7,800-square-foot service bay rented to a third party. Built in 2006, the property features fully enclosed RV and boat storage. Thomas Parson and Adam Schlosser of Marcus & Millichap represented the seller in the deal.
COLORADO SPRINGS, COLO. — Cushman & Wakefield has arranged the sale of an office building, located at 745 Space Center Drive in Colorado Springs. A private individual sold the property for $9.1 million, or $177 per square foot. Booz Allen Hamilton fully occupies the two-story, 51,700-square-foot office building, which features covered parking. The property was constructed in 2006. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield’s Denver-based Capital Markets Group facilitated the transaction. The buyer was not disclosed.
GILLETTE, WY. — Stan Johnson Co. has brokered the sale of an industrial building, located at 2600 E. Second St. in Gillette. New York-based AR Global Investments acquired the property from a local Wyoming developer for $7.1 million. Cummins Inc. occupies the 36,720-square-foot building on a double-net-lease basis. Jason Powell and Colin Couch of Stan Johnson Co. represented both parties in the transaction.
JACKSON, TENN. — Cushman & Wakefield has negotiated the sale of a five-property, 655-unit multifamily Portfolio in Jackson. McDowell Properties sold the portfolio to Monarch Investment & Management Group. The properties are: Post House North, a 145-unit complex located at 26 Revere Circle; Woods of Post House, a 122-unit community located at 39 Thistlewood Drive; Post House Jackson, a 150-unit property located at 26 Rachel Drive; The Oaks, a 100-unit asset located at 842 North Parkway; and Bradford Chase, a 148-unit complex located at 24 Williamsburg Village. McDowell Properties has invested over $3 million in capital improvements at the properties since 2015, including clubhouse renovations, fitness center upgrades, interior upgrades and new exterior paint, gutters, roofs and signage. Robbie O’Bryan, Jimmy Adams and Brad Boston of Cushman & Wakefield represented the seller in the transaction. The sales price was not disclosed.
STONE MOUNTAIN, GA. — Berkadia has arranged the $21.9 million sale of The Residences at Mountain Lake, a 284-unit apartment community in Stone Mountain, about 20 miles east of downtown Atlanta. The garden-style complex offers one-, two- and three-bedroom floor plans and communal amenities such as a picnic area, clubhouse and a playground. The buyer, California-based Praxis Capital Inc., plans to add a fitness center and clubroom, as well as upgrade unit interiors. Andrew Mays, Paul Vetter, Judy MacManus and Matthew White of Berkadia’s Atlanta office represented Praxis Capital as well as the seller, Texas-based Napali Capital LLC. Jackson Cloak of Berkadia’s Irvine, Calif. office arranged a $20.2 million acquisition loan through Bancorp Bank on behalf of the buyer. The adjustable bridge loan features a 5.6 percent interest rate and an 80 percent loan-to-cost structure.
