DENVER — CenterSquare has purchased Shops at Highpointe, an essential service retail (ESR) shopping center in Denver. Terms of the transaction and the name of the seller were not released. Located at the northeast corner of Grant Street and 97th Avenue, Shops at Highpointe offers 18,938 square feet of retail space that was 88 percent occupied at the time of sale. T-Mobile, Dickey’s BBQ and Red Wing Shoes, along with several long-term local tenants, occupy the property, which was built in 2008.
CHICAGO — Interra Realty has brokered the $9 million sale of a 24-unit apartment building with two ground-floor commercial spaces in Chicago’s Hyde Park neighborhood. Originally constructed in 1907, the property at 5300 S. Blackstone Ave. features one one-bedroom unit, 11 two-bedroom units and 12 three-bedroom residences. All apartments feature renovated kitchens and bathrooms, in-unit laundry and individual HVAC. There is also a 16-car parking lot. The building’s corner retail space is leased to Philz Coffee, while the other commercial space is occupied by a local property management company. Joe Smazal and Mark Dykstra of Interra represented the buyer, Estia Properties, a Chicago-based real estate investment and management company. The duo also represented the seller, an East Coast-based investment group.
HIALEAH, FLA. — CBRE has arranged the sale of Miami Midway Park, a four-building industrial park in Hialeah spanning 505,518 square feet. A real estate fund managed by Ares Management purchased the property from a joint venture partnership between Greystar and Butters Construction & Development for an undisclosed price. Jose Lobón, Frank Fallon, Trey Barry, Royce Rose, Devin White, Gabriel Braun and Daniel Sarmiento of CBRE represented the seller in the transaction. Affiliate firm Ares Industrial Management will manage Miami Midway Park on behalf of the new ownership. Delivered in second-quarter 2024, Miami Midway Park features 32-foot clear heights, 120 dock high doors, LED lighting and electric vehicle charging stations. The property was 76 percent leased at the time of sale, with 123,799 square feet of space available at the time of sale.
ST. PETERSBURG, FLA. — Plaza Advisors has brokered the $4.7 million sale of Bay Pines, a 9,110-square-foot retail strip center located along Bay Pines Boulevard in St. Petersburg. The property serves as an outparcel to a Walmart Supercenter and was 85 percent leased at the time of sale to tenants including Starbucks Coffee, Supercuts and Jimmy Johns. Jeff Berkezchuk and Jim Michalak of Plaza Advisors represented the seller, Palm Beach Gardens, Fla.-based Kitson & Partners, in the transaction. The buyer was an undisclosed REIT. The transaction completes a three-property disposition that Plaza Advisors brokered on behalf of Kitson & Partners that includes adjacent Texas Roadhouse and Village Inn properties, which were sold to separate 1031 investors.
HARRISON AND KEARNY, N.J. — NAI James E. Hanson has brokered the $156.3 million sale of a portfolio of six industrial outdoor storage (IOS) properties totaling 48.7 acres in Northern New Jersey. Four of the properties are located in Harrison, and the other two are located in Kearny. Scott Perkins, Christopher Todd, and William Ericksen of NAI Hanson represented the buyer, Chicago-based Ambient Capital Partners, in the transaction. The seller was not disclosed.
SIMI VALLEY, CALIF. — Archway Capital has provided a $22.8 million loan for the purchase of Simi Valley Town Center, a 637,728-square-foot, open-air retail center situated on more than 42 acres in Simi Valley. Archway closed the non-recourse, two-year loan within 30 days of origination on behalf of the undisclosed borrower. Marshalls, Ulta Beauty, Studio Movie Grill, Five Below, California Pizza Kitchen, Red Robin, Verizon Wireless, Corner Bakery and Starbucks Coffee are tenants at the center, which is located at 1403-1685 Simi Town Center Way and was built in 2005. According to Archway Capital, the new ownership has a strategic plan to reposition the property to lifestyle retail over the next 12 months.
TORRANCE, CALIF. — Berkadia has negotiated the sale of Anza South Apartments, a garden-style multifamily property in Torrance. Gardena, Calif.-based Swami International acquired the asset from Paladin Co. for $11.7 million. Located at 21010 Anza Ave., Anza South Apartments offers 34 residences, averaging 1,121 square feet. The gated community was built in 1964. Steffan Braunlich and Trent Gardner of Berkadia’s El Segundo office represented the seller, while John Barbie of Bro-Deals Los Angeles represented the buyer in the transaction.
DENVER — Pinnacle Real Estate Advisors has arranged the sale of a 6,233-square-foot commercial boutique building at 1532 Emerson St. in Denver. The three-story property traded for $1.3 million. According to LoopNet Inc., the property, informally known as The Gargoyle Building, was originally built in 1937. Nick Schill of Pinnacle represented the seller, an entity doing business as FILROSS 1328 LLC, in the transaction. The buyer was not disclosed.
PEARLAND, TEXAS — A partnership between South Florida-based Eastham Capital and local owner-operator Mosaic Residential has purchased Amber Oaks and Park Place, two adjacent apartment complexes totaling 164 units in the southern Houston suburb of Pearland. Built in 2015, Amber Oaks comprises 16 one-bedroom units and 47 two-bedroom apartments across two three-story buildings. Constructed in 1972, Park Place consists of 21 one-bedroom apartments, 72 two-bedroom residences and eight three-bedroom units across 14 two-story buildings. Residents at both properties have access to shared amenities, including a pool, outdoor grilling and dining stations and onsite laundry facilities. The seller was not disclosed.
RICHARDSON, TEXAS — Locally based brokerage firm Disney Investment Group (DIG) has arranged the sale of Arapaho Village, a 101,507-square-foot shopping center located in the northeastern Dallas suburb of Richardson. A 43,256-square-foot Tom Thumb grocery store anchors the center, which was roughly 92 percent leased at the time of sale. Other tenants include Papa John’s Pizza, Dutch Bros Coffee, WellMed and Anytime Fitness. David Disney and Adam Crockett of DIG represented the seller, New York City-based WASA Properties, in the transaction. An affiliate of Weitzman acquired the center for an undisclosed price. JLL arranged a six-year-fixed-rate acquisition loan through an undisclosed life insurance company for the deal as well as joint venture equity from an unnamed partner.