GREENWICH, CONN. — CBRE has brokered the $20.7 million sale of Putnam Green, a 66-unit apartment complex located in the southern coastal Connecticut community of Greenwich that was built in 1976. According to Apartments.com, the property offers one- and two-bedroom units. The sale represents a fee interest in the land, which was ground-leased to the neighboring property. CBRE negotiated a termination with the ground leaseholder contemporaneously with the closing of the sale of the fee interest in the land. Jeffrey Dunne, Eric Apfel and Travis Langer of CBRE brokered the deal(s). The seller was PIC Associates, and the buyer was Bedford Realty Associates.
RENO AND SPARKS, NEV. — A joint venture between HZ Capital Partners Fund I and New York Life Real Estate Partners has sponsored the purchase of two multifamily properties in Nevada — Lakeview and Sand Pebble/Spanish Oaks. Mission Rock Residential, an affiliate of Hamilton Zanze, has assumed management of the properties, which are located within seven miles from one another. Terms of the transactions were not released. HZ Capital Partners Fund I is San Francisco-based Hamilton Zanze’s discretionary fund that targets the purchase of multifamily properties. Theses transactions represent Hamilton Zane’s third and fourth sponsored acquisitions of 2025. Located at 2600 E. Shore Drive in Reno, Lakeview features 328 studio, one-, two- and three-bedroom apartments overlooking Virginia Lake. Units include air conditioning, high-speed internet and private patios or balconies. Community amenities include a swimming pool, barbecue and picnic areas, a basketball court, onsite gym, laundry facilities and a playground. Located at 1877 El Rancho Drive in Sparks, Sand Pebble/Spanish Oaks features 448 one-, two- and three-bedroom apartments with air conditioning, high-speed internet, washer/dryer hookups, fireplaces, walk-in closets and private patios or balconies. Built in 1983, the community offers a resident clubhouse, swimming pool, sauna spa, laundry facilities, basketball and tennis courts, onsite …
EL CAJON, CALIF. — Steel Peak has completed the sale of an industrial outdoor storage (IOS) property on 2.5 acres at 1324-1336 Magnolia Ave. in El Cajon. C&M Manufacturing acquired the asset for $9.5 million. The buyer will occupy the 12,000-square-foot property for its operations, including the production and distribution of its products for the oil-and-gas industry. The property includes warehouse and office space and yard space for outdoor storage. The asset offers M-54 zoning, entitlement for outside storage, multiple access points and a level fenced yard. Cameron Czubernat and Kerry Schimpf of Commercial Property Group represented the seller, while Aidan Jones of Inland Pacific represented the buyer in the transaction.
WEST DUNDEE, ILL. — swissQprint America, the U.S. arm of the Swiss digital printing technology company, has acquired a 3-acre parcel within Canterfield Corporate Campus in the northwest Chicago suburb of West Dundee. The company plans to use the land to house its new 30,000-square-foot North American headquarters, which will include modern office space, a high-tech showroom and a parts warehouse. The development marks the third building within Canterfield Corporate Campus. The remaining land is owned by HLC Partners, a West Dundee-based, family-owned business and division of Haeger Industries. NAI Hiffman is the leasing agent for the campus. Site design is led by Karl Heitman, president of Heitman Architects. Development Solutions Inc. (DSI) is the general contractor.
NEW YORK CITY — Locally based investment and development firm Vanbarton Group has received $250 million in financing for an office-to-residential conversion project at 1011 First Ave. in Manhattan. An affiliate of Eldridge Capital Management provided the debt. The Roman Catholic Archdiocese of New York, which had housed its headquarters within the 20-story, 400,000-square-foot building since 1973, sold the property to Vanbarton Group for $103 million. The archdiocese has since relocated to 488 Madison Ave. The building is located within the Sutton Place submarket in Midtown Manhattan and is known locally as the Cardinal Terrence Cooke Center. Vanbarton plans to convert the property into a 420-unit multifamily property that will offer approximately 8,000 square feet of street-level retail space and more than 55,000 square feet of amenity space. Of the 420 units, 25 percent (105) will be reserved as affordable housing, though specific income restrictions were not disclosed. “The addition of 1011 First Avenue to our portfolio marks a significant step in expanding our office-to-residential conversion efforts, building on the success of nearly two decades of converting underutilized real estate and encompassing over 5 million square feet and 5,000 residences,” said Joey Chilelli, Principal at Vanbarton Group. CBRE’s Doug Middleton …
PLANO, TEXAS — Global Real Estate Advisors (GREA) has negotiated the sale of Bellevue at Spring Creek, a 278-unit apartment complex located northeast of Dallas in Plano that was originally built in 1982. According to Apartments.com, the property offers one- and two-bedroom units that range in size from 704 to 1,247 square feet. Amenities include two pools, a fitness center, playground, tennis court and a business center. The buyer was Dallas-based investment firm The ValCap Group, and the seller was not disclosed. Bellevue at Spring Creek was roughly 90 percent occupied at the time of sale.
PHOENIX — An affiliate of Cohen Asset Management has completed the sale of Riverside 43, a modern industrial building located at 2200 S. 43rd Ave. in central Phoenix, to Karney Properties for $34.2 million. Central Admixture Pharmacy Services fully occupies the 250,043-square-foot building, which was built in 2017. Situated on 16 acres, the building features a clear height of 36 feet, cross-dock loading, excess trailer storage and concrete truck courts with full-building circulation and multiple points of ingress/egress. The interior of the building has been configured with improvements tailored to the current tenant’s operations, including advanced HVAC systems and enhanced power capabilities. Will Strong, Molly Hunt, Michael Matchett, Jack Stamets and Madeline Warren of Cushman & Wakefield’s National Industrial Advisory Group — Mountain West represented the seller in the deal.
ALBUQUERQUE, N.M. — Los Angeles-based Westwood Financial has sold Wyoming Mall, a 51,713-square-foot retail center in Albuquerque. Walmart Supercenter anchors the property, which was 96 percent leased at the time of sale. Other tenants include Raising Cane’s, Starbucks Coffee, Krispy Kreme, Dollar Tree, Great Clips and Chick-fil-A. The Chick-fil-A outparcel at the property was not included in the sale. Curbline Properties Corp. was the buyer.
VANCOUVER, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the partial interest sale of Maple Ridge, a multifamily property in Vancouver. Glencrest Group purchased a partial interest in the community for an undisclosed price. Built in 1995, Maple Ridge features 116 apartments with an average size of 1,025 square feet. Apartments feature central air conditioning, gas fireplaces and lofted ceilings on top floor units. Anthony Palladino, Giovanni Napoli, Philip Assouad, Ryan Harmon and Nick Ruggiero of IPA represented the seller and procured the buyer in the deal.
FAIRFIELD, CALIF. — BH Properties has acquired a dual-building, multi-tenant retail property located at 1370-1380 Holiday Lane in Fairfield for an undisclosed price. The 24,064-square-foot property consists of two buildings situated on a 2.3-acre parcel. At the time of sale, the center was 58 percent vacant. Current tenants include Aspen Dental, Peet’s Coffee & Tea, Togo’s Sandwich Shop and Golden 1 Credit Union.