DENVER — NorthPeak Commercial Advisors has brokered the sale of an apartment building located at 4630 E. Ashbury Circle in Denver. The 12-unit asset traded for $2.4 million, or $197,916 per unit. The names of the seller and buyer were not released. Jack Sherman and Hunter Schaefer of NorthPeak Commercial Advisors represented the seller, while Kevin Calame and Matt Lewallen, also with NorthPeak, represented the buyer in the deal.
WESTMINSTER, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a 12-unit multifamily property in Westminster. The asset traded for $2 million, or $169,583 per unit. Chris Knowlton of Pinnacle Real Estate Advisors represented the undisclosed seller and undisclosed buyer in the transaction.
CHICAGO — JLL Income Property Trust has sold 180 North Jefferson, a 28-story apartment tower in Chicago’s West Loop neighborhood. The sales price was roughly $76 million, according to Crain’s Chicago Business. The property features 274 renovated units along with upgraded amenities. John Jaeger, Justin Puppi and Jason Zyck of CBRE represented the seller, which held the asset for nearly eight years. JLL says the disposition frees up capital for the strategy of pursuing suburban, garden-style apartment communities in highly rated school districts.
GREENWOOD, IND. — CBRE has brokered the sale of Westminster, a 438-unit multifamily property in the Indianapolis suburb of Greenwood. The sales price was undisclosed. Built in 1971, the community has undergone extensive renovations totaling nearly $20 million since 2014. Residences come in one-, two- and three-bedroom layouts averaging 918 square feet. George Tikijian, Hannah Ott, Cam Benz, Claire Bullard and Ryan Stockamp of CBRE represented the seller, Van Rooy Properties, which acquired the asset in 2010. Monarch was the buyer.
LAKEVILLE AND SAVAGE, MINN. — Inland Real Estate Acquisitions LLC has acquired two luxury senior living communities in metro Twin Cities for an undisclosed price. Kingsley Shores Independent Senior Living in Lakeville features 101 units. Amenities include a dining room, library, wellness center, warm-water pool, salon, rooftop veranda, theater room, scheduled transportation and onsite social activities. Kingsley Place, an active adult community with 55 units, was also acquired as part of Kingsley Shores. Savage Senior Living at Fen Pointe in Savage features 122 units. Amenities include a dining room, library, fitness center, clinic space, community gardens, salon, theater room, chapel, art studio, coffee bar and walking paths. Both properties were 95 percent occupied at the time of sale. Matthew Tice and David Neboyskey of Inland completed the transaction on behalf of an Inland affiliate.
SPRINGFIELD, VA. — Haverford Retail Partners has acquired Springfield Center, a 176,698-square-foot shopping center located at 6646 Loisdale Road in in Springfield, 14 miles south of Washington, D.C. The seller and sales price were not disclosed. Springfield Center was fully leased at the time of sale to eight tenants, including Barnes & Noble, DSW, Marshall’s and Bob’s Discount Furniture. The retail center represents Pennsylvania-based Haverford’s third property in the metro D.C. area.
LELAND, N.C. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a 4,042-square-foot, freestanding retail property in Leland. Jiffy Lube fully occupies the property at 8962 Ocean Highway E on a 15-year, corporate-guaranteed lease that features rent increases in the initial term. The store was built in 2023 on a 1.3-acre lot roughly nine miles west of downtown Wilmington, N.C. Don McMinn and Andrew Koriwchak of Taylor McMinn Retail Group represented the seller, an undisclosed developer, and the buyer, an institutional investor, in the transaction. The sales price was also not disclosed. “Since the [Federal Reserve’s interest] rate cut, we are seeing institutions become more active and competitive buyers as their stock prices are going up and their cost of capital are coming down,” says McMinn.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $9.8 million sale of a multifamily development site in The Bronx. The site at 36 Bruckner Blvd. is located on the borough’s Mott Haven neighborhood and is approved for the development of 99 apartments and some commercial space. Jason Gold and Gabriel Elyaszade of Ariel represented the seller, Yates Restoration, which has owned the property since 1982, in the transaction. The buyer was not disclosed.
NORWICH, CONN. — Locally based brokerage firm O,R&L Commercial has arranged the sale of a 57,000-square-foot industrial building in Norwich. The sales price was $3.3 million. The building at 243 Vergason Ave. sits on 10 acres and was 53 percent leased at the time of sale, with IT and engineering firm American Systems Inc. occupying 30,000 square feet. Frank Hird and Will Braun of O,R&L represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction.
CHICAGO — Hardware retailer True Value Co. LLC has initiated voluntary Chapter 11 bankruptcy proceedings in the U.S. Bankruptcy Court for the District of Delaware. The Chicago-based retailer has also entered into an agreement to sell substantially all of its business operations to Do it Best Corp., another entity within the home improvement retail sector and former rival. According to Reuters, Do it Best will serve as the stalking horse bidder for True Value with an acquisition price set at $153 million in cash and the assumption of $45 million in contracts and other obligations. “After a thorough evaluation of strategic alternatives, we determined that the sale of our business was the path forward to maximize value and best serve our retail partners and other stakeholders into the future,” said Chris Kempa, CEO of True Value. “We believe that entering the process with an agreed offer from Do it Best, who has a similar decades-long history in the home improvement space and also operates with a focus on supporting members and helping them grow, is the most beneficial next step.” True Value stores — of which there are roughly 4,500 — are independently owned, aside from one company-owned store in Palantine, Ill. …
