PALM DESERT, CALIF. — Marcus & Millichap has arranged the sale of Pointe Monterey Business Park, an industrial property at 34450 Gateway Drive in Palm Desert. Renken Consulting Group acquired the asset from Fullmer Construction for $10.2 million. Built in 2008, Monterey Business Park is a 113,945-square-foot, multi-tenant industrial property. At the time of sale, the property was 100 percent occupied by 10 tenants. Kevin Struve of Marcus & Millichap represented the buyer in the sale.
SANTA ANA, CALIF. — SVN Vanguard has arranged the sale of an industrial building, located at 302 N. Townsend in Santa Ana. An undisclosed seller sold the property to a local owner-user for $5.2 million. The 39,089-square-foot property features 20-foot clearance, a warehouse ventilation and a drive-through capacity. Fernando Crisantos of SVN Vanguard represented the buyer and seller in the off-market deal.
GRAYSLAKE, ILL. — Colliers International has negotiated the $6.5 million sale of Brittany Square Apartments in Grayslake, about 45 miles north of Chicago. The 83-unit apartment building, built in 1974, is located at 720 Brittany Square. Jack Maloney and Tyler Hague of Colliers represented the longtime family owner, Jim Freese. The undisclosed buyer plans to upgrade units and add a dog park and basketball court.
LEE’S SUMMIT, MO. — Marcus & Millichap has arranged the sale of Summit Oak, a 94-unit apartment property in Lee’s Summit, for $5.4 million. The property is located at 805 SW Mill St. and consists of eight buildings on nearly six acres. The unit mix includes 20 one-bedroom, 54 two-bedroom and 20 three-bedroom units. Bradley Barham and Max Helgeson of Marcus & Millichap represented the undisclosed buyer and seller.
WELLINGTON, FLA. — PEBB Enterprises and Pebb Capital have sold the Shoppes at Isla Verde, a 207,030-square-foot shopping center in South Florida’s Palm Beach County, to MetLife Investment Management for approximately $74 million. The Shoppes is situated on a 22-acre, four-parcel land assemblage in Wellington, a village in central Palm Beach County. Completed by PEBB Enterprises in 2008, the center was 94.2 percent occupied at the time of the sale to several national retailers, including CVS/pharmacy, Best Buy, Old Navy, Petco, Panda Express, Chipotle Mexican Grill and Ulta Beauty. PEBB Enterprises announced in July that Sprouts Farmers Market will also join the tenant roster. PEBB Enterprises, founded in 1972, is a family-owned and operated real estate investment company based in Boca Raton, Fla. Pebb Capital spun off of PEBB Enterprises in 2014. Daniel Finkle, Luis Castillo and Eric Williams of HFF represented the sellers in the transaction.
PLANTATION, FLA. — Bell Partners has purchased Broadstone Plantation, a 250-unit community located about eight miles from Fort Lauderdale in Plantation. Triad Business Journal reports the sales price was $67 million. The complex has been renamed Bell at Plantation and will be managed by Greensboro, N.C.-based Bell Partners. Bell at Plantation comprises five-story midrise buildings and three-story garden buildings with one- , two- and three-bedroom options. Amenities include a clubhouse, theater room, fitness center and a pool. The seller was undisclosed.
GREENVILLE, S.C. — Berkadia has negotiated the sale of West Village Lofts at Brandon Mill in Greenville for $42.2 million. West Village Lofts was redeveloped in 2017 and offers one- , two- and three-bedroom floor plans. Amenities include a dog park, pool, fitness center, wine cellar and a clubroom. The buyer and seller were undisclosed.
BOCA RATON, FLA. — ICM Realty has sold the Atrium at Broken Sound, a 97,584-square-foot, Class A office building in Boca Raton, to Alchemy-ABR Investment Partners and Breakers Capital Partners LLC for $21.5 million. The Atrium was built in 1986 on eight acres within The Park at Broken Sound, a 700-acre mixed-use development that offers residential options, shopping, cafes and a golf course. Schwartz Sladkus Reich Greenberg Atlas LLP represented the buyers in the transaction.
NEW YORK AND NEW JERSEY — Supermarket chains Lidl US and Best Market have announced an agreement in which Lidl will acquire 27 Best Market stores in New York and New Jersey. Beginning next year, the German discount retailer will convert the Best Market stores to the Lidl brand. The process will involve the remodeling, reinvestment and reflagging of Best Market locations as Lidl stores. Best Market is a privately owned fruit and grocery store chain headquartered in Bethpage, New York. Of the 27 Best Market locations, 24 are located in Long Island, two are located in New York City and one is located in New Jersey. The terms of the acquisition are undisclosed, and it is expected to close in the first quarter of 2019.
YONKERS, N.Y. — AMS Acquisitions has purchased a 50,000-square-foot development site in Yonkers for $18.3 million. The property is located at 55 Buena Vista Ave. AMS plans to build a 400,000-square-foot, 24-story, 361-unit residential building at the site, which is the former Teutonia Music Hall. AMS acquired the property from seller Kohl Construction. The AMS portfolio includes approximately two million square feet of retail, residential and office space in the tri-state region.
