CHICAGO — CBRE has arranged the sale of 800-810 Fulton Market in Chicago for $12.2 million. The 25,952-square-foot property is located in the Fulton Market district and has flexible zoning options. The buyer, Thor Equities, has purchased several buildings in the neighborhood. Keely Polczynski of CBRE represented the seller, R2 Cos.
COSTA MESA, CALIF. — The Bascom Group has acquired Sunset Cove Apartments, an infill multifamily community located in Costa Mesa. The company purchased the property for $33.3 million, or $270,731 per unit. Built in 1970, Sunset Cove features 123 apartments. Brian Eisendrath, Annie Rice and Brandon Smith of CBRE arranged the debt financing for the acquisition, while Jim Fisher, Jeff Rowerdink, Joe Leon and Mike Smith of Berkadia brokered the transaction. The name of the seller was not released.
BEAVERTON AND TIGARD, ORE. — Trion Properties has purchased three multifamily properties totaling 174 units in metro Portland. The acquisitions include a two-property portfolio in Beaverton and a 71-unit multifamily community in Tigard. In Beaverton, Trion purchased the 41-unit Menlo Square, located at 5930 SW Menlo Drive, for $5.7 million, and the 62-unit Center Square Apartments, located at 12310 SW Center St., for $8.5 million. Continental Partners arranged $4.8 million and $7.7 million in acquisition financing for the purchases, respectively. Cody Hagerman and Tyler Johnson of HFO represented the buyer and seller, a private seller, in the portfolio transaction. Additionally, Trion acquired Maple Tree Apartments, a 71-unit property located at 10890 SW Canterbury Lane in Tigard. A private seller sold the property for $10.1 million. Continental Partners arranged a $8.1 million loan for the acquisition. Liz Tilbury and Ben Murphy of Tilbury Ferguson Investment Real Estate represented the buyer and seller in the deal.
REDWOOD CITY, CALIF. — Levin Johnston has arranged the sale of Velocity at Sequoia Station, a multifamily community located at 1331 Jefferson Ave. in Redwood City. Old Adobe Management Co. sold the property to a private owner and investor for $15 million. The property features 30 apartment units. Adam Levin and Robert Johnston of Levin Johnston represented the seller and buyer in the 1031 exchange transaction.
ALBUQUERQUE — Marcus & Millichap has brokered the sale of a Motel 6, located at 1701 University Blvd. NE in Albuquerque. The 117-room property, which was renovated in 2015, sold for an undisclosed price. Allan Miller, Chris Gomes and Joseph Jaques of Marcus & Millichap’s Dallas office represented the seller, a limited liability company, and buyer, another limited liability company. Matthew Reeves of Marcus & Millichap was the broker of record in New Mexico.
EAST ORANGE, NEWARK, N.J. — Gebroe-Hammer Associates has brokered three separate sales of multifamily properties in the East Orange and Newark corridor for a combined $31.7 million. The properties include 245 units spread across four buildings. The buildings are located at 742 Park Ave. and 110 Halsted St. in East Orange; and 25 Van Velsor Place, and 103 Chancellor Ave., in Newark. The $6.7 million sale of 26 units at 742 Park Ave. set a new benchmark price of $257,692 per unit for the municipality. Debbie Pomerantz of Gebroe-Hammer procured the buyer, Nova Appian LLC in the sale of 742 Park Ave and David Oropeza of Gebroe-Hammer represented the seller, 742 Park Avenue West Urban Renewal LLC. Oropeza also represented the sellers of 110 Halsted St., ABS9 110 Halsted LLC in the $5.6 million sale. The buyer was Saket Properties & Management LLC. The properties at 25 Van Velsor Place and 103 Chancellor Ave., which include a total of 191 units, sold for a combined $19.3 million. The buyer and seller were not disclosed.
ELMWOOD PARK, N.J. — The Stro Companies has acquired 475 Mola Boulevard, a 45,000-square-foot industrial building in Elmwood Park for $4.1 million. SB One Bank provided the acquisition financing. The seller was an owner occupant. Stro plans to relaunch the asset with a complete reposition and upgrade program, including interior and exterior improvements that will subdivide the existing two units into four. Currently 32,000 square feet of the building sits vacant.
HACKENSACK, N.J. — Marcus & Millichap has negotiated the sale of a 7,200-square-foot industrial property in Hackensack for $1 million. The building is located at 174 Lodi St. in Hackensack, 14 miles northeast of Manhattan. The sole tenant of the building is a laundry services company. Steve Lim of Marcus & Millichap represented the seller in the transaction, a private investor and the buyer, also a private investor.
CARROLLTON, TEXAS — Denver-based Fairfield Asset Advisors has arranged the $8.5 million sale of a 21,500-square-foot medical office building located at 1601 W. Hebron Parkway in the northern Dallas metro of Carrollton. USMD Health System, a Dallas-based specialty practice, serves as the anchor tenant for the building, which was built in 2015. An undisclosed buyer that specializes in medical office acquisitions recently acquired the property from an undisclosed physician and private investor.
ACWORTH, GA. AND GALLATIN, TENN. — Preferred Apartment Communities (PAC) has acquired two Publix-anchored shopping centers totaling 139,000 square feet in Acworth and Gallatin. Atlanta-based PAC acquired the portfolio through its wholly owned subsidiary, New Market Properties. The name of the seller and sales price were not disclosed. In Acworth, PAC acquired Governors Towne Square, which is located roughly 32 miles northwest of Atlanta. In Gallatin, a suburb located 30 miles northeast of Nashville, PAC acquired Greensboro Village.
