WAUWATOSA, WIS. — CBRE has arranged the sale of Tosa Health Center, a 100,977-square-foot Class A medical office building in the Milwaukee suburb of Wauwatosa, for an undisclosed price. The three-story facility at 1155 N. Mayfair Road is fully leased to the Medical College of Wisconsin (MCW). Originally constructed as a build-to-suit for MCW, the facility was later expanded to accommodate MCW’s growth. A wide range of services are offered from the building, including primary care, urgent care, internal medicine, OB-GYN, mental health services, family medicine, spine care, imaging, laboratory, pharmacy, physical therapy, occupational medicine, plastic surgery and a vein center. Chris Bodnar, Brannan Knott, Mindy Berman, Zack Holderman, Cole Reethof, Trent Jemmett, Jesse Greshin and Devin Tessmer of CBRE represented the undisclosed seller. Hammes Partners was the buyer.
Acquisitions
COON RAPIDS, MINN. — Hanley Investment Group Real Estate Advisors has brokered the $8.2 million sale of two newly constructed retail buildings in the Minneapolis suburb of Coon Rapids. The transaction included a 3,893-square-foot, single-tenant property occupied by Café Zupas and a 6,297-square-foot, two-tenant building home to Dave’s Hot Chicken and Chapter Aesthetic Studio. Both properties feature drive-thrus and are located at the signalized entrance to Riverdale Commons, a shopping center anchored by Target and Home Depot. Jeff Lefko and Bill Asher of Hanley Investment Group, in association with Robert Wise and Jeff Jiovanazzo of CBRE, represented the seller, TOLD Development Co. Curbline Properties was the buyer.
CHICAGO — Greenstone Partners has negotiated the $3.3 million sale of a 4,747-square-foot retail property in Chicago’s Wicker Park neighborhood. The asset on North Damen Avenue is fully leased to Chipotle and Playa Bowls and sold for 99 percent of the list price. Chipotle has operated at the property since 2004 and recently exercised its last remaining five-year renewal option. Playa Bowls entered into a new 10-year lease. Danny Spitz and Brewster Hague of Greenstone represented the seller, a Chicago-based investment and development company. Buyer information was not provided.
EAGLE PASS, TEXAS — Lee & Associates has negotiated the sale of a 10-acre industrial development site in Eagle Pass, located north of Laredo along the Texas-Mexico border. The site at 4338 El Indo Highway is located within the 2,000-acre Empire Industrial Park. Enrique Volkmer of Lee & Associates represented the seller, an entity doing business as Empire Industrial Park LLC, in the lease negotiations. P.W. Ellis represented the buyer, Pilot Travel Centers LLC, which plans to develop and operate a diesel station and truck stop at the site. Vertical construction of the first 136,000-square-foot building is scheduled to begin in April.
SAN DIEGO — Voit Real Estate Services has arranged the sale of Mariner Apartments, a 16-unit beachfront multifamily complex in San Diego’s South Mission Beach neighborhood. Stingray Management LLC and JKCW sold the asset to a private investor for $9.2 million. Constructed in 1962, Mariner offers eight studios, seven two-bedroom units and a three-bedroom penthouse with oceanfront patios and decks and 17 parking spaces, as well as 84 feet of ocean frontage. The property is located at 2801 Ocean Front Walk. Robert Vallera and Jon Boland of Voit represented the sellers, while Cody Evans of South Coast Commercial represented the buyer in the deal.
PEORIA, ARIZ. — San Jose, Calif.-based Old Man Cactus LLC has acquired Sun Aire Plaza II, a retail center in Peoria, from Chandler, Ariz.-based Fen Investments for $2.8 million. Located at 9501 W. Peoria Ave., Sun Aire Plaza II offers 64,033 square feet of retail space on 1.5 acres. Troy Giammarco of NAI Horizon First represented the buyer, while Cindy Moy-Zhang and Brook Miller of Re/Max Solutions represented the seller in the deal.
Article Student Living, Barings Acquire 1,060-Bed Student Housing Community Near University of Kentucky
by John Nelson
LEXINGTON, KY. — A joint venture between Article Student Living and Barings has acquired 5 Twenty Four and 5 Twenty Five Angliana, a 1,060-bed student housing development located near the University of Kentucky campus in Lexington. The property includes 13 buildings spanning 427,200 square feet across 30 acres. The community offers 376 fully furnished units in one- through four-bedroom configurations. Shared amenities include two fitness centers; two swimming pools with sun decks and lounges; two study centers; private study space; a half basketball court; game room; movie theater; and onsite parking. The new ownership plans to renovate the community’s amenity spaces and unit interiors. The seller and terms of the transaction were not released.
SUNRISE, FLA. — A partnership between Denver-based BMC Investments, FCP and The RMR Group has purchased ARIUM Sunrise, a 400-unit apartment community located at 1501 N.W. 124th Terrace in the South Florida city of Sunrise. Robert Given and Zachary Sackley of CBRE represented the seller, a partnership between PCCP and RMR Group, in the transaction. The sales price was not disclosed. Charles Crapse and Denny St. Romain of CBRE arranged an undisclosed amount of acquisition financing for the buyers through Wells Fargo. Built in 1998, ARIUM Sunrise was 94 percent occupied at the time of sale and features a pool, clubhouse and a gym. The new ownership plans to renovate unit interiors.
Marcus & Millichap Negotiates Sale of Holiday Inn Melbourne Viera Hotel on Florida’s Space Coast
by John Nelson
MELBOURNE, FLA. — Marcus & Millichap has negotiated the $13.5 million sale of Holiday Inn Melbourne Viera, a 128-room hotel located off I-95 in Melbourne, a city on Florida’s Space Coast. Situated on 7.2 acres near the USSSA Space Coast Sports Complex and Patrick Space Force Base, the five-story hotel was built in 1991 and features 7,800 square feet of meeting space, an onsite restaurant, business center, fitness center and an outdoor pool. Robert Hunter and Leo Reilly of Marcus & Millichap’s Fort Lauderdale office represented the seller and procured the buyer in the transaction. Both parties requested anonymity.
NOBLESVILLE, IND. — CBRE has brokered the $59.5 million sale of Autum Breeze, a 280-unit apartment property in the Indianapolis suburb of Noblesville. Built in 2009, the community features a range of one-, two- and three-bedroom floor plans averaging 1,066 square feet. Amenities include a fitness center, pet spa, coffee bar, game room and outdoor pavilion. Autumn Breeze is located at 14901 Beauty Berry Lane proximate to Hamilton Town Center, IU Health Saxony Hospital and Ascension St. Vincent Fishers Hospital and within walking distance of the Ruoff Home Mortgage Music Center. Hannah Ott, George Tikijian, Cam Benz, Clair Hassfurther, Ryan Stockamp and Sean Pingel of CBRE represented the seller, Lightstone Group. IRT was the buyer.