STERLING, COLO — Pinnacle Real Estate Advisors has arranged the acquisition of a restaurant property located at 224 W. Main St. in Sterling. Terms of the transaction were not released. Pizza Hut currently occupies the 5,192-square-foot property on a triple-net lease. Dallas Sandberg represented the undisclosed buyer in the deal.
SHELBYVILLE, IND. — Prudent Growth Partners LLC has purchased Rivergate Shopping Center in the Indianapolis suburb of Shelbyville for $4.4 million. Built in 1985 and renovated in 1995, the 45,314-square-foot property is currently home to 10 tenants with staggered lease expirations. The center has been well maintained, and no significant deferred maintenance needs exist, according to Prudent Growth.
NILES, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has acquired a 42,224-square-foot industrial building in the Chicago suburb of Niles. Located at 7777 Merrimac Ave., the single-tenant property was fully leased at the time of sale. Constructed in 1964, the facility sits on 2.4 acres and features two docks and parking for more than 89 cars. Bill Lussow of Bespoke Commercial Real Estate represented the undisclosed seller. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.
FORT WORTH, TEXAS — Locally based brokerage firm Formation Real Estate has arranged the sale of 1612 Summit Avenue, a 52,000-square-foot office building located just outside of downtown Fort Worth. The building offers flexible floor plans that can accommodate a range of users. Grant Huff of Formation represented the buyer in the transaction and has been retained as the leasing agent. Bill Behr and Gavin Behr of Transwestern represented the seller. Both parties requested anonymity. The new ownership plans to refresh the building’s common areas and deliver customized finish-outs for incoming tenants.
AUBURN, N.Y. — An affiliate of St. Louis-based Commercial Development Co. has purchased the 237,480-square-foot former Bombardier manufacturing plant in Auburn, located outside of Syracuse in upstate New York. The 15-acre facility was originally built in 1886 to produce diesel engines and rail transportation equipment and includes several structures that were built in the 1940s. The facility features clear heights of 45 to 60 feet and is equipped with 12 overhead crane ways. Additionally, the property is fully paved and fenced with power-ready infrastructure in place. The new ownership will evaluate the existing buildings and retain or redevelop portions of the property based on market analysis.
BELLEVUE, WASH. — Shorenstein Investment Advisers has completed the sales of three office buildings in Bellevue’s The Spring District in two separate transactions. Funds affiliated with Blackstone Real Estate acquired a joint-control interest in Blocks 5 and 6 from Shorenstein, while Drawbridge Realty, a KKR partner, purchased Block 13 from Shorenstein and Wright Runstad & Co. The properties were each developed as build-to-suit office buildings for Meta. Terms of the transactions were not disclosed. Blocks 5 and 6 consist of two, 11-story buildings that total 670,000 square feet. While both buildings are leased long-term to Meta, the entirety of Block 6 was recently subleased to Snowflake, which moved into the building in May. Block 13 is a nine-story, 200,000-square-foot property.
TIGARD, ORE., AND BELLEVUE, WASH. — Palo Alto, Calif.-based Pacific Urban Investors has purchased two apartment communities in Oregon and Washington. Terms of the transactions were not released. The company acquired Meadow Creek, a 304-unit multifamily in Tigard, that has been renamed Ansley Murrayhill. Built in 1985, the two-story, garden-style property features 608 parking spaces, a clubhouse, fitness center, game room, swimming pool, spa, racquetball court and a dog park. Pacific Urban Investors also purchased Edgewood Park, a 195-unit property in Bellevue, that has been renamed Alder Bellevue. The low-density, garden-style community offers 372 parking spaces, two swimming pools, a fitness center and ample green space.
LAS VEGAS — Dalfen Industrial has acquired Diablo Logistics Center, a two-building industrial asset located at 5075 and 5175 W. Diablo Drive in Las Vegas. Terms of the transaction were not released. Built in 2002, Diablo Logistics Center offers 143,763 square feet of industrial space that is fully leased to seven tenants. The buildings feature 160-foot truck courts, 24-foot clear heights, a total of 44 dock-high doors and 18 grade-level doors.
CHINO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $7 million sale of a newly constructed, 5,596-square-foot single-tenant retail property located within the master-planned community of The Preserve in Chino. A 7-Eleven convenience store — which also features a Laredo Taco Co. quick-service restaurant and 12 fuel pumps — occupies the site on a 15-year, triple-net-lease basis with 10 percent rental increases every five years. Jeremy McChesney and Andrew Sprowl of Hanley represented the developer and seller, Ledo Capital Group, in the transaction. Adam Bloom of Lee & Associates represented the buyer, a private investor. Hanley Investment Group has facilitated the sale of 52 7‑Eleven retail properties in the past six years.
MINNESOTA — New Perspective, a Minnetonka, Minn.-based senior living company, has acquired five properties in the Twin Cities metro area. The communities are located in White Bear Lake, Oakdale, Golden Valley, Rosedale and Minnetonka. Each of the properties offers assisted living and memory care services. Amenities include communal spaces, wellness and recreational programs and chef-prepared meals.
