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Acquisitions

AcquisitionsMidwestMinnesotaMultifamily

JLL Brokers Sale of 95-Unit Park Villas Apartments in Waite Park, Minnesota

by Kristin Harlow

WAITE PARK, MINN. — JLL Capital Markets has brokered the sale of Park Villas Apartments, a 95-unit community situated on 7 acres in Waite Park, a city in central Minnesota. The property features 71 one-story, cottage-style units and 24 two-story townhomes for residents age 55 and older. The community was built in 1991 and renovated in 2008. Units average 931 square feet. Josh Talberg, Joseph Peris, Ken Dayton, Pat McMullen and Jack Graveline of JLL represented the seller, Podawiltz Development Corp., and procured the buyers, Noel Johnson and Jamison Kohout of Venture Development Group.

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AcquisitionsIndianaMidwestMultifamily

Marcus & Millichap Negotiates $4.9M Sale of Multifamily Property in Marion, Indiana

by Kristin Harlow

MARION, IND. — Marcus & Millichap has negotiated the $4.9 million sale of Park Forest Apartments in Marion, which is located about midway between Indianapolis and Fort Wayne. The 64-unit multifamily property at 1005 N. Park Forest Drive features two-bedroom units. Each 900-square-foot residence has undergone recent renovations, including new balconies, windows, HVAC systems and water heaters. Quentin Benedetto, Kyle Stengle and Jack Stanton of Marcus & Millichap represented the seller, Pentagon Investment Group. Benedetto and Stanton procured the buyer, Ross McCarthur, co-founder of Follow The Deal Investments.

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AcquisitionsIllinoisMidwestRetail

Quantum Arranges $2.8M Sale of Retail Center in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — Quantum Real Estate Advisors Inc. has arranged the $2.8 million sale of a 14,238-square-foot retail center in Aurora. At the time of sale, the property at 2380 S. Eola Road was 90 percent leased to tenants such as Subway, Dunkin’, Wing Snob and Smile Family Dental. Dan Waszak and Brett Berlin of Quantum represented the seller, a public REIT based in Florida. The buyer was a private investor based in Illinois.

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AcquisitionsIndustrialTexas

Stream Realty Partners Brokers Sale of 27,500 SF Industrial Building in North Houston

by Taylor Williams

HOUSTON — Stream Realty Partners has brokered the sale of a 27,500-square-foot industrial building in North Houston. According to LoopNet Inc., the building at 608 W. Richey Road was built on 5.9 acres in 1982. Jon Farris of Stream represented the seller, Superior Energy Services, in the transaction. Andrew Laycock of Partners Real Estate represented the buyer, Axis Partners.

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AcquisitionsCaliforniaOfficeWestern

Ellis Partners, Baupost Group Buy 460,000 SF Multi-Building Office Campus in Santa Clara, California

by Amy Works

SANTA CLARA, CALIF. — Ellis Partners, in partnership with The Baupost Group, has purchased Campus at Scott, a Class A office campus in Santa Clara, from New York-based Clarion Partners for an undisclosed price. The three-building, 460,000-square-foot property is located at 3315, 3325 and 3355 Scott Blvd. The partnership plans to upgrade the asset’s amenities including fitness, food and outdoor areas.

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AcquisitionsCaliforniaRetailWestern

Marcus & Millichap Arranges $24M Sale of Vacant Retail Building in Glendale, California

by Amy Works

GLENDALE, CALIF. — Marcus & Millichap has arranged the sale of a vacant retail building located on 2.4 acres at South Central Avenue and Chevy Chase Drive in Glendale. Aria Investments LLC sold the asset to the City of Glendale for $24 million. The city plans to develop a park and recreation center on the site, which includes a 33,818-square-foot retail building formerly occupied by JoAnn Fabrics. Sheila Alimadadian of Marcus & Millichap represented the seller and procured the buyer in the deal.

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AcquisitionsCaliforniaMultifamilyWestern

Pacific Coast Commercial Negotiates $4.5M Sale of Del Oro Apartments in San Diego

by Amy Works

SAN DIEGO — Pacific Coast Commercial Real Estate has negotiated the sale of Del Oro Apartments, a value-add multifamily property in San Diego’s Hillcrest neighborhood. John Lopez and Cheryl Lopez acquired the asset from an undisclosed seller for $4.5 million. Citizens Private Bank provided acquisition financing for the buyers. Located at 3748-3772 Tenth Ave. and 918 Robinson Ave., Del Oro Apartments consists of an 18-unit apartment building and an adjacent duplex. The properties offers 15 studios averaging 326 square feet and five one-bedroom/one-bath units averaging 447 square feet. Zoned RM-3-9, the property also features nine garages. Ken Robak and David Dilday of Pacific Coast Commercial represented the seller, while Patti McKelvey of Coldwell Bank West represented the buyers in the transaction. Chicago Title Co. managed escrow and title services.

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AcquisitionsColoradoIndustrialWestern

Pinnacle Real Estate Advisors Brokers Sale of 15,500 SF Industrial Building in Denver

by Amy Works

DENVER — Pinnacle Real Estate Advisors has directed the $2.9 million sale of an industrial building located at 4571 Ivy St. in Denver. Mark Alley of Pinnacle handled the transaction. The names of the buyer and seller were not released. The 15,500-square-foot building features a secure yard for outdoor storage.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Brokers $13.4M Sale of Shopping Center in Bloomington, Illinois

by Kristin Harlow

BLOOMINGTON, ILL. — Marcus & Millichap has brokered the $13.4 million sale of Bloomington Commons, a grocery-anchored shopping center located at 1701 E. Empire St. in Bloomington. Anchored by Schnucks, the 15-suite property totals 132,966 square feet. Tenants include Barnes & Noble, The UPS Store, Kumon Math & Reading Center, Chuck E. Cheese and H&R Block. Schnucks, anchor tenant since 1989, recently renewed its lease for 10 years. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a local developer that sold the property after an eight-year hold period. The buyer was a West Coast-based doctor acquiring his first asset in the Midwest.

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AcquisitionsConnecticutMultifamilyNortheast

Chozick Realty Negotiates $6.7M Sale of Hartford Apartment Complex

by Taylor Williams

HARTFORD, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $6.7 million sale of Sumner House Apartments, an 80-unit multifamily complex located in the Asylum Hill neighborhood of Hartford. Built in 1970, the property offers 18 studios, 29 one-bedroom units, 32 two-bedrooms units and a three-bedroom penthouse that was built as the home for the original developer. Rick Chozick and Steve Pappas of Chozick Realty brokered the deal. The buyer and seller were not disclosed.

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