GLENDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Glen 91, an apartment community in the Phoenix suburb of Glendale. HCW sold the asset to Bridge Investment Group for $76.5 million, $258,446 per unit. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal. Completed in 2023, Glen 91 features 296 apartments, a resort-style swimming pool, hammock garden, covered parking and attached garages. Apartments offer nine-foot ceilings, laundry rooms with full-size washers/dryers and walk-in closets with built-in shelving.
Acquisitions
LOS ANGELES — Cushman & Wakefield has arranged the sale of 612 S. Broadway, a landmark building in downtown Los Angeles’ historic core. The six-story creative office and retail property traded for $16 million. Terms of the transaction were not released. Mike Condon Jr., Erica Finck, Reid Gratsch, Brittany Winn, Kylie Rawn and Mark Zakarian of Cushman & Wakefield brokered the transaction. Originally built in 1924 as Desmond’s Department Store and designed by A.C. Martin, the 80,000-square-foot building underwent a redevelopment transforming it into creative office building. Omgivning oversaw the redevelopment, which included adding two floors atop the original structure.
DENVER — Malman Commercial Real Estate has brokered the acquisition of an industrial property located at 2153 S. Wabash St. in Denver. Vera Wabash LLC acquired the asset from 2153 South Wabash Street LLC for $3 million. Situated on a 1.2-acre parcel, the 25,356-square-foot property features eight dock-high doors and one drive-in loading door. Taylor Roy of Malman Commercial Real Estate represented the seller, while CJ Toohey, Patrick Henry and Boston Wier of The Henry Group represented the buyer in the deal.
Excelsa Acquires 477-Unit Drake at St. Pete Multifamily Community in St. Petersburg, Plans $8M Renovation
by John Nelson
ST. PETERSBURG, FLA. — Excelsa Properties has acquired The Drake at St. Pete, a 477-unit multifamily community located at 1699 68th St. in St. Petersburg. Built in 1972, the Tampa Bay-area property comprises 36 residential buildings with a clubhouse and leasing center. Amenities at the community include a 24-hour fitness center, three swimming pools, two dog parks and a picnic area. Excelsa plans to spend $8 million on improvements at the property, which marks the sixth multifamily property to be acquired within its Excelsa U.S. Real Estate II fund. The seller and sales price of The Drake at St. Pete were not disclosed.
ATLANTA — JLL Capital Markets has arranged the sale of 120 Interstate Northwest, a four-building light industrial business park in Atlanta. Adler Real Estate Partners acquired the property, which totals 281,677 square feet, for an undisclosed price. The park was 97 percent leased to 35 tenants at the time of sale. Matt Wirth, Dennis Mitchell, Britton Burdette and Jim Freeman of JLL represented the seller, Albany Road Real Estate Partners, in the transaction. Additionally, Melissa Rose, Bobby Norwood and Hunter Goldberg of JLL secured acquisition financing on behalf of the buyer.
DWG Capital Partners, Dorado Holdings Purchase 96-Unit Greenbriar Apartments in Montgomery, Alabama
by John Nelson
MONTGOMERY, ALA. — DWG Capital Partners and Dorado Holdings have purchased Greenbriar Apartments, a 96-unit multifamily community in Montgomery. Located at 4604 Virginia Loop Road, the property features 13 two-story buildings situated on 5.4 acres. Insight Management Group sold the community for an undisclosed price. Jonny Easterling of Wiley Real Estate Group represented the seller in the transaction.
Marcus & Millichap Brokers $7.1M Sale of Northpark Shopping Center in Monticello, Arkansas
by John Nelson
MONTICELLO, ARK. — Marcus & Millichap has brokered the $7.1 million sale of Northpark Shopping Center, a 71,068-square-foot retail center located at 120-155 Northpark Drive in Monticello, about 90 miles south of Little Rock. Tenants at the property, which was 95 percent occupied at the time of sale, include Cato, Hibbett Sports, It’s Fashion Metro, Pizza Hut and Rent-A-Center. Eric Abbott and Zach Taylor of Marcus & Millichap represented the seller, Timber Development, in the transaction. A DST (Delaware Statutory Trust) fund based in California acquired the property. “Investor appetite for secondary market shopping center inventory remains robust,” says Abbott. “The buyer was drawn to the dominant nature and regional trade area of the Walmart, with no major competing shopping centers in the area.”
TULSA, OKLA. — Dallas-based brokerage firm The Multifamily Group (TMG) has arranged the sale of Heatheridge Assisted Living, an 87-unit seniors housing property located just outside the downtown Tulsa area. Built in 1990, the property offers one-bedroom units with four different floor plans and amenities such as a laundry room, entertainment room, outdoor courtyard and full-service salons. Jon Krebbs of TMG brokered the deal. The buyer and seller were not disclosed.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Victory Shops at Heritage Trace IV, an 11,492-square-foot retail strip center in Fort Worth. Tenants at the property, which was fully leased at the time of sale, include Just Love Coffee Café, RevFit, Flossophy Dental Studio and Big Chicken. All tenants operate on triple-net leases. Chris Gainey and Philip Levy of Marcus & Millichap represented the undisclosed seller in the transaction.
OCEANSIDE, CALIF. — ROIC has completed the disposition of Marketplace del Rio, a neighborhood shopping center in Oceanside, approximately midway between Los Angeles and San Diego. A Southern California-based high-net-worth investor acquired the asset for $56.6 million. Situated on more than 20 acres at 3762-3774 Mission Ave., the 183,292-square-foot center is anchored by Stater Bros. Market, which recently signed a long-term lease extension and expansion. The buyer hired 1st Commercial Management Group – San Diego Inc., a subsidiary of West Coast Retail Management, headed by Roberta Degener, to provide management services. Phil Lyons and Chad Iafrate of Cushman & Wakefield represented the buyer, while Jimmy Slusher, James Tyrell and Preston Fetrow of CBRE represented the seller in the deal.