PASADENA, CALIF. — GreenTree Hospitality Group has completed the sale of GreenTree Pasadena Inn in Pasadena to a private buyer for an undisclosed price. Stanley Wang and Gordon Allred of the Allred Hotel Group at Marcus & Millichap represented the seller in the deal. Located at 400 S. Arroyo Parkway, GreenTree Pasadena Inn is situated a few blocks from the Pasadena Convention Center, Old Pasadena and the historic Rose Bowl.
LOWELL, MASS. — Regional owner-operator Arrowhead Properties has sold a 51-unit apartment building in the northern Boston suburb of Lowell. Wood Crest Apartments consists of two studios, 20 one-bedroom units and 29 two-bedroom residences that were fully occupied at the time of sale. Arrowpoint, which acquired the asset in late 2020 and implemented capital improvements, sold the building as part of a 1031 exchange. The buyer and sales price were not disclosed.
ELGIN, ILL. — Lee & Associates of Illinois and CBRE have arranged the sale of a 510,000-square-foot, 82-acre former corporate campus and ministry facility at 1000 N. Randall Road in Elgin. Kenneth Franzese and John Cassidy of Lee & Associates and Tony Gange of CBRE represented the seller, Harvest Bible Chapel. The self-represented buyer was Acts2Network, a Christian organization based in California. Originally developed as Safety-Kleen’s world headquarters in 1993, the property includes a roughly 350,000-square-foot office building wrapped around a multi-story parking deck, plus a 160,000-square-foot addition developed by Harvest Bible Chapel to accommodate an academy, worship center, gym and multipurpose ministry space. Amenities include a 2,100-seat auditorium, athletic center, production studios, training rooms, a cafeteria with full kitchen, visitor café and related support areas. The transaction terms included a longer-term leaseback for Harvest Bible Chapel’s academy and portions of its corporate offices, worship center and support spaces. Prior to closing, Acts2Network and Harvest Bible Chapel began cohabitating the campus. Shared spaces such as the worship center and gym serve both organizations.
MOKENA, ILL. — Inland Real Estate Acquisitions LLC has purchased Clarendale of Mokena, a 156-unit senior living community in Mokena, a southwest suburb of Chicago. The property features 60 independent living residences, 56 assisted living units and 40 memory care units. Amenities include a bistro, pub, dining room, fitness studio, theater room, salon, outdoor patio and landscaped grounds. Clarendale of Mokena was 94 percent occupied at the time of sale. Inland’s Matthew Tice and Brett Smith completed the transaction on behalf of an Inland affiliate. A joint venture between LCS and Nuveen Real Estate was the seller. LCS Community Operations will continue to provide management services for the community and its residents.
ALTON, ILL. — Marcus & Millichap has brokered the $9.3 million sale of Oakwood Plaza, a 16-suite retail property in Alton. Built in 2005, the 45,400-square-foot center sits on nearly 9 acres and is home to tenants such as Panera, Spectrum, Dollar Tree and Great Clips. Chris Garavaglia, Alex Perez and Steven Weinstock of Marcus & Millichap represented the seller, Commonwealth Commercial. Buyer information was not provided.
CHASKA, MINN. — Peavey Road Partners LLC has purchased a 42,886-square-foot industrial property at 4024 Peavey Road in Chaska for $3.1 million. The buyer plans to position the site for one of Minnesota’s first “mezzobusiness” cannabis cultivation, manufacturing and retail operations. The tenant will be Blom Inc., a Minnesota-based cannabis company pursuing a mezzobusiness license, the state’s most vertically integrated license type that allows for cultivation, manufacturing, processing, packaging and retail operations within a single platform. United Prairie Bank provided acquisition financing for the transaction. In addition, Peavey Road Partners plans to invest approximately $4 million for building improvements to convert the former industrial facility into a state-compliant cultivation and retail operation. Kai Thomsen, principal at Lee & Associates Twin Cities, and Wade Shatzer of Equimax created Peavey Road Partners to address the unique real estate and capital challenges specific to Minnesota’s cannabis industry. Hudson Brothen of Cushman & Wakefield represneted the seller of the property, Highland Development.
CASSELBERRY, FLA. — CBRE has brokered the sale of Casselberry Square, a 96,946-square-foot shopping center located at the intersection of State Road 436 and Red Bug Lake Road in Casselberry, a suburb of Orlando. The property was fully leased at the time of sale to tenants including Ollie’s Bargain Outlet, Pet Supermarket and Dollar General. Dennis Carson, Casey Rosen, Dan Baker and Michael Etemad of CBRE represented the seller in the transaction, which included two vacant outparcels. Daryl Carter and Emily Brown of Maury L Carter & Associates co-represented the seller. The buyer was an affiliate of Present Equity, a value-add retail and industrial investment firm based in Aventura, Fla.
NASHVILLE, TENN. — Carmichael Capital LLC, a locally based real estate investment firm founded by Taylor Camp, has acquired The Mill, a 22,802-square-foot adaptive reuse retail property located at 515 Merritt Ave. in Nashville’s Wedgewood-Houston neighborhood. SomeraRoad, an active mixed-use development firm in the Nashville market, sold the property for an undisclosed price. The Mill’s tenant roster comprises retail and restaurant concepts including Indochino, Hermitage Kitchen Gallery, Gordo’s Taqueria and BC Block Fitness. Kipper Worthington of Cushman & Wakefield handles the leasing assignment at The Mill, which is the second acquisition in the Wedgewood-Houston neighborhood for Carmichael Capital.
GREENVILLE, TEXAS — Pardue Cos., a Texas-based multifamily investment firm, has sold a portfolio of three multifamily properties totaling 428 units in Greenville, about 50 miles northeast of Dallas. The Ridge Apartments is a 112-unit complex that was built in 1985. Highland Terrace totals 172 units and was completed in 1978. Stone Ridge Apartments is a 144-unit property that was constructed between 1968 and 1983. All three are two-story, garden-style properties with pools and onsite laundry facilities. Taylor Hill, Michael Ware, Drew Kile, Joey Tumminello and Jack Windham of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented Pardue Cos. in the transaction. The buyer and sales price were not disclosed.
HOUSTON — Texas-based investment firm Presidium has acquired Whitney at The Heights, a 186-unit apartment complex located just outside of downtown Houston. Built in 2001, Whitney at The Heights offers one-, two- and three-bedroom units that range in size from 666 to 1,320 square feet. Residences are furnished with stainless steel appliances, individual washers and dryers and private entrances/patios. Amenities include a pool, resident clubhouse, fitness center, business center, dog park and outdoor grilling areas with TVs. The seller and sales price were not disclosed. Presidium plans to implement a value-add program that will initially target common areas and amenity spaces.
