SAN MARCOS, CALIF. — North City Enterprise LLC has purchased a freestanding industrial building in San Marcos for $2.1 million. The buyer plans to relocate its business to the 5,474-square-foot facility, which is located at 110 Venture St. Chris Baumgart of JLL represented the buyer, while Chris Nelson of Mathews REIS represented the undisclosed seller in the deal.
HOFFMAN ESTATES, ILL. — Eastham Capital and Bender Cos. have acquired Haven Hoffman Estates, a 550-unit apartment community in the Chicago suburb of Hoffman Estates, for $75.8 million. The asset will be renamed Hoffman Hills Apartments as part of a property update program. South Florida-based Eastham Capital obtained a majority interest in the deal through its current fund, Eastham Capital Fund VI LP. Bender Cos., which has co-invested and partnered with Eastham Capital on multiple projects, will oversee the day-to-day management of the property. The community is currently 96 percent occupied with average rents of just over $1,349 per month. The acquisition includes a renovation budget of $6.5 million, which will include interior unit, exterior and amenity upgrades. Built in 1970, the property features amenities such as a pool, clubhouse, fitness center, private work-from-home suites and an outdoor dining area. Kevin Girard, Mark Stern, David Gaines, Zach Kaufman, Betsy Romenesko and Sam Grohe of JLL represented the sellers, Tricap Residential Group and Wolcott Group. Trent Niederberger, Medina Spiodic and Rebecca Brielmaier of JLL originated a five-year, fixed-rate loan through Freddie Mac for the buyers.
MERRILLVILLE, IND. — Marcus & Millichap has brokered the $4 million sale of Crossroads Plaza, a 184,721-square-foot shopping center in Merrillville, a northern suburb of Chicago. Located at 6110 Broadway, the property is anchored by Ruler Foods, Trader Buck’s and Treasure Hunt Deals. Ruler Foods, a subsidiary of Kroger, is the only grocer within a three-mile radius. Additional tenants include Family Dollar, Subway, Papa John’s and Rent-A-Center. Eric Abbott, Andrew Margulies, Adam Sklaver and Philip Kates of Marcus & Millichap represented the seller in partnership with AM Group and utilized Marcus & Millichap’s auction platform to execute the sale.
DENTON, TEXAS — Cushman & Wakefield has arranged the sale of Granite Point Business Center, a 145,000-square-foot industrial building located in the North Texas city of Denton. The building, which was completed in 2006 and features 24-foot clear heights, was fully leased to four tenants at the time of sale. Jim Carpenter, Jud Clements, Robby Rieke and Trevor Berry of Cushman & Wakefield represented the seller, Boston-based TA Realty, in the transaction. The buyer was High Street Logistics Properties.
DALLAS — Marcus & Millichap has brokered the sale of Agave Azul on Boulder Apartments, a 66-unit building in southwest Dallas. The building was constructed in 1965 and has been extensively renovated over the past several years. Units predominantly feature two- and three-bedroom floor plans and have an average size of 950 square feet. Ford Braly, Al Silva and Dylan York of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were locally based investment groups that requested anonymity.
NEW YORK CITY — Marcus & Millichap has brokered the $6.8 million sale of a two-building, six-unit apartment complex located at 164-166 7th Ave. in the Park Slope neighborhood of Brooklyn. The complex was constructed in 1921, offers three-bedroom units and includes a retail space that is occupied by Starbucks Coffee. Matt Fotis of Marcus & Millichap represented the seller and buyer, both of which were private investors that requested anonymity, in the transaction.
IRVINE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of 2400 Barranca, a 4.9-acre redevelopment site within Irvine Business Complex (IBC) in Irvine. Gemdale USA sold the asset to Irvine Community Land Trust, in partnership with USA Properties, for $26.5 million. The site offers a variety of development opportunities from for-sale townhomes to industrial redevelopment. According to IPA, the City of Irvine’s 2045 General Plan includes a new residential housing overlay that will target 15,000 new housing units in the IBC and eliminate the need for a site-specific environment impact report, zone change or amendment to the master plan and city council vote to stimulate new high-density housing developments in locations where multifamily housing is needed. Kevin Green, Joseph Grabiec, Gregory Harris and Mark DeGiorgio of IPA represented the seller and buyer in the transaction.
MISSION VIEJO, CALIF. — Bolour Associates has completed the disposition of Cerro, a Class A creative office property fronting Interstate 5 in Mission Viejo, for $23.9 million. The name of the buyer was not released. Situated on 3.8 acres at 27401 Los Altos, the four-story building offers 71,464 rentable square feet and ample free surface parking. Nearly half of the building’s leases represent credit tenant commitments by organizations, including Pulte Homes and the U.S. General Services Administration, with almost 70 percent of tenants leased through at least 2028. Since acquiring the building in 2018, Bolour completed a renovation, including a Wi-Fi enabled lobby and outdoor patio, elevator modernization, common area corridors and restrooms, and exterior hardscape and landscaping. Additionally, Bolour completed multiple speculative creative office suites, providing move-in-ready spaces. Simon Dillon, Justin Hill and Reid Weaver of CBRE are handling leasing for the property. Blake Bokosky and Will Poulsen of JLL served as investment sale advisors for the transaction.
TUCSON, ARIZ. — Tucson-based Mister Car Wash has purchased a 23,550-square-foot retail property in Tucson from Oracle Partners for $3.2 million. The buyer plans to start redevelopment of the building, which was formerly occupied by BevMo, this quarter. The asset is situated on 1.6 acres at 46446 N. Oracle Road. Aaron LaPrise and Greg Furrier of Cushman & Wakefield | PICOR represented the buyer in the transaction. Furrier also represented the seller.
CAMERON PARK, CALIF. — SRS Real Estate Partners has arranged the ground lease (land ownership) acquisition of a Dutch Bros asset in Cameron Park, a suburb of Sacramento, Calif. An Oregon-based investment group sold the building to a Sacramento-based private investor for $2.7 million. Dutch Bros occupies the 950-square-foot property on a new 15-year, absolute triple-net corporate-guaranteed lease. Built in 2024, the asset is located at 4085 Cameron Park Drive. Alexander Moore of SRS Capital Markets represented the buyer, which completed a 1031 exchange, in the transaction.
