SAN FRANCISCO — Marcus & Millichap has brokered the sale of a portfolio of two multifamily properties at 1159-1169 and 1067-1071 Union St. in San Francisco’s Russian Hill neighborhood. The properties sold for a combined $6.3 million after approximately 50 years under the same family ownership. Philip Batlin, Clinton Textor, Sam Runco and Jordan Tong, investment specialists in Marcus & Millichap’s San Francisco office, represented seller in the transaction and procured the buyer, local firm Ballast. Built in 1925, the 9,123-square-foot property at 1159-1169 Union St. consists of six two-bedroom, one-bath units on a 0.12-acre parcel. The property features two flats per floor across three residential levels, six garage spaces and rear access from Warner Place. Built in 1908, the 6,075-square-foot property at 1067-1071 Union St. consists of five two-bedroom, one-bath units and is situated on a 0.07-acre parcel. The property includes two buildings on a single lot with frontage on Union Street and Macondray Lane.
BRYAN, TEXAS — Regional brokerage firm MMG Real Estate Advisors has arranged the sale of The Element at University Park, a 192-unit apartment complex in the Central Texas city of Bryan. Built in 2000, the property offers one- and two-bedroom units and an array of sports courts — basketball, volleyball, pickleball — in addition to a business center. Houston-based Lumen Capital sold the property to Hayden Properties for an undisclosed price. Harris Weber, Michael Moffitt, Michael Watson, Michael Miller and Thomas Skevington of MMG brokered the deal.
AUSTIN, TEXAS — JLL has negotiated the sale of Research Park Plaza V, a 172,854-square-foot office building in northwest Austin. Completed in 2015, the four-story building was 85 percent leased at the time of sale to “institutional-quality” tenants such as Cadence Design Systems, which serves the semiconductor industry, and Planview, a global software company. Ryan Stevens, Drew Fuller and Jeff Coddington of JLL represented the seller, Atlanta-based REIT Cousins Properties (NYSE: CUZ), in the transaction. The buyer and sales price were not disclosed.
North Palisade Partners Underway on 290,618 SF Multi-Tenant Industrial Project in Santee, California
SANTEE, CALIF. — North Palisade Partners is underway on development of Palisade Santee Commerce Center, a new industrial project in Santee, located in San Diego County. The company acquired the 13.4-acre site at 10990 N. Woodside Ave. from an undisclosed seller for $22.7 million. Slated for completion in third-quarter 2027, Palisade Santee Commerce Center will offer 290,618 square feet of multi-tenant industrial space. Evan McDonald of Colliers represented the buyer in the transaction. Additionally, McDonald and Mark Lewkowitz of Colliers will serve as the property’s leasing advisors.
HUNTINGTON BEACH, CALIF. — Westwood Financial has acquired Peninsula Marketplace, a 95,416-square-foot shopping center located in Huntington Beach in Southern California. Grocer Ralphs anchors the property, which was 99 percent leased at the time of sale. Other tenants at the center include Planet Fitness, Carl’s Jr., Woof Gang Bakery & Grooming, Sourdough & Co., Rubio’s Baja Gril, Peninsula Orthodontics, Aim Mail Center and 602 Coffee & Acai.
APPLE VALLEY, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of Apple Valley Towne Center, a regional shopping center in San Bernardino County. Kevin Fryman, Bill Asher and Sean Cox of Hanley Investment Group represented the seller and developer, San Pedro, Calif.-based Rich Development Enterprises, in the transaction. The buyer and sales price were not disclosed. Completed earlier this year o a 7.9-acre site at 19390 Bear Valley Road, Apple Valley Towne Center features 87,042 square feet of retail space that was fully leased at the time of sale to three national junior box tenants: Hobby Lobby, Marshalls and Five Below. The tenants operate under new initial long-term triple-net leases with scheduled rental increases every five years. Additionally, the property is shadow anchored by Stater Bros. Markets, Lowe’s and Walgreens.
LOS ANGELES — Berkadia has arranged the $6.8 million sale of Altezza, a 16-unit apartment building in the Westchester neighborhood of Los Angeles. Steffan Braunlich of Berkadia El Segundo led the transaction on behalf of the seller, Revere Investments of Rolling Hills Estates, California. The buyer was Edud Investments, based out of Corona, California. The deal closed on Sept. 21. Located at 6925 Kittyhawk Ave., the property was built in 1993 and features 16 two-bedroom, two-bathroom apartments, including upper-level, two-story loft layouts. The property also includes in-unit stackable washers and dryers, central heating and air conditioning, controlled access and 32 subterranean parking spaces.
CONCORD, N.H. — JLL has negotiated the sale of the 32-room Centennial Hotel in Concord. Located in the state capital’s downtown area, the historic building was constructed in 1898 and converted to a boutique hotel in 1996. Amenities include a fitness center, business center, continental breakfast service, an onsite restaurant and bar and 1,785 square feet of meeting and event space. Alan Suzuki of JLL represented the seller, Sparta Properties, in the transaction. The buyer was Lord Hotels.
CHICAGO — Becovic Residential has acquired an historic property at 5154 N. Clark St. in Chicago for $20 million and has rebranded it as The Quarters at Andersonville. Built in 1923, the asset consists of 81 apartments and 10 ground-floor commercial spaces. The property had been held by its previous ownership for more than 40 years. The acquisition marks Becovic’s entry into the Andersonville neighborhood. Becovic plans to preserve the building’s historic character while making improvements to the residential experience. Becovic Management Group Inc. will provide property management services. Essex Realty Group brokered the transaction. Elizaeth Hozian of Associated Bank originated acquisition financing.
GRAND RAPIDS, MICH. — Marcus & Millichap has brokered the $3.2 million sale of an automotive service property occupied by Christian Brothers Automotive in Grand Rapids. Built in 2021, the property totals 5,810 square feet. Jeff Rowlett and Paul Kerber of Marcus & Millichap procured the buyer, a private investor based in Illinois.