CHICAGO — Greenstone Partners has brokered the $7.5 million sale of a property with 18 luxury apartment units and one ground-floor retail space in Chicago’s Wicker Park neighborhood. Located at 1509 N. Western Ave. and built in 2018, the asset features a rooftop deck and 18 indoor garage parking spaces. At the time of sale, the property was fully occupied. Jordan Multack of Greenstone represented both the buyer and seller.
HOUSTON — Local owner-operator MetroNational has purchased the 244-room Moran Hotel within the 47-acre CITYCENTRE mixed-use development in West Houston. The hotel, which recently underwent a renovation, offers accommodations for extended stays, as well as a pool, fitness center, 15,750 square feet of meeting and event space and multiple onsite food-and-beverage establishments. Colby Mueck, Ryan West, Greyson Fewin and Robby Westerfield of JLL represented the seller, Midway, in the transaction. The sales price was not disclosed.
DALLAS — JLL has negotiated the sale of a portfolio of five retail strip centers, four of which are scattered across the Dallas-Fort Worth metroplex. The fifth property is located in Waco. The centers’ addresses and square footages were not disclosed. Adam Howells and Erin Lazarus of JLL represented the seller, N3 Real Estate, in the transaction. The buyer was Curbline Properties Corp.
ROSLYN, N.Y. — Marcus & Millichap has brokered the $7.1 million sale of two office buildings totaling 28,714 square feet in the Long Island community of Roslyn. The buildings sit on a 1.5-acre site at 200-220 S. Service Road. Michael Tuccillo and Anthony Cerrone of Marcus & Millichap represented the undisclosed seller in the transaction and procured the buyer for the building at 200 S. Service Road. Global Realty Services USA procured the buyer for 220 S. Service Road. All parties requested anonymity.
LAKE CHARLES, LA. — Muss Development LLC and Amesbury Cos. have acquired Erdace Apartments, a 270-unit multifamily community in downtown Lake Charles. The seller and sales price were not disclosed. The co-owners assumed a HUD-insured loan as part of the acquisition and have launched a multimillion-dollar renovation of the property, which will be rebranded as The Ryan Apartments. The capital improvement program includes upgrades and redesigns of the lobby, façades, hallways and balconies. Erdace Apartments offers studio, one- and two-bedroom apartments, as well as a clubhouse, lounge, café, fitness center, business center, indoor and outdoor pavilions and a large outdoor swimming pool.
HIGHLANDS RANCH, COLO. — Shea Properties has completed the $37.1 million sale of Shops at Highland Walk, a 94,795-square-foot retail center in Highlands Ranch, located south of Denver. Regency Centers acquired the asset. Located at 4000 Red Cedar Drive, Shops at Highland Walk consists of two multi-tenant inline buildings flanking grocery anchor tenant King Soopers and four additional outparcel buildings on the perimeter. At the time of sale, the property was 98 percent leased to 17 tenants. Jon Hendrickson and Aaron Johnson of Cushman & Wakefield represented the seller in the deal.
ESCONDIDO, CALIF. — Marcus & Millichap has brokered the $7.3 million sale of a retail building located at 1580 W. Valley Parkway in Escondido. Dollar Tree and Big Blue Swim School fully occupy the 20,085-square-foot property on triple-net leases with rental increases during the initial lease terms and option periods. Alvin Mansour of Marcus & Millichap represented the undisclosed seller and procured the buyer in the deal. Chad O’Connor of Marcus & Millichap Capital Corp. arranged $4.7 million in acquisition financing for the undisclosed buyer.
CARMEL, IND. — Cushman & Wakefield has brokered the $12.3 million sale of Monon & Main, a four-story, 34,650-square-foot office and retail property located at 211 W. Main St. in the northern Indianapolis suburb of Carmel. Situated in the Carmel Arts & Design District, Monon & Main was fully leased at the time of sale. Built in 2018, the property is comprised of 79 percent office and 21 percent retail space. Rebecca Wells of Cushman & Wakefield represented the seller, a private partnership led by the Hannum family. The buyer was a private investor.
DAYTON, OHIO — Red Oak Capital Holdings LLC has provided $11.1 million in financing for the acquisition and capital improvements of Cottages of Clayton, a 90-unit assisted living community in Dayton. The bridge loan features an 18-month initial term and a loan-to-stabilized value of 69 percent. Stratos Athanassiades of Red Oak originated the loan, which was underwritten by Thomas Gorski and administered by James Myatt. The borrower, Clayton Realco LLC, is a private investor group that owns and operates 12 senior living communities. Built in 1999, Cottages of Clayton features seven cottage-style buildings with 90 studio units. Each building contains its own kitchen, laundry facilities and resident lounge areas. Amenities include a dining room, activity room, salon and outdoor spaces.
LOUISVILLE, KY. — Yum! Brands Inc. (NYSE: YUM), the Louisville-based operator of the Pizza Hut, Taco Bell and KFC franchises, has entered into an agreement to sell the Pizza Hut chain across two separate transactions with a combined value of $2.7 billion. LongRange Capital, a private equity firm based in Stamford, Conn., has agreed to purchase Pizza Hut outside of mainland China for approximately $1.5 billion. The company is financing its acquisition using funds from UBS Investment Bank. Yum China Holdings Inc. (NYSE: YUMC), which is based in Shanghai and was spun off from Yum! Brands in 2016, is acquiring the Pizza Hut holdings in mainland China for approximately $1.2 billion. Yum China says it is financing its acquisition using a combination of cash and debt financing. Yum! Brands announced in November that it began exploring strategic options for the Pizza Hut vertical. Founded in 1958, Pizza Hut is considered the second-largest pizza brand in the world with more than 15,500 restaurants in 108 countries globally and approximately $10 billion in annual system-wide sales, according to LongRange Capital. “Under LongRange and Yum China, Pizza Hut will be well-positioned for future growth with ownership that brings deep expertise in the restaurant …
