PHOENIX — Lena Centers, a subsidiary of Longpoint Partners, has purchased Stetson Village, a grocery-anchored shopping center at 3780-3890 W. Happy Valley Road in Phoenix, from Pederson Group for $71 million. Ryan Schubert, Michael Hackett and Zach Aulick of CBRE represented the seller and buyer in the transaction. Built in 2007, the 144,192-square-foot Stetson Village is fully occupied by a variety of tenants, including Capriott’s, Nekter Juice Bar, UPS Store, First Watch and Great Clips.
MARINA DEL RAY, CALIF. — BWE has secured $43.4 million in acquisition financing for Villa Del Mar, a multifamily property in Marina del Ray. Initially constructed in 1872, Villa Del Mar consists of four three-story apartment buildings over at-garage parking, a five-story parking structure and a 209-slip marina. The property offers 198 one- and two-bedroom apartments with hardwood-style flooring, marina-view balconies and in-unit washers/dryers. Community amenities include a clubhouse, fitness center, pool and spa, basketball and tennis courts and barbecue areas. Mike Guterman of BWE arranged the acquisition financing from a life company on behalf of VDM Partners. The loan features a five-year, fixed-rate term with prepayment flexibility and two years of interest-only payments.
AURORA, COLO. — JLL has directed the sale of Parkside Collective, a three-building retail strip center in Aurora. Parkside Aurora LLC sold the asset to a partnership of Spark & Halo, Two Arrows Group and OlivePoint Capital for an undisclosed price. Constructed in 2021, the 24,985-square-foot property was 86 percent leased at the time of sale. Current tenants include Five Guys, Cheba Hut and Einstein Bros. Bagels. The retail center is part of a larger mixed-use development that includes a 216-unit apartment complex. Jason Schmidt and Austin Snedden of JLL represented the seller in the deal.
SAN MARCOS, TEXAS — Walker & Dunlop has brokered the sale of The Edge, a 553-bed student housing property located near the Texas State University campus in San Marcos. The community offers 173 units in a mix of one-, two-, three-, four- and five-bedroom configurations. Shared amenities include a 24-hour fitness center, study rooms, a gaming room, resort-style pool, basketball and volleyball courts and a dog park. Chris Epp, Matthew Chase, Craig Miller, Holden Penn, Ben Sarna and Sarah Foronda of Walker & Dunlop represented the seller, 29th Street Capital, in the transaction. Campus Realty Advisors acquired the property for an undisclosed price. BWE arranged acquisition financing for the deal.
SAN DIEGO — Voit Real Estate Services has arranged the $5.3 million purchase of a medical office building located at 8623 Spectrum Center Blvd. in the Kearny Mesa submarket of San Diego. San Diego-based Cal Coast Credit Union sold the property to an undisclosed San Diego-based buyer. Situated within San Diego Spectrum, the single-story freestanding building offers 8,000 square feet of Class B medical office space. Tim Cajka and Myles Martinez of Voit Real Estate Services represented the buyer in the deal.
DIAMOND BAR, CALIF. — Hanley Investment Group Real Estate Advisors and Oaks Commercial Real Estate have brokered the sale of a multi-tenant retail pad property located at 22438 Golden Springs Drive in Diamond Bar. A Las Vegas-based private partnership acquired the asset from a Los Angeles-based private non-exchange investor for $4.6 million. Starbucks Coffee, Jimmy John’s and Crumbl Cookies fully occupy the 4,767-square-foot property, which was built in 2016. Bill Asher and Jeff Lefko of Hanley Investment Group, along with Fred Encinas of Oaks Commercial Real Estate in Eastvale, Calif., represented the seller, while Arman Mahmoodi of BeachRock Group at Keller Williams in Beverly Hills, Calif., represented the buyer in the transaction.
ST. LOUIS PARK, MINN. — KPR Centers, a New York-based retail real estate development and investment group, has acquired Shoppes at Knollwood, a 451,700-square-foot grocery-anchored shopping center in the Minneapolis suburb of St. Louis Park. The property is nearly 99 percent leased and anchored by Cub Foods, DSW, HomeGoods, Nordstrom Rack, Old Navy, Total Wine & More, TJ Maxx and Ulta Beauty. Christian Williams, Richard Frolik and Michael Wilson of CBRE represented the seller. Delivered in 1955 as Knollwood Mall, the asset has undergone several renovations over the decades, including its transformation into an enclosed mall in 1980. The center reverted to its open-air design in 2015 through a $30 million investment. KPR now owns and self-manages approximately 10 million square feet of retail space in 20 states. This purchase signals the owner’s entry into the Minnesota market. Over the last 18 months, KPR has acquired 12 centers totaling nearly 3 million square feet of space for approximately $400 million.
DALLAS — Atlanta-based Stonemont Financial Group has acquired a 224,060-square-foot industrial service facility in southwest Dallas. The site at 3912-4012 W. Illinois Ave. spans 24.8 acres and functions as a heavy equipment and fabrication facility with nearly 10 acres of stabilized outdoor storage space. The facility was fully leased at the time of sale. The seller and sales price were not disclosed.
ORLANDO, FLA. — JLL Capital Markets has brokered the sale of M2 at Millenia, a 403-unit mid-rise, multifamily apartment complex in Orlando, which is adjacent to The Mall at Millenia. Ted Taylor and Kyle Butler of JLL’s Investment Sales and Advisory team represented the sellers, JSB Capital Group and BLD Group. The buyer, Independence Realty Trust, purchased the property for an undisclosed price. Built in 2019, M2 at Millenia is a five-story property offering a mix of one-, two- and three-bedroom floorplans ranging in size from 714 square feet to 2,214 square feet, according to Apartments.com. Amenities include a resort-style swimming pool, 24-hour fitness center, yoga studio, entertainment lounge with a kitchen and bar, outdoor grilling areas and 4,216 square feet of ground-floor retail space.
CHARLOTTE, N.C — CBRE has negotiated the sale of INQ @ 2401, a 162,372-square-foot office building located in the Crown Point neighborhood of Charlotte. Patrick Gildea, Matt Smith, Joe Franco and Stephanie Spivey of CBRE represented the sellers, DRA Advisors and Mainstreet Capital, in the transaction. Messer Financial, a long-term tenant that brought the property to full occupancy, was the buyer. The sales price was not released. Originally constructed in 1989 and renovated in 2016 with nearly a $6 million investment, the single-story building can now accommodate larger, back-office users and features 25-foot vaulted ceilings and direct tenant access.
