Acquisitions

5600-5650-W-Centinela-Ave-Culver-City-CA

Rialto Capital Divests of 57,868 SF Flex Campus in Culver City, California

by Amy Works January 31, 2025

CULVER CITY, CALIF. — Rialto Capital has completed the sale of Campus 56, a mixed-use flex property located at 5600-5650 W. Centinela Ave. in Culver City. Montana Avenue Capital Partners acquired the two-building asset for $14.8 million. Situated on 1.7 acres, the campus offers 57,868 square feet of flex space, onsite parking, electric vehicle charging stations, bike storage and several outdoor amenity areas. The property was vacant at the time of sale. Steve Solomon and Kristen Bowman of Colliers represented the seller and buyer in the transaction.

January 31, 2025

Acquisitions Indiana Midwest Multifamily

JLL Negotiates $67.2M Sale of Lakeside Gardens Apartment Community in Jeffersonville, Indiana

by Kristin Harlow January 31, 2025

JEFFERSONVILLE, IND. — JLL Capital Markets has negotiated the $67.2 million sale of Lakeside Gardens, a 360-unit luxury apartment community in Jeffersonville within metro Louisville. Built in 2022, the property features units averaging 1,244 square feet. The community was 95 percent leased at the time of sale. Amanda Friant, Mark Stern and Colleen Watson of JLL represented the sellers, a joint venture partnership between Denton Floyd Real Estate Group, LDG Development and a private investor. Medina Spiodic, Matthew Schoenfeldt and Becca Brielmaier of JLL arranged $42.7 million in acquisition financing on behalf of the buyer, S&S Properties. The Fannie Mae loan featured a seven-year term and a fixed interest rate.

January 31, 2025

Acquisitions Indiana Midwest Office

Colliers Brokers Sale of 211,995 SF Historic Office Building in Downtown Indianapolis

by Kristin Harlow January 31, 2025

INDIANAPOLIS — Colliers has brokered the sale of 130 E. Washington Street in downtown Indianapolis for an undisclosed price. Built in 1922, the 211,995-square-foot historic office building is home to ANGI, USA Track & Field and T&M Associates. Rachel Patten, Matt Langfeldt and Rich Forslund of Colliers brokered the sale. The buyer, Indiana-based Holladay Properties, plans to convert the 12-story building into 180 apartment units with retail space beginning this spring.

January 31, 2025

Acquisitions Illinois Industrial Midwest

NAI Hiffman Arranges $4.2M Sale of Industrial Outdoor Storage Property in West Chicago

by Kristin Harlow January 31, 2025

WEST CHICAGO, ILL. — NAI Hiffman has arranged the $4.2 million sale of a 4-acre industrial outdoor storage property at 2351 Powis Road in West Chicago. The asset includes 11,000 square feet of shop/fabrication space in two buildings, a concrete yard, mobile office trailer and truck scale. Kelly Disser, Michael Freitag, Bill Byrne and TJ Feeney of NAI Hiffman represented the seller, a private investor group. The Disser/Freitag team also brokered the September 2023 sale, when the property traded for $2.4 million. Constructed in 1993, 2351 Powis Road is zoned for office, research and light industrial uses with a planned unit development overlaid that permitted certain outdoor storage uses. The buyer is relocating from Villa Park, Ill.

January 31, 2025

Acquisitions Multifamily North Carolina Southeast

Penzance, TriWest Multifamily Purchase Stoney Trace Apartments in Charlotte for $59.8M

by John Nelson January 30, 2025

CHARLOTTE, N.C. — A partnership between Penzance and TriWest Multifamily has purchased Stoney Trace Apartments, a 380-unit community located at 4616 Stoney Trace Drive in Charlotte’s Mint Hill neighborhood. The previous owner sold the recently renovated apartment community for $59.8 million. Blake Hockenbury and Bryan Frazier of Walker & Dunlop arranged an undisclosed amount of acquisition financing on behalf of Penzance and TriWest Multifamily. The new ownership has tapped ZRS Management to operate Stoney Trace, which offers one-, two- and three-bedroom apartments and amenities including a fitness center, club room with a business center and pool table, soccer field, dog park and an outdoor pool with a grilling area.

January 30, 2025

Acquisitions Industrial Texas

Rosewood, Pillar Buy 200,765 SF Industrial Property in East Plano

by Taylor Williams January 30, 2025

PLANO, TEXAS — A partnership between two locally based investment firms, Rosewood Property Co. and Pillar Commercial, has purchased a 200,765-square-foot industrial property in Plano. The two-building facility was built in 2022 within Plano Commerce Center on the city’s east side and features 24-foot clear heights, dock-high doors, rear-load configurations and 185-foot truck court depths. The property was 71 percent leased at the time of sale to tenants such as Acre Security, Ulrich Medical USA, Cheer Athletics and Senderra Specialty Pharmacy. Provident Realty Advisors sold the property for an undisclosed price.

January 30, 2025

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 192-Unit Destino Apartments in Grand Prairie, Texas

by Taylor Williams January 30, 2025

GRAND PRAIRIE, TEXAS — Marcus & Millichap has brokered the sale of The Destino, a 192-unit apartment complex located roughly midway between Dallas and Fort Worth in Grand Prairie. The Destino comprises 18 buildings that were built on an 11-acre site in the 2000s. Units come in one-, two- and three-bedroom floor plans, and amenities include a pool, outdoor kitchen, playground and a dog park. Al Silva and Ford Braly of Marcus & Millichap represented the seller, Atlantic Multifamily, in the transaction. The duo also procured the buyer, a New York-based private investment company.

January 30, 2025

Acquisitions Multifamily Nevada Seniors Housing Western

JLL Arranges Sale of 121-Bed Skilled Nursing Facility in Henderson, Nevada for $33M

by Amy Works January 30, 2025

HENDERSON, NEV. — A joint venture between CREC Real Estate and The Calida Group has sold Coronado Ridge Skilled Nursing and Rehabilitation Center, a skilled nursing facility in the Las Vegas suburb of Henderson, for $33 million. JLL’s Seniors Housing Capital Markets team, in conjunction with Mark Wintner of JLL, represented the seller in the transaction. Completed in 2017, the facility totals 121 beds across 90 resident rooms. The 68,873-square-foot property is situated on 2.3 acres across from a 132-unit seniors housing community and a 62-unit memory care facility.

January 30, 2025

Acquisitions Arizona Multifamily Western

Aultas Sells 100-Unit Table Rock Multifamily Property in Flagstaff, Arizona

by Amy Works January 30, 2025

FLAGSTAFF, ARIZ. — Aultas has completed the disposition of Table Rock, an apartment community in Flagstaff, to Investors Capital Group for $25.9 million, or $259,000 per unit. Located at the intersection of interstates 17 and 40, Table Rock features 100 two- and three-bedroom floor plans, averaging 1,032 square feet. The community also features a leasing office, clubhouse and fitness center. The property was built in 1998. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

January 30, 2025

Acquisitions California Hospitality Western

Marcus & Millichap Brokers Sale of 60-Room Black Forest Lodge in Big Bear Lake, California

by Amy Works January 30, 2025

BIG BEAR LAKE, CALIF. — Marcus & Millichap has arranged the sale of Black Forest Lodge, a hotel located at 41121 Big Bear Blvd. in Big Bear Lake. Terms of the transaction were not released. Christian Apt, Allan Miller, Chris Gomes and Skyler Cooper of the Miller-Gomes Hotel team at Marcus & Millichap represented the undisclosed seller and procured the undisclosed buyer in the deal. Mario Alvarez of Marcus & Millichap assisted with the transaction, while Tony Solomon of Marcus & Millichap served as the firm’s broker of record in California. Spanning 2.9 acres, Black Forest Lodge features 60 rooms, 2,300 square feet of retail space, a heated pool, spa, sports courts and RV parking. The property has been family-owned since 1976.

January 30, 2025

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