OROVILLE, CALIF. — Valore Ventures has acquired a 2-acre development parcel at 350 Oro Dam Blvd. East in Oroville and signed a long-term ground lease with Chick-fil-A for the site. The quick-service restaurant will commence construction of a 4,266-square-foot dual drive-thru restaurant this month. Ryan Orn of Capital Rivers Commercial Real Estate represented the seller, Maverick, in the deal. The financial terms were undisclosed.
MARIANNA, FLA. — Marcus & Millichap Capital Corp. (MMCC) has arranged $3.2 million in acquisition financing for The Grove Apartments, a 44-unit multifamily community located in the heart of the Florida Panhandle in Marianna, approximately 65 miles west of Tallahassee. Garrett Fierstein of MMCC secured the five-year loan through a local credit union. The loan carries a 6.12 percent fixed interest rate, 30-year amortization period and a 70 percent loan-to-value ratio. Situated near Chipola College and Florida Caverns State Park, The Grove is fully occupied and features a mix of two- and three-bedroom townhomes with an average size of 1,100 square feet, according to Apartments.com.
CHICAGO — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has acquired a 51,820-square-foot industrial building located at 4114 Peoria St. in Chicago. The single-tenant property was fully leased at the time of sale. Situated within the Stockyards Industrial Park and constructed in 1969, the building features three docks and parking for more than 45 cars. Zeke Rowan, Adam Haefner, Nick Fazio and Marty Mikaitis of Avison Young represented the undisclosed seller. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.
LAS VEGAS — Irvine, Calif.-based investment and development firm The Bascom Group has acquired The Ellison, a 294-unit apartment complex located in the Summerlin/Spring Valley submarket of Las Vegas, for $103 million. The sales price translates to approximately $350,000 per door. The Ellison is situated along I-215 in southwest Las Vegas in an area known as “The Curve.” Several developments are underway in the surrounding area, including the Athletics’ new baseball stadium, Intermountain Healthcare’s Children’s Hospital and expansions of the Roseman Nursing School and UNLV Harry Reid Research & Technology Park. Completed in 2024, The Ellison offers studio, one- and two-bedroom units with an average size of 901 square feet. Amenities include a heated, resort-style pool and spa with a jumbotron screen, as well as a clubhouse lounge, fitness center with dedicated spin and Pilates studios. Jonathan Merhaut, Doug Schuster and Curt Allsop of Newmark represented the undisclosed seller in the transaction. Lee Redmond, Nicholas Schroeder, Vincent Punzi and Lowell Takahashi, also with Newmark, arranged an undisclosed amount of acquisition financing through AXA Investment Managers US Inc. on behalf of Bascom Group. “The Ellison is a notable example of why we keep coming back to Las Vegas,” says Tom Gilfillan, …
GRAND PRAIRIE, TEXAS — Bradford Commercial Real Estate Services has negotiated the sale of a 40,670-square-foot industrial building in Grand Prairie, located roughly midway between Dallas and Fort Worth. Situated on a 3.4-acre site at 1207 Farmers Road, the building was developed on a speculative basis in 2023 and features 16 dock doors, 24-foot clear heights and 100-foot truck court depths. Erik Blais of Bradford represented the the developer, Hamilton Commercial, in the all-cash transaction. The buyer was Dossun Truck Body Parts.
SECAUCUS, N.J. — CBRE has negotiated the $47.8 million sale of The Waverton, a 116-unit apartment complex in Secaucus, located across the Hudson River from New Jersey. Completed in 2022, The Waverton offers studio, one- and two-bedroom units, with roughly 20 percent of residences designated as affordable housing. Amenities include a fitness center with a private yoga studio, an outdoor lounge with grilling stations, sundeck, resident lounge with billiards and shuffleboard and a coworking and conference room. Jeffrey Dunne, Stuart MacKenzie, Eric Apfel and Travis Langer of CBRE represented the seller, a joint venture that included Canoe Brook Development as a minority partner, in the transaction. The buyer was not disclosed.
RANDOLPH, N.J. — Cushman & Wakefield has brokered the $4.5 million sale of a mixed-use development site in the Northern New Jersey community of Randolph. The site at 1192 Sussex Turnpike is approved for 25 townhomes, as well as a mixed-use building that will feature 4,055 square feet of retail space on the ground floor and 10 apartments on the second and third floors. Andrew Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri of Cushman & Wakefield represented the seller, an entity doing business as Ludiro Inc., in the transaction and procured the buyer, OES Properties.
SALT LAKE CITY — JLL Capital Markets has secured an undisclosed amount of financing for Northpoint Innovation Park, a 94-acre master-planned industrial project at 3200 N 2200 W in Salt Lake City. A Utah-based community bank provided the loan for the borrower, a joint venture between OCC Industrial and Xcel Development. Situated adjacent to Salt Lake City International Airport and within 10 minutes of downtown Salt Lake City, Northpoint Innovation Park’s master plan includes eight larger sites designed for front-park, rear-load vertical development and five smaller format sites with approximately 1 acre each of yard space or additional parking. Upon completion, the park will offer 15 pad-ready sites for small industrial users. Will Haass and Jeff Pew of JLL arranged the financing, which incorporates an Infrastructure Financing District municipal bond package that will fund public infrastructure improvements including roads, utilities and offsite connections. Culum Mills and the JLL Salt Lake City industrial leasing team will market the individual pad-ready sites to industrial users upon completion of horizontal improvements.
AVONDALE, ARIZ. — Beacon Group has purchased 4,665 square feet of office space at Building E, Units 117 and 119 within Coronado Professional Plaza, located at 3400 N. Dysart Road in Avondale. Arizona Agribusiness & Equine Center sold the space for $2 million. Kameron Norwood of Cushman & Wakefield | PICOR represented the buyer, while Joel Moyes of Red Brick Realty represented the seller in the deal.
CHICAGO — Newmark has arranged the $41 million sale of the retail portion of 500 North Michigan Avenue along Chicago’s Magnificent Mile. The 21,565-square-foot space is fully leased to tenants such as Bank of America, Chick-fil-A and Vans. The asset traded at a cap rate of 5.93 percent. Keely Polczynski of Newmark represented the undisclosed seller. The buyer was a private investor.