SAN DIEGO — Chicago-based financial services firm Mesirow has purchased Preserve at Melrose, a 410-unit multifamily property located in the Vista neighborhood of San Diego, for $185 million. Built in 2015, Preserve at Melrose offers one-, two- and three-bedroom floor plans. According to Apartments.com, the garden-style community features amenities such as a business center, clubhouse, lounge, fitness center, pool, playground and courtyard. Hunter Combs of Walker & Dunlop represented the seller, a locally based group, and the buyer in the deal.
Acquisitions
NORTH LAS VEGAS, NEV. — Panattoni Development Co. has completed Simmons Airpark at 2880 Simmons St. in North Las Vegas. The 182,184-square-foot industrial building features a clear height of 36 feet, full concrete drive aisles and truck court, rear loading configuration, 1,895 square feet of build-to-suit office areas, 50-foot by 52-foot column spacing and an ESFR sprinkler system. The four-tenant building is located adjacent to North Las Vegas Airport and is three miles to the Cheyenne Interchange. The project is listed with Larkin Industrial Group and is owned by Panattoni Development.
FULSHEAR, TEXAS — JLL has negotiated the sale of Shops at Cross Creek, a 24,188-square-foot retail center in Fulshear, a western suburb of Houston. The center was built in 2015 and was fully leased at the time of sale to tenants such as Yen Fulshear, Rightway Dental, Marvelous Clinic, Firehouse Subs and Avis Budget Car. Ryan West, John Indelli and Gianna New of JLL represented the seller, Rycore Capital, in the transaction. The buyer was Cincinnati-based retail REIT Phillips Edison & Co.
Pinnacle Real Estate Arranges Sale of 16,000 SF Industrial Property in Englewood, Colorado
by Amy Works
ENGLEWOOD, COLO. — Pinnacle Real Estate Advisors has brokered the sale of an industrial building located at 3950-3960 S. Mariposa St. in Englewood. The asset traded for $2.2 million. The 16,000-square-foot, small-bay property offers eight 2,000-square-foot units. Peter Sengelmann of Pinnacle Real Estate Advisors represented the undisclosed seller in the deal.
LEWISVILLE, TEXAS — Marcus & Millichap has brokered the sale of Lake Vista Center, a 21,298-square-foot retail center in the northern Dallas suburb of Lewisville. Built on 2.4 acres in 2007, the center comprises two buildings that are home to tenants such as Lucky Smiles, Lewisville Salon Suites and Spa, USCR Taekwondo, Tiff’s Treats, 4Thirteen Kitchen & Sports Bar and Lucky Smoke Shop. Chris Gainey and Philip Levy of Marcus & Millichap represented the undisclosed seller in the 1031 exchange transaction.
MINOOKA, ILL. — MDH Partners has purchased Minooka Interstate Logistics Portfolio, a 2.2 million-square-foot industrial portfolio in Minooka, about 60 miles outside Chicago. The purchase price was undisclosed. The portfolio is comprised of three Class A facilities that are fully leased. Houston Hawley of MDH Partners sourced the deal. Adam Tyler, Jim Carpenter and Mike Tenteris of Cushman & Wakefield represented the undisclosed seller. The building at 200 International Parkway South totals 473,280 square feet and is fully leased to BMW of North America, which utilizes the facility to service hundreds of dealerships located between Colorado and Michigan. The building at 1460 Cargo Court is 705,661 square feet and is fully leased to Kellanova, which distributes Kellogg’s global snacks and international cereals. The 1 million-square-foot facility at 6225 E. Minnoka Road is fully leased by WK Kellogg, which distributes Kellogg’s U.S. breakfast cereals and is the largest distribution center for WK Kellogg in the Midwest. The buildings were constructed in 2002 and 2008.
TROY, MICH. — Continental Realty Corp. (CRC) has sold Oakland Plaza, a nearly 167,000-square-foot shopping center in Troy, for $25.6 million. Atlanta-based RCG Ventures LLC was the buyer. CRC acquired the asset as part of a two-property portfolio in 2021, signaling its entry into the Michigan real estate market and its first acquisition on behalf of Continental Realty Opportunistic Retail Fund I LP. Ben Wineman, Daniel Stern and Patrick Corrigan of Mid-America Real Estate Corp. represented CRC in the disposition. During its hold period, CRC improved occupancy of the center from 71 percent to 97 percent. New leases with DSW, Kids Empire, Rally House, Paris Banh Mi, Mochinut and Witch Topokki total 53,000 square feet. CRC also repainted the entire center, resurfaced columns, repaved the surface parking lot and replaced common area light fixtures. Completed in 1979 and renovated by the previous ownership group in 1994 and 2014, Oakland Plaza consists of two buildings anchored by TJ Maxx, Michaels and Planet Fitness. The asset is across the street from the 1.5 million-square-foot Oakland Mall.
ST. CHARLES, ILL. — Marquette Cos. has acquired Ascend St. Charles, a 400-unit apartment community in the western Chicago suburb of St. Charles. The seller and sales price were undisclosed. Located at 100 Lakeside Drive, the property offers a mix of one-, two- and three-bedroom units with monthly rents starting around $1,600. Amenities include a 4,838-square-foot clubhouse that was recently renovated and includes remote workspaces, an upgraded fitness center, a residents’ lounge and game room, swimming pool and sundeck. Marquette plans to reposition the property by renovating residences with modern finishes and adding upgrades to the clubhouse and amenities.
ROCK HILL, S.C. — Madison Commercial, an affiliate of Madison Capital Group, has completed and sold Phase II of its retail property in Rock Hill, a South Carolina suburb of Charlotte. The 9,543-square-foot building is fully leased to national tenants including Deca Dental, First Watch, Panda Express and Tropical Smoothie Café. Atlantic Retail brokered the sale. The buyer and sales price were not disclosed. The project team for Phase II included architect Redline Design and general contractor Doerre Construction. Phase I of the development began with Madison Capital affiliate, Go Store It Self Storage, transforming a big-box retail building on the back lot of the 3.6-acre site into a self-storage facility totaling 850 units. Phase I also included a retail building occupied by Chipotle, Wing Stop and My Eye Lab that previously sold.
CLINTON, MISS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $3.5 million acquisition loan for Clinton Plaza, a 97,000-square-foot shopping center located at 200 Clinton Blvd. in Clinton, about 12 miles west of Jackson. The tenant roster includes Big Lots, Family Dollar and Beauty Zone. David Johnson of MMCC’s Atlanta office arranged the loan through CRE Bridge Equity on behalf of the undisclosed borrower. The seller and sales price for Clinton Plaza was not disclosed.