DENVER — Equity Commonwealth (NYSE: EQC) is under contract to sell 1225 Seventeenth Street, an office property in Denver, for a gross sales price of $132.5 million. The 709,402-square-foot property is Equity Commonwealth’s last remaining property. The net purchase price is expected to be approximately $124.4 million after credits primarily for contractual lease costs. The undisclosed buyer has completed due diligence, and the earnest money deposit is non-refundable. The sale is scheduled to close later this month. The transaction is subject to customary closing conditions, and there is no assurance that the transaction will close.
SACRAMENTO, CALIF. — Developer and operator ONELIFE Senior Living has acquired The Woodlake Senior Living, a 137-unit community located in Sacramento. Amenities at the property, which offers assisted living and memory care residences, include a movie theater, game room, fitness center, salon, library and arts and crafts room. The acquisition marks the fourth senior living community in California for ONELIFE, which merged with Ally Senior Living earlier this year. “The Woodlake Senior Living represents a strategic expansion of our California presence,” says Dan Williams, CEO of ONELIFE. According to the company, the state’s population of individuals age 65 and older is expected to reach 9 million by 2040. Denver-based ONELIFE was founded in 2009.
COLORADO SPRINGS, CALIF. — Lafayette, Colo.-based Alloy Real Estate Capital has purchased Tech Center VI, a midrise office building at 5575 Tech Center Drive in Colorado Springs. Tech Center VI, an entity managed by Ogilvie Properties, sold the asset for $17.2 million. At the time of sale, the three-story 104,702-square-foot property was 97 percent leased to 17 tenants, most in the aerospace and defense contractor industries. Aaron Johnson, Jon Hendrickson and Mitch Veremeychik of Cushman & Wakefield represented the seller in the deal.
CHESTER, N.Y. — Marcus & Millichap has brokered the sale of an 80-room hotel in Chester, located near the New York-New Jersey border. The Holiday Inn & Suites Chester-Monroe-Goshen, which sold for $10.5 million, offers amenities such as an indoor pool, fitness center and a business center. Jerry Swon of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
SAN MARCOS, CALIF. — North City Enterprise LLC has purchased a freestanding industrial building in San Marcos for $2.1 million. The buyer plans to relocate its business to the 5,474-square-foot facility, which is located at 110 Venture St. Chris Baumgart of JLL represented the buyer, while Chris Nelson of Mathews REIS represented the undisclosed seller in the deal.
HOFFMAN ESTATES, ILL. — Eastham Capital and Bender Cos. have acquired Haven Hoffman Estates, a 550-unit apartment community in the Chicago suburb of Hoffman Estates, for $75.8 million. The asset will be renamed Hoffman Hills Apartments as part of a property update program. South Florida-based Eastham Capital obtained a majority interest in the deal through its current fund, Eastham Capital Fund VI LP. Bender Cos., which has co-invested and partnered with Eastham Capital on multiple projects, will oversee the day-to-day management of the property. The community is currently 96 percent occupied with average rents of just over $1,349 per month. The acquisition includes a renovation budget of $6.5 million, which will include interior unit, exterior and amenity upgrades. Built in 1970, the property features amenities such as a pool, clubhouse, fitness center, private work-from-home suites and an outdoor dining area. Kevin Girard, Mark Stern, David Gaines, Zach Kaufman, Betsy Romenesko and Sam Grohe of JLL represented the sellers, Tricap Residential Group and Wolcott Group. Trent Niederberger, Medina Spiodic and Rebecca Brielmaier of JLL originated a five-year, fixed-rate loan through Freddie Mac for the buyers.
MERRILLVILLE, IND. — Marcus & Millichap has brokered the $4 million sale of Crossroads Plaza, a 184,721-square-foot shopping center in Merrillville, a northern suburb of Chicago. Located at 6110 Broadway, the property is anchored by Ruler Foods, Trader Buck’s and Treasure Hunt Deals. Ruler Foods, a subsidiary of Kroger, is the only grocer within a three-mile radius. Additional tenants include Family Dollar, Subway, Papa John’s and Rent-A-Center. Eric Abbott, Andrew Margulies, Adam Sklaver and Philip Kates of Marcus & Millichap represented the seller in partnership with AM Group and utilized Marcus & Millichap’s auction platform to execute the sale.
DENTON, TEXAS — Cushman & Wakefield has arranged the sale of Granite Point Business Center, a 145,000-square-foot industrial building located in the North Texas city of Denton. The building, which was completed in 2006 and features 24-foot clear heights, was fully leased to four tenants at the time of sale. Jim Carpenter, Jud Clements, Robby Rieke and Trevor Berry of Cushman & Wakefield represented the seller, Boston-based TA Realty, in the transaction. The buyer was High Street Logistics Properties.
DALLAS — Marcus & Millichap has brokered the sale of Agave Azul on Boulder Apartments, a 66-unit building in southwest Dallas. The building was constructed in 1965 and has been extensively renovated over the past several years. Units predominantly feature two- and three-bedroom floor plans and have an average size of 950 square feet. Ford Braly, Al Silva and Dylan York of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were locally based investment groups that requested anonymity.
NEW YORK CITY — Marcus & Millichap has brokered the $6.8 million sale of a two-building, six-unit apartment complex located at 164-166 7th Ave. in the Park Slope neighborhood of Brooklyn. The complex was constructed in 1921, offers three-bedroom units and includes a retail space that is occupied by Starbucks Coffee. Matt Fotis of Marcus & Millichap represented the seller and buyer, both of which were private investors that requested anonymity, in the transaction.