WESTFIELD, N.J. — Marcus & Millichap has negotiated the $4.7 million sale of a single-tenant, 35,968-square-foot retail building in the Northern New Jersey community of Westfield. The Gap has occupied the two-story building at 207 E. Broad St. for nearly 30 years. Alan Cafiero, David Cafiero and Dean Matuszewicz of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
MESA, GILBERT AND QUEEN CREEK, ARIZ. — Banner Health has completed the disposition of an outpatient medical building portfolio in Arizona totaling 80,315 square feet. Stockdale Capital Partners acquired the portfolio for $32 million. Banner Health fully occupies the three assets in Mesa, Gilbert and Queen Creek. The properties were constructed in 2013 and 2014. Mindy Berman, Pat Williams, Matt DiCesare and Liam Sorensen of the JLL Medical Properties Group investment advisory sales team represented the seller. John Chun, Daniel Digerness and Liam Sorensen of the JLL Medical Properties Group debt advisory team secured $25 million in acquisition financing for the buyer.
LAKEWOOD, COLO. — San Diego-based ColRich Multifamily has acquired Belmar Villas, an apartment property located at 700 S. Reed Court in Lakewood, a first-ring suburb west of Denver. The name of the seller and acquisition price were not released. Built in 1970, Belmar Villas features 17 residential buildings totaling 318 units and a leasing office on 18 acres. The property offers one-, two- and three-bedroom layouts with an average unit size of 856 square feet. Community amenities include a fitness center, resort-style pool and hot tub, clubhouse, playground and basketball court. Terrance Hunt, Shane Ozment, Andy Hellman, Justin Hunt, Chris Hart and Brad Schlafer of CBRE’s multifamily investment properties team in Denver represented the seller. Troy Tegeler, Trevor Breaux and Ryan Greer of CBRE Debt & Structured Finance in Greater Los Angeles arranged acquisition financing for the buyer.
CASTLE ROCK, COLO. — NavPoint Real Estate Group has negotiated the sale of 1055 Perry St., a Class A medical rehabilitation facility in Castle Rock, approximately 30 miles south of Denver. C.R.H.I. LLC sold the asset to JTLC CR CO LLC for $13.5 million. Situated on 2.3 acres, the two-story building totals 28,704 square feet of medical office space. The facility also features landscaping, modern interior finishes, multiple outdoor patios and terraces, a dining hall and physical therapy suite. Matt Call and Mike Quinlan of NavPoint Real Estate Group represented the seller in the off-market transaction.
FOUNTAIN, COLO. — CBRE has brokered the purchase of The Shops at Mesa Ridge, a multi-tenant retail property located at 6859-6885 and 6965 Mesa Ridge Parkway in Fountain, a suburb of Colorado Springs. A private investor acquired the asset from an undisclosed seller for $12.9 million. Built in 2001, the 29,309-square-foot asset features two multi-tenant buildings that were 95.7 percent occupied at the time of sale. Pizza Hut, ENT Credit Union and Buffalo Wild Wings are three of the 16 current tenants. Mark Shaffer, Gary Stache, Gerard Poutier and Chris Martin of CBRE Capital Markets Investment Properties represented the buyer in the transaction.
MINNEAPOLIS — A partnership between Marcus Hotels & Resorts, Hempel Real Estate and Robinson Park Investments has agreed to acquire the Loews Minneapolis Hotel. The purchase price and seller were undisclosed. Upon closing, Marcus will assume management of the hotel, which will be rebranded under another major global hotel system. Situated in downtown Minneapolis, the full-service luxury hotel features 251 rooms, more than 12,500 square feet of flexible meeting space and a full-service restaurant and lobby bar. The property is connected by skywalk to the Target Center, home of the NBA’s Minnesota Timberwolves, and is one block from Target Field, home of the MLB’s Minnesota Twins. The transaction is expected to close at the beginning of March.
OSWEGO, ILL. — Marcus & Millichap has brokered the sale of Light Road Apartments in Oswego for an undisclosed price. Built in 1972, the 168-unit multifamily property is situated on 10 acres. One-bedroom units average 561 square feet, and two-bedroom floor plans average 750 square feet. Amenities include a clubhouse, pool and laundry facility. Ryan Engle and Andrean Angelov of Marcus & Millichap represented the seller, a private investor. The duo procured the buyer, a private investor, in conjunction with colleague Zack Mahoney.
SOUTH BEND, IND. — DWG Capital Partners has acquired a 65,256-square-foot industrial facility located at 301 E. Sample St. in South Bend. The sales price was undisclosed. The single-story property is situated on four acres and features a clear height of 24 feet, a drive-in door and two dock doors. Structured as a sale-leaseback, the transaction was completed with private equity firm JAL Equity, which simultaneously acquired the longtime tenant, Mossberg & Co. The tenant is a provider of technology-based print and marketing solutions. Bryan Huber and Michael Soleimani of SAB Capital represented the seller.
DENVER — Gelt Venture Partners has acquired Allure Apartments, a multifamily community located at 1300 S. Willow St. in Denver. Sares Regis Group sold the asset for $68.2 million. Built in 2002 and renovated in 2023, Allure Apartments features 252 one- and two-bedroom apartments spread across 12 two- and three-story buildings. Community amenities include a 24-hour fitness center, heated pool, private detached garages, parcel package lockers, a business center, coffee bar and resident clubhouse. The recently upgraded units offer washers/dryers, wood-style flooring, granite countertops, stainless steel appliances, updated cabinets, upgraded light fixtures, carpeted bedrooms, patios or balconies, and nine-foot vaulted ceilings. Jordan Robbins of JLL represented both sides of the transaction.
RIVERSIDE, CALIF. — Gantry has arranged a $12.8 million permanent loan to fund the recapitalization of a grocery-anchored retail building within the Citrus Landing retail center in the Inland Empire city of Riverside. Stater Bros, AutoZone and Ross Dress for Less are tenants at the 99,000-square-foot retail center, which is located at 7200 Arlington Ave. Braden Turnbull, George Mitsanas and Austin Ridge of Gantry’s Los Angeles production office secured the financing on behalf of the borrower, a private real estate entity. One of Gantry’s correspondent life company lenders provided the loan, which features a fixed rate, interest-only payments and pre-payment flexibility in years four and five.