LOS ANGELES — Advanced Real Estate has purchased Canvas LA, a multifamily property along 110 Freeway in downtown Los Angeles, for $62 million. Canvas LA offers 210 apartments; a resort-style pool with cabanas; large gym with separate cardio studio; game room; conference and office space; screening room; and sky deck with fire pit. Advanced Real Estate plans to lightly renovate the asset, which underwent a $3 million renovation in 2018. Blake Rogers, Kevin Sheehan, Ryan Fitzpatrick, Chelsea Jervis, CJ Angle, Alexandra Caniglia and Kip Malo of JLL Capital Markets brokered the sale. Advanced procured a $39.9 million Freddie Mac loan at a fixed rate for seven years with full-term interest-only payments for the acquisition. Kevin MacKenzie, Greg Brown and Charlie Vorsheck of JLL Capitla Markets arranged the financing. The seller was not disclosed.
GRAND RAPIDS, MICH. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 374-unit continuing care retirement community in Grand Rapids for an undisclosed price. Samaritas, a Michigan-based nonprofit owner and operator, selected Blueprint to negotiate the disposition. Since its original construction in 1977, the 40-acre community has grown to include 24 independent living cottages, 148 independent living apartments, 17 assisted living units, a 60-unit memory care community and a 125-bed skilled nursing and long-term care facility. The buyer was Optalis Healthcare, a post-acute rehabilitation and long-term care provider across Michigan and Ohio. StoryPoint Group, another Michigan-based senior living provider, will manage the independent living community on the campus, formerly known as The Terraces.
FORT COLLINS, COLO. — Cushman & Wakefield has arranged the sale of Harmony Commons, a neighborhood retail center located at 3541 and 3581 Harmony Road in Fort Collins. Denver-based Urban Village sold the asset to an undisclosed investor for $14 million. Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield represented the seller, while Joshua Guernsey of Waypoint Real Estate represented the buyer in the deal. Built in 2017, Harmony Commons consists of two multi-tenant, single-story retail buildings totaling 25,701 square feet. At the time of sale, the property was 87 percent occupied by eight tenants.
SUMNER, WASH. — Davis Property & Investment (DPI) has completed the disposition of Sumner North 140, an industrial property in Sumner, approximately 30 miles south of Seattle. An undisclosed buyer acquired the asset for $10.5 million, or $173.94 per square foot. Constructed in 2017 through a joint venture between DPI and Highmark Investments, Sumner North 140 is a 60,375-square-foot build-to-suit facility for Penny’s Salsa with extensive freezer, cooler and food processing improvements. The building offers 3,500 square feet of office space, 30-foot clear heights, 1,600 amps of three-phase 480-volt power, 20 dock-high doors, two on-grade doors and a 120-foot truck court.
SCHERERVILLE, IND. — Marcus & Millichap has brokered the $4.5 million sale of a 10,582-square-foot restaurant property occupied by Golden Corral in Schererville, a city in northwest Indiana. Built in 2006, the asset is located at 915 Eagle Ridge Drive next to a Home Depot. Sean Sharko, Austin Weisenbeck and Daniel Chumbley of Marcus & Millichap represented the seller, a Chicago-based real estate investment company, and procured the buyer, an out-of-state real estate partnership. Josh Caruana, broker of record in Indiana, assisted in closing the transaction.
GRANDVILLE, MICH. — Memphis-based developer Poag Development Group has acquired RiverTown Crossings, a 1.3 million-square-foot enclosed shopping mall located in Grandville, a suburb southwest of Grand Rapids. The two-story property featured 114 retailers at the time of sale, including Macy’s, Kohl’s, JCPenney, Celebration Cinemas and Dick’s Sporting Goods. The mall first opened in 1999. Although the seller was not disclosed, Brookfield Property Partners assumed ownership of the mall in 2018 as part of its $15 billion acquisition of giant shopping mall operator GGP Inc. The price was not disclosed. According to local news outlets including WGRD 97.9, a buyer — Jonathon Bryant —purchased a vacant former Younker’s space at the mall in 2022 for $2 million. In 2024, trampoline entertainment concept Soar N Bounce signed a 10-year lease to occupy a portion of the 75,000-square-foot space. Poag plans to “revitalize the mall through redevelopment” and will add new uses, as well as reposition “underutilized parking fields.” JLL will work with Poag to manage and lease the property. “This property has so much potential for redevelopment given its great location,” says Josh Poag, CEO of Poag Development Group. “We are energized about the opportunity to deploy our redevelopment expertise to reimagine the property.” …
PLANO, TEXAS — A partnership between two investment firms, Los Angeles-based TruAmerica Multifamily and Ohio-based Spoke Real Estate Capital, has purchased Sheridan Park at Spring Creek Apartments, a 300-unit property in Plano. The sales price was $50.3 million. The property offers one-, two- and three-bedroom units that feature private patios/backyards and washer and dryer connections. Amenities include a fitness center, two pool areas and a resident lounge. Greg Toro and Rob Key of JLL represented the partnership and the undisclosed seller in the deal. Brandon Smith and Annie Rice, also with JLL, arranged an undisclosed amount of acquisition financing for the deal.
CITY OF INDUSTRY, CALIF. — A joint venture between RCB Equities and Real Estate Development Associates (REDA) has received a $115 million loan for the acquisition of Puente Hills Mall in City of Industry. Located at 1600 S. Azusa Ave., the 56.4-acre Puente Hills Mall is a redevelopment opportunity. The buyers plan to work closely with the City of Industry to formulate a redevelopment plan for the property. Mark Wintner of JLL Capital Markets Debt Advisory obtained the non-recourse, three-year, floating-rate loan through Hankey Capital on behalf of the borrower.
MANOR, TEXAS — Tampa-based investment firm American Landmark Apartments has acquired Alta Blue Goose, a 300-unit multifamily community in Manor, a northeastern suburb of Austin. Built in 2023, the community offers studio, one-, two- and three-bedroom units and amenities such as private work offices and conference rooms, a pool, fitness center and a clubroom. American Landmark plans to rebrand the property as EightyOne 10 Blue Goose. The seller was not disclosed, but Alta is the brand of Atlanta-based multifamily developer Wood Partners.
ATLANTA — Andy Lundsberg and Michael Wess of Bull Realty have brokered the sale of a former Ramada Plaza hotel located at 450 Hank Aaron Drive in Atlanta’s Summerhill neighborhood. The Atlanta Housing Authority (AHA) purchased the 406-room, 246,000-square-foot hotel for nearly $17.5 million. AHA plans to convert the property into an affordable housing community and recently issued a request for proposal (RFP) from private developers. Current permits for the 3.3-acre site allow for the development of 260 apartments with 33,000 square feet of retail space.