BEAUMONT, CALIF. — Marcus & Millichap has arranged the sale of 17-property multifamily and retail portfolio in the Inland Empire city of Beaumont. The assets traded for a total of $13.5 million. Doug McCauley, David Covarrubias and Steve Bogoyevac of Marcus & Millichap represented the undisclosed seller in the all-cash transaction. The portfolio features a mix of multifamily, mixed-use and retail space, as well as unoccupied land. The new owner plans to capitalize on the significant upside in rents that this portfolio has to offer.
HANOVER, PA. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 12,500-square-foot medical office building in Hanover, located in the southern-central part of the Keystone State. According to LoopNet Inc., the two-story building at 100 Frederick St. was constructed in 1979. Conor Daly led the Blueprint team that represented the seller, a local owner-operator, in the transaction. Additional terms of sale were not disclosed.
MESA, ARIZ. — DWG Capital Partners has acquired a manufacturing and distribution facility, located at 260 S. Hibbert St. in Mesa, for $10 million in a sale-leaseback transaction. AirBagIt fully occupies the 72,780-square-foot property, which is a former concrete tilt-up cold storage facility situated on 1.9 acres. The building features 17-foot clear heights, three docks, one drive-in dock and three external dock levelers. The custom engineering company will continue to occupy the property under an 18-year, triple-net lease. The company specializes in manufacturing innovative motor vehicle parts and accessories. Glen Miles of Calgary, Canada-based Miles Capital Partners represented the seller in the off-market transaction.
CARLSBAD, CALIF. — CBRE has arranged the sale of 1530 Faraday Avenue, an office building in Carlsbad, approximately 35 miles north of San Diego. Core Contracting acquired the asset from a private seller for $4.4 million. Matt Pourcho, Anthony DeLorenzo and Matt Harris of CBRE Investment Properties, alongside Nick Williams, Blake Williams and Roger Carlson of CBRE, represented the seller in the deal. Situated in Carlsbad Research Center, the single-story property features 13,093 square feet of office space. Built in 1998, the property recently underwent a renovation, including a new roof, complete interior remodel and new HVAC system. Additionally, the property has 53 parking stalls and a 555-square-foot space for a garage or storage area. The buyer will occupy the space. Chris Roth, Rusty Williams and Jake Rubendall of Lee & Associates represented the buyer in the deal.
ELKHART, IND. — Industrial Commercial Properties (ICP) has acquired Concord Mall in Elkhart, about 15 miles east of South Bend. ICP plans to redevelop the 600,000-square-foot shopping mall and adjacent outparcels into a mixed-use business park. Concord Mall was originally built in 1972 and has been suffering vacancies in recent years. Early this year, JC Penney unveiled plans to close its store at the mall, leaving Hobby Lobby as the sole anchor tenant. Hobby Lobby will continue to operate at the location. A timeline for construction was not provided.
WILMETTE, ILL. — Interra Realty has brokered the $9.2 million sale of Art House Eleven 21, an apartment building in the Chicago suburb of Wilmette. Developed in 2018, the 16-unit building at 1121 Greenleaf Ave. features six two-bedroom units, eight three-bedroom units and two retail spaces. Lucas Fryman and Craig Martin of Interra represented the buyer, Chicago-based HP Ventures Group. The duo also represented the seller, a joint venture between 4 Corners, Gabe Horstick and Josh Krueger. HP Ventures assumed the existing low-interest loan on the property, which was fully leased at the time of sale.
LA VISTA, NEB. — Marcus & Millichap has arranged the $1.9 million sale of a 3,305-square-foot restaurant property occupied by KFC in La Vista, a southwest suburb of Omaha. The net-leased building features a drive-thru and is located at 8311 Harrison St. KFC’s lease has 11 years remaining and features 10 percent rental increases every five years. Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.
MIAMI — Monarch Alternative Capital, an investment firm with offices in New York City, London and South Florida, has purchased 801 Brickell, a 412,000-square-foot office building in Miami. The 28-story high rise is located just a block from Biscayne Bay in downtown Miami’s Brickell neighborhood, two blocks from a Metromover station. Monarch Alternative Capital will operate the transit-served property in partnership with Tourmaline Capital Partners. The seller and sales price were not disclosed. Originally constructed in 1985 within the Brickell district just south of the downtown area, the 28-story building was more than 90 percent leased at the time of sale. Tenants include U.S. Securities and Exchange Commission, Mastercard and Royal Bank of Canada. The building also houses a ground-floor restaurant, as well as a fitness center, tenant lounge, conference facilities and unobstructed views of Biscayne Bay. The previous ownership completed a capital improvement program at the property in 2022. According to the Colliers leasing webpage, BOMA awarded 801 Brickell the prestigious Office Building of the Year (TOBY) Award for excellence in environmentally sound office building management. The building boasts energy consumption 38 percent below the national median for similar buildings. Monarch cited the tenant quality and overall office trends in …
MIRAMAR, FLA. — ZOM Living has sold Sorrento, a 320-unit affordable housing apartment community located in Miramar. Built more than 11 years ago, the property was originally financed through the low-income housing tax credit (LIHTC) program and state and county debt financing programs. The community features units in one-, two- and three-bedroom floorplans ranging from 651 to 1,187 square feet. Amenities include a swimming pool, fitness center, clubhouse, pavilion and barbecue area, resident lounge and a computer lab. Monthly rents at the property begin at $826. Related Cos. purchased the community for an undisclosed price.
ARLINGTON, TEXAS — Newmark has arranged the sale of Maverick Place, a 382-bed student housing community located near the University of Texas at Arlington campus. The garden-style community offers a mix of one-, two- and four-bedroom units (117 total) with bed-to-bath parity. Shared amenities include a 24-hour fitness center, clubhouse, pool, game room, cybercafé and a dog park. Ryan Lang, Jack Brett and Ben Harkrider of Newmark represented the sellers in the transaction. Jordan Roeschlaub, Dustin Stolly, Ben Roelke, Ian Walker and Trent Houchin, also with Newmark, arranged an undisclosed amount of acquisition financing on behalf of the buyer, Axonic Properties LLC.