ALTOONA, PA. — Marcus & Millichap has brokered the $2.4 million sale of a 5,290-square-foot retail property at 220 Park Hills Plaza in Altoona, located roughly midway between Pittsburgh and Harrisburg, that is net leased to Denny’s. Mark Taylor, Howard Levy and Brian Sy of Marcus & Millichap represented the buyer, a private investor that acquired the asset via a 1031 exchange, in the transaction. The seller was a REIT. Both parties requested anonymity.
HUNTINGTON BEACH, CALIF. — Advanced Real Estate has acquired an apartment community in Huntington Beach, formerly known as Citron House, for $96 million. The buyer plans to implement a $7 million renovation project and rebrand the community as Surf House. Located on Warner Avenue, the property features 264 apartments. The community will undergo an exterior facelift with new windows, balcony upgrades, paint, pool area overhaul with new cabanas, new signage and drive-entry enhancements. Apartment interiors will be modernized with new cabinetry, countertops, flooring, fixtures and a contemporary paint scheme. R3 Construction, Advance’s in-house renovation company, is completing the renovations. Advanced Management Co., Advanced’s in-house management company, will operate the property. In the transaction, Advanced assumed an approximately $53 million Freddie Mac loan, which has a remaining term of 1.5 years and bears interest at a 4.22 percent rate. Geoff Boler, Johnathan Merhaut and Eugene Chong of Eastdil Secured’s Newport Beach office brokered the transaction.
TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Juniper Canyon, an apartment community in Tucson. Terms of the transaction were not released. Clint Wadlund, Hamid Panahi, Art Wadlund, Steve Gebing and Cliff David of IPA represented the undisclosed seller and procured the undisclosed buyer in the deal. Situated near Interstate 10 and Oracle Road/State Route 77, Juniper Canyon features 140 apartments.
CITY OF INDUSTRY, CALIF. — Pacific Industrial has purchased 10 acres of land at 17969 Railroad St. in City of Industry. The property was acquired via a short-term sale/leaseback. Additional terms of the transaction were not released. Upon lease expiration, Pacific Industrial plans to develop Pacific Railroad Center, a Class A, 215,000-square-foot industrial facility. The speculative for-lease development will offer electric vehicle charging stations, solar-ready roofs, excess car/trailer parking and a two-story signature glass-entry office. Pacific Industrial plans to break ground in 2024, with completion scheduled for 2025. Chris Bonney and Brad Gilmer of Lee & Associates will be exclusive leasing agents for the project.
CHICAGO — ACO Commercial has arranged the sale of a five-acre development site located at 3000-3052 S. Pitney Court in Chicago’s Bridgeport neighborhood for $8 million. George Toscas and Linda Hatter of ACO represented the seller, St. Louis-based SOHO Investments Inc. The buyer was the Chinese American Service League Inc. The nonprofit plans to develop the site into a comprehensive community care campus with affordable seniors housing, an adult day service center for seniors, an early childcare center and an industrial/commercial kitchen for senior meals and culinary training programs. Additionally, a community center will offer sports programs and outdoor garden space along the river as well as space for meetings. People’s Gas and Coke Co. formerly owned the riverfront property for more than 100 years.
VISTA, CALIF. — CareTrust REIT Inc. (NYSE: CTRE) has completed a joint venture investment to acquire La Fuente Post Acute, a 187-bed skilled nursing facility in Vista, approximately 40 miles north of San Diego. Once regulatory approval is obtained, Bayshire Senior Communities (a current tenant of CareTrust) will operate the facility pursuant to a new 15-year lease. To acquire the facility, CareTrust and a third-party regional healthcare real estate investor entered into a joint venture. CareTrust’s combined common equity and preferred equity investments in the joint venture total $25.5 million. CareTrust’s initial contractual yield on its combined preferred and common equity investments in the joint venture is approximately 9.7 percent. The lease provides for 3 percent fixed annual rent escalators and two five-year extension options. CareTrust is the managing member of the joint venture entity. The investments were funded using cash on hand.
MILWAUKEE — Marcus & Millichap has brokered the sale of a 12,900-square-foot retail property occupied by CVS Pharmacy in Milwaukee for $3.1 million. The net-leased building was constructed in 2007. Jeff Rowlett of Marcus & Millichap’s The Rowlett Group represented the seller, a local investor group. The Rowlett Group also procured the buyer, a Delaware-based REIT. At the time of sale, there were just under 10 years remaining on the initial 25-year ground lease.
LITHIA SPRINGS, GA. — Northland has acquired 670 Thornton, a 344-unit multifamily community located in Lithia Springs, roughly 15 miles west of Atlanta. Totaling 38 residential buildings situated on 46 acres, the property features 20 studio, 146 one-bedroom, 154 two-bedroom and 24 three-bedroom apartments. Amenities include a fitness center, business center, grilling areas, pet park, two pools, theater room, playground, tennis courts and a walking trail, as well as 96 detached garages. Northland plans to implement a valet trash program and SmartRent technology package, install washers and dryers in all units and upgrade finishes in select apartments, along with other site improvements.
MISSOURI CITY, TEXAS — Colliers has arranged the sale of a 12.5-acre office development site in Missouri City, a southwestern suburb of Houston. The site has over 1,000 feet of frontage on Knights Court Road and is across the street from Elkins High School. Chris Hutcheson, Harrison Kane and James Kadlick of Colliers represented the seller in the transaction. The size and construction schedule of the office condominium park that the undisclosed buyer intends to build on the site have not yet been determined.
WINDSOR, CONN. — Regional investment firm WinStanley Enterprises has acquired a 1 million-square-foot industrial facility in Windsor, located north of Hartford, that is fully leased to Amazon. The sales price was $122.3 million. The facility was built on an 89.5-acre site in 2014 and features 32-foot clear heights. The seller was German investment firm Deka Immobilien.