RENO, NEV. — Berkadia has arranged the sale of The Element, a garden-style apartment property in Reno. A Los Angeles-based private owner sold the asset to a private buyer for $41 million. Jared Glover of Berkadia Nevada represented the seller in the deal. Built in 1975 and 1977, The Element features 206 apartments and walkable proximity to Whole Foods Market, Target and a variety of restaurant and retail offerings.
HUNTINGTON BEACH, CALIF. — Matthews Real Estate Investment Services has directed the purchase of Mora Kai Apartment Homes, a multifamily property located at 18881 Mora Kai Lane in Huntington Beach. A local private value-add investor acquired the asset from an undisclosed seller for $16.1 million in an off-market transaction. Situated on 2.7 acres, Mora Kai Apartments features 12 residential buildings offering a total of 42 two- and three-bedroom townhome-style apartments. According to Matthews, the property offers more than 60 percent rental upside potential through interior renovations and rental repositioning, as in-place rents are currently well below market. The buyer plans to implement a strategic capital program to increase rents, stabilize operations and refinance into long-term debt. Kyle Mirrafati of Matthews represented the buyer in the transaction. Matthews Capital Markets secured nonrecourse, 24-month bridge financing at an 80 percent loan-to-cost ratio for the buyer.
BURLINGTON, COLO. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 44-bed skilled nursing facility in Burlington, a city in eastern Colorado. The building totals roughly 25,003 square feet. A group of California-based investors sold the property to a Colorado-based owner and operator for an undisclosed price. Vince Viverito, Jason Punzel, Jeff Binder and Nick Cacciabando of SLIB brokered the transaction.
FARMINGTON, N.M. — Mavin Capital has completed the disposition of a single-tenant restaurant property located at 2700 E. Main St. in Farmington. FCPT Acquisitions LLC c/o Four Corners Property Trust purchased the property for $2.8 million. Buffalo Wild Wings occupies the 6,178-square-foot building, which includes a drive-thru, ample parking and prominent frontage on Main Street, on a triple-net lease basis. Cushman & Wakefield’s Chris Hollenbeck and Shane Carter, along with local broker of record Brett Preston of PIRES International (part of the Cushman & Wakefield Alliance), represented the seller in the transaction.
EDINA, MINN. — JLL Capital Markets has negotiated the sale of The Eddi at Pentagon Village, a luxury apartment community with 202 units in Edina. Completed in 2023, the property is positioned within the Pentagon Village development. Units average 753 square feet. According to JLL, The Eddi is the largest wood-frame modular apartment building in Minnesota, with 205 modules manufactured off site by Rise Modular and stacked atop a site-built concrete parking and amenity podium. Amenities include a fitness center, pool, clubroom, coworking spaces, dog spa and outdoor fire pits. Josh Talberg, Joseph Peris and Jack Graveline of JLL represented the sellers, Rise Modular and Soloman Real Estate Group. Oaks Properties was the buyer.
GRAND RAPIDS, MICH. — Mid-America Real Estate Corp. has brokered the sale of Cascade East, a 99,529-square-foot, grocery-anchored retail center in Grand Rapids. The property was 97 percent leased at the time of sale to D&W Fresh Market, Hallmark, Sola Salon Studios, iSmash, Your Pets Naturally, HOTWORX, Warhammer and Pit Stop Catering. Ben Wineman, Eric Geskermann and Daniel Stern of Mid-America represented the seller, a publicly traded REIT. Batal Real Estate, a metro Detroit-based private investment firm, was the buyer.
ADDISON, ILL. — Essex Realty Group has arranged the $3.3 million sale of 439-449 W. Stevens Drive, a 23-unit multifamily property in Addison. Anthony Citriglia of Essex Realty Group brokered the transaction. Additionally, Asher Motew, Quinn Keenan and Elliott Quigley of Essex Capital Markets arranged a $2.2 million acquisition loan through Freddie Mac. The five-year loan features interest-only payments for two years.
GAINESVILLE, FLA. — CBRE has arranged a $162 million acquisition loan for a six-property multifamily portfolio totaling 1,432 units in Gainesville on behalf of Westlight Capital. Jubeen Vaghefi and Denny St. Romain of CBRE represented the undisclosed seller in the transaction and secured the financing. The multifamily properties named in the portfolio, which are located near major employment drivers, universities and key regional infrastructure, include Hunters Crossing, Huntington Lakes, Lake Crossing, Spyglass, Lakewood Villas and Woodland Villas.
HUNTSVILLE, ALA. — JLL Income Property Trust has acquired Westbury Square, a 115,000-square-foot shopping center located in Huntsville, for $32 million. Tenants at the center, which was fully leased at the time of sale, include T.J. Maxx, Michaels, Stein Mart, Metro Diner, Chicken Salad Chick, Captain D’s, BB&T, Moe’s Southwest Grill, Jenny Craig, Jimmy John’s and Cricket Wireless. Cushman & Wakefield represented the undisclosed seller in the transaction.
ONTARIO, CALIF. — Rancho Cucamonga, Calif.-based IHC State LLC has completed the disposition of a fully occupied industrial and office building in Ontario. Santa Fe Springs, Calif.-based Orden Co. acquired the asset for $57.1 million. Located at 875 W. State St., the cross-dock facility offers 257,722 square feet of space, a 40-foot minimum clear height, 51 dock-high doors, two GL doors and 2,000 amps of power. Eric Fikse and Eric Burney of DAUM Commercial represented the seller, while Fikse procured the buyer in the deal.
