BURNSVILLE, MINN. — JLL Capital Markets has arranged the sale of Shalimar Estates, a 48-unit townhome rental community in Burnsville, about 15 miles south of downtown Minneapolis. Located at 13340 Parkwood Drive, the property features three-bedroom units within attached three-story buildings with garages on the ground level. Josh Talberg and Bill Mork of JLL represented the seller, Gaughan Cos. Shalimar Estates was part of Gaughan’s larger 800-unit Minnesota Legacy Apartment Portfolio.
NAPERVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 32,230-square-foot industrial building in the Chicago suburb of Naperville for an undisclosed price. Constructed in 1989, the property was 50 percent leased to one tenant at the time of sale. The building features a clear height of 18 feet, two docks, two drive-in doors and parking for 42 cars. Venture One plans to make improvements such as new spec office space, energy-efficient warehouse lights and a new parking lots. Ted Gates and Dylan Demaio of CBRE will market the property for lease. VK Industrial VI is co-sponsored by Venture One Real Estate and Kovitz Investment Group.
ESCONDIDO, CALIF. — Cavalier Investments, a Colorado-based investor, has completed the disposition of Citrus Strip Center, a retail property in Escondido, approximately 35 miles north of San Diego. Eiad and Vera H Family Trust acquired the asset for $6.2 million. Located at 2315-41 E. Valley Parkway, the 27,310-square-foot retail center features 16 suites and two kiosks that are occupied by restaurants, professional services, beauty and fitness retailers, and a laundromat. Nick Totah of Marcus & Millichap’s San Diego Del Mar office represented the seller and procured the buyer in the deal.
WALNUT CREEK, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Rise Walnut Creek, a multifamily property in the East Bay city of Walnut Creek. Rescore sold the asset to Hines for an undisclosed price. Completed in 2023, The Rise Walnut Creek features 97 apartments with washers/dryers, white oak wide plank flooring, stainless steel appliances and large windows. Community amenities include a landscaped roof deck, fitness center, walk-in storage lockers and a subterranean parking garage with electric vehicle charging stations. The Rise Walnut Creek also features 8,000 square feet of retail space. Alex Tartaglia, Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni of IPA represented the seller and procured the buyer in the transaction.
WESTMINSTER, COLO. — Vitalis Properties has purchased PAM Health Rehabilitation Hospital of Westminster for an undisclosed price. Located at 6500 W. 104th Ave. in the Denver suburb of Westminster, the freestanding, two-story, 37,130-square-foot hospital features 36 private rooms. CJ Kodani led the JLL Capital Markets team that represented the undisclosed seller and procured the buyer in the deal.
MESQUITE, TEXAS — Marcus & Millichap has brokered the sale of a 553-unit self-storage facility in the eastern Dallas suburb of Mesquite that is operated under the Storage King USA brand. The facility spans 73,999 net rentable square feet. Brandon Karr of Marcus & Millichap represented the seller, a New York-based investment firm, in the transaction. Karr also procured the buyer, a REIT. Both parties requested anonymity.
DENVILLE, N.J. — Locally based brokerage firm The Goldstein Group has negotiated the sale of an 8,800-square-foot retail building in the Northern New Jersey community of Denville. The owner, Orkin’s Premier Properties LLC, sold the building to Spark Properties LLC for an undisclosed price. Lew Finkelstein, C.J. Huter, Marc Palestina and Roy Paret of Goldstein Group represented both parties in the transaction.
PEMBROKE PINES, FLA. — Atlanta-based Cortland has acquired Harbour Cove, a 240-unit, Class B apartment community located in Pembroke Pines, a city in South Florida’s Broward County. Cortland has renamed the property as Cortland Harbour Cove. The community features two-bedroom apartments and three-bedroom units with dens, as well as a fitness center, clubhouse, playground, tennis courts and volleyball courts. Cortland plans to make capital improvements to the property, including full kitchen renovations, new lighting and plumbing fixtures, cosmetic upgrades to the clubhouse and fitness center and the addition of a new dog park and pickleball court. Nearby attractions to Cortland Harbour Cove include Pembroke Pines City Center and Miramar. The seller and sales price were not disclosed. With this acquisition, Cortland now owns and operates four assets in Broward County alone and 46 assets spanning more than 16,000 units across Florida.
CHICAGO — Interra Realty has brokered the sale of a three-property, 18-unit multifamily portfolio on Chicago’s Northwest Side for $3.1 million. The six-flat buildings, located at 8622 W. Berwyn Ave., 8657 W. Berwyn Ave. and 5240 N. Oakview Ave., were all built in 1969. Patrick Kennelly, Paul Waterloo and Nathan Zito of Interra represented the seller, a local partnership. Jay Chandran of Jay C. Realty represented the buyer, a local partnership.
CHARLESTON, S.C. — Marcus & Millichap has brokered the $13.3 million sale of Courtyard North Charleston, a 123-room hotel located at 2415 Mall Drive in Charleston. Built in 1999, the hotel is situated near Charleston International Airport, Tanger Outlets Charleston and the Charleston Area Convention Center. The property features an outdoor swimming pool, fitness center, and meeting and banquet facilities. Jack Davis, Joce Messinger and Chase Dewese of Marcus & Millichap’s Charleston office procured the buyer, Baron Hospitality, in the transaction. The seller was not disclosed.
