LA GRANDE, ORE. — Marcus & Millichap has brokered the purchase of La Grande Strip Center, a retail asset in La Grande. A private investor acquired the property from an undisclosed seller for $1.6 million. Located at 11621 Island Ave., the 7,448-square-foot La Grande Strip Center was 67 percent occupied at the time of sale. Eric Garske of Marcus & Millichap’s Portland office represented the buyer in the deal.
IRVING, TEXAS — A joint venture between shopping center owner-operator Edens and CBRE Investment Management has purchased MacArthur Park, a 425,612-square-foot retail power center in Irving. Target, Kroger, Office Depot, T.J. Maxx, Michaels, Ross Dress for Less and Ulta Beauty serve as the anchor tenants at the center, which was built in 2001 and is located at the intersection of I-635 and the George Bush Turnpike. The seller and sales price were not disclosed.
SAN ANTONIO — Dallas-based developer RightQuest Residential has sold Eleven West Luxury Apartments, a 264-unit multifamily community that is located on a 13-acre site on the west side of San Antonio. Designed by Cross Architects and built by Houston-based Nations Construction, the newly constructed property offers one- and two-bedroom units that are furnished with granite countertops, walk-in closets and individual washers and dryers. Private balconies/patios are available in select residences. Amenities include a pool, fitness center, business center, clubhouse, dog park and onsite storage facilities. CBRE brokered the sale on behalf of RightQuest Residential. The buyer and sales price were not disclosed.
HOUSTON — Marcus & Millichap has brokered the sale of AA Storage at Ruland Road, a 262-unit self-storage facility located about 10 miles west of downtown Houston. Built in 1971 and renovated multiple times in the ensuing decades, AA Storage at Ruland Road comprises five buildings on a 2.3-acre site. The unit mix consists of 112 climate-controlled spaces, 143 non-climate-controlled spaces and seven office spaces for a total of 49,539 net rentable square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
NEW YORK CITY — JLL has arranged the $97.5 million sale of 8 Marcy Ave., a 123-unit apartment building located in the Williamsburg area of Brooklyn. Delivered in January, the eight-story building houses studio, one- and two-bedroom units, with 37 residences reserved as affordable housing. Income restrictions for these units were not disclosed. A joint venture between The Carlyle Group and Z+G Property Group purchased the asset from Prospect Development. Ethan Stanton, Jeffrey Julien, Brendan Maddigan, Stephen Palmese, Rob Hinckley, Michael Mazzara, Winfield Clifford, Steven Rutman and Jay Leshinsky of JLL brokered the transaction. Steven Klein, Geoff Goldstein and Christopher Pratt, also with JLL, arranged $73.6 million in acquisition financing through Invesco Real Estate for the deal.
SPRINGFIELD, VA. — SRS Real Estate Partners has brokered the $14 million sale of a single-tenant flex office property in Springfield that is leased to Cox Communications. Located at 7741 Southern Drive, the 61,700-square-foot building was delivered in 1993 and has been occupied by Cox and its predecessor ever since. The property features offices, a laboratory, warehouse and auto repair space, as well as five loading bays and 414 surface parking spaces. Andrew Fallon and Philip Wellde Jr. of SRS represented the seller, Vienna, Va.-based WTG Properties Inc., in the transaction. The buyer, an entity doing business as CIA-7741 Southern Drive LLC, is a private real estate investment group based in Northern Virginia.
NASHVILLE, TENN. — Capstone Cos. has negotiated the sale of The Wallace Studios, a 131-unit affordable housing community located at 97 Wallace Road in Nashville. Built in 1974 as an Americas Best Value motel, the property is situated at the intersection of I-24 and Harding Place. The Wallace Studios is the fourth motel conversion property for the buyer, AGB Real Estate, who partnered with SL Cap and RBSR LLC on the acquisition. Austin Heithcock, Adam Klenk, Jordan Arand, Josh White and Blake Wiser of Capstone brokered the transaction. The seller and sales price were not disclosed.
PORTLAND, MAINE — Locally based investment firm The Ram Cos. has acquired a 64,000-square-foot industrial property in Portland, located in the southeastern part of Maine. The complex comprises three buildings with clear heights of 18 feet that were fully leased to nine tenants at the time of sale. RAM Cos. plans to upgrade the signage, landscaping and parking lots and rebrand the property as Portland Commerce Center. The seller and sales price were not disclosed.
CRANSTON, R.I. — Marcus & Millichap has brokered the $4.8 million sale of Park Avenue Plaza, a 24,750-square-foot retail property in Cranston. Built on 2.3 acres in 2006, the property was fully occupied at the time of sale, with all tenants operating on triple-net leases. Adam Cohen and Brett Kilar of Marcus & Millichap represented the seller, a locally based limited partnership, in the transaction. Maria DeAngeli, also with Marcus & Millichap, procured the buyer, a Massachusetts-based investor.
MUNDELEIN, ILL. — Marcus & Millichap has arranged the $1.4 million sale of an 1,800-square-foot retail property occupied by Grease Monkey in Mundelein, a far north suburb of Chicago. The building is located at 1079 W. Maple Ave. across from Mundelein High School. Brian Bailey and Drew Isaac of Marcus & Millichap represented the seller, a limited liability company. Mitchell Kiven and Nicholas Kanich of Marcus & Millichap secured and represented the buyer, a boutique real estate investment firm based in California. Grease Monkey provides services such as oil changes.