GOLDEN, COLO. — DS Real Estate LLC has completed the disposition of a single-tenant office building located at 607 19th St. in Golden, a suburb west of Denver. An undisclosed buyer acquired the asset for $3.8 million, or $315.85 per square foot. Formerly a retail bank building, the 12,031-square-foot property was redeveloped into a modern office space in 2017. The asset features ample parking, offices with mountain views, two conference rooms, a breakroom with a built-in speakeasy bar in the former bank vault space, and bathrooms with large locker/shower areas. Brett MacDougall and Michael DeSantis of Unique Properties Inc. / TNC Worldwide represented the seller, while Kurt Liss of JLL represented the buyer in the deal.
FRESNO, CALIF. — Cambridge Realty Capital Cos. has arranged a $6 million acquisition loan for Twilight Haven Senior Living in the San Joaquin Valley city of Fresno. Twilight Haven comprises 60 independent living units, 116 assisted living beds and 50 skilled nursing beds. A California-based LLC was the borrower. A Utah-based industrial bank provided the capital. The seller was a nonprofit operator facing bankruptcy. The 25-year loan is fully amortizing.
TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of Alamo Apartments, a multifamily building in Tucson. The Twenty Lofts on Tenth LLC acquired the asset from Euclid 35 LLC for $2 million. Located at 824 E. 10th St., the 11,189-square-foot building features 20 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both the seller and buyer in the transaction.
HOUSTON — Marcus & Millichap has brokered the sale of Rosslyn Heights Apartments, a 60-unit multifamily complex in northwest Houston. According to Apartments.com, the property was built in 1985 and offers two-bedroom units and a playground. Kyle Devillier, Gregory Austin, Travis Austin and Jackson Hart of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity.
TROY, N.Y. — Marcus & Millichap has brokered the $18 million sale of Hudson River Commons, a 129,059-square-foot shopping center in Troy, located just north of Albany. Big Lots anchors the center, which sits on a 12.2-acre site and was 97 percent leased at the time of sale. Other tenants include Friendly’s, Sonic, Subway, Starbucks, Family Dollar and Saratoga National Bank. Joseph French and Kodi Traver represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.
ORLAND PARK, ILL. — Marcus & Millichap has brokered the $2.1 million sale of a 14,000-square-foot retail building anchored by AutoZone in the Chicago suburb of Orland Park. AutoZone occupies about 60 percent of the property, which is located at 9310 W. 159th St. adjacent to a Jewel-Osco grocery store. Mitchell Kiven of Marcus & Millichap represented the seller, a private investor, and the buyer, a local investor based in suburban Cook County.
The emergence of generative artificial intelligence (AI) promises to greatly expand the property industry’s reach and abilities. Generative AI can offer suggestions, compile reports and create various types of content, ranging from video to software code. In the commercial real estate world, generative AI has the potential to harness myriad information to help owners, managers, lenders and investors assess portfolio performance, uncover operating risks and identify opportunities, among other activities, says Jeff Salladin, a managing director with Dallas-based private debt fund Revere Capital. But companies need to begin preparing for it now, he adds. “Commercial real estate can be slow to change — it wasn’t that long ago that mortgage brokers were sending us deals via overnight mail,” observes Salladin. “But whether they’re analysts or leadership teams, someone in your shop should be dipping their toe in the water and testing out AI.” Salladin also points out the need to proceed cautiously with this new technology as it evolves. Humans with expertise need to review what AI generates for the commercial real estate field. AI can narrow the focus of many tasks but cannot substitute for human reviewers or the human ability to critically apply information gleaned. AI Benefits Salladin …
SAN ANTONIO — San Francisco-based investment firm Hamilton Zanze has sold BLVD at Medical Center, a 248-unit apartment community in San Antonio. Built in 2016 and located roughly 15 miles northwest of the downtown area, BLVD at Medical Center offers one-, two- and three-bedroom units with an average size of 776 square feet. Residences are furnished with stainless steel appliances, walk-in closets, granite countertops and full-size washers and dryers. Amenities include a pool, fitness center, outdoor kitchen, playground and a business center. The buyer and sales price were not disclosed. Hamilton Zanze acquired the property soon after completion and implemented various value-add measures during its course of ownership.
HOUSTON — Locally based brokerage firm Davis Commercial has arranged the sale of a 153,000-square-foot office and industrial complex in northwest Houston. The property comprises an 111,000-square-foot office building and a 43,000-square-foot warehouse on a 12.6-acre site at 7000 Hollister St. According to LoopNet Inc., the three-story complex was originally built in 1985. Cotton Munson of Davis Commercial represented the seller, FJS Investments LP, in the transaction. Charlie Le of Realm Real Estate represented the buyer, an entity doing business as Yinlun TDI LLC.
LITTLE ROCK, ARK. — Cushman & Wakefield has brokered the $78.8 million sale of Landmark Apartments, a 372-unit multifamily community located in Little Rock. Canyon View Capital acquired the property in two phases — paying $40.3 million and $38.5 million in February 2023 and February of this year, respectively. Martin Bynum and Cole Herget of Cushman & Wakefield represented the seller, an entity doing business as Landmark Apartments II LLC, in the transaction. VCC Construction built the community in two phases, completing 196 units in 2017 and 176 units in 2023. Amenities at the property include two fitness centers, a coffee station, tanning salon, business center, dog park agility course, two swimming pools, outdoor games and parking garages.