TEMECULA, CALIF. — Level Asset Capital has acquired Tower Office Plaza, an office property in Temecula, for $13.8 million. Located at 27555 Ynez Road, the four-story asset is situated within Tower Plaza, a grocery-anchored retail center. The four-story, 71,775-square-foot office building includes a two-story parking structure and an oversized pond water feature. At the time of sale, the property was 94 percent occupied with tenants ranging from medical providers to banking services. Matt Pourcho, Anthony DeLorenzo, Matt Harris and Bryan Johnson of CBRE Investment Properties represented the seller, Providence Real Estate Group. Hugo Cosio of Level Asset Capital represented the buyer in the transaction.
SOUTH BRUNSWICK, N.J. — JLL has brokered the sale of a 216,000-square-foot warehouse in South Brunswick, located just outside of Trenton. Built in 1991, the cross-dock facility at 152 Ridge Road features a clear height of 30 feet and 33 loading docks and was fully leased at the time of sale to an undisclosed, third-party logistics company. The unnamed owner sold the asset to Atlanta-based Invesco Real Estate for an undisclosed price. Jordan Avanzato, Marc Duval, Nicholas Stefans, Jason Lundy, Jose Cruz and Conor Walsh of JLL brokered the deal.
LOS ANGELES — Lee & Associates – LA North/Ventura has brokered the acquisition of an industrial property located at 10643 Glenoaks Blvd. in the Pacoima neighborhood of Los Angeles. Greater Los Angeles Vector Control District, a local government health entity, acquired the asset from Glenoaks Partners for $13.1 million. Chris McKenzie of Lee & Associates – LA North/Ventura represented the seller in the transaction. The asset features 38,063 square feet of industrial space with 13,086 square feet of office space and high-power capabilities.
LAKEWOOD, COLO. — Marcus & Millichap has arranged the sale of an office building in Lakewood, a first-ring suburb of Denver. A private investor purchased the asset from a limited liability company for $2.1 million. Located at 3405 Yarrow St., the property offers 7,053 square feet of Class B office space. Built in 2023, the building is fully occupied by Stanbrick Dental and Dental Care Alliance. Erik Enstad, Chadd Nelson and Brandon Kramer of Marcus & Millichap’s Denver office represented the seller, while Chris Lind, Mark Ruble, Zack House and Sean Lenchner of Marcus & Millichap’s Phoenix office represented the buyer in the deal. Adam Lewis of Marcus & Millichap served as Colorado broker of record.
URBANA, ILL. — Berkadia has brokered the $38 million sale of Town & Country, a 662-unit multifamily property in Urbana. Located at 1032 E. Kerr Ave., the garden-style community offers convenient access to the University of Illinois. Town & Country was built in phases between 1970 and 2007, and was 98 percent occupied at the time of sale. Ralph DePasquale of Berkadia represented the seller, Colorado-based Monarch Investment and Management Group. The buyer was Michigan-based MF Capital. The transaction also included an adjacent 52-unit self-storage facility.
TECUMESH, MICH. — Dominion Real Estate Advisors LLC has negotiated the sale of the former Herrick Memorial Hospital property located at 500 E. Pottawatamie St. in Tecumesh, about 60 miles southwest of Detroit. The sales price was undisclosed. James Mitchell of Dominion represented the buyer, Greater Midwest Group LLC. The hospital operated as a 50-bed acute care facility until it closed in September 2020. The new owner plans to use the 188,179-square-foot property as a behavioral health facility.
VALLEY PARK, MO. — The Boulder Group has brokered the $2.5 million sale of a restaurant property occupied by Freddy’s Frozen Custard & Steakburgers in Valley Park, a western suburb of St. Louis. The building is located at 2945 Dougherty Ferry Road. Zach Wright and Brandon Wright of Boulder represented the seller, a Midwest-based development company. The asset sold to an all-cash 1031 exchange buyer based in the western U.S. This Freddy’s location features a long-term lease with 10 percent rental increases every five years. The lease is guaranteed by M&M Custard, the third-largest Freddy’s franchisee. Freddy’s maintains approximately 500 locations nationwide.
HOUSTON — Fertitta Entertainment Inc., an entity controlled by Houston Rockets owner Tilman Fertitta, has purchased River Oaks District, a 664,308-square-foot mixed-use development on Houston’s west side. Multiple local news sources, including the Houston Chronicle, report that the sales price was $450 million. As a shopping and dining destination, River Oaks District features 302,668 square feet of retail and restaurant space. Tenants include Hermes, Cartier, Dior, Harry Winston, Van Cleef & Arpels, Brunello Cucinelli, Balmain, Le Colonial, Toulouse, Bari, Steak48 and Little Hen. River Oaks also houses an Equinox fitness facility and an IPIC Theaters location. River Oaks is also home to the five-story Grey House Apartments, which consists of 279 units in one- and two-bedroom floor plans. Residences feature stainless steel appliances, quartz countertops and European cabinetry. Amenities include a pool, fitness center, screening room, conferencing facilities and onsite concierge service. River Oaks, which also features 67,060 square feet of boutique office space, is located at 4444 Westheimer Road. The 14-acre development benefits from a surrounding population in excess of 200,000 people — with an average annual household income of $158,600 — within a three-mile radius. Barry Brown, Erin Lazarus, Colby Mueck, Ryan West, Jeff Hollinden and Dustin Selzer …
WASHINGTON, D.C. — Greysteel has arranged the $48.1 million sale of a portfolio spanning four multifamily properties in Washington, D.C. Greysteel represented the sellers, locally based real estate investors, in the separate transactions, which were completed through D.C.’s Tenant Opportunity to Purchase Act (TOPA). American Housing was the buyer. The properties include a 28-unit apartment building located at 3654 New Hampshire Ave. NW and a 43-unit apartment building located in Penn Quarter at 1126 11th St. NW, which sold for $6.6 and $8.5 million, respectively. The portfolio also includes Newton Towers, a 56-unit apartment building located in Columbia Heights at 1435 Newton St. NW and The Park Regent, a 96-unit apartment community situated at 1701 Park Road NW in Mount Pleasant. Newton Towers was sold for $13.1 million, and The Park Regent traded for $20 million.
PEACHTREE CITY, GA. — CBRE has arranged the sale of Arbor Terrace Peachtree City, a 146-unit independent living and assisted living community in Peachtree City, a suburb south of Atlanta. GEM Realty Capital purchased the asset for an undisclosed price. John Sweeny, Aron Will and Garrett Sacco of CBRE arranged the transaction on behalf of the undisclosed seller. Will and Michael Cregan, also with CBRE, secured a Freddie Mac acquisition loan on behalf of the buyer.