EUGENE, ORE. — Cushman & Wakefield has arranged the sale of Crescent Park, a 119-unit independent living community in Eugene. Built in 2014, the community is a three-story, 116,000-square-foot community on 5.7 acres. Inspired Healthcare Capital acquired the asset for $35 million. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig and Dan Baker represented the seller, an investment management firm with a focus on alternative assets including seniors housing.
NORWALK, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the sale of Belden Square, a 24-unit apartment complex in Norwalk, located in the southern coastal part of Connecticut. Belden Square, which includes 11,675 square feet of commercial space, was originally built in 1989 as an office building and converted to residential use in 2017. Apartments come in studio, one- and two-bedroom formats. Brad Balletto, Rich Edwards and Jeff Wright of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the $4.5 million sale of a 7,356-square-foot retail property located at 1 Worth St. in Manhattan’s Tribeca neighborhood. The seller was Xeno Lightning, a film production company that had owned and operated out of the six-story building since 1990. The buyer was not disclosed. Trever Gallina of Marcus & Millichap brokered the deal.
BROOKLYN PARK, MINN. — JLL Capital Markets has brokered the sale of Urbana Court, a 207-unit apartment complex in the Twin Cities suburb of Brooklyn Park. The sales price was undisclosed. Completed in 2021, the property features units with an average size of 877 square feet. Amenities include a pool, fitness center, private dog park, outdoor pergolas and pickleball courts. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL represented the seller, Trident Development LLC, and the buyer, Turner Impact Capital.
INDIANAPOLIS — CBRE has negotiated the sale of The Residences at Keystone Crossing in Indianapolis for an undisclosed price. The buyer, Core Redevelopment, has renamed the 129-unit property as VITRA Apartments. Located at 8785 Keystone Crossing in the heart of the Keystone Crossing submarket, the 12-story building was originally constructed in 1987 as a hotel and converted into apartments in 2012. Residents of the building have access to all the adjacent Sheraton Hotel amenities, including a fitness center, indoor pool, restaurant, bar and public space. Steve LaMotte Jr., Dane Wilson and Ross Wettersten of CBRE represented the seller, Highline Hospitality Partners. PRAXM will manage the asset. The transaction marks the first time that an apartment owner will own the property.
MICHIGAN — Prestige Storage, in partnership with Peaceable Street Capital, has acquired a 12-property self-storage portfolio in western Michigan for an undisclosed price. The portfolio totals 490,302 square feet with 2,956 units. The properties are located in Muskegon, Fruitport, Spring Lake, Kent City and West Olive. The facilities, which feature a mix of climate-controlled and non-climate-controlled units, will be rebranded to Prestige Storage. The buyer intends to expand the properties, with initial plans calling for the addition of more than 100 parking spaces for boats, RVs and trucks. Columbus, Ohio-based Prestige maintains a portfolio of more than 50 properties in seven states totaling 2.4 million rentable square feet.
CHICAGO — Kiser Group has brokered the sale of 701 S State in Chicago’s Loop for $6 million. The building features 36 apartment units as well as a bar on the first floor. The residences are renovated studio apartments, all of which are occupied. Kiser Group’s Birk | Sklar team represented the seller, Nicholas Vranas, who had owned the building for over 40 years. A local restaurant operator purchased the asset. According to Kiser, the buyer was drawn to the property because of its 4 a.m. liquor license, which was transferred upon sale.
BRADENTON, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $12.1 million sale of Southwood Shops, a 107,697-square-foot shopping center located in the Tampa suburb of Bradenton. Kirk Olson and Drew Kristol of IPA represented the seller, an entity doing business as Bradwood Shopping Center Co. Ltd., and procured the buyer, a Miami-based partnership doing business as Southwood Shops LLC. Built in 1981 at the intersection of 14th Street and 57th Avenue, Southwood Shops was fully leased at the time of sale to tenants including grocery anchor Winn-Dixie.
VENTURA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $6.4 million sale of a single-tenant property in Ventura. Planet Fitness occupies the newly renovated, 24,600-square-foot building on a triple-net-lease basis. Bill Asher, Jeff Lefko and Ed Hanley of Hanley represented the seller, an affiliate of MJL Capital Partners. Brian Hughes of M&M Thrift Management Co. represented the buyer, a Ventura-based private investor.
ADELANTO, CALIF. — Frontier Enterprises has sold a single-tenant, net-leased industrial asset at 9841 Bartlett Ave. in the Inland Empire city of Adelanto for $5.5 million. The 29,925-square-foot unit is fully leased by General Dynamics Information Technology. The aerospace and defense corporation recently signed a triple-net, three-year base term and annual increase with options to extend. It will occupy the space once it’s completed. Several units are still available that can be delivered in configurations ranging from 30,000 to 120,000 square feet. A 240,000-square-foot expansion to the park has already been approved and the developer is entertaining built-to-suit options for select buyers and tenants. Jim Root and Matthew Hardke of Graystone represented Frontier Enterprises, which was the original developer. The buyer was not disclosed.
