RICHARDSON, TEXAS — Berkadia has arranged the sale and financing of Appletree Court, a 118-unit seniors housing property in Richardson, located northeast of Dallas. The community features assisted living and memory care units. A joint venture between Marquee Capital and Winterpast Capital Partners sold the property to a joint venture between Virtus Real Estate Capital and Winterpast. Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers of Berkadia represented the seller in the transaction. Austin Sacco, Steve Muth, Garrett Sacco and Alec Rosenfeld of Berkadia originated a seven-year, floating-rate Freddie Mac acquisition loan on behalf of the buyer.
FRISCO, TEXAS — Houston-based Whitestone REIT has purchased World Cup Plaza, a 90,391-square-foot shopping center located at the corner of Main Street and the Dallas North Tollway in Frisco. Developed in 2007 and situated adjacent to Toyota Stadium, the center is home to tenants such as Blue Goose Cantina, The Green Gator, The NOW Massage, Hikari Sushi & Grill, Lemma Coffee Roasters, Rotate Bar & Kitchen, Frisco Soccer Association and Wells Fargo Bank. The seller and sales price were not disclosed.
PALM BEACH GARDENS, FLA. — Colliers has negotiated the $15.9 million sale of 4440 PGA Boulevard, a 47,000-square-foot, six-story office building located in the South Florida city of Palm Beach Gardens. Gary Gottlieb, Mark Rubin, Bastian Schauer and Ryan Buckner of Colliers represented the seller, Narragansett Realty II LLC, in the off-market transaction. An entity doing business as PGA Office LLC was the buyer. Originally built in 1979, 4440 PGA Boulevard underwent a significant renovation in 2022 to include a new lobby and secure parking garage.
TROY, ALA. — Marcus & Millichap has brokered the $7.5 million sale of Willow Terrace, a 128-unit apartment community located in Troy, approximately 47 miles south of Montgomery, Ala. Built in 1974 on 6.5 acres, Willow Terrace includes a mix of one-, two- and three-bedroom floorplans ranging in size from 675 to 1,194 square feet, according to Apartments.com. Amenities at the complex include a swimming pool, fitness center, laundry facilities and onsite property management. Josh Jacobs of Marcus & Millichap represented the seller, an entity doing business as Willow Terrace Apartments LLC, in the transaction. The buyer was not disclosed.
BALTIMORE — Northmarq has arranged the $6 million sale of The Baltimorean Apartments, a 66-unit complex located near Johns Hopkins University in Baltimore. Ari Azarbarzin, Anthony Pino, Wallace Halpert and Jamie Grant of Northmarq represented the seller, an entity doing business as 2905 N. Charles Street LLC, in the transaction. Real Estate Dimensions was the buyer. This transaction marks the first time the property has been sold since 1994. Originally built in 1927, The Baltimorean offers a mix of studios, one- and two-bedroom apartments, with units averaging 385 square feet in size. The property features two elevators, a fitness room, management office and a laundry room.
COLUMBIA, S.C. — New York-based Eastern Union has secured $2.9 million in financing for the acquisition of Arcadia Lakes Shopping Center, a 33,684-square-foot retail center located at 6432 Two Notch Road in Columbia. Marc Tropp of Eastern Union arranged the five-year mortgage on behalf of the buyer, CityWide Properties. The loan features a 75 percent loan-to-cost ratio and a 6.65 percent interest rate. Proceeds of the loan were used for the purchase of the shopping center, as well as for a line of credit for tenant improvements and leasing commissions. CityWide Properties is planning to upgrade the property with new exterior lighting and paint, parking lot repaving and striping and fresh landscaping. Tenants at the property include Rent-A-Center, Pizza Hut, Boost Mobile and Heights Finance.
FAIRFIELD, N.J. — JLL has brokered the sale of the 122-room Courtyard by Marriott Wayne Fairfield hotel in Northern New Jersey. Built in 2018, the four-story hotel features 73 standard king rooms, 36 standard two-queen rooms, seven extended two-queen rooms, four king suites and two queen suites. Amenities include an indoor pool, fitness center, onsite restaurant and 1,587 square feet of meeting and event space. Phil White of JLL represented the seller, RiverLink Hotels, in the deal. Jillian Mariutti, also with JLL, arranged acquisition financing through M&T Bank on behalf of the buyer, Concord Hospitality.
ORANGE, N.J. — Berkadia has arranged the $10.7 million sale of Lincoln Manor Apartments, a 68-unit apartment complex in the Northern New Jersey community of Orange. According to Apartments.com, the building exclusively offers one-bedroom units with an average size of 1,000 square feet. Nat Gambuzza and Tim Blashford of Berkadia represented the seller, Layna Investments LLC, in the transaction and procured the buyer, FM Equities LLC.
ENGLEWOOD, COLO. — Colorado-based The Garrett Cos. has acquired a 12.6-acre development site at 8600 S. Valley Highway in Englewood, from Grace Chapel for an undisclosed price. The buyer is developing Garrett Park Meadow, a 317-unit apartment property on the site. Currently under construction, the community will feature a clubhouse with full amenities and six four-story residential buildings with a mix of one-, two- and three-bedroom units. Eric Roth, Martin Roth and Chris Cowan of CBRE represented the seller in the deal.
Phoenix Commercial Advisors Brokers Sale of Sprouts Farmers Market-Anchored Retail Center in Phoenix
PHOENIX — Phoenix Commercial Advisors has arranged the sale of Ninety Nine Ave, a grocery-anchored retail property in Phoenix. A private buyer acquired the asset from the developer for $30.7 million, or $650 per square foot, in an all-cash transaction. Situated on 5.2 acres on the northeast corner of 99th Avenue and McDowell Road, the property offers 47,201 square feet of retail space. At the time of sale, the property was 100 percent leased to a variety of tenants, including Sprouts Farmers Market, CAVA, Hand & Stone and Mountain Mike’s Pizza. Danny Gardiner and Chad Tiedeman of Phoenix Commercial Advisors represented the seller in the deal.