CASA GRANDE, ARIZ. — Arizona Land Consulting has purchased 320 acres in Casa Grande, a city between Phoenix and Tucson, for $12 million. The land sits adjacent to the Casa Grande Municipal Airport. Casa Grande Martin Road and Scott Drive LLC were partners on the acquisition. The deal equates to approximately 86 cents per foot. The site has infrastructure in place, and Arizona Land Consulting is open to taking on investors to develop the land.
LAS VEGAS — Camino Verde Group has purchased the 10-unit Sherwood Apartments in Midtown Las Vegas. The community is situated just east of Las Vegas Boulevard. There are major redevelopments within walking distance of the complex. They include the construction of the Fontainebleau and the MSG Sphere, as well as renovations at Circus Circus.
LEXINGTON, S.C. — Marcus & Millichap has brokered the $7.1 million sale of Lexington Town Square, a 75,763-square-foot shopping center located at 712 W. Main St. in Lexington, a suburb of Columbia. Andrew Margulies and Harrison Creason of Marcus & Millichap represented the seller and secured the buyer in the transaction. Both parties were limited liability companies that requested anonymity. Ben Yelm, Marcus & Millichap’s South Carolina broker of record, assisted in closing the transaction. Lexington Town Square was leased to 11 tenants at the time of sale including anchors Food Lion and Badcock Furniture, as well as H&R Block, RF’s Grill, Cricket Wireless and Musician’s Supply, among others.
FORT WAYNE, IND. — Marcus & Millichap has brokered the $3.2 million sale of a 9,500-square-foot restaurant property occupied by Biaggi’s Ristorante Italiano in Fort Wayne. The freestanding, net-leased building is located at 4010 W. Jefferson Blvd. It was constructed as a build-to-suit for the restaurant in 2001. Damien Yoder and Madison Harman of Marcus & Millichap’s Yoder-Harman Group represented the seller, a California-based family trust. An in-state lender provided acquisition financing on behalf of the buyer, an Indiana-based family office. Biaggi’s operates 16 restaurants in eight states. There are six years remaining on its lease at the Fort Wayne property.
BRANDON, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $8.1 million portfolio sale of two single-tenant net-lease retail properties totaling 6,454 square feet in Brandon. The restaurants, which are occupied by Panera Bread and Chipotle Mexican Grill, are outparcels to Lake Brandon Plaza, a 200,000-square-foot, Publix-anchored shopping center located at 11201-11255 Causeway Blvd. Both properties were completed this year and have new 15-year, absolute triple-net leases in place. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based private investor, in the 1031 transaction. The buyer was an unnamed, private investor based in New York.
FORT WORTH, TEXAS — San Francisco-based investment firm Hamilton Zanze has sold 4000 Hulen, a 240-unit apartment complex in Fort Worth. The property was built in 2015, has an average unit size of 886 square feet and offers amenities such as a pool, fitness center, coffee bar, game room and a dog park. Hamilton Zanze acquired the property in 2017 and implemented a value-add program that upgraded unit interiors, amenity spaces, building exteriors and landscaping. Joey Tumminello, Drew Kile, Taylor Hill, Michael Ware, Jeffrey Kindorf and Will Balthrope of Institutional Property Advisors, a division of Marcus & Millichap, represented Hamilton Zanze in the transaction and procured the buyer, Pegasus Real Estate. At the time of sale, 4000 Hulen was 95 percent occupied.
CARLSBAD, CHINO AND NIPOMO, CALIF. — A Covina-based private family office investor has acquired three industrial assets in Southern California for $39.6 million. The acquisition includes a Class B facility at 2070 Las Palmas Drive in Carlsbad; a 52,000-square-foot, multi-tenant property at 14055 Laurelwood Place in Chino; and Nipomo Self Storage, a self-storage facility at 542 Lindon Lane in Nipomo. Peter Hauser, Shane Shafer, Matt Hauser and Jordan Hauser of Northmarq represented the buyer. The seller was not disclosed.
LAKEWOOD, COLO. — Marcus & Millichap has arranged the sale of the 96-unit Aspire Lakewood Apartments in Lakewood. A new-to-the-market investment group bought the asset for $27 million. The community is located at 12160 W. Nevada Drive. It includes a fitness center, clubhouse and swimming pool. The property’s one- to four-bedroom units feature private patios or balconies. Kent Guerin, Jason Hornik and Greg Parker of Marcus & Millichap represented the buyer. The seller was not disclosed.
THE DALLES, ORE. — Marcus & Millichap has arranged the sale of The Dalles Inn, a 64-room hotel in The Dalles, located along the Columbia River near the Washington border. The hotel is located at 112 W. 2nd St. along State Highway 30 near its intersection with Interstate 84. Michelle Kennedy of Crystal Investment Property represented the buyer, a limited liability company. David Tabata of Marcus & Millichap’s Portland office aided in closing this transaction. Chris Gomes and Skyler Cooper of Marcus & Millichap’s Dallas office were also listed on the deal as supporting brokers, alongside Allan Miller in the firm’s Austin office. Details regarding the seller were not disclosed.
LOS ANGELES — A private investor has acquired a 20,576-square-foot office building in the Los Angeles submarket of Brentwood for $9.3 million. The building is located at 520 Sepulveda Blvd. The asset features two parking levels, three office levels, an open courtyard, plug-and-play cell tower platform and signage visible from I-405. T.C. Macker, Jennifer Moscoso and Christian Holland of WESTMAC Commercial Brokerage Co. represented the seller, another private investor. Mitch Stokes of Avison Young represented the buyer.