LOWELL, MASS. — Marcus & Millichap has brokered the $3.1 million sale of a 17-unit apartment building located at 887 Varnum Ave. in the northwestern Boston suburb of Lowell. The property consists of five studios and 12 two-bedroom units as well as onsite parking and laundry facilities. Tony Pepdjonovic, Evan Griffith and Will Sanborn of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
COLORADO SPRINGS, COLO. — M&J Wilkow Ltd. and MetLife Investment Management, on behalf of its clients, have acquired Chapel Hills East, a core retail asset in Colorado Springs. Terms of the transaction were not released. Developed in 1995/1996, Chapel Hills East features 225,000 square feet of retail space. The property is currently 100 percent occupied by a variety of tenants, including Whole Foods Market, Nordstrom Rack, Best Buy, DSW, Old Navy, Barnes & Noble and Office Depot. Chapel Hills East is the fifth joint venture co-owned by M&J Wilkow and MetLife Investment Management.
LOS ANGELES — Big Sunday, a nonprofit committed to helping others through service projects and giving opportunities, has purchased an office building located at 1741 N. Cherokee Ave. in the Hollywood neighborhood of Los Angeles. Los Angeles Beautification Team, a nonprofit dedicated to resource conversations and community improvement, sold the asset for $5.4 million. Big Sunday plans to use the 6,743-square-foot asset as its headquarters, with move-in scheduled for April. Gruen Associates designed the property, which opened in 2021. The building offers up to 18-foot clear heights with multiple offices and a large training room, as well as 7,000 square feet of landscaped outdoor green space. Nicole Mihalka and Cal Ross of JLL, along with the Kenny Stevens team at Compass, represented the seller in the deal.
CINCINNATI — The Kroger Co. (NYSE: KR) has entered into a definitive agreement for the sale of its specialty pharmacy business to CarelonRx, a subsidiary of Elevance Health. The Cincinnati-based retailer’s serves patients with chronic illness that requires complex care. Clinicians and therapy programs allow patients and prescribers to benefit from education and resources, counseling, side effect management, financial assistance, personalized care and administrative expertise. The specialty pharmacy business supports patients facing diseases including rheumatoid arthritis, growth hormone deficiencies, multiple sclerosis and bleeding disorders. Kroger Specialty Pharmacy is separate from other Kroger Family of Pharmacies, including in-store retail pharmacies and The Little Clinics. Therefore, in-store retail pharmacies and The Little Clinics are not included in this transaction. The deal is subject to customary closing conditions and is expected to close in the second half of 2024. RBC Capital Markets LLC is serving as financial advisor, and Weil, Gotshal & Manges LLP and Arnold & Porter Kaye Scholer LLP are serving as legal advisors to Kroger.
GREENFIELD, WIS. — Founders 3 Real Estate Services has brokered the $1.7 million sale of a 21,848-square-foot flex industrial facility in Greenfield, a southern suburb of Milwaukee. The property is located at 3442 S. 103rd St. Derek Yentz of Founders 3 represented the seller, Progressive Casualty Insurance Co. The buyer was an entity doing business as SAM-Progressive LLC.
ATLANTA — On behalf of its investors, Hunt Capital Partners (HCP) has transferred ownership of Ashford Parkside Senior Residences to a nonprofit affiliate of the Housing Authority of DeKalb County. Located in Atlanta, Ashford Parkside is a mid-rise, mixed-income seniors housing community built in 2007. Following the end of 15-year recapture period in 2022, a collaborative effort ensued between the nonprofit and HCP to reach a mutually beneficial outcome regarding the property’s future. The decision provides the Housing Authority of Dekalb County greater capital flexibility surrounding all aspects of property operations and repair projects as it shapes its long-term housing plan. Ashford Parkside offers a mix of one- and two-bedroom apartments. Of the 151 total units, 134 are dedicated to seniors with incomes ranging from 30 percent to 60 percent of the area median income (AMI). Additionally, two of the units are reserved for property management while the remainder are rented at market rates.
OCALA, FLA. — SRS Real Estate Partners has brokered the $3.7 million sale of a 6,119-square-foot gas station and convenience store situated on 2.3 acres at 8300 S.W. 100th St. in Ocala, a city in Central Florida. The newly constructed property has a 20-year, corporate-guaranteed ground lease in place with Wawa. Patrick Nutt and William Wamble of SRS represented the seller, an unnamed development firm based in Florida, in the transaction. The undisclosed, privately held buyer is based in Arizona and purchased the property in a 1031 exchange.
DALLAS — A partnership between three investment firms — California-based Waterford Property Co., The Vistria Group and Brooklyn-based Northern Liberties — has acquired Domain at Midtown Park, a 395-unit apartment community in North Dallas. Concurrent with the sale, the new ownership entered into a 99-year ground lease with the Dallas Housing Finance Corp. to place rent restrictions on the property in exchange for a full property tax abatement. More specifically, 51 percent of the units will be reserved for renters earning 80 percent or less of the area median income (AMI), while 39 percent of the residences will be earmarked for households earning 140 percent or less of AMI. The remaining units will be rented at market rates. Domain at the Park was originally constructed in 2016 and offers amenities such as a pool, clubhouse, fitness center, business center, outdoor grilling and dining stations, dog park and a golf simulator. Walker & Dunlop originated Freddie Mac acquisition financing for the deal.
KINGWOOD, TEXAS — Colorado-based investment firm InterUrban Cos. has sold Woodland Hills Village, a 260-unit apartment complex in Kingwood, a master-planned development located north of Houston. The property offers one-, two- and three-bedroom units to go with a pool and fitness center. Kyle Whitney, Chris Young, Joey Rippel, Jeffrey Skipworth and Chris Curry of Berkadia represented InterUrban Cos. in the transaction. The buyer, an undisclosed Dallas-based investment firm, plans to implement a value-add program. The sales price was not disclosed.
SPRING, TEXAS — Marcus & Millichap has brokered the sale of a 251-unit self-storage facility located in the northern Houston suburb of Spring. Spring Cypress Self Storage was built on 4.4 acres in 1970 and totals 74,872 net rentable square feet across 18 single-story buildings. A private investor sold the property to a limited liability company, with both parties requesting anonymity. Dave Knobler of Marcus & Millichap represented both sides in the transaction.