LOS ANGELES — Marcus & Millichap has arranged the sale of an apartment building located at 1807 S. New Hampshire Ave. in the Pico Union submarket of Los Angeles. The asset traded for $2.6 million, or $647,500 per unit. Jason Tuvia of Marcus & Millichap represented the undisclosed seller in the deal. The name of the buyer was not released. Built in 2021, the property features four four-bedroom/four-bath apartments that are not subject to Los Angeles’ rent control laws.
CHICAGO — Breneman Capital has purchased Ashland Place, a 47-unit apartment property located at 33 S. Ashland Ave. in Chicago. Built in 2018, the community is situated in the city’s West Loop neighborhood and features two one-bedroom units and 45 two-bedroom units. Breneman assumed a loan on the property that features a 73.5 percent loan-to-value ratio, a fixed interest rate of 4.6 percent and roughly five years of remaining term. Dwelle Properties will manage the asset. Breneman plans to improve efficiencies at the property. The purchase price and seller were undisclosed.
CARMEL, IND. — Echo Real Estate Capital Inc. has acquired Three Penn Mark, a 33,000-square-foot medical office building located in the Penn Mark Plaza office park in Carmel, a suburb of Indianapolis. The purchase price was undisclosed. Tenants at the fully leased property include Ascension-St. Vincent, Turkle & Associates Center for Plastic Surgery and Abram’s Eyecare. Jackson Investment Group represented Echo in the purchase, while Colliers represented the undisclosed seller. FORUM Credit Union and T2 Capital Management provided acquisition financing. Echo plans to make capital improvements to the property. Echo’s Indianapolis-area portfolio now includes five buildings and nearly 200,000 square feet of hospital-anchored medical space.
HOUSTON — Marcus & Millichap has brokered the sale of Bellfort Plaza, a 16,241-square-foot retail property in southwest Houston. According to LoopNet Inc., the property was built in 2004. James Bell, Watt Harrison and Luke Stavinoha of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the transaction. The buyer and sales price were also not disclosed.
ATLANTA — Northmarq has brokered the $13.9 million sale of a freestanding, 27,800-square-foot retail property located at 2121 Briarcliff Road NE in Atlanta’s North Druid Hills neighborhood. Electric vehicle giant Tesla occupies the property, which was formerly a Whole Foods Market grocery store, as a retail service center on a new double-net lease. Mike Sladich of Northmarq represented the seller, Blanchard Real Estate Capital, in the transaction. The buyer was not disclosed.
LAFAYETTE, LA. — SRS Real Estate Partners has arranged the sale of Karam Shopping Center, a 100,120-square-foot, grocery-anchored shopping center located at 215 W. Willow St. in Lafayette, about 55 miles west of Baton Rouge. Houston-based Mishra Group purchased the shopping center from TCP Realty Services for an undisclosed price. Kyle Stonis and Pierce Mayson of SRS, along with Jonathan Walker of Maestri-Murrell Inc., represented the seller in the transaction. Situated near I-10 and the University of Louisiana at Lafayette, Karam Shopping Center is anchored by Super 1 Foods and dds Discounts.
BEDFORD, N.H. — Marcus & Millichap has brokered the $2.3 million sale of a 21,043-square-foot industrial flex property located in the Southern New Hampshire community of Bedford. The facility was constructed on 3.2 acres in 1987, and the site includes 1.5 acres of undeveloped land for future expansion. Harrison Klein, Ben Scherman and Luigi Lessa of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction. The facility was fully leased to six tenants at the time of sale.
HALF MOON BAY, CALIF. — Matthews Real Estate Investment Services has arranged the sale of Strawflower Village Shopping Center, located at 50 Cabrillo Highway N. in Half Moon Bay, approximately 30 miles south of San Francisco. SJ Amoroso Properties Co. acquired the asset from HMB Musich LLC for $34 million. Marko Buljan of Matthews represented the seller, while Tim Gilmartin of The Gilmartin Group represented the buyer in the transaction. At the time of sale, Strawflower Village was 96 percent leased and anchored by a 33,000-square-foot Safeway. Situated on a 7.2-acre lot, the property features 78,940 gross leasable area and 29 total tenants, including T-Mobile, Chase Bank and US Bank.
HENDERSON, NEV. — SRS Real Estate Partners has arranged the sale-leaseback of a single-tenant office building at 160 N. Stephanie St. in Henderson. A California-based private investor acquired the asset from Green Valley Grocery for $13.1 million. Chuck Klein of SRS Capital Markets represented the seller, while Brian Riffel of Colliers represented the buyer in the deal. Built in 2001, the 33,764-square-foot property is undergoing renovation for Green Valley Grocery’s corporate headquarters. The first Green Valley Grocery opened in 1978 and the company has grown to 80 locations to date, with projected growth to 100 locations by 2025.
FULLERTON AND BUENA PARK, CALIF. — CBRE has arranged the sales of two multifamily communities in northern Orange County to two separate buyers. Dan Blackwell and Amanda Fielder of CBRE represented the buyers in both transactions. In the first deal, an undisclosed Los Angeles-based buyer acquired a 16-unit multifamily property, located at 1801 and 1809 E. Wilshire Ave. in Fullerton. The $4.2 million price equates to $262,500 per unit. The Orange County-based seller was exchanging into a Delaware Statutory Trust in the off-market transaction. Constructed in 1958, the 10,032-square-foot community features two two-story buildings, garage parking, a pool and laundry facility. Recent improvements include renovations to certain units, as well as new exterior paint and landscaping. In the second transaction, an Orange County-based exchange buyer purchased an eight-unit multifamily property at 7012 and 7024 El Dorado Drive in Buena Park. An Orange County-based private investor sold the asset for $3.4 million, or $426,719 per unit. Built in 1960, the property features two fourplexes encompassing 6,874 square feet and features a mix of two-bedroom/one-bath and two-bedroom/two-bath units.