NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $5.7 million sale of a 35-unit apartment building located in the Bay Ridge area of Brooklyn. The four-story building houses four studios, 30 one-bedroom units and one three-bedroom residence. Stephen Vorvolakos, Sean Kelly and Lawrence Sarn of Ariel Property Advisors brokered the deal. Both the buyer and seller requested anonymity.
KANSAS CITY, MO. — Colliers has brokered the sale of Twin Creeks Shopping Center in Kansas City for $32 million. The 257,450-square-foot property is located along North Madison Avenue. The center is 99 percent leased to 14 tenants, including Kohl’s, Ross Dress for Less, Ulta, Petco, Five Below, Famous Footwear, Bath & Body Works, Spectrum and AT&T. A Target store at the property was not included in the sale. El Warner, Charley Simpson, Caitlin Zirpolo and Drew Quinn of Colliers represented the seller, an entity doing business as AREP III BT LLC. Buyer information was not provided.
Marcus & Millichap Arranges $6.2M Sale of Rasmussen University-Occupied Property in Suburban Chicago
ROMEOVILLE, ILL. — Marcus & Millichap has arranged the sale of a 25,000-square-foot property occupied by Rasmussen University in the Chicago suburb of Romeoville for $6.2 million. The net-leased asset at 1400 W. Normantown Road was constructed as a build-to-suit for the university in 2009. Peter Doughty and Brent Holder of Marcus & Millichap represented the seller, a California-based private investor that had purchased the property through a 1031 exchange. The duo also represented the buyer, a New York-based private investor. American Public Education acquired Rasmussen University in 2021.
CHATTANOOGA, TENN. — Colliers has arranged the sale of a 689,614-square-foot, single-tenant distribution center located at 960 Wauhatchie Pike in Chattanooga. New York-based W. P. Carey purchased the single-tenant property from locally based logistics firm Kenco Group for an undisclosed price. Tyler Ziebel, Jack Rosenberg, Fred Regnery, Todd Steffan and Andy Cates of Colliers brokered the deal. The property is fully leased to Chattem Chemicals Inc., a subsidiary of the French multinational pharmaceutical company Sanofi Aventis. The company recently signed a long-term lease extension at the facility, which W. P. Carey plans to expand by 120,000 square feet. The warehouse currently features 79 docks, 30-foot clear height ceiling and 10,000 square feet of office space. Once the $18 million expansion is complete, the facility will be Sanofi Aventis’ largest distribution facility in the world, according to Colliers.
MANASSAS, VA. — First National Realty Partners LLC has acquired Promenade at Manassas, a 287,000-square-foot shopping center that was built in 1995 in Manassas. A 107,000-square-foot Home Depot anchors the property, which is situated 31 miles west of Washington, D.C., at the intersection of I-66 and Sudley Road. Other tenants include a 43,000-square-foot local international grocer, Oh! Market, as well as Ashley Home Furniture, Planet Fitness, The Tile Shop and Sherwin-Williams. Ryan Sciullo of CBRE represented the undisclosed seller in the transaction. The sales price was not disclosed.
HOPKINSVILLE, KY. — Fimiani Development Corp. has acquired Pennyrile Marketplace, an 85,000-square-foot shopping center located at 3010 Fort Campbell Blvd. in Hopkinsville. Seritage KMT Finance sold the property to the Boca Raton-based retail investment firm for $3.8 million. Built in 1978, Pennyrile Marketplace sits on 12 acres near Fort Campbell Army base and houses tenants including Harbor Freight Tools, Bargain Hunt and Farmers Home Furniture. Mike Fimiani represented the buyer in the transaction on an internal basis, and Marc Ozburn and Ross Robison of Berkeley Capital Advisors represented the seller. Fimiani Development plans to make renovations to Pennyrile Marketplace, including landscaping, improved signage and resurfacing of the parking lot.
CINCINNATI AND BOISE, IDAHO — Kroger Co. (NYSE: KR) and Albertsons Cos. Inc. (NYSE: ACI) have agreed to a merger under which Kroger will acquire all outstanding shares of Albertsons’ common and preferred stock for an estimated total consideration of $34.10 per share, or a total enterprise value of approximately $24.6 billion. The deal includes the assumption of $4.7 billion of Albertsons’ net debt. Both companies’ boards of directors unanimously approved the agreement. The purchase price represents an approximately 32.8 percent premium to the closing price of ACI stock on Oct. 12, and 29.7 percent to the 30-day volume-weighted average price. The exact motivation for the merger was not stated in the press release, but The Wall Street Journal notes that by combining, the companies would have greater leverage in negotiations with vendors and compete better with companies such as Walmart and Amazon. Together, Boise-based Albertsons and Cincinnati-based Kroger currently operate a total of 4,996 stores, 66 distribution centers, 52 manufacturing plants, 3,972 pharmacies and 2,015 fuel centers. The two companies employ a combined 710,000 associates. On a combined basis, the companies delivered approximately $210 billion in revenue and $3.3 billion in net earnings in the fiscal year 2021. The …
THE WOODLANDS, TEXAS — JLL has negotiated the sale of Parkwood II, a five-story, 101,056-square-foot office building located north of Houston in The Woodlands. Kevin McConn led the JLL team that represented the undisclosed seller in the transaction. Bryant Lach and Jeff Horton, also with JLL, represented the buyer, The Woodlands Financial Group, which plans to renovate the building to serve as its new headquarters.
DALLAS — Marcus & Millichap has brokered the sale of Eastside Business Park, a 66,385-square-foot industrial property located at 4343 Sigma Road in North Dallas. The property was built on 5.3 acres in 1972. Adam Abushagur and Davis Cagle of Marcus & Millichap represented the seller, a private investment group, in the transaction. The duo also procured an undisclosed, Tennessee-based investor as the buyer. Eastside Business Park was 97 percent leased at the time of sale.
BOSTON — Blueprint Healthcare Real Estate Advisors has arranged the sale of Advocate Healthcare of East Boston, a 165-bed skilled nursing facility. The five-story building was originally constructed in 1952 and expanded in 1965. The exiting owner-operator invested in a substantial renovation of the adult day care services wing as well as general improvements throughout the facility. The name of the New York-based buyer was not disclosed.