BROWNSVILLE, TEXAS — Northmarq has brokered the sale of Casa Grande, a 116-unit multifamily property located in the South Texas city of Brownsville. The community was built in 1973 and features a pool, courtyard and onsite laundry facilities. Zar Haro, Moses Siller, Phillip Grafe and Bryan VanCura of Northmarq represented the seller, Raybec Investments, in the transaction. An Austin-based syndication led by DARE Investing purchased Casa Grande for an undisclosed price. The new ownership plans to implement a value-add program.
PALESTINE, TEXAS — Colliers has negotiated the sale of a 36,119-square-foot warehouse in Palestine, about 110 miles southeast of Dallas. The property sits on a 77-acre site, the undeveloped acreage of which was included in the sale. Steve Demuth and Ray Ver Hey of Staples Commercial Group represented the sellers, private investor Tom Clamon and Baylor University, which respectively own the building and the land, in the transaction. Judy Beebe and Blake Gibson of Colliers represented the buyer, Perfect Life TX LLC, a provider of fragrances and flavors that plans to build a manufacturing plant at the site.
LENEXA, KAN. — CBRE has brokered the sale of Park Edge in Lenexa for an undisclosed price. Located at 8201 Renner Road, the apartment community consists of 260 units across 29 buildings. Units average 1,131 square feet each. Completed in 1999, Park Edge features amenities such as a fitness center, clubhouse and indoor and outdoor pools. Jeff Stingley and Max Helgeson of CBRE represented the seller, Maxus Realty Trust Inc. Kansas City-based Cohen-Esrey was the buyer.
NEW YORK CITY — AEW Capital Management has sold 830 Third Avenue, a 147,068-square-foot office building in Midtown Manhattan, for $72 million. The property was constructed in 1958 and renovated in 1994. AEW Capital Management originally acquired the 13-story building in 2001 and implemented a series of capital improvements. Andrew Scandalios, David Giancola, Vickram Jambu and Jennifer Zelko of JLL represented the seller in the deal. Aaron Niedermayer, Max Herzog, Marko Kazanjian, Robert Tonnessen, Jackie Ferrer and Joy Dracos, also with JLL, arranged $53.2 million in acquisition financing through Truist on behalf of the buyer, a joint venture between Empire Capital Holdings and Namdar Realty Group.
CHICAGO — Quantum Real Estate Advisors Inc. has negotiated the sale of a 12-unit multifamily building located at 3137 W. Wellington Ave. in Chicago for $2.8 million. Clay Maxfield of Quantum represented the seller, which purchased the asset in 2018. The property sold to a California-based buyer completing a 1031 exchange.
PLAINFIELD, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the sale of Milton Terrace, a 20-unit multifamily complex located in the Northern New Jersey community of Plainfield. The two-building property was built in 1970 and houses two-bedroom units. Julie Gralla of Kislak represented the seller, an entity doing business as Milton Terrace Holdings, in the transaction. Joni Sweetwood, also with Kislak, represented the undisclosed buyer.
GLENDALE, ARIZ. — Greenlight Communities has completed the sale of Cabana 99th, a multifamily community in Glendale. B&R Capital Partners and American Landmark acquired the asset for $93.5 million, or $326,923 per unit. Completed in 2022, Cabana 99th features 286 apartments with nine-foot ceilings, stainless steel appliance packages, wood-style vinyl plank flooring with carpet in the bedrooms and keyless entry systems. Select floor plans have built-in workstation desks and full-size, front-loading washers and dryers. Community amenities include a clubhouse, fitness center, outdoor fitness circuits and a resort-style swimming pool. The controlled-access, gated-entry property also offers two laundry rooms, co-working space, a parcel delivery room and covered parking. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
EL MONTE, CALIF. — Rising Realty Partners and Brasa Capital Management have completed the disposition of Telstar Building, an industrial and office building at 9320 Telstar Ave. in El Monte. Majestic Asset Management acquired the property for $73 million. Michael Longo, Todd Tydlaska, Sean Sullivan, Darla Longo, Will Pike, Melissa Moock, Anthony DeLorenzo and Mark Shaffer of CBRE represented the seller in the transaction. The County of Los Angeles leases the entire 248,961-square-foot building and recently renewed its lease for the property. The renewal also included an 86,961-square-foot expansion of industrial space. The tenant houses its public health, public social services and children and family services departments at the facility. Situated on 7.9 acres, the building features 67 percent office space, 33 percent industrial space and 627 parking spaces.
HENDERSON, NEV. — Evans Senior Investments (ESI) has arranged the sale of TLC Care Center, a 255-bed skilled nursing facility in Henderson. An independent owner-operator sold the asset to Hill Valley Healthcare for $50 million, or $196,000 per bed. Built in 1999, TLC Care Center is located just 10 miles south of the Las Vegas strip. The facility features 35 private and 112 semi-private rooms, which includes 42 ventilator-equipped beds in a designated wing. Prior to the COVID-19 pandemic, the facility exhibited over 90 percent occupancy levels and produced over $24 million in annual revenue. However, because of the pandemic, occupancy was only 58 percent at the time of marketing. “The competitive bidding and record-breaking price per bed for a community whose census was below stabilized levels showcases the strength of the skilled nursing market today,” says Brendan DeSilvia, associate at ESI. The acquisition was Hill Valley Healthcare’s first in Nevada.
DENVER — A joint venture led by Corum Real Estate Group and Koch Real Estate Investments has purchased 210 University, an office and retail property located in Denver’s Cherry Creek North district. The price was not disclosed Totaling 140,832 square feet, 210 University was 89.4 percent occupied at the time of sale. Current tenants include Baird, US Bank, Cherry Creek Imaging and Western Veterinary Partners. The building includes two ground-floor retail spaces occupied by Little Ollie’s and Paradise Cleaners. Additionally, the asset includes one of the largest parking garages in Cherry Creek North. Peter Merrion, Mark Katz and Hilary Barnett of JLL Capital Markets’ investment sales and advisory team represented the undisclosed seller in the transaction. Kristian Lichtenfels, William Haass and Leon McBroom of JLL Capital Markets’ debt advisory team secured a five-year, interest-only, fixed-rate loan with a national balance-sheet lender for the buyer.