PELLA, IOWA — Northmarq has brokered the $11.1 million sale of Highpoint at Pella, a 100-unit apartment community in Pella, about 45 miles east of Des Moines. Built in 1999, the property features a fitness facility, pool and grilling areas. The community is situated near Lake Red Rock, the largest lake in Iowa. Parker Stewart, Dominic Martinez and Anthony Martinez of Northmarq represented the seller, Axiom Equities. Local investor HighPoint Apartments LLC was the buyer.
STURGEON BAY, WIS. — Marcus & Millichap has arranged the $1.1 million sale-leaseback of a 1,650-square-foot property occupied by Jimmy John’s in Sturgeon Bay, a city in eastern Wisconsin. The single-tenant, net-leased building is located at 845 Egg Harbor Road. The property was originally built in 1995 and reconfigured for Jimmy John’s in 2017. Damien Yoder and Madison Harman of Marcus & Millichap represented the seller, a private investor. Tom Gommels of Marcus & Millichap secured and represented the buyer, an out-of-state private investor. Todd Lindblom assisted in closing the transaction as the Wisconsin broker of record.
LAKEWOOD, COLO. — Essex Financial Group has arranged $17 million in bridge financing for the acquisition of 143 Union, a 191,564-square-foot, 10-story office property in the Union Boulevard Corridor of Lakewood. Essex worked on behalf of the buyer, Legacy Real Estate Investments, to source the five-year, fixed-rate loan that an insurance company provided. The Class A landmark building is just over 70 percent occupied.
BELL, CALIF. — NAI Capital Commercial has arranged the purchase of Atlantic Center Mini Mall, a 20,909-square-foot retail center located in Bell, just south of Los Angeles. Steven Weiss and Sam Kangavari of NAI represented the buyer, a private investor, in the transaction. The buyer plans to redevelop the property, converting it to a single-tenant retail building. The NAI team also negotiated a new lease with a national tenant.
HOUSTON — Silver Star Properties REIT Inc., an entity formerly known as Hartman Short Term Income Properties XX Inc., has sold a 12-building, 377,752-square-foot industrial flex property in northwest Houston. Silver Star Properties originally acquired the property, which was built in 1977, in 2014. The property was 95 percent leased at the time of sale. An affiliate of Partners Real Estate, the Houston-based investment and brokerage firm formerly known as NAI Partners, purchased the asset for an undisclosed price. Origin Bank provided financing for the off-market transaction.
CORPUS CHRISTI, TEXAS — Self-storage brokerage firm Versal has negotiated the sale of U Store, a 270-unit facility in Corpus Christi. The property, which comprises 75,835 net rentable square feet of non-climate-controlled space, includes six retail spaces and was fully occupied at the time of sale. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller, a Texas-based limited liability company, in the transaction. The team also procured the Texas-based buyer.
COLUMBIA, S.C. — RREAF Holdings has acquired Rivers Edge at Carolina Stadium, a 486-bed student housing community located near the University of South Carolina in Columbia. The seller and sales price were not disclosed. The property was built in 1996 within the university’s Greek Village. Capital improvements are planned for the community, which will be overseen by RREAF Construction Services. Renovations are set to include upgrades to 40 percent of the property’s 240 units and amenity updates, including the addition of a dog run; upgrades to the existing basketball, volleyball and pickleball courts; and new lighting along the community’s walking paths. Renovations will be completed between late 2026 and early 2027.
JANESVILLE, WIS. — Chase Properties has acquired Pine Tree Plaza in Janesville, about 70 miles southwest of Milwaukee. The purchase price was undisclosed. The 184,834-square-foot shopping center is home to tenants such as TJ Maxx, HomeGoods, Michaels, Old Navy and Petco. The property was 82 percent leased at the time of sale. Ben Snyder and Zack Bates of Matthews Real Estate Investment Services brokered the transaction, which marks Chase’s sixth acquisition within its Chase Properties Retail Opportunities Fund IV. Chase is an Ohio-based owner and operator of shopping centers.
MERRILLVILLE, IND. — Evans Senior Investments (ESI) has arranged the sale of a 48-unit assisted living and memory care community in Merrillville, a city in Northwest Indiana. A regional family ownership group sold the asset to Lloyd Jones for an undisclosed price. The community was originally purpose-built for memory care in 2016 and received in-place rents above $5,000 a month at that time. In late 2019, the community began accepting assisted living residents due to slow lease-up velocity of the existing memory care units. The property experienced multiple bans on admissions due to COVID-19 outbreaks, with the most recent ban taking place in February 2022. At the time of marketing, the asset was 79 percent occupied and experiencing positive cash flow.
LIBERTY, MO. — Marcus & Millichap has brokered the $1.9 million sale of a 10,963-square-foot retail building in Liberty, a northern suburb of Kansas City. The two-tenant property at 8500-8504 N. Church Road is home to Hallmark and a salon. Dustin Javitch, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, a limited liability company. David Saverin assisted in closing the transaction as the Missouri broker of record. A local buyer purchased the asset.
