HUNTINGTON, N.Y. — Northmarq has arranged the $7.6 million sale of a 4,996-square-foot restaurant property located in the Long Island community of Huntington. The newly built restaurant sits on 2.5 acres and is leased to Chick-fil-A. A shopping center owner and developer based in Westchester County sold the property to a New York-based 1031 exchange investor. Maggie Holmes and Mike Sladich of Northmarq brokered the deal. The deal traded at a cap rate of 3.68 percent.
NEW BRITAIN, CONN. — Northeast Private Client Group has brokered the $4.6 million sale of 87 West Main Street, a 29,000-square-foot multifamily and retail property in New Britain, located southwest of Hartford. The residential component comprises 10 one-bedroom and six two-bedroom units, and the retail space totals 13,761 square feet across eight units. Rich Edwards, Jeff Wright and Patrick Hegarty of Northeast Private Client Group represented the buyer and seller, both of which requested anonymity, in the deal.
COLORADO SPRINGS, COLO. — Crescent Real Estate has completed the disposition of a Class A office portfolio totaling 1 million square feet in Colorado Springs. The 13-building asset was sold as a mix of individual buildings and micro-portfolios to multiple buyers during the past four years for an aggregate price of $180 million. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield represented the seller in the disposition of the entire portfolio. Crescent Real Estate originally acquired the portfolio of mid-rise and single-story office buildings in 2018 for $125 million. Crescent began divesting of the assets in 2019 through 2022. The portfolio includes: Epic One, a 145,694-square-foot building at 10807 New Allegiance Drive InterQuest I, a 74,005-square-foot facility at 9945 Federal Drive InterQuest II, a 54,057-square-foot building at 9925 Federal Drive InterQuest III, a 66,223-square-foot building at 9950 Federal Drive InterQuest IV, a 46,948-square-foot property at 9960 Federal Drive Patriot Park I, a 103,183-square-foot facility at 985 Space Center Drive Patriot Park II, a 33,190-square-foot building at 980 Technology Court Patriot Park V, a 51,770-square-foot property at 745 Space Center Drive Patriot Park VI, a 103,970-square-foot asset at 655 Space Center Drive Patriot Park VII, an 89,624-square-foot facility at 565 …
SAN DIEGO — Preservation Equity Fund Advisors has purchased Alcove East Village (formerly known as Nook East Village) in San Diego from an undisclosed seller for $20 million. Built in 2019, the five-story Alcove East Village features 91 affordable residences for individuals and veterans. Each apartment averages 254 square feet and includes kitchenettes with under-counter refrigerators, two-burner stove tops, microwaves, private bathrooms and hardwood floors. Select units offer balconies. The community has eight units allotted for residents earning up to 30 percent of the area median income (AMI), two units at 65 percent AMI, 80 units at 80 percent AMI and one manager unit. Regulatory agreements require five units to be fully handicap accessible and two unit to be accessible to the hearing and visually impaired. As of September 2022, the property was 95.6 percent occupied. Onsite amenities include a community room, laundry facilities, elevator, controlled access, leasing office, rooftop patio, bike parking, Amazon Hub lockers and valet trash pickup.
BEND, ORE. — Marcus & Millichap has arranged the sale of Summit Self Storage, a self-storage facility at 720 SE 9th St. in Bend. An individual/personal trust sold the asset to a limited liability company for $4.2 million. Built in 1977, Summit Self Storage features 146 units and was 98 percent occupied at the time of sale. Christopher Secreto and Samuel Olson of Marcus & Millichap’s Portland office represented the seller and buyer in the deal.
GILBERT, ARIZ. — Marcus & Millichap’s Institutional Property Advisors (IPA) has arranged the sale of Liv Crossroads, a multifamily property located in Gilbert, approximately 20 miles southeast of Phoenix. The 356-unit property sold for $116 million, which equates to $325,843 per unit. Completed earlier this year, the property comprises 19 residential buildings, as well as a clubhouse, heated pool and fitness center. Other amenities at the community include a car care center, electric car charging stations, bicycle repair station and community garden. Averaging 876 square feet, the apartments feature walk-in closets, vinyl plank flooring, stainless steel appliances and granite countertops in the kitchens. According to the community’s website, studio rents start at $1,330 per month and one-bedroom units start at $1,603 per month. Located within Gilbert’s central business district, Liv Crossroads is approximately two miles from the 250-acre mixed-use Rivulon development, where office tenants include Morgan Stanley, Deloitte, Merill Lynch, Amerifirst Financial and the headquarters of Isagenix International. The property is also adjacent to the Chandler Airpark area. Gilbert and Chandler are together home to companies including Honeywell, Intel, PayPal, Amazon, Wells Fargo, Dignity Health and Northrop Grumman. Steve Gebing and Cliff David of IPA represented the seller, Liv Communities. …
MADISON, WIS. — Northmarq has brokered the sale of a four-property multifamily portfolio totaling 1,288 units in Madison for an undisclosed price. The properties include Carolina Apartments, The Monticello, Monona Lakeview and Country Meadows. They were built from 1956 to 1992. Parker Stewart and Dominic Martinez of Northmarq represented the seller, who was the original developer of The Monticello and Carolina Apartments as well as the long-term owner of the other two communities. A Wisconsin-based investor purchased The Monticello, Carolina Apartments and Monona Lakeview. A Chicago-based investor purchased Country Meadows, which totals 466 units.
FREEPORT, ILL. — Coldwell Banker Commercial McGuire Mears & Associates has negotiated the sale of a 488,000-square-foot industrial facility in Freeport, a city in Northwest Illinois. The sales price was undisclosed, but the list price was $7 million. The building is roughly 70 years old and features a clear height of 26 feet, 30 exterior docks and 10 drive-in doors. Adam Shultz of Coldwell Banker Commercial McGuire Mears & Associates represented the seller, an affiliate of Janesville, Wis.-based Badger Property Investments LLC. The buyer was an affiliate of Milwaukee-based Phoenix Investors LLC.
FORT WAYNE, IND. — Quantum Real Estate Advisors Inc. has arranged the sale of a single-tenant retail building occupied by Sherwin-Williams in Fort Wayne for an undisclosed price. Constructed in 2022, the building spans 3,500 square feet. Chad Firsel and Seth Gilford of Quantum represented the seller, Chicago-based Core Acquisitions LLC. The asset sold to an out-of-state buyer.
DALLAS — A partnership between a subsidiary of locally based investment firm CAF Cos. and Goldman Sachs Asset Management has acquired a portfolio of 16 multifamily properties totaling 2,766 units in Dallas-Fort Worth. The names and addresses of the properties, which are collectively known as The Obsidian Portfolio, were not disclosed, but all were constructed as market-rate projects. The new ownership plans to self-impose rent restrictions and social programming for renters at a variety of income levels. New services will include childcare, afterschool tutoring, workforce development and financial literacy. The seller was not disclosed.