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Acquisitions

Sutton-Place-Apts-Las-Vegas-NV
AcquisitionsMultifamilyNevadaWestern

Northmarq Brokers $37M Sale of Sutton Place Apartments in Las Vegas

by Amy Works

LAS VEGAS — Northmarq has arranged the sale of Sutton Place, a garden-style community located at 5400 W. Cheyenne Ave. in Las Vegas. West Lake Village, Calif.-based Sunstone Properties Trust acquired the asset from Salt Lake City-based Bridge Investment Group for $37 million, or $162,281 per unit. Built in 1986, Sutton Place features 228 apartments in a mix of one- and two-bedroom units ranging from 650 square feet to 927 square feet, a remodeled leasing office, fitness center, playground, soccer field, barbecue and picnic areas, and a laundry facility. At the time of sale, the property was 93 percent leased. The seller invested $2.8 million in capital improvements including deferred maintenance, exterior upgrades, paint and wood repair, asphalt, lighting, HVAC, landscaping, pool/deck furniture and new balcony railings throughout the property. Thomas Olivetti, Trevor Koskovich, Jesse Hudson and Ryan Boyle of Northmarq’s Las Vegas and Phoenix Investment Sales team handled the transaction.

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Cannon-Hotel-Site-Dana-Point-CA
AcquisitionsCaliforniaDevelopmentHospitalityWestern

Sonnenblick-Eichner Negotiates Sale of Hotel Development Site in Dana Point, California

by Amy Works

DANA POINT, CALIF. — Sonnenblick-Eichner Co. has arranged the sale of the fee simple interest in the Cannon’s Hotel development site in Dana Point. The former home of Cannon’s Restaurant, the site is fully entitled and has received California Coastal Commission approval for a 100-room hotel. A private investor acquired the asset for an undisclosed price. Located on a bluff-top overlooking the Dana Point Harbor and Marina, the site is one block south of Pacific Coast Highway and approximately 2.5 miles west of Interstate 5. The Dana Point Harbor and Marina features more than 2,400 boat slips, several restaurants and various marine-oriented activities. The harbor and marina are undergoing a $338 million revitalization, including the addition of approximately 110,000 square feet of destination retail, restaurant, hotel and office space. Todd Bedingfield and David Sonnenblick handled the transaction.

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AcquisitionsCaliforniaWestern

Newmark Arranges Sale of 14,000 SF Flex Building in San Francisco’s Mission District

by Amy Works

SAN FRANCISCO — Newmark has brokered the sale of 3175 17th Street, a flex building in San Francisco’s Mission District. ODC, a nonprofit dance company, acquired the asset from Seven Tepees, a nonprofit youth development program, for $6.7 million. Mark Geisreiter, Seth McKinnon and Aaron Gillespie of Newmark represented the seller in the deal. The building offers 14,000 square feet of flex space.

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AcquisitionsKansasMidwestRetail

LANE4 Acquires 135,000 SF Retail Center in Kansas City Metro

by Jeff Shaw

OVERLAND PARK, KAN. — LANE4 Property Group has purchased Hawthorne Plaza, a 135,000-square-foot retail center located at the southwest corner of 119th St. and Roe Ave. in Overland Park, approximately 10 miles south of Kansas City. CBRE represented the seller, Dallas-based Invesco. Developed in 1990 and renovated in 2015, the property was 96 percent occupied at the time of sale. Tom O’Leary and Weston Buckley of LANE4 will handle leasing of the property. LANE4 will also provide in-house management of the center. The purchase price was not disclosed.

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AcquisitionsIndianaMidwestMultifamily

Gray Capital Buys 250-Unit Apartment Property in Terre Haute, Indiana

by Jeff Shaw

TERRE HAUTE, IND. — Tampa, Florida-based real estate investment firm Gray Capital has acquired Sycamore Terrace Apartments in Terre Haute as part of its $100 million multifamily investment fund, The Gray Fund. The sale was brokered by Cushman & Wakefield. The sales price was not disclosed. Sycamore Terrace Apartments is a 250-unit luxury multifamily apartment community. The community offers one-, two- and three-bedroom floor plans and amenities such as a swimming pool, fitness center, clubhouse and a media center. Gray Capital plans to repaint the exteriors of the property, as well as install a controlled access and gate system. Sycamore Terrace Apartments will be managed by Gray Capital’s property management company, Gray Residential. George Tikijian, Hannah Ott and Cameron Benz of Cushman & Wakefield’s Indianapolis office represented the seller in the transaction. Gray Capital represented itself in the deal.

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AcquisitionsHospitalityMidwestSoutheastWisconsin

Marcus & Millichap Brokers Sale of 75-Room Hotel in Black River Falls, Wisconsin

by Jeff Shaw

BLACK RIVER FALLS, WIS. — Marcus & Millichap has arranged the sale of Comfort Inn and Suites Black River Falls I-94, a 75-room hotel property located in Black River Falls, approximately 45 miles northeast of La Crosse. Ebrahim Valliani and Michael Gantman of Marcus & Millichap represented the seller, a private investor, in the transaction. Valliani and Gantman, with Todd Lindblom of Marcus & Millichap, also represented the buyer, an undisclosed private investor. Chris Gomes and Allan Miller of Marcus & Millichap also assisted the deal as brokers. The property, located on 6.8 acres at N6295 Holiday Drive, was originally built in 1997. The sales price was not disclosed.

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AcquisitionsIndustrialTexas

Fort Capital Acquires 465,648 SF Light Industrial Portfolio in San Antonio

by Taylor Williams

SAN ANTONIO — Fort Worth-based investment firm Fort Capital has acquired The Starcrest Industrial Portfolio, a collection of eight Class B light industrial buildings totaling 465,648 square feet in San Antonio. The buildings are located within a mile of San Antonio International Airport and had a collective occupancy rate of 89 percent at the time of sale. The seller and sales price were not disclosed.

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AcquisitionsRetailTexas

NewQuest Properties Arranges Sale of 130,525 SF Tradewinds Shopping Center in Metro Houston

by Taylor Williams

TEXAS CITY, TEXAS — Locally based investment and brokerage firm NewQuest Properties has arranged the sale of the 130,525-square-foot Tradewinds Shopping Center, located southeast of Houston in Texas City. At the time of sale, the property, which sits on 11.5 acres, was roughly 40 percent leased to tenants such as DD’s Discount, Family Dollar, Texas First Bank and Little Caesars. David Luther of NewQuest represented the seller, a limited partnership, in the transaction. Dakota Workman, also with NewQuest, represented the buyer, an entity doing business as 2020 Harwin 59 Shopping Center Ltd.

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AcquisitionsMultifamilyTexas

TMG Negotiates Sale of 20-Unit Apartment Complex in Grand Prairie, Texas

by Taylor Williams

GRAND PRAIRIE, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Bella Capri, a 20-unit complex located in the central metroplex city of Grand Prairie. According to Apartments.com, the property was built in 1969. Jon Krebbs of TMG represented the seller in the transaction, and Nasir Pooran of TMG procured a 1031 exchange investor as the buyer. Both parties requested anonymity.

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1867-Temple-Ave-Signal-Hill-CA
AcquisitionsCaliforniaMultifamilyWestern

Stepp Commercial Negotiates $9.3M Sale of Multifamily Building in Signal Hill, California

by Amy Works

SIGNAL HILL, CALIF. — Stepp Commercial has arranged the sale of a residential property located at 1867 Temple Ave. in Signal Hill, near Long Beach. Los Angeles-based VMG Properties sold the asset to a Long Beach-based family office for $9.3 million, or $338,543 per unit. Built in 1964, the two-story hilltop property overlooks Long Beach and sits on a 13,849-square-foot lot. The community offers 13 one-bedroom units and 11 two-bedroom units, as well as 24 subterranean parking spaces. Community amenities include a pool, elevator and close proximity to Hillbrook Park. Robert Stepp and Michael Toveg of Stepp Commercial represented the seller, while Robert Stepp also represented the buyer in the deal.

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