BLOOMINGTON, MINN. — Marcus & Millichap has arranged the sale of a 14-unit apartment building in the Minneapolis suburb of Bloomington for $2 million. Built in 1960, the property is located along Penn Avenue. Residents enjoy two parking spaces per unit as well as a community green space with a playground. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the seller and buyer, both of which were limited liability companies.
ARLINGTON, TEXAS — Southern California-based investment firm Archway Equities has sold Harmony Apartments, a 616-unit multifamily community in Arlington. Built in 1984, Harmony Apartments offers one- and two-bedroom units and amenities such as two pools, a fitness center, business center and outdoor grilling and dining stations. Drew Kile, Joey Tumminello, Michael Ware and Asher Hall of Institutional Property Advisors, a division of Marcus & Millichap, represented Archway Equities in the transaction. Aspen Capital Group purchased the asset for an undisclosed price. The seller held the property for three years and executed a capital improvement plan during that stretch.
ROANOKE, TEXAS — JLL has negotiated the sale of HWY 114 Distribution Center, a 568,632-square-foot industrial facility located in the North Texas city of Roanoke. The 68.6-acre site is located two miles east of the intersection of I-35 and State Highway 114. The cross-dock facility was completed in 2021 and features 36-foot clear heights, 119 dock doors and 229 parking spaces. Los Angeles-based Cohen Asset Management purchased the property from Provident Realty Advisors for an undisclosed price. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Matthew Barge of JLL brokered the deal. At the time of sale, HWY 114 Distribution Center was fully leased to UNIS, a California-based third-party logistics provider.
RICHARDSON, TEXAS — Locally based investment firm ClearWorth Capital has acquired Belle Grove at Custer, a 202-unit multifamily property located in the northeastern Dallas suburb of Richardson. According to Apartments.com, the property offers one-, two- and three-bedroom units and amenities such as a fitness center, business center, playground, tennis court, walking/biking trails and onsite laundry facilities. ClearWorth Capital purchased the asset from RealSource for an undisclosed price with plans to implement a value-add program. Chris Deuillet, William Hubbard and Jaxx Davis of CBRE brokered the deal. Belle Grove at Custer was 94 percent occupied at the time of sale.
MCKINNEY, TEXAS — Avison Young has arranged the sale of a 48,304-square-foot office building located in the northern Dallas suburb of McKinney. The property was built on 2.7 acres in 2006 and includes 152 surface parking spaces. Susan Gwin Burks, Bruce Butler, John Bowles and Philip Boren of Avison Young represented the seller, Dallas-based PAR Capital, in the transaction. Bill Cox of Carey Cox Co. represented the undisclosed, locally based buyer. The building was roughly 95 percent leased at the time of sale.
BRUNSWICK, GA. — Big V Property Group, in partnership with Equity Street Capital, has acquired Glynn Isles, a 193,039-square-foot retail center located in the coastal Georgia city of Brunswick. Shadow-anchored by Target and Lowe’s Home Improvement, the center has averaged 98 percent occupancy. Tenants include Dick’s Sporting Goods, PetSmart, Ross Dress for Less, Michaels, Ulta Beauty and Old Navy. The seller and sales price were not disclosed.
NORRISTOWN, PA. — CBRE has brokered the $7.4 million sale of a 25,150-square-foot veterinary clinic in Norristown, a northwestern suburb of Philadelphia. Metropolitan Veterinary Associates occupies the facility, which was originally built in 1987 and renovated in 2019, on a triple-net basis. Michael Shover, Matthew Gorman, Thomas Finnegan and Rob Thompson of CBRE represented the seller, an entity doing business as LMP Van Buren LLC, in the transaction. The team also procured the buyer, a Nashville-based limited liability company.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $5.5 million sale of an eight-unit apartment building located in the Park Slope area of Brooklyn. According to StreetEasy.com, the four-story building was originally built in 1920. Benjamin Vago, Stephen Vorvolakos and Sean Kelly of Ariel Property Advisors brokered the deal. Both the buyer and seller requested anonymity. The deal traded at a cap rate of 4.8 percent.
O’FALLON, MO. — First National Realty Partners has acquired River City Marketplace in O’Fallon, about 37 miles northwest of St. Louis, for $22.5 million. A 31,000-square-foot Fresh Thyme Market anchors the 157,779-square-foot shopping center, which was built in 2004 and is currently 93 percent leased. Fresh Thyme has operated at the property since 2015. Additional tenants include Total Wine & More, Ross Dress for Less, Five Below, Kirkland’s and Kay Jewelers. There is 10,000 square feet of available space for lease. Evan Halkias, David Matheis and Link Dierks of Cushman & Wakefield represented the seller, PEBB Enterprises, which acquired the center in 2015 when it was 55 percent occupied.
CHICAGO — Greenstone Partners has brokered the sale of a 6,600-square-foot apartment building at 2049 W. Division St. in Chicago’s Wicker Park neighborhood for $2 million. The property features four recently renovated units as well as retail space. Brewster Hague and Danny Spitz of Greenstone represented the seller, a Chicago-based partnership, and procured the buyer, a California-based hospitality group.