KENOSHA, WIS. — MLG Capital has purchased Market Square, a 330-unit apartment community in Kenosha. The purchase price and seller were undisclosed. Located at 3100 Market Lane, the property was built in 2017 and 2019. The acquisition marks MLG’s first in Kenosha and brings the firm’s total number of units owned in Wisconsin to more than 3,300. This is the 64th property acquired as part of MLG’s Legacy Fund, which offers a tax-deferred exit strategy for private real estate owners.
GARFIELD HEIGHTS, OHIO — Ziegler has negotiated the sale of The Village at Marymount, a 246-unit senior living and skilled nursing retirement community in Garfield Heights, a suburb of Cleveland. The sales price was undisclosed. Built in 1952, the property is a faith-based, nonprofit continuing care retirement community established by the Sisters of St. Joseph of the Third Order of St. Francis. Ziegler represented the undisclosed seller. The buyer, a privately held owner and operator based in Lakewood, N.J., assumed approximately $16 million of HUD debt as part of the transaction.
LENEXA, KAN. — Copaken Brooks is set to begin development of Restaurant Row at Lenexa City Center. Located on the corner of 87th Street and Renner Boulevard, the project is adjacent to AdventHealth’s 13-building campus that is currently under construction. The first phase of Restaurant Row will include two restaurant concepts set to open in fall 2024, with two remaining spaces available for lease. Cactus Grill TexMex & Tequila, a local Kansas City restaurant that has operated for more than 30 years, will occupy 5,000 square feet. Restaurant Row will be Cactus Grill’s third location, following its original restaurant in Leawood and its newest in BluHawk. North Carolina-based Tupelo Honey will occupy 5,700 square feet. The Southern food chain currently operates 21 locations across the United States with six additional planned to open in the next 18 to 24 months. John Nolan of Crossroads Real Estate Group represented Cactus Grill, while Howard Zoldessy of Hatcher-Hill Brokerage LLC represented Tupelo Honey.
ZEELAND, MICH. — Marcus & Millichap has brokered the sale of Access Mini Storage, a self-storage facility totaling 96,715 rentable square feet in Zeeland, a city in western Michigan. The property at 3440 88th Ave. features 496 non-climate-controlled units and 38 outdoor parking spaces. Sean Delaney of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies.
PHOENIX — Phoenix Commercial Advisors has arranged the sale of Plaza 32, a community shopping center located on 15.9 acres at the southeast corner of 32nd Street and Bell Road in Phoenix. An undisclosed buyer in a 1031 exchange acquired the asset for $31.3 million, or $181 per square foot. Esporta Fitness, Starbucks Coffee, Domino’s, Dollar Tree, UPS, Denny’s, Subway, Jimmy John’s, Harbor Freight Tools and Banner Urgent Care are tenants the eight-building, 173,303-square-foot property. The asset was 81 percent leased at the time of sale. Steven Underwood and Chad Tiedeman of Phoenix Commercial Advisors represented the undisclosed seller in the deal.
TOLLESON, ARIZ. — Westcore has completed the disposition of an industrial property located at 8590 W. Jefferson St. in Tolleson, approximately 10 miles west of Phoenix. Texas-based Stonelake Capital Partners acquired the asset for $8.3 million. Situated on 4.4 acres, the building features 37,587 square feet of industrial space. At the time of sale, the property was fully leased to a Utah-based wholesale plumbing, waterworks, irrigation and industrial piping distributer. Phil Haenel, Foster Bundy and Will Strong of Cushman & Wakefield represented the seller in the deal. Mike Haenel and Andy Markham, also of Cushman & Wakefield, provided leasing advisory.
COLORADO SPRINGS, COLO. — Quiver Investments has facilitated the sale of a medical office building located at 8540 Scarborough Drive in Colorado Springs. Pensa Colorado sold the asset to Healthcare Realty (NYSE: HR) for an undisclosed price. Constructed in 2007, the 42,770-square-foot property was fully occupied by 12 tenants at the time of sale. Current tenants include UCHealth, Elevated Family Care and Gorman Medical. John Witt and Ben Swanson of Quiver Investments represented the seller in the transaction.
LAKEWOOD, COLO. — Pinnacle Real Estate Advisors has arranged the sale of an apartment building located at 8220 W. 16th Place in Lakewood, just west of Denver. The property traded for $3.6 million, or $202,777 per unit. Built in 1959, the interior-hallway building features three one-bedroom/one-bath units and 15 two-bedroom/one-bath units. Robert Lawson of Pinnacle represented the undisclosed sellers, while Charlie Mitelhaus and Andrew Monette of Pinnacle represented the undisclosed buyers in the deal.
ARVADA, COLO. — Marcus & Millichap has brokered the sale of an industrial building located at 5790 Lamar St. in Arvada, just northwest of Denver. A limited liability company sold the asset to an undisclosed buyer for $1.7 million. Riley Kilgore, Alyssa Tomback and Thimy Moraitis of Marcus & Millichap’s Denver office represented the seller in transaction. Situated on 0.5 acres, the 8,075-square-foot property features a fully fenced parking lot, one 12-foot drive-in door and three-phase power with 400 amps and 220 volts.
SAN DIEGO — Kilroy Realty Corp. (NYSE: KRC), an office, mixed-use and life sciences REIT based in Los Angeles, has obtained a $375 million loan for a portion of One Paseo, a mixed-use campus in San Diego. New York Life Insurance Co. provided the 11-year, non-recourse loan, which features a fixed 5.9 percent interest rate. The loan matures in August 2034. The 36-acre property is situated between the city’s Carmel Valley neighborhood and Del Mar, as well as near I-5 and State Route 56. One Paseo is home to tenants including lululemon athletica, Sephora, drybar, BodyRok, Harland Brewing, Shake Shack, Cava and Blue Bottle Coffee, among others. The loan was secured by a 23-acre portion of Kilroy Realty’s One Paseo campus that comprises two office buildings, 608 apartment units and more than 95,000 square feet of retail space. This portion was developed in phases between 2019 and 2021, according to Kilroy Realty. “Against a challenging capital markets backdrop, we are very pleased with this loan execution, which further fortifies our already strong balance sheet and liquidity position while establishing a new partnership with a world-class life insurance company,” says John Kilroy, CEO of Kilroy Realty. JLL and Allen Matkins advised …
