LOS ANGELES — Marcus & Millichap has arranged the sales of two apartment complexes in the Brentwood neighborhood of Los Angles for a combined value of $46.3 million. Rabbie Banafsheha and Tony Azzi of the Azzi Group of Marcus & Millichap represented the seller in the deal. Totaling 61 units, the properties include an asset at 11911 Mayfield Ave. with 31 units and a nonconforming studio and a 29-unit building at 11860 Kiowa Ave.
SAN DIEGO — Compass Capital Investments has acquired RB Medical Plaza, a medical office property located at 11770 Bernardo Plaza Court in San Diego, from Bernardo Court MOB LLC for $18.2 million. RB Medical Plaza offers 71,971 square feet of medical office space spread across two buildings. The medical tenant mix includes dermatology, urology, pain management and chiropractic services. The asset was originally built in the 1980s and remodeled in 2023. Matt Porch, Anthony DeLorenzo and Chris Bodnar of CBRE represented the seller in the transaction.
KNOXVILLE, TENN. — Maddox Cos. has brokered the $11 million sale of the WestMed Building, a 55,000-square-foot medical office building situated on Sherrill Boulevard in Knoxville. Maddox Cos. represented both the seller, Knorr Family Properties, and the buyer, Clear Passage LLC, in the transaction. Built in 2004, the healthcare property sits on roughly 3 acres, according to LoopNet.
PASADENA, CALIF. — GreenTree Hospitality Group has completed the sale of GreenTree Pasadena Inn in Pasadena to a private buyer for an undisclosed price. Stanley Wang and Gordon Allred of the Allred Hotel Group at Marcus & Millichap represented the seller in the deal. Located at 400 S. Arroyo Parkway, GreenTree Pasadena Inn is situated a few blocks from the Pasadena Convention Center, Old Pasadena and the historic Rose Bowl.
FAIRFIELD, CALIF. — The Picklr has signed a lease to open an 18,500-square-foot facility at 1574 Gateway Blvd. in Fairfield. Slated to open in May, the location will be The Picklr’s second Northern California facility. The Picklr Fairfield will offer seven pickleball courts, including one championship court, AI-powered coaching technology, league play, tournaments and drop-in play opportunities. Additional amenities will include a pro shop, grab-and-go food-and-beverage options, private event spaces, locker rooms and showers, outdoor surfacing areas and court reservations. John Brecher of JLL represented The Picklr in the lease negotiations. Founded in 2021, The Picklr is a membership-based indoor pickleball club concept designed to provide high-quality courts for players of all levels.
LOWELL, MASS. — Regional owner-operator Arrowhead Properties has sold a 51-unit apartment building in the northern Boston suburb of Lowell. Wood Crest Apartments consists of two studios, 20 one-bedroom units and 29 two-bedroom residences that were fully occupied at the time of sale. Arrowpoint, which acquired the asset in late 2020 and implemented capital improvements, sold the building as part of a 1031 exchange. The buyer and sales price were not disclosed.
ELGIN, ILL. — Lee & Associates of Illinois and CBRE have arranged the sale of a 510,000-square-foot, 82-acre former corporate campus and ministry facility at 1000 N. Randall Road in Elgin. Kenneth Franzese and John Cassidy of Lee & Associates and Tony Gange of CBRE represented the seller, Harvest Bible Chapel. The self-represented buyer was Acts2Network, a Christian organization based in California. Originally developed as Safety-Kleen’s world headquarters in 1993, the property includes a roughly 350,000-square-foot office building wrapped around a multi-story parking deck, plus a 160,000-square-foot addition developed by Harvest Bible Chapel to accommodate an academy, worship center, gym and multipurpose ministry space. Amenities include a 2,100-seat auditorium, athletic center, production studios, training rooms, a cafeteria with full kitchen, visitor café and related support areas. The transaction terms included a longer-term leaseback for Harvest Bible Chapel’s academy and portions of its corporate offices, worship center and support spaces. Prior to closing, Acts2Network and Harvest Bible Chapel began cohabitating the campus. Shared spaces such as the worship center and gym serve both organizations.
MOKENA, ILL. — Inland Real Estate Acquisitions LLC has purchased Clarendale of Mokena, a 156-unit senior living community in Mokena, a southwest suburb of Chicago. The property features 60 independent living residences, 56 assisted living units and 40 memory care units. Amenities include a bistro, pub, dining room, fitness studio, theater room, salon, outdoor patio and landscaped grounds. Clarendale of Mokena was 94 percent occupied at the time of sale. Inland’s Matthew Tice and Brett Smith completed the transaction on behalf of an Inland affiliate. A joint venture between LCS and Nuveen Real Estate was the seller. LCS Community Operations will continue to provide management services for the community and its residents.
ALTON, ILL. — Marcus & Millichap has brokered the $9.3 million sale of Oakwood Plaza, a 16-suite retail property in Alton. Built in 2005, the 45,400-square-foot center sits on nearly 9 acres and is home to tenants such as Panera, Spectrum, Dollar Tree and Great Clips. Chris Garavaglia, Alex Perez and Steven Weinstock of Marcus & Millichap represented the seller, Commonwealth Commercial. Buyer information was not provided.
CHASKA, MINN. — Peavey Road Partners LLC has purchased a 42,886-square-foot industrial property at 4024 Peavey Road in Chaska for $3.1 million. The buyer plans to position the site for one of Minnesota’s first “mezzobusiness” cannabis cultivation, manufacturing and retail operations. The tenant will be Blom Inc., a Minnesota-based cannabis company pursuing a mezzobusiness license, the state’s most vertically integrated license type that allows for cultivation, manufacturing, processing, packaging and retail operations within a single platform. United Prairie Bank provided acquisition financing for the transaction. In addition, Peavey Road Partners plans to invest approximately $4 million for building improvements to convert the former industrial facility into a state-compliant cultivation and retail operation. Kai Thomsen, principal at Lee & Associates Twin Cities, and Wade Shatzer of Equimax created Peavey Road Partners to address the unique real estate and capital challenges specific to Minnesota’s cannabis industry. Hudson Brothen of Cushman & Wakefield represneted the seller of the property, Highland Development.
