EUGENE, ORE. — Marcus & Millichap has arranged the sale of Ducks Village, a 650-bed student housing property located near the University of Oregon campus in Eugene. The 22-building community offers 230 units. Shared amenities include a renovated clubhouse, resort-style swimming pool, fire pits, a fitness center, basketball courts and a tanning booth. Joel Dumes and Patrick Mullowney of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer in the transaction.
VENTURA, CALIF. — Berkadia has brokered the sale of YOLO West Apartments, a multifamily community located at 11114 Darling Road in Ventura. California-based NUWI Capital sold the asset to California-based Universe Holdings for $20.3 million, or $452,222 per unit. Adrienne Barr of Berkadia Los Angeles represented the seller in the deal. Built 2019, YOLO West Apartments features 45 one- and two-bedroom floor plans, including four live-work units, with in-unit washers/dryers and private balconies. Community amenities include a fitness center, a picnic and game area, and a clubhouse.
LOS ANGELES — Sherman & Roylance has arranged new leases for two skilled nursing facilities totaling over 150 licensed beds in downtown Los Angeles. Sherman & Roylance sourced a selection of competitive offers and recommended the new tenant.
CHICAGO — Kiser Group has brokered a condo deconversion sale in Chicago’s Lakeview neighborhood for $18.3 million. The property at 3825 N. Pine Grove features 94 units and 54 parking spaces. Andy Friedman and Jake Parker of Kiser brokered the transaction. The seller was 3825 N. Pine Grove Condominium Association. According to Parker, 90 percent of the units were investor-owned rental units while 10 percent were owner-occupied. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The threshold is 85 percent for the City of Chicago. Sellers then have the option to either move out of their units or lease them back from the new owner.
CINCINNATI — Montecito Medical has acquired two orthopedic medical office buildings in Cincinnati for an undisclosed price. The properties, which total more than 130,000 square feet, are fully leased to Beacon Orthopedics. One of the buildings is in Cincinnati while the other is in the suburb of Sharonville. Each property includes an ambulatory surgery center. Steve Timmel, Travis Likes, Jeff Johnston, Will Roberts and Lee Asher of CBRE represented the undisclosed seller. Beacon Orthopedics, which operates more than 20 locations in Ohio, Kentucky and Indiana, provides a full range of services, including clinical orthopedics, orthopedic surgery, physical therapy and imaging.
FRANKLIN PARK, ILL. — Marcus & Millichap has negotiated the $4.7 million sale of a 42,111-square-foot retail center in the Chicago suburb of Franklin Park. Just Tires anchors the property and has operated out of the location since 1975. Mitchell Kiven, James Ziegler and Keith Zelenika of Marcus & Millichap represented the seller, an investment fund with several partners based primarily in Chicago. Kiven also procured the buyer, Jupiter Texas Group, a real estate syndicator based in Frisco, Texas. Dean Giannakopoulos and Frank Montalto of Marcus & Millichap Capital Corp. arranged acquisition financing on behalf of the buyer. The seller had purchased the property in foreclosure and spent three years stabilizing the asset.
ANGOLA, IND. — Franklin Street has arranged the sale of a two-property self-storage portfolio totaling 109 units in Angola, a city in Northwest Indiana. The sales price was undisclosed. The facilities were built in 1986 and 1999. David Perlleshi and Frank DeSalvo of Franklin Street represented the seller, HZ Capital Partners LLC. NT Investments LLC was the buyer. The transaction marks the fourth asset that Perlleshi and DeSalvo have sold on behalf of HZ Capital Partners in the last nine months.
COLUMBUS, KAN. — Northmarq has brokered the sale-leaseback of a Sonic-occupied restaurant property in Columbus, a city in Southeast Kansas. The sales price was $1.2 million. The 1,127-square-foot building is located at 228 W. Maple St. Matt Lipson of Northmarq represented the Missouri-based seller. Hamman Real Estate represented the buyer, a California-based individual investor.
ESCONDIDO, CALIF. — Bridge Group Investments and Steerpoint Capital have acquired North County Mall in Escondido, about 30 miles north of San Diego. Unibail-Rodamco-Westfield (URW) was the seller, according to the Escondido Times-Advocate. The sales price was undisclosed. Situated on almost 83 acres, North County Mall totals nearly 1.3 million square feet. Tenants include Target, Macy’s, JC Penney, 24 Hour Fitness, Forever 21, H&M, Apple, Cheesecake Factory, BJ’s Restaurant and Brewhouse, Black Angus Steakhouse, On the Border and more. The mall opened in 1986. Although no plans were released for changes under the new ownership, a press release from the City of Escondido — which owns most of the land on which the mall rests — said the buyers “are eager to bring new investment and retail opportunities to the mall and are committed to working with and supporting the local community.” The property is the fourth mall that Bridge Group Investments and affiliates have acquired in California over the past six months with support from Steerpoint Capital. Previous acquisitions include The Shops at Montebello in Montebello, Antelope Valley Mall in Palmdale and Northridge Mall in Salinas. Bridge Group Investments is the family office for the Mersho family, led by …
— By Kyle Yocum, first vice president, and Phillip Woodford, senior vice president, CBRE — The Inland Empire office market is experiencing a rise in cost, much like all sectors and markets throughout the U.S. As tenant improvement costs continue to increase, it’s becoming more and more challenging to find win-win situations with landlords and tenants. Landlords are having to increase their TI allocations, while tenants are having to show more flexibility as it relates to working with existing space. That, or they must cover a portion of the TI costs themselves or commit to longer-term leases to help the deal pencil for the landlord. Due to TI costs, both parties need to meet halfway and make concessions. I think one of the reasons our market has done well is that we are a smaller market. Most parties involved seem to understand the give and take needed to make deals pencil for both sides. Concessions are entirely contingent on TI costs, with landlords offering significant amounts of free rent and slight discounts on the rental rate if the TI costs are low. If a tenant is seeking major changes to the space, landlords are staying close to or at their …