Property Type

Faris Lee Investments Negotiates $37.4M Sale of Turlock Town Center in California

by Amy Works March 24, 2022

TURLOCK, CALIF. — Faris Lee Investments has brokered the sale of Turlock Town Center, a community retail center located at 503-795 N. Golden State Blvd. in Turlock. A California-based developer sold the asset to an undisclosed buyer in a 1031 exchange for $37.4 million. Don MacLellan of Faris Lee Investments represented the seller and procured the buyer in the deal. Situated on 8.4 acres, Turlock Town Center features 144,364 square feet of retail space. At the time of sale, the property was fully leased to 29 in-line tenants and five retail pad tenants. Current tenants include Smart & Final, with a new 15-year lease, Rite Aid, dd’s discount, Big 5 Sporting Goods and Goodwill.

March 24, 2022

Acquisitions California Industrial Western

Rexford Industrial Buys 53,651 SF Portfolio in Los Angeles for $28M

by Amy Works March 24, 2022

LOS ANGELES — Rexford Industrial has acquired two Class A industrial buildings in central Los Angeles for a total consideration of $28 million. Located at 1501-1545 Rio Vista, the buildings feature a total of 53,651 square feet. At the time of sale, both buildings were 100 percent leased to stable credit tenants. Jerry Sackler of DAUM Commercial represented the seller, a private family real estate investment trust, and procured the buyer in the deal.

March 24, 2022

Acquisitions Retail Southeast Tennessee

Marcus & Millichap Brokers Sale of 24,502 SF Retail Property in Kingsport, Tennessee

by Julia Sanders March 24, 2022

KINGSPORT, TENN. — Marcus & Millichap has brokered the sale of Shoppes at East Stone, a 24,502-square-foot retail property in Kingsport. The property sold for $4.5 million. Michael Early of Marcus & Millichap represented the seller, an undisclosed family trust, and secured the buyer, a Maryland-based real estate investment corporation. Jody McKibben of Marcus & Millichap assisted in closing this transaction. Shoppes at East Stone is occupied by tenants including Polish Nail Bar, East Coast Wings + Grill, LL Flooring and Hertz Car Rental. Located at 2637 E. Stone Drive, the property is situated in northern Tennessee, about 102 miles from Knoxville. The property is also 13.6 miles from Tri-Cities Airport.

March 24, 2022

Acquisitions Colorado Multifamily Western

Marcus & Millichap Brokers $27.6M Sale of Fairview Apartments in Aurora, Colorado

by Amy Works March 24, 2022

AURORA, COLO. — Marcus & Millichap has arranged the sale of Fairview Apartments, a multifamily property in Aurora. The asset traded for $27.6 million, or $276,000 per unit. Constructed in 1974 and renovated in 2018, Fairview Apartments features 30 three- and four-bedroom townhome units and 70 one- and two-bedroom flats. Within the last two years, all but 15 of the units have been upgraded. Situated on eight acres, the community also offers picnic and barbecue areas, playgrounds, a dog park, community garden and laundry facilities. Jason Hornik and Greg Price of Marcus & Millichap represented the undisclosed seller and procured the undisclosed buyer in the transaction.

March 24, 2022

Acquisitions California Retail Western

Private Investor Buys The Grove Retail Center in Redlands, California for $8M

by Amy Works March 24, 2022

REDLANDS, CALIF. — Progressive Real Estate Partners has arranged the sale of The Grove, a neighborhood retail center located at 1542-1598 Orange St. in the Inland Empire city of Redlands. A Los Angeles County-based seller sold the property to a Riverside County-based private investor group for $8 million. Built in two phases in 1987 and 1990, The Grove features 39,339 square feet of retail space. Circle K anchors the property, which was 80 percent occupied at the time of sale. Greg Bedell of Progressive Real Estate Partners represented the seller, while Melody Waltz of Realty Executives Riverside represented the buyer in the deal.

March 24, 2022

Acquisitions Hospitality Western Wyoming

Hodges Ward Elliott Arranges Sale of Amangani Resort in Jackson, Wyoming

by Amy Works March 24, 2022

JACKSON, WYO. — Hodges Ward Elliott (HWE) has brokered the sale of Amangani, an ultra-luxury resort located at 1535 NE Butte Road in Jackson. Terms of the transaction were not released. Situated at the foothills of the Grand Tetons, Amangani features 40 suites with either an outdoor terrace or balcony with mountain views, an award-winning restaurant, spa and fitness center, plus a wide variety of excursions and adventures, including heli-skiing, dog sledding, whitewater rafting, fly fishing, photography tours and wildlife tours. Daniel Peek, Cyrus Vazifdar, Carolina Bernal and Alex Yiankes of HWE advised the undisclosed seller in the deal. HWE’s Debt Capital Markets team, led by Lawrence Britvan and Michael Straw, arranged acquisition financing for the undisclosed buyer.

March 24, 2022

Acquisitions Florida Multifamily Seniors Housing Southeast

Castle Lanterra Acquires 160-Unit Active Adult Community in Bonita Springs, Florida

by Julia Sanders March 24, 2022

BONITA SPRINGS, FLA. — Castle Lanterra has acquired Diamond Oaks Village, a 160-unit seniors housing community in Bonita Springs. Built in 2017 by the United Group of Cos., Diamond Oaks Village is an age-restricted residential community for households with members age 55 years or older. Cody Tremper and Mike Garbers of JLL represented the seller, The United Group of Cos. Inc., in the sale. In addition, Allison Holland of JLL worked on behalf of the buyer to secure a three-year, floating-rate loan through Square Mile Capital Management. The sales price and loan amount were not disclosed. The gated community offers one- and two-bedroom units averaging 1,036 square feet. Unit amenities include open-floor concept living spaces, full kitchens with granite counters, in-unit washers and dryers and screened-in private balconies. Community amenities include a covered parking garage, fitness center, outdoor pool and spa, dog park, putting green and bistro, bar and a pub. Located with easy access to Highway 41 and Interstate 75, Diamond Oaks Village is close to the North Naples Hospital, NCH Bonita Emergency Room and Lee Health’s Coconut Point hospital complex.

March 24, 2022

Acquisitions Multifamily Student Housing Texas

Homestead U Acquires 797-Bed Student Housing Property Near Texas A&M University

by Taylor Williams March 24, 2022

COLLEGE STATION, TEXAS — Homestead U has acquired Aspen Heights College Station, a 797-bed student housing property located near Texas A&M University in College Station. The community was acquired in partnership with Columbus Pacific and its affiliates for an undisclosed price. The property offers cottage-style units with bed-to-bath parity across 27 acres. Amenities include a pool, fitness center, outdoor grilling and dining areas, a dog park, game room, computer lab and a study lounge. The seller and sales price were not disclosed.

March 24, 2022

Acquisitions Illinois Midwest Retail

Sterling Organization Acquires Grocery-Anchored Shopping Center in Chicago for $18.2M

by Kristin Harlow March 24, 2022

CHICAGO — Sterling Organization has acquired North Mayfair Commons, an 87,274-square-foot grocery-anchored shopping center in the North Mayfair neighborhood of Chicago, for $18.2 million. A 65,224-square-foot Jewel-Osco grocery store anchors the property. Other tenants include H&R Block and FedEx Kinko’s. Sterling Organization utilized its fund named Sterling United Properties II LP to purchase the property. The fund’s portfolio now spans approximately 1.2 million square feet of gross leasable area.

March 24, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $12M Sale of Apartment Complex in Chicago’s Hyde Park

by Kristin Harlow March 24, 2022

CHICAGO — Interra Realty has brokered the sale of 5505 S. Dorchester Ave. in Chicago’s Hyde Park neighborhood for $12 million. Built in 2020, the 34-unit apartment complex features a covered garage with 20 parking spaces as well as 14 surface parking spaces. Brad Feldman of Interra represented the seller, a local developer, and the local buyer, an entity doing business as 5505 S. Dorchester LLC. The buyer plans to add a rooftop deck.

March 24, 2022

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