BLOOMINGTON, IND. — Gray Capital has acquired Echo Park Apartments in Bloomington for an undisclosed price. The company says its business plan includes improving onsite management and reducing expenses. Amenities at the property include a bark park, resort-style pool, trash pickup and in-unit washers and dryers. Gray Capital’s property management company, Gray Residential, is now managing Echo Park as well as nearby apartment property Forest Ridge. Echo Park is the fourth property within Gray Capital’s $100 million multifamily investment fund, The Gray Fund. Previous acquisitions include Sycamore Terrace in Terre Haute, Ind.; Club Meridian in Lansing, Mich.; and Stonybrook Commons in Indianapolis. Gray Capital maintains roughly $775 million in assets under management.
NILES, MICH. — Marcus & Millichap has brokered the $4.2 million sale of Village West in Niles, a city in Southwest Michigan. The 54-unit apartment building is located at 746 Colony Court. Renovations made to the property in 2020 and 2021 included a new roof, windows and gutters, as well as upgraded electrical and HVAC systems. Aaron Kuroiwa, Jack Friskney and Austin Meeker of Marcus & Millichap represented the seller, a limited liability company that plans on using proceeds from the sale and a 1031 exchange to buy another multifamily asset in Indiana or Florida. The Marcus & Millichap trio also represented the buyer, a limited liability company that secured agency financing with five years of interest-only payments.
GLEN CARBON, ILL. — The Goodwill store in Glen Carbon, about 14 miles northeast of St. Louis, has reopened following months of renovations. The store at 210 Junction Drive has been reconfigured from 12,500 square feet of retail space and 3,000 square feet of backend space to 10,000 square feet of retail space and 4,850 square feet of backend space. The expanded backend space will help with the increase in donations the store has received. Additional renovations to the exterior will be made this spring. An entirely new donation reception area will be built with the addition of two new docks and enhanced accessibility, as the drop-off area will no longer require the use of stairs.
NEW RICHMOND AND SPARTA, WIS. — Starbucks has signed two new retail leases in Wisconsin. Each lease totals 2,460 square feet. The first property is located at 124 Grant Way in New Richmond, about 45 miles northeast of Minneapolis. The other is at 630 S. Black River St. in Sparta, about 28 miles east of La Crosse. Tony Colvin of Mid-America Real Estate represented Starbucks. The landlords for both properties were Jacques Holdings LLC and OLH II LLC.
OAKLAND TOWNSHIP, MICH. — Meadowbrook Animal Clinic has signed a 2,082-square-foot, five-year lease at Country Creek Commons shopping center in Oakland Township, a northern suburb of Detroit. The veterinary clinic is relocating from Rochester Hills. Barry Landau of Dominion Real Estate Advisors LLC represented both the tenant and landlord.
MERIDIAN, IDAHO — Developer Morgan Stonehill, with Los Angeles-based Newman Garrison + Partners as architect, has released plans for Seasons at Meridian, a 360-unit apartment community located at 2700 E. Overland Road in Meridian, a western suburb of Boise. The team broke ground on the development in January. Seasons at Meridian will feature 10 residential buildings arranged around an open-air courtyard space. Each building will offer a mix of studio, one-, two- and three-bedroom units ranging from 488 square feet to 1,328 square feet. The community will offer more than 30,000 square feet of amenity space, including a 10,000-square-foot clubhouse, a pool, park, community garden, fitness facility, bike maintenance room and barbecue areas. Additionally, the project is designed to provide direct pedestrian linkages to the adjacent commercial and retail developments with access to nearby recreational trails, landscaped areas and pocket parks. Completion is slated for second-quarter 2025.
VACAVILLE, CALIF. — Ridgeline Property Group, along with USAA Real Estate as capital partner and real estate investment manager, has started vertical construction for Midway Commerce Center Buildings A and C in Vacaville. Situated on 89.7 acres, the 1.5 million-square-foot industrial park is located off Eubanks Drive, a mile from the Midway Road and Highway 505 interchange and less than four miles from Interstate 80. The 198,490-square-foot, rear-loading Building A will offer 36-foot clear heights and mechanical dock levers at every other position. The 1.2 million-square-foot, cross-dock Building C will offer an internal clear height of 42 feet and hydraulic dock levels at all 209 positions. Both buildings will feature LED lighting, ample power and high-finish offices. Completion is slated for early this fall. Development costs were not released. HPA Architecture is serving as architect for the project. Brooks Pedder, John McManus and Tony Binswanger of Cushman & Wakefield are handling leasing for the project.
SCOTTSDALE, ARIZ. — Arizona-based Mark-Taylor Residential has opened San Bellara, a multifamily property located at 17800 N. 78th St. in Scottsdale. Mark-Taylor will manage the 180-unit community in-house. San Bellara features a mix of one-, two- and three-bedroom layouts with granite countertops, stainless steel appliances, walk-in closets, in-unit washers/dryers, air conditioning, private patios or balconies and direct-access garages. The pet-friendly property also offers a swimming pool, hot tub, fitness center, business center, outdoor cabanas with a poolside kitchen, an electric car station and a resident clubhouse with flat-screen TV.
TUCSON, ARIZ. — Cushman & Wakefield | PICOR has brokered the sale of The Beverly On Fifth, a residential property in Tucson. Beverly On Fifth Owner LLC acquired the acquired the asset from Dry Desert LLC for $6.7 million. Located at 5601 E. 5th St., The Beverly On Fifth features 35 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.
SAN TAN VALLEY, ARIZ. — Marcus & Millichap has arranged the sale-leaseback of a retail property located at 1732 W. Hunt Highway in San Tan Valley. A limited liability company sold the property to an undisclosed buyer for $6.1 million. Super Star Car Wash occupies the 4,517-square-foot on a net-leased basis. Zack House, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller. Ryan Sarbinoff of Marcus & Millichap served as the Arizona broker of record in the deal.