SOMERSET, N.J. — Cushman & Wakefield has brokered the $12.9 million sale of Franklin Court, a 42,116-square-foot retail center located in the Northern New Jersey community of Somerset. Tenants at the property include Walgreens and KFC. Andrew Schwartz, Jordan Sobel, Seth Pollack and Andre Balthazard of Cushman & Wakefield represented the seller, Adoni Property Group, and procured the buyer, LJL Realty Co., in the transaction.
EDGEWATER, COLO. — Unique Properties/TCN Worldwide and the Unique Apartment Group have arranged the sale of Terra Village Apartments, a multifamily community located at 6201 26th Ave. in Edgewater. California-based Trion Properties acquired the asset for $110 million, or $273,631 per unit. Terra Village features 402 apartments. Recent renovations include new kitchen cabinets, stainless steel appliances, tile backsplashes, updated bathrooms and in-unit washers/dryers. Marc Lippitt, Elliott Polanchych, Will McCauley, Phil Dankner and Kevin Higgins of Unique Properties represented the undisclosed sellers in the deal.
APACHE JUNCTION, ARIZ. — Scottsdale-based Sonoma Valley LLC has completed the sale of Sonoma Valley Apartments, located at 975 S. Royal Palm Road in Apache Junction. FSO Real Estate Services, a division of Phoenix-based FSO Capital Partners, acquired the property for $44.5 million. Built in 2001, the 176,000-square-foot community consists of 11 two-story residential buildings on 9.9 acres. The property features 88 two-bedroom/two-bath, 950-square-foot units and 88 three-bedroom/two-bath, 1,050-square-foot units. On-site amenities include a pool, hot tub, 24-hour fitness center, picnic areas, basketball court and playground. Trevor Koskovich, Jesse Hudson, Bill Hahn and Ryan Boyle of Northmarq’s Phoenix investment sales team brokered the transaction.
AURORA, COLO. — Marcus & Millichap has negotiated the sale of The Fitz on 14th, an apartment property in Aurora. The community traded for $34.4 million, or $195,455 per unit. The names of the buyer and seller were not released. Constructed in 1973, Fitz on 14th features 176 apartments in a mix of 18 studios and 158 one-bedroom units with open kitchens. Community amenities include a resort-style pool, barbecue/picnic area, playground, dog park, on-site leasing office, laundry facilities and a fully equipped workout room. Jason Hornik and Greg Price of Marcus & Millichap’s Denver office represented the seller and buyer in the transaction.
LYNNWOOD, WASH. — Bellevue-based Sterling Realty Organization has completed the sale of Lynnwood Crossroads, grocery-anchored shopping center in Lynnwood. Orange County, Calif.-based Sakioka Farms acquired the asset for $45 million in an all-cash 1031 exchange transaction. Billy Sleeth and Paul Sleeth of Newmark represented the seller, while Pete Bethea, Glenn Rudy and Rob Ippolito of Newmark represented the buyer in the transaction. Sprouts Farmers Market, LA Fitness, Starbucks Coffee, Jersey Mike’s Subs, Five Guys, The Joint Chiropractic, Great Clips and Qdoba are tenants at the 103,141-square-foot retail space. At the time of sale, the property was 100 percent leased.
FEDERAL HEIGHTS, COLO. — Brinkman Real Estate has completed the disposition of Windom Peak Apartments, a multifamily property located at 120 E. Grace Place in Federal Heights. An undisclosed buyer acquired the asset for $24.6 million, or $262,234 per unit. Built in 1964, Windom Peak features 94 units spread across a mix of one-story apartment buildings and two-story townhomes offering one-, two- and three-bedroom floorplans. During Brinkman’s ownership, the company added an energy-efficient boiler, insulation to reduce energy loss on existing systems, and low-flow toilets and fixtures. Jake Young, David Potarf, Dan Woodward and Matt Barnett of Walker & Dunlop represented Brinkman in the deal.
AUSTIN, TEXAS — A joint venture between Generational Commercial Properties and Fairway Real Estate has received $124 million in construction financing for Zilker Point, a 207,000-square-foot office development in Austin. The project, which is located at 218 South Lamar Blvd. in the city’s Central Business District South, will offer 192,000 square feet of office space across the building’s top six floors upon completion. The development will also feature 15,000 square feet of ground-floor retail and amenity space and 635 parking spaces. Building amenities are set to include a 3,600-square-foot rooftop deck with views of the downtown Austin skyline; a 1,240-square-foot fitness center with men’s and women’s showers and lockers; an art gallery with exhibitions by local artists; bike storage; and a courtyard with shaded seating, an outdoor bar and a live music stage. Zilker Point is located across from Lady Bird Lake and adjacent to hiking and biking trails including the Barton Springs Road Bike Trail, Barton Creek Greenbelt Trail and West Bouldin Creek Preserve Trail. The development was designed to meet the WELL Building Standard and will include open floor plans with expansive window walls, an advanced hybrid HVAC system, a clean air system with hospital-grade filtration and touch-less technology. …
By John Nelson ATLANTA — Property managers rely on various tools and methods to boost occupancy at their seniors housing facilities. One common avenue is for operators to have reliable online lead generators that connect their sales teams to potential residents and their families. Digital platforms in the seniors housing space like A Place for Mom and Grow Your Occupancy are churning out such leads for sales teams, and operators are saying that it’s a double-edged sword because they are coming in at a rapid clip. “We love the leads but we have one salesperson per community typically,” said Don Bishop, CEO of Tallahassee, Fla.-based SRI Management. “The response time is important. Some leads take a long time to prospect and work through the system. Having too many leads is a good challenge, but it is a challenge.” Bishop’s comments came during the operations panel at the ninth annual InterFace Seniors Housing Southeast, a networking and information conference hosted by France Media’s InterFace Conference Group and Seniors Housing Business. The event was held Wednesday, Aug. 17 at the Westin Buckhead hotel in Atlanta. Pilar Carvajal, founder and CEO of Innovation Senior Living, said that her firm has been discussing creative …
By Rob Roe and Jessica Urbin, JLL What does the future of the office in Cleveland look like? While there isn’t one straightforward answer, there’s no doubt that the office of today looks much different than it did five years ago. Though some companies still maintain a traditional office space, the onset of hybrid work has indisputably changed the way many companies use — and choose — their real estate. This adoption of hybrid work has driven the market’s evident transformation. Smaller office spaces As companies adopt hybrid work models, the need for larger office spaces decreases. This doesn’t mean companies are eliminating their office real estate, though. In fact, 60 percent of office workers want to work in a hybrid style today, and 55 percent are doing so already. These downsized spaces support this work model by creating shared spaces, such as cubicles or lockers, as well as incorporating more conference rooms and small team rooms to hold private video calls. They also encourage something employees can’t get at home: in-person collaboration. New spaces are being outfitted with intentional spaces to meet, such as lounge areas, desks in open areas, cafés and more. In addition, having small spaces doesn’t …
BROWN DEER, WIS. — JLL Capital Markets has brokered the sale of Bevy Apartments in Brown Deer, a northern suburb of Milwaukee. The sales price was undisclosed. Built in 2020, the multifamily property features both apartments and townhomes. Units average 961 square feet and come in a variety of studio, one- two- and three-bedroom floor plans. Amenities include a fitness center, outdoor terrace, clubroom, dog park and underground parking. Wick Kirby, Amanda Friant, Jeremy Weinstock and Jaime Fink of JLL represented the seller, Fiduciary Real Estate Development Inc. JVM Realty Corp. was the buyer.