HARTFORD, CONN. — A partnership between Pennrose, The Cloud Co. LLC, JDA Development and The Housing Authority of the City of Hartford has completed Phases I and II of Village at Park River, a mixed-use project in Hartford. The project is a redevelopment of a former Westbrook Village public housing site. Upon full completion, the development will consist of more than 400 units of mixed-income housing, 100,000 square feet of combined office and retail space, bike paths, a park, gardens and a communal amenity building. The first two phases delivered 135 units, the majority of which are reserved for renters earning 60 percent or less of the area median income.
NIAGARA, N.Y. — Boston-based Atlantic Capital Partners has brokered the sale of Wegmans Plaza, a 122,876-square-foot shopping center in the Upstate New York community of Niagara. Regional grocer Wegmans anchors the property, which was 80 percent leased at the time of sale. Justin Smith, Chris Peterson, Shannon Older, Sam Koonce and Molly Lynch of Atlantic Capital Partners represented both unnamed parties in the transaction.
GLENDALE, ARIZ. — LPC Desert West, the western regional office of Lincoln Property Co. (LPC), has completed the disposition of the first phase of Park 303, an industrial park located at 6600 N. Sarival Road in Glendale. BentallGreenOak acquired the building for $186 million, which is the highest sales price for a single industrial facility in the history of Arizona. Situated on 71 acres, the nearly 1.3-million-square-foot property is fully leased to an unnamed retailer. The building features 40-foot clear heights, 25,000 square feet of office and training space, large breakrooms and outdoor space with covered seating, a barbecue station and grass area for games and events. The property also offers full concrete truck courts, ample truck parking and private drives. The first phase was originally designed as a 705,531-square-foot building and a 488,995-square-foot building with the ability to combine the speculative buildings into one larger facility, which LPC did to accommodate the current tenant. Will Strong of Cushman & Wakefield represented LPC in the investment sale. Ed Lampitt, Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield represented the seller. LPC will continue to serve has property manager for the building. Phase I is part of LPC’s …
LAS VEGAS — San Francisco-based Prologis has purchased Safari Business Park, a Class A industrial campus in Las Vegas. An entity doing business as Black Bongo LP sold the asset to Prologis for an undisclosed price. Located at 7650-7850 Dean Martin Drive, the five-building property features 441,569 square feet of multi-tenant industrial space. At the time of sale, the park was 82 percent leased, with available suites ranging from 10,280 square feet to 15,303 square feet. Each suite features multiple dock loading doors and one grade-level door. In total, Safari Business Park features 92 dock-high loading doors, four grade-level loading doors, 24-foot minimum clear heights, an ESFR fire sprinkler system and recessed storefront entries with accents. Greg Tassi, Donna Alderson and Nick Abraham of Cushman & Wakefield’s Las Vegas office represented the buyer in the deal.
PRESCOTT VALLEY, ARIZ. — Los Angeles-based JRK Investors has acquired Terraces, an apartment property located at 5700 E. Market St. in Prescott Valley. Larkspur, Calif.-based Virtu Investments sold the asset for $76.6 million. Constructed in 2003, Terraces features 226 apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include a heated pool with waterfall feature, a zero-edge hot tub, dog park, 56 detached garages, barbecues and an outdoor lounge. Brad Cooke, Matt Roach, Cindy Cooke and Chris Roach of the Cooke Multifamily Team within Colliers International’s Arizona office handled the transaction.
SEDRO-WOOLLEY, WASH. — MedCore Partners has sold Birchview Memory Care, a 60-unit senior living community in Sedro-Woolley, approximately 72 miles north of Seattle. The community was part of a seven-property portfolio that MedCore purchased in July 2020 with locations in Washington State and Southern California. The buyer and price were not disclosed. “We are pleased with our investment in Birchview and the success in operations during the 14 months MedCore owned it,” says Brian Bollich, partner with MedCore. “There were several milestones accomplished in the past year, including occupancy stability during COVID-19 and meaningful capital improvements.” Tacoma, Wash.-based Senior Services of America (SSA) will continue to manage the property for the new ownership. SSA also manages seven other MedCore assets in Washington State, Oregon and California. MedCore currently operates 15 seniors housing communities in Texas, Arizona, Utah, California, Washington and Oregon. In addition, the company has two senior living projects under construction, both of which are slated to open in 2022.
FARMINGTON, N.M. — Marcus & Millichap has arranged the sale of Starbucks Shops at Largo Square, a retail center located at 4337 E. Main St. in Farmington. An unnamed limited liability company sold the asset to an undisclosed buyer. The acquisition price was not released. Austin Snedden, Ryan Bowlby and Drew Isaac of Marcus & Millichap’s Denver office represented the seller in the transaction. Matthew Reeves, also with Marcus & Millichap, served as broker of record. Starbucks Shops at Largo Square feature 9,000 square feet of retail space.
SCHAUMBURG, ILL. — Sears is set to close its last store in the state of Illinois, according to reports by the Daily Herald and Crain’s Chicago Business. The Hoffman Estates-based retailer’s final location is at Woodfield Mall in Schaumburg and is scheduled to close on Sunday, Nov. 14. Simon Property Group is the mall owner. The parent company of Sears, Transformco, is pursuing redevelopment plans for the store, according to Crain’s.
VIRGINIA, MINN. — Kraus-Anderson has completed construction of the Iron Trail Motors Event Center at 819 S. 9th Ave. in the northern Minnesota town of Virginia. The $38 million project converted the former Miners Memorial Facility into a regional convention center that will be utilized for concerts, tradeshows, events and meetings. The project for the City of Virginia pays tribute to the city’s mining history by incorporating elements into the exterior such as taconite, iron colors and shale rocks. Designed by DSGW Architects, the 120,000-square-foot facility features two hockey and ice arenas, a 6,400-square-foot ballroom, two meeting rooms with 1,000 square feet of event space and a 320-square-foot board room. The second floor houses offices for the Parks and Recreation Department, community workout spaces and storage space. A grand opening event is scheduled for the week of Sept. 20.
MAPLE GROVE, MINN. — Pelican BioThermal has leased 117,242 square feet of distribution and production space at 10100 89th Ave. in Maple Grove, a suburb of Minneapolis. The company manufactures temperature-controlled packaging solutions for the transport of pharmaceuticals, vaccines, ventilators and blood supplies. Pelican BioThermal is expanding and relocating its headquarters from 70,000 square feet in Plymouth, Minn. Jared Scaringe, Ryan Foley and Mike Bowen of CBRE represented the tenant in the lease negotiations. The landlord was not disclosed.