Property Type

Krusinski Construction Completes 19,000 SF Auto Center in Joliet, Illinois

by Kristin Harlow April 7, 2022

JOLIET, ILL. — Krusinski Construction Co. has completed a new automotive center for Cassidy Best-One Tire & Service in Joliet’s Rock Creek Logistics Center. Ketone Partners, which served as developer for the 19,000-square-foot project, also owns the 263-acre Rock Creek Logistics Center. The auto center features 20 drive-in doors, 10 service bays, 1,000 square feet of office space, nine car parking stalls and seven trailer stalls. Cassidy Best-One will provide truck and automotive tire work as well as general maintenance for a variety of vehicles. The project team included Cornerstone Architects as architect and Jacob & Hefner Associates as civil engineer.

April 7, 2022

Acquisitions Retail Texas

JLL Negotiates Sale of 211,218 SF Wood Ridge Plaza Shopping Center in Metro Houston

by Taylor Williams April 7, 2022

THE WOODLANDS, TEXAS — JLL has negotiated the sale of Wood Ridge Plaza, a 211,218-square-foot shopping center in The Woodlands, a northern suburb of Houston. Built on 19.5 acres in 1975, the five-building property was 88 percent leased at the time of sale to tenants such as Federal American Grill, Kirkland’s, Home Consignment Center, Pappas Bar-B-Q, Skechers and Office Depot. Ryan West, Rusty Tamlyn and Ethan Goldberg of JLL represented the seller, a fund advised by Crow Holdings Capital, in the transaction. Cameron Cureton and Jack Britton, also with JLL, arranged an undisclosed amount of nonrecourse, floating-rate acquisition financing on behalf of the buyer, New York-based DLC Management Corp.

April 7, 2022

California Development Mixed-Use Multifamily Restaurant Retail Western

Sudberry Properties Opens 260-Unit Hub at Scripps Ranch Mixed-Use Project in San Diego

by Amy Works April 7, 2022

SAN DIEGO — Sudberry Properties has opened The Hub at Scripps Ranch, a mixed-use redevelopment project located at 9840 Carroll Canyon Road in the Scripps Ranch neighborhood of San Diego. Construction is nearing completion and apartment residents are moving in. Situated on 9.5 acres, The Hub at Scripps Ranch features 260 apartments and 10,700 square feet of retail and restaurant space. The property offers one-, two- and three-bedroom layouts, ranging from 614 square feet to 1,391 square feet, with rents starting at $2,600 per month. Interior amenities include private patios or balconies, nine-foot ceilings, hardwood-style flooring in main areas, carpeting in bedrooms, fully equipped kitchens with GE Energy Star stainless steel appliances, quartz countertops and full-size washers/dryers. The retail and restaurant space includes a 2,061-square-foot Starbucks Coffee, Pacific Dental Services and Big Cheech’s Chicken N’ Waffles and Sliders. The development team includes MVE Architecture, Reylenn Construction Co., Pasco Laret Suiter & Associates, GroundLevel Landscape Architecture and Design Tec. Matt Mosser of Retail Insite is responsible for retail leasing, and Sudberry Properties will provide property management for The Hub.

April 7, 2022

Acquisitions Arizona Multifamily Western

ABI Multifamily Arranges $42M Sale of Rise Metro Apartments in Phoenix

by Amy Works April 7, 2022

PHOENIX — ABI Multifamily has arranged the sale of Rise Metro Apartments, a multifamily property located at 2045 W. Butler Drive in Phoenix. Arizona-based Rise48 Equity sold the asset to a Massachusetts-based buyer for $42 million, or $262,500 per unit. Built in 1981, Rise Metro Apartments features 160 garden-style units in a mix of 72 one-bedroom/one-bath, 36 two-bedroom/one-bath, 40 two-bedroom/two-bath and 12 three-bedroom/two-bath layouts. Each unit is individually metered for electricity and features individual HVACs. Unit amenities include a patio or balcony, ceiling fans, fireplaces in select units, walk-in closets in select units, extra storage space and high-speed internet/cable access. Additional unit amenities include refrigerators, dishwashers, garbage disposals and stacked washers/dryers. Community amenities include a swimming pool and spa, fitness center, business center, basketball court, barbecue/picnic area and dog walk. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the buyer and seller in the deal.

April 7, 2022

California Development Industrial Western

CapRock Partners Breaks Ground on 2 MSF Industrial Warehouse Development in Norco, California

by Amy Works April 7, 2022

NORCO, CALIF. — CapRock Partners has broken ground on Phase I of Palomino Ranch, a master-planned industrial warehouse development located at 1811 Mountain Ave. in Norco. Spanning 112 acres, the project will total 2 million square feet across 24 buildings. The initial phase of the Class A project will include eight standalone industrial buildings, totaling approximately 700,000 square feet on 44 acres. Phase I buildings will range from approximately 55,000 square feet to 156,000 square feet with clear heights from 30 feet to 36 feet. Buildings larger than 20,000 square feet will offer up to 6,000 square feet of mezzanine office space. Other features will include secured and unsecured concrete truck courts, 125-foot truck court depth, ESFR sprinklers and up to 4,000 amps of power. At total project completion, Palomino Ranch will be the largest industrial real estate development in Norco’s history. The project will be LEED certified and feature design elements such as wrap-around wooden porches and lantern streetlighting that are reflective of the city’s equestrian background and nickname Horsetown U.S.A. Jeff Ruscigno, Brian Pharris, Paul Earnhart, Ryan Earnhart, Austin Hill and Jeff Smith of Lee & Associates have been retained to market the lease availabilities at the project. …

April 7, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 279-Unit Self-Storage Facility in Tyler, Texas

by Taylor Williams April 7, 2022

TYLER, TEXAS — Marcus & Millichap has brokered the 1031 exchange sale of Paluxy Drive Self Storage, a 279-unit facility in Tyler, located about 100 miles east of Dallas. The property was built in phases between 1999 and 2010 and spans 35,892 net rentable square feet. Brandon Karr of Marcus & Millichap represented the seller, a locally based family partnership, in the transaction. Karr also procured the buyer, an East Texas-based investor.

April 7, 2022

Acquisitions Multifamily Oregon Seniors Housing Western

SLIB Negotiates Sale of Four Seniors Housing Communities in Oregon

by Amy Works April 7, 2022

BROOKINGS, GOLD BEACH AND SHERIDAN, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of four properties in Oregon: two properties in Brookings, one in Gold Beach and another in Sheridan. The combined communities consist of 169 units and 190 beds. Brookings is a city in Curry County, located on the coast. Gold Beach is located 30 miles north of Brookings on the coast. Sheridan is located approximately 50 miles southwest of Portland. These facilities combined total approximately 109,507 square feet and are situated on approximately 25.6 acres of land. The seller was an Oregon-based owner-operator looking to recycle the capital for additional expansion opportunities. The buyer is a joint venture between a Pacific Northwest-based operator and a California-based private equity company. The price was not disclosed. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.

April 7, 2022

Acquisitions Multifamily Texas

Western Wealth Capital Acquires 250-Unit Villas at Chase Oaks Apartments in Plano

by Taylor Williams April 7, 2022

PLANO, TEXAS — Canadian investment firm Western Wealth Capital has acquired Villas as Chase Oaks, a 250-unit apartment community located north of Dallas in Plano that was originally built in 1986. Units come in one-, two- and three-bedroom floor plans. Amenities include a pool, sports court, fitness center, dog park, clubhouse and a package locker system. The seller was not disclosed. Western Wealth Capital plans to renovate the unit interiors and building exteriors.

April 7, 2022

Acquisitions Multifamily New York Northeast Student Housing

Champion Real Estate Buys Student Housing Community Near Syracuse University for $65M

by Taylor Williams April 7, 2022

SYRACUSE, N.Y. — Champion Real Estate Co. has purchased Campus Hill Apartments, a 715-bed student housing community near Syracuse University, for $65 million. The property offers fully furnished units across 51 buildings. The community will be rebranded Victory at Syracuse and is set to undergo renovations imminently. Victory House Syracuse LLC, a subsidiary of Champion, will oversee community upgrades, including fresh paint and the addition of vinyl plank flooring, new cabinetry, quartz countertops, stainless steel appliances and modern fixtures. Ken Wellar and Douglas Sitt of Rittenhouse Realty represented Champion and the undisclosed seller in the transaction.

April 7, 2022

Development Healthcare New York Northeast Retail

Simone Development Acquires Medical Office, Retail Complex in The Bronx for $32M

by Taylor Williams April 7, 2022

NEW YORK CITY — Locally based investment firm Simone Development has acquired Triangle Plaza Hub, a 50,000-square-foot medical office and retail complex located in the Mott Haven neighborhood of The Bronx. The sales price was $32 million. Triangle Plaza Hub was built in 2015 and was 97 percent leased at the time of sale, with grocer Fine Fare and Sun River Health serving as the anchor tenants. Other tenants include DaVita, Dunkin’, Boston Market and VistaSite Eyecare. Steven Rutman, Rob Hinckley, Karl Brumback, Andrew Scandalios and Madison Warwick of JLL represented the seller, Triangle Equities, in the transaction.

April 7, 2022

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