DAVENPORT, IOWA — Developer TWG has broken ground on Federal Point, a $39 million workforce housing property in Davenport. The project will rise four stories with 185 units, all of which will be reserved for renters earning up to 60 percent of the area median income. The property will be situated west of the new R. Richard Bittner YMCA. Amenities will include a fitness room, outdoor patio and bike storage. Completion is slated for December 2023.
ROCHELLE, ILL. — Colliers has brokered the sale of a 400,000-square-foot distribution center located at 101 N. Centerpoint Drive in Rochelle, about 25 miles south of Rockford. The sales price was undisclosed. Situated on 21 acres, the building features a clear height of 30 feet, 40 truck docks and 79 trailer spots. The facility is fully leased to global toy manufacturer TOMY, which has been the sole occupant since the building’s completion in 2004. Jeff Devine and Steve Disse of Colliers brokered the transaction. Hillwood Development purchased the asset from a fund advised by the U.S. real estate business of UBS Asset Management.
LIBERTYVILLE, ILL. — Monarch Realty Partners has negotiated the $13.6 million sale of The Manchester in Libertyville, a northern suburb of Chicago. The property includes 34 luxury apartment units, five commercial spaces, a parking garage with 36 spaces and an additional 37 outdoor parking spaces. Located at 115 Lake St. and originally constructed in 2008, the building was renovated in 2016. Bill Baumann and Michael Anguiano of Monarch brokered the sale. Buyer and seller information was not provided.
ROBBINSDALE, MINN. — KW Commercial | AMK Properties has brokered the sale of Robin Center in Robbinsdale, a northwest suburb of Minneapolis. The 104,080-square-foot shopping center sold for an undisclosed price. Located on Lakeland Avenue, the property is home to Dollar Tree, CVS Pharmacy, Car-X and other local, regional and national tenants. Matthew Klein of KW Commercial represented the buyer, Robin Center Partners LLC. Steven Nelson and Kyle Thompson of Hoyt Properties, along with Chet Masserano of Corporate Real Estate Brokers, represented the seller, Robin Center LLP.
OMAHA, NEB. — Marcus & Millichap has arranged the sale of a 2,225-square-foot retail property occupied by Starbucks in Omaha for an undisclosed price. The seller, Monfort Cos., developed the property as a build-to-suit for Starbucks. Located at 9004 Fort St., the building features a drive-thru. Drew Isaac of Marcus & Millichap represented the seller. James Rassenfoss and Boomer Beatty of Marcus & Millichap represented the buyer, a private investor completing a 1031 exchange.
TORRANCE, CALIF. — ZKS Real Estate Partners has completed the disposition of an industrial property located at 4240 W. 190th St. in Torrance. Rexford Industrial Realty acquired the asset for $75.3 million. David Prior, Todd Taugner and Frank Schulz of The Klahin Co./CORFAC International represented the seller in the deal. Bret Hardy, Andrew Briner, Kevin Shannon, Jim Linn and Scott Schumacher of Newmark served as the institutional investment contacts in the transaction. Situated on 11.4 acres, the 307,487-square-foot building features dock-high and grade-level loading, a large yard area, future rail-service potential and immediate access to interstates 405 and 110.
ROSEMEAD AND EL MONTE, CALIF. — Lee & Associates LA North/Ventura has arranged the sale of a three-property apartment portfolio in the San Gabriel Valley. Positive Investments acquired the portfolio from Hunsaker Family for $68 million. The portfolio includes Fashion Park Apartments, Glen Haven Apartments and Fashion Lane Apartments, spanning 4405 Rosemead Blvd., 5123-5205 Rosemead Blvd. and 4436-4438 Ivar St. in Rosemead, as well as a community at 3815 Baldwin Ave. in adjacent El Monte. Totaling 215,691 square feet, the portfolio features a mix of one-, two- and three-bedroom units and single-family residences, as well as swimming pools, clubhouses, secure entry, covered parking and carports. Warren Berzack of Lee & Associates LA North/Ventura handled the transaction.
TEMPE AND GLENDALE, ARIZ. — Harrison Street has formed a joint venture with American Campus Communities (ACC) for the ownership of ACC’s existing eight-property Arizona State University on-campus student housing portfolio. Under the terms of the transaction, Harrison Street, as part of its social infrastructure platform, has acquired a 45 percent interest in the joint venture, with ACC owning the remaining interest. ACC will continue to manage the day-to-day operations in collaboration with ASU under the terms of the existing P3 (public-private partnership) contracts. The portfolio includes 8,187 beds across eight assets, which include seven buildings at ASU Tempe and one building at ASU’s West Campus in Glendale. The facilities feature core campus amenities including retail, cafés, fitness centers, dining halls, academic halls and outdoor recreation spaces. The communities provide a broad range of products including first-year residence halls, honors college housing, Greek housing and upper division apartment-style housing.
CITY OF INDUSTRY, CALIF. — Staley Point Capital has acquired an industrial asset, located at 18689 Arenth Ave. in City of Industry, for $22 million, or $227 per square foot, in an off-market transaction. Bain Capital Real Estate was a joint venture partner on the acquisition. The 97,000-square-foot property features 24-foot clear heights, eight dock-high positions and a functional concrete truck court. At the time of purchase, the property was 86 percent leased. Winston & Strawn served as legal counsel to Staley Point Capital for the transaction. JLL represented both the buyer and undisclosed seller in the deal, while JLL Capital Markets arranged loan financing for the acquisition.
AURORA, COLO. — Hilco Real Estate has arranged the acquisition of approximately 134 acres of vacant development land located at the southeast corner of East 64th Avenue and Piccadilly Road in Aurora. Hilltop at DIA purchased the property, which is just south of Denver International Airport, for $18.1 million. The asset was acquired through a bankruptcy sale. Hilltop at DIA plans to develop a master-planned community, dubbed Avelon, on the site. The community would include hospitality, residential and commercial space, as well as single-family residences and greenspace.
