HOFFMAN ESTATES, ILL. — Marcus & Millichap has brokered the sale of a 61,047-square-foot retail property net leased to grocer Valli Produce in Hoffman Estates for $8 million. The building is located about 30 miles northwest of Chicago at 850 N. Roselle Road. Adrian Mendoza, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a local private investor. The Florida-based buyer completed a 1031 exchange. Brian Stulak of Marcus & Millichap Capital Corp. arranged acquisition financing on behalf of the buyer. Valli Produce recently signed a 10-year lease to remain at the property through 2031.
CHAMPAIGN, ILL. — Quantum Real Estate Advisors Inc. has negotiated the sale of a 24,454-square-foot retail center in Champaign for $4.3 million. Located at 2012-2032 N. Prospect Ave., the property is home to David’s Bridal, America’s Best Eyewear, Little Caesar’s Pizza, Sally Beauty and a few local tenants. Chad Firsel and Jason Lenhoff of Quantum represented the seller, Chicago-based Core Acquisitions LLC. A Milwaukee-based private real estate investor was the buyer.
GREER, S.C. — Dalfen Industrial has acquired Victor Hill Industrial Park, a 366,240-square-foot industrial property located in Greer. Exxcel Project Management sold the property for an undisclosed sales price. Victor Hill Industrial Park is a recently constructed, Class A, two-building industrial park. Located at 859 and 861 Victor Hill Road, the property is situated a quarter mile from the BMW manufacturing plant, two miles from Interstate 85 and the Greenville-Spartanburg Industrial Airport, three miles to Fedex Air and five miles to Inland Port Greer.
LAFAYETTE, LA. — GBT Realty Corp. has bought River Marketplace, a 168,000-square-foot shopping center located at 4313 Ambassador Caffery Parkway in Lafayette. Jim Hamilton, Ryan Shore, Ryan West, Brad Buchanan and Taylor Callaway of JLL represented the seller, San Francisco-based RBL Real Estate, in the transaction. The sales price was not disclosed. Developed in 2003, River Marketplace includes multi-tenant buildings and six freestanding outparcels. Shadow-anchored by Super Target, the center was 99 percent leased at the time of sale to a tenant lineup including Total Wine & More, Ross Dress for Less, Raising Cane’s and Chili’s.
TAMPA, FLA. — San Francisco Bay-based Legacy Partners and Los Angeles-based Griffin Capital Co. LLC have opened Legacy Encore, a 228-unit multifamily community in Tampa. Located at 1251 Ray Charles Blvd., the apartment property is located within Encore!, Tampa Housing Authority’s $3 billion mixed-use development in downtown Tampa. The five-story property offers studio, one- and two-bedroom floorplans. Units feature 10-foot ceilings, quartz countertops, stainless steel appliances, contemporary cabinets, smart home technology package, full-sized washers and dryers, soaking tubs, glass enclosed showers, walk-in closets and balconies. Community amenities include a heated saltwater pool, internet cafe with coworking spaces, bike repair station, pet spa with dog run and a fitness center with spin and yoga studio. The $3 billion ENCORE! destination a LEED-certified collection of seniors, workforce and luxury housing options, as well as a mixed-use destination that includes public art, green spaces, a museum and educational and cultural centers. The project team includes Dynamik Design as the architect and Summit Contracting Group as the general contractor.
BOCA RATON, FLA. — Newbond Holdings has purchased the Waterstone Resort & Marina Boca Raton, Curio Collection by Hilton, a 139-room hotel in Boca Raton. JLL represented the seller, The Lane Organization, and also worked on behalf of the buyer to originate the floating-rate acquisition financing. The sales price was not disclosed. Built in 1976, Waterstone Resort & Marina Boca Raton has over 8,000 square feet of meeting space and a marina. The room offerings include 72 kings, 56 double queens and 11 suites. The hotel also has two restaurants including the Boca Landing Prime Seafood and Waterstone Rum Bar & Grill. Hotel amenities at the property include a fitness center, outdoor pool, business center, concierge, meeting rooms and complimentary Wi-Fi. Located at 999 East Camino Real, the property is situated 25.5 miles from Fort Lauderdale-Hollywood International Airport, 2.2 miles from downtown Boca Raton and 2.9 miles from Deerfield Beach.
SAN ANTONIO — Merchants Capital has arranged $102 million in combined debt and equity financing to support the redevelopment of Granada Homes, a historic affordable housing property located along the River Walk area in downtown San Antonio. Originally constructed in 1927 as the Plaza Hotel, the property rises 14 stories and comprises 265 studio and one-bedroom units. The renovation plan includes upgrades to the finishes of all units that are designed to specifically meet the needs of seniors. The financing includes a $43 million Merchants Bank of Indiana construction loan, $35 million in Merchants Capital syndicated tax credit equity. Merchants Capital also secured a forward commitment for $24 million from Fannie Mae for permanent financing with the mortgage-backed security being purchased by the AFL-CIO Housing Investment Trust (HIT).
FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Jameson at the Bluffs, a 387-unit apartment community in Fort Worth. Built on nine acres in 2021, the property features an average unit size of 784 square feet and amenities such as a pool, clubhouse, rooftop lounge, arcade and two dog parks. Drew Kile, Joey Tumminello, Will Balthrope, Taylor Hill, Michael Ware and Jeffrey Kindorf of IPA represented the seller, StoneHawk Capital Partners, in the transaction and procured the buyer, Buchanan Street Partners.
TEMPE, ARIZ. — StreetLights Residential has broken ground for The Alyssa, an apartment property located along E. Rio Salado Parkway in Tempe. The Alyssa will feature 335 apartments in a mix of studio, one-, two- and three-bedroom floor plans with an average size of 881 square feet. Community amenities will include two pools with an attached spa, an outdoor lounge, a bar with direct access to the pool, coffee lounge, maker’s lounge, mail room, app-activated parcel lockers, dry-clean lockers, pet spa, park and a fitness center. StreetLights Creative Studio will serve as the architect of record and is handling all interior design in-house. SLR Phoenix Construction is the general contractor and Norris Design is providing landscape design for the project.
LONG BEACH, CALIF. — IRA Capital has acquired the Long Beach Collective, an apartment portfolio of 17 properties in the North Alamitos Beach submarket of downtown Long Beach. An undisclosed seller sold the property for $42 million, or $270,000 per unit. The portfolio includes 17 properties with a total of 155 units. At the time of closing, the portfolio was 99 percent occupied. IRA Capital is exploring the addition of up to 33 accessory dwelling units to the portfolio to further enhance affordable housing opportunities in the area. John Alden of Alden Pacific Investments represented IRA in the acquisition.