Property Type

Benderson Development Buys 450,000 SF Power Center Ground Lease in Santa Fe

by Amy Works September 10, 2021

SANTA FE, N.M. — Benderson Development has acquired two tracts of land ground-leased to Plaza Santa Fe, a 450,000-square-foot power center in Santa Fe. Truzaf LP sold the asset for an undisclosed price. The leases commenced in two phases, one in 1998 with the region’s only Target store and a newly refurbished Albertsons Market Street, and the second in 2000 with the opening of TJ Maxx, Ross Dress for Less, BestBuy, Michaels and PetSmart. Located at the intersections of Cerrillos Road, Zafarano Drive and Rodeo Road, the retail center has more than 1,000 lineal feet of street frontage on Cerrillos Road and 3,000 square feet of footage on Zafarano Drive. Target, BestBuy, Albertsons, Ross Dress for Less, TJ Maxx, Michaels, PetSmart, Ulta Beauty, Total Wine & More, Panera Bread, Five Guys and Buffalo Wild Wings are tenants at the retail center. The tracts’ combined 1.2 million gross square feet of land includes 717 parking stalls. Bill Rose of Institutional Property Advisors, a division of Marcus & Millichap, and Matt Reeves, Marcus & Millichap’s broker of record in New Mexico, represented the seller and procured the buyer in the transaction.

September 10, 2021

Acquisitions Multifamily Washington Western

Virtu Investments Acquires BLU Bellevue Multifamily Community in Washington for $109M

by Amy Works September 10, 2021

BELLEVUE, WASH. — Continental Properties has completed the sale of BLU Bellevue, an apartment property located in downtown Bellevue. Virtu Investments acquired the community for $109 million, or $1,004 per square foot. Built in 2020 by Continental Properties, BLU Bellevue features 135 apartments, a rooftop terrace, 24-hour fitness center, pet facilities, parking garage with electric charging stations, and 360-degree cityscape and mountain views. Units feature floor-to-ceiling, triple-pane windows; air conditioning; walk-in closets with custom, built-in shelving; and biometric wall safes. Philip Assouad, Giovanni Napoli, Ryan Dinius, Sidney Warsinske and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

September 10, 2021

Acquisitions Multifamily Washington Western

Thayer Manca Residential Divests of Citizen & Oake Apartments in Lakewood for $60M

by Amy Works September 10, 2021

LAKEWOOD, WASH. — Seattle-based Thayer Manca Residential has completed the sale of Citizen & Oake, an apartment community in Lakewood. An undisclosed buyer purchased the property for $60 million. Thayer Manca originally acquired the property in 2016 for $32.9 million and completed $4.8 million in renovations. Located at 5406 82nd St. SW, Citizen & Oake features 231 apartments and a 5,000-square-foot clubhouse with a fitness center, office space, community kitchen, game room and lounge, outdoor grills and firepits. The property also offers a secure package locker room, pet park and 40 solar panels. Interior renovations were completed in 227 units and the property received a full rebranding.

September 10, 2021

Acquisitions Arizona Healthcare Office Western

Newmark Negotiates $33M Sale of Copper Point Medical Office Building in Gilbert, Arizona

by Amy Works September 10, 2021

GILBERT, ARIZ. — Newmark has arranged the sale of Copper Point, a medical office building located at 3530 S. Val Vista Drive in Gilbert. West Coast Capital Partners sold the asset to CA Ventures for $33 million. The two-story, 91,805-square-foot building was 96 percent occupied by multiple tenants at the time of sale. The tenant mix includes orthopedic surgery, oncology, cardiology and laboratory services. The building is adjacent to Dignity Health Mercy Gilbert Medical Center. Kathleen Morgan and Trisha Talbot of Newmark represented the seller, while the buyer was self-represented in the transaction.

September 10, 2021

Acquisitions California Retail Western

Triss Sells 25,148 SF Retail Strip Center in Long Beach, California

by Amy Works September 10, 2021

LONG BEACH, CALIF. — Triss LLC has completed the disposition of a retail strip center located on the corner of East Pacific Coast Highway and Martin Luther King Jr. Avenue in Long Beach. A family trust acquired the asset for $4.4 million, or $175 per square foot. 7-Eleven anchors the 25,148-square-foot property. Tina LaMonica and Cheryl Pester of NAI Capital Commercial’s Investment Services represented the seller in the deal.

September 10, 2021

Development Michigan Midwest Retail

Meijer to Open Rivertown Market in Detroit’s East Jefferson Corridor on Oct. 6

by Kristin Harlow September 10, 2021

DETROIT — Meijer is scheduled to open its new Rivertown Market in Detroit’s East Jefferson Corridor on Wednesday, Oct. 6. This will be the fourth neighborhood market opened by Meijer and the second in metro Detroit. The small-format grocery concept is focused on bringing a mix of local, fresh food and value to customers in the area. The 42,000-square-foot store will include an assortment of fresh and prepared foods, including bakery items, fresh meat and deli offerings. The Rivertown Market will include a Great Lakes Coffee shop. The garage-style doors will open to an outdoor fresh produce and floral area in warmer months. Local artists Desiree Kelly and Cameron Jenkins painted a mural on the store exterior near the parking lot entrance.

September 10, 2021

Acquisitions Indiana Midwest Multifamily

Cushman & Wakefield Brokers Sale of 186-Unit Luxury Apartment Complex in Indianapolis

by Kristin Harlow September 10, 2021

INDIANAPOLIS — Cushman & Wakefield has brokered the sale of Notch at Nora, a 186-unit luxury apartment complex in Indianapolis. The sales price was undisclosed. The recently completed development is located at the corner of 86th Street and Westfield Boulevard. Amenities include a pool, dog park, fitness center, grilling area and direct access to the Monon Trail. George Tikijian, Hannah Ott and Cameron Benz of Cushman & Wakefield represented the seller, locally based TWG Development. Becovic Management was the buyer.

September 10, 2021

Acquisitions Michigan Midwest NAI Retail

NAI Wisinski of West Michigan Negotiates Sale of 136,942 SF Shopping Center in Grand Rapids

by Kristin Harlow September 10, 2021

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has negotiated the sale of Alpine Summit Shopping Center in Grand Rapids for an undisclosed price. The 136,942-square-foot shopping center is located at 3165 Alpine Ave. The center is fully occupied by Ulta, HomeGoods, Marshalls, Petco, Party City, CATO, Sola Salons, America’s Bride and ABC Warehouse. Bob Lotzar and Bill Tyson of NAI Wisinski represented the buyer. NAI Wisinski also serves as the property manager.

September 10, 2021

Acquisitions Illinois Midwest Multifamily

SVN Arranges $10M Sale of Multifamily Portfolio in Chicago

by Kristin Harlow September 10, 2021

CHICAGO — SVN | Chicago Commercial has arranged the sale of a portfolio of multifamily units in Chicago’s West Rogers Park neighborhood for $10 million. The portfolio consists of eight contiguous buildings located at 6705-37 N. California Ave. with 94 units. Jeffrey Baasch of SVN represented the seller. An out-of-state private family fund was the buyer.

September 10, 2021

Affordable Housing Development Multifamily Texas

NRP Group Breaks Ground on 275-Unit Affordable Housing Project in Metro Austin

by Taylor Williams September 10, 2021

ROUND ROCK, TEXAS — The NRP Group, a Cleveland-based multifamily developer, has broken ground on The James on Grand Avenue, a 275-unit affordable housing project in the northern Austin suburb of Round Rock. All of the property’s units will be reserved for renters earning 60 percent or less of the area median income. The James on Grand Avenue will feature one-, two-, three- and four-bedroom units and amenities such as a pool, business center children’s play area and a fitness center. Residents will also have access to services such as first-time homebuyer programs, financial literacy training and after school care. Leasing is expected to begin next August, with full completion scheduled for June 2023. NRP Group is developing the project in partnership with Capital Area Housing Finance Corp.

September 10, 2021

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