ALBANY, KY. — Marcus & Millichap has arranged the sale of Westview Shopping Center, a 39,161-square-foot retail center located at 700 Burkesville Road in Albany, a city in southern Kentucky near the border of Tennessee. The property was 97 percent leased at the time of sale to tenants including IGA Hometown Grocery, Dragon Garden, Majors Pizza and Albany Nail Salon. IGA Hometown has anchored Westview since the center was built in 1988. Zach Taylor and Eric Abbot of Marcus & Millichap’s Atlanta office represented the seller, a developer based in Tennessee, in the $1.7 million transaction. The buyer is an undisclosed private investor. Grant Fitzgerald of Marcus & Millichap served as the broker of record in Kentucky for the deal.
AMERICAN CANYON, CALIF. — JLL Capital Markets has negotiated the sale of two industrial buildings totaling 1.3 million square feet of Class A space within Napa Logistics Park in American Canyon. A global investment advisor sold the asset to EQT Exeter for an undisclosed price. The assets include: Ryan Sitov, Melinda Marino, Glen Dowling, Matt Bracco and Chris Neeb of JLL Investment Sales and Advisory represented the seller in the deal.
SEATTLE — CBRE has secured $27 million in refinancing for the Hampton Inn & Suites by Hilton Seattle Downtown. James Bach, Connor Lemley, Regina Wang and Griffin Walker of CBRE’s Pacific Northwest Debt & Structured Finance team facilitated the five-year, fixed-rate refinancing on behalf of the undisclosed owner. Located at 700 Fifth Ave. North, the six-story hotel features 199 guest rooms with in-room kitchens. Hotel amenities include free breakfast, free Wi-Fi, a fitness center, laundry facilities, parking, a 24-hour business center and conference spaces. This financing represents the first refinancing of the property in 20 years and follows a significant interior and exterior renovation completed by the owner in 2020.
PHOENIX — INDUS Realty Trust has purchased Phoenix Airport Logistics, a Class A warehouse and distribution building in Phoenix’s airport submarket. Located at 3333 S. 7th St., the 393,484-square-foot cross-dock facility offers a clear height of 36 feet, 96 dock-high doors and 62 trailer parking spaces. At the time of sale, the property was fully leased to five tenants. The asset was built in 2016. Will Strong, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group facilitated the transaction as the exclusive real estate brokers.
YUCAIPA, CALIF. — Marcus & Millichap has brokered the sale of Center Point Plaza, a shopping center in Yucaipa. A partnership sold the asset to a private investor for $10.8 million. Located at 33490-33492 Oak Glen Road, Center Point Plaza offers 28,924 square feet of space occupied by a variety of tenants, including retailers, restaurants and medical office users. The property was constructed in 2007. Ivan Prochko, Orbell Ovaness and Ara Rostamian of the Ovaness-Rostamian Group of Marcus & Mililchap’s Los Angeles office represented the seller, while Bashir Tariq of Keller Williams Realty represented the buyer in the transaction.
VANCOUVER, WASH. — Norris & Stevens has arranged the sale of Plainsmen Apartments, a multifamily property in Vancouver. Provision Investments acquired the asset from Dorothy L. Lund for $1.6 million. Located at 10701 NE 59th St., the 12,464-square-foot Plainsmen Apartments offers 16 two-bedroom/one-bath units with in-unit washers/dryers and extra storage space. Built in 1968, the property offers ample onsite parking. Todd VanDomelen and Mike Brown of Portland, Ore.-based Norris & Stevens represented the buyer and seller in the transaction.
VICTORIA, MINN. — Northmarq has arranged a $28.6 million construction loan for Olivine Apartments in Victoria, a western suburb of Minneapolis. The 145-unit multifamily community at 2000 Steiger Lake Lane is slated to be built in 2025. Dan Trebil and Andy Finn of Northmarq arranged the financing on behalf of the borrower, Schafer Richardson and Marco McLane Development. Associated Bank provided the loan. The deal also features preferred equity, which Northmarq arranged through Minnesota-based Ackerberg Group.
Greenstone Partners, Marcus & Millichap Broker $25.7M Sale of Canterbury Court Apartments in Chicago
CHICAGO — Greenstone Partners and Marcus & Millichap have brokered the $25.7 million sale of Canterbury Court Apartments in Chicago’s Gold Coast neighborhood. The 176-unit, 16-story apartment building is located at 1220 N. State Parkway and features 1,268 square feet of ground-floor retail space with the famed Zebra Lounge piano bar, which has occupied the building since its completion in 1929. Jordan Multack and Danny Spitz of Greenstone represented the seller, a local family office, along with Nicholas Kanich of Marcus & Millichap. Becovic Holdings Corp. was the buyer. The asset features 142 studio units, 26 one-bedroom floor plans, two two-bedroom residences and six additional units that were previously used by the former owner. Becovic plans to invest in necessary upgrades and improvements.
WARRENSBURG AND GRANDVIEW, MO. — Gantry has secured $17.2 million in permanent loans for two suburban Kansas City apartment complexes. The properties include the 73-unit Meadowbrook Estates in Warrensburg and the 56-unit Chelsea Apartments in Grandview. Both assets underwent comprehensive renovations in the past two years. Mark Reichter and Alec Frook of Gantry secured the loans on behalf of the borrower, an individual private real estate company. Both 10-year Fannie Mae loans feature fixed interest rates with five years of interest-only payments.
CHICAGO — Interra Realty has negotiated the $11.2 million sale of a 35-unit apartment and retail building in Chicago’s Lincoln Park neighborhood. The property at 2200 N. Clark St. features 28 apartments and seven retail spaces that were all fully leased at the time of sale. The 10,000 square feet of ground-floor retail space is home to tenants such as an art gallery and Michelin-starred restaurant Esmé. Constructed in 1891, the building has been well maintained following capital improvements in 2008-2009. Joe Smazal, Brad Feldman and Craig Martin of Interra represented the seller, a local real estate investment firm that deploys institutional capital. Interra also procured the buyer, Beal Properties, a Chicago-based private office owned by Bill Silverstein.