CARVER, MASS. — Marcus & Millichap has brokered the sale of an 85,199-square-foot shopping center in Carver, about 45 miles south of Boston. Grocer Shaw’s anchors the property, which was built in 2005. Other tenants include CVS, Anytime Fitness and Jamie’s Fine Wine & Spirits. Glen Kunofsky, Josh Kanter and Anthony D’Ambrosia of Marcus & Millichap brokered the deal. The buyer and seller were not disclosed.
MEMPHIS, TENN. — Capstone Apartment Partners has arranged the $39 million sale of Cedar Run Apartments, a 416-unit property in Memphis. The community sold for $93,750 per unit. Jonathan Hawks, Luke Searcy, Adam Klenk and Tyler Mayo of Capstone represented the seller, New York-based Emet Capital, in the transaction. Fortune Investment Group was the buyer. Built in 1975, Cedar Run includes one-, two- and three-bedroom apartment homes. Community amenities include a swimming pool, clubhouse, business center, playground, sports court, soccer field, Amazon lockers and picnic areas. The community was approximately 98.5 percent occupied at the time of sale. Located at 5958 E Point Drive, Cedar Run is situated in East Parkway Village directly off Bill Morris Parkway. The property is about 17.5 miles from downtown Memphis. Over the last four years, Emet has completed interior renovations on 279 of the units. Fortune plans to continue the renovation program on the remaining units. The renovated units feature wood-style flooring, new wood cabinetry, upgraded hardware and light fixtures, updated plumbing fixtures and fresh paint throughout.
WYNNEHAVEN BEACH, FLA. — MAB American Management LLC has signed Publix to a lease to anchor Wynnehaven Plaza, MAB’s newest shopping center development located at the northwest corner of US Highway 98 and Rosewood Drive in Wynnehaven Beach. Wynnehaven Plaza will feature a 48,387-square-foot Publix store along with a 2,100-square-foot Publix Liquor store on 10 acres of land. In addition to Publix, MAB is now preleasing business storefronts in the eight-unit inline building adjacent to Publix, as well as a two-unit freestanding pad site. MAB recently broke ground on the project in July 2021 and is expected to complete the shopping center by 2022. The development cost for Wynnehaven Plaza is expected to exceed $20 million.
CAPE CORAL, FLA. — Alliance Consolidated Group of Cos. has acquired a two-property veterinary portfolio including Kindness Animal Hospital West and Kindness Animal Hospital East in Cape Coral. The undisclosed seller sold the properties for $2.1 million. Pathway Vet Alliance LLC will remain as the existing tenant in both properties. Pathway Vet Alliance is part of a national veterinary hospital group with over 300 facilities across the country. In 2018, the organization acquired Kindness Animal Hospital, and in turn, retained the practice’s name as well as the two locations in the Cape Coral portfolio. Kindness Animal Hospital West is a 5,500-square-foot facility located at 717 Cape Coral Parkway West. Kindness Animal Hospital East spans 2,060 square feet at 1711 South East 47th Terrace. Kindness Animal Hospital has been serving the Cape Coral community for over 30 years. The two locations offer veterinary services including exotic and avian animal specialty, spaying/neutering, vaccinations, grooming, pet boarding, dentistry, laser/ultrasound procedures and emergency care. Alliance Consolidated Group of Cos. is a Bannockburn, Ill.-based real estate investment firm that specializes in net-leased medical buildings.
VALLEY PARK, MO. — Mia Rose Holdings and entrepreneur Jim Cook are developing 44 West Luxury Living, a 204-unit apartment complex in Valley Park, about 20 miles southwest of St. Louis. Construction is scheduled to begin in October with completion slated for fall 2022. There will be 60 two-bedroom units and 144 one-bedroom units spread across five buildings. Amenities will include a dog park, walking path, pool, pickleball court, outdoor lounge and picnic area. Additionally, a 3,800-square-foot clubhouse will be home to a conference center, package concierge, coffee bar and fitness center. The project team includes general contractor Wright Construction, architect Rosemann & Associates PC and engineer Premier Design Group. The property manager will be 2B Residential.
DAVENPORT, IOWA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $20.2 million loan for the development of Meadowview of Davenport. The 106-unit senior living development in Davenport will include 43 independent living units, 35 assisted living units and 28 memory care units. Frank Montalto and Dean Giannakopoulos of MMCC arranged the five-year loan, which features a 3.75 percent interest rate. The undisclosed borrower has experience developing similar projects, according to Montalto.
ROUND LAKE, ILL. — Berkadia has brokered the sale of Rosewood Apartments in Round Lake, a far northwest suburb of Chicago. The sales price was undisclosed. Built in 1976 and renovated in 2006, the 170-unit apartment community is located at 216 W. Forest Ave. The three-story property offers one-, two- and three-bedroom floor plans. Ralph DePasquale of Berkadia Chicago represented the seller, Rosewood Apartments LP. Rosewood Harmony Housing LLC was the buyer.
BUFFALO GROVE, ILL. — Premier Design + Build Group LLC has broken ground on its new corporate headquarters in Buffalo Grove, a northwest suburb of Chicago. The 50,516-square-foot, two-story project is slated for completion in July 2022. Located at 1305 Busch Parkway, the development will include outdoor workspaces, breakout rooms, huddle spaces, two canopied entrances, two drive-in doors, four dock positions and a full indoor basketball court. Premier says the move is prompted by rapid growth at the design and construction firm. Premier recently sold its previous headquarters building that it’s occupied for seven years in Itasca. The project team includes architect Cornerstone Architects Ltd., structural engineer Swift Structural Design and civil engineer Spaceco Inc.
CHULA VISTA, CALIF. — Buchanan Street Partners has purchased a newly constructed self-storage asset located at 3296 Heritage Road in Chula Vista. HomeFed Corp. sold the property for $26.4 million in an off-market transaction. The facility offers 95,000 square feet of climate-controlled self-storage units. The property received its certificate of occupancy in April 2021, and Buchanan Street acquired the asset during early lease up. William Warren Group will serve as property manager and will rebrand the facility under the StorQuest flag.
BILLINGS, MONT. — Lee & Associates has arranged the sale West Park Promenade, a retail center in Billings. A Ketchum, Idaho-based private investor sold the property to a Bellevue, Wash.-based 1031 exchange investor for an undisclosed price. A new Town & Country Foods anchors the 145,637-square-foot retail center, which is situated on 12 acres. The asset recently underwent a $13 million renovation to transform from a mall to a community shopping center. Other current tenants include Red Robin, Massage Envy and Yellowstone Fitness. Jan Finchman and Shane Jimenez of Lee & Associates represented the seller in the deal.
