NEW YORK CITY — Vincent Theurer, CEO of Approved Oil, has acquired a 49-unit apartment building at 417-441 40th St. in the Sunset Park neighborhood of Brooklyn. The property sold for $9 million, or roughly $183,000 per unit. Adam Hess, Edward Setton and Lane Matalon of Meridian Capital Group represented the seller, Ilan Goldstein of Slope Realty, in the transaction.
BEAVERTON, ORE. — A partnership between a fund controlled by DRA Advisors and Prescott Partners has purchased Nimbus Corporate Center, a flex office park in Beaverton, a suburb of Portland. Shorenstein sold the asset for $130 million. Situated on 47.5 acres at 8910-9775 SW Gemini Drive and 9203-9790 NW Nimbus Avenue, the 16-building property offers a total of 691,036 square feet of flex office space. Completed between 1984 and 1991, Nimbus Corporate Center is leased to various tenants in the manufacturing, technology, professional services, insurance and government sectors. Buzz Ellis, Michel Seifer, Logan Greer, Adam Taylor and Kaden Eichmeier of JLL Capital Markets represented the seller in the deal.
LAGUNA NIGUEL, CALIF. — CBRE National Senior Housing has arranged an $80 million loan to refinance debt on Crestavilla, a recently built, “ultra-luxury” seniors housing community in Laguna Niguel, located in Orange County. The property features 201 units of independent living, assisted living and memory care on an 11.6-acre site. Atria Senior Living is the operator. Construction began in 2016 and was completed in 2018. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged the refinance on behalf of a joint venture between Fremont Realty Capital and Steadfast Senior Living. MF1 Capital provided the three-year, floating-rate bridge loan with full-term interest-only payments.
SAN DIEGO — C.W. Driver Cos. has started construction of a $55 million San Diego Unified School District (SDUSD) elementary school located at 7900 Civita Blvd. in San Diego’s Mission Valley. Serving students in kindergarten through fifth grade, the 77,250-square-foot school will be technology-oriented and accommodate up to 500 students and supporting staff members. Construction is slated for completion in summer 2022 in time for the 2022-2023 school year. Comprising four buildings, the school project will feature a two-story administration, flex-classroom, makerspace and library building; one-story multipurpose building with a foodservice facility; and two classroom buildings featuring a total of 24 spaces and variety of indoor/outdoor learning areas with roll-up doors for maximum flexibility. Additionally, the campus will feature a dedicated play area for students. Domus Studio is providing architectural services for the project.
MURRIETA, CALIF. — MBK Rental Living has completed the sale of Mitchell Place, a multifamily property located at 35995 Mitchell Road in Murrieta. MG Properties acquired the asset for an undisclosed price. Opened in June 2019, the gated community features 230 flats and townhomes in a mix of nine floor plans. The one-, two- and three-bedroom residences range from 787 square feet to 1,294 square feet. John Chu and Ed Rosen of Berkadia represented MBK Rental Living. Charles Christensen of Berkadia arranged Fannie Mae acquisition financing for the buyer.
SAN JOSE, CALIF. — Overton Moore Properties has purchased Concourse Tech Park, an office, research and development building in San Jose. A private family sold the asset for $13.5 million. Located at 1953-1965 Concourse Drive, the 110,148-square-foot property features two loading docks, eight at-grade roll-up doors, substantial power, ample parking and significant clear heights. At the time of sale, the building was 10 percent leased. Steven Golubchik, Seth McKinnon, Darren Hollak and Jack Phipps of Newmark represented the buyer and the seller in the transaction.
DETROIT — The Detroit City Council has approved the sale of the former Michigan State Fairgrounds, providing the green light for a $400 million redevelopment of the site. Detroit-based Sterling Group and Dallas-based Hillwood Investment Properties have agreed to pay $9 million for the land, with plans to build a 3.8 million-square-foot distribution center for Amazon at the property. The e-commerce giant will occupy half of the 142-acre site, located at the corner of Woodward Avenue and 8 Mile Road. Its facility is projected to bring more than 1,200 new full-time jobs to the area. The remaining acreage will be dedicated to auto part suppliers or other employers, according to the developers. The Michigan State Fair took place annually in Detroit from 1849 to 2009 when the publicly funded event was removed from the budget. In 2011, the fair went private and moved to nearby Novi. The redevelopment plans call for the demolition of several buildings at the old fairgrounds, including the 5,600-seat arena built in 1922, according to local news outlets. The project also includes the development of a new indoor transit center to replace the current one on Woodward Avenue near the fairgrounds. As part of the agreement, …
SANDY SPRINGS AND MARIETTA, GA. — Carroll Organization has purchased three multifamily communities in metro Atlanta for $220 million. Carroll will rebrand two of the properties, Cascade at Morgan Falls and Fountains at Morgan Falls in Sandy Springs, under the singular name Arium Morgan Falls. The adjacent communities total 1,180 units. Carroll plans to invest $30 million in property upgrades to overhaul exteriors, amenities and unit interiors. The third property is in Marietta, the 418-unit Columns at Bentley Manor, which Carroll will rebrand to Arium on Bentley. Carroll plans to remodel and update the community’s amenities and units. The seller(s) of the three communities was not disclosed.
LAND O’ LAKES, FLA. — The Ferber Cos. has broken ground on Cypress Ranch, a 164-acre mixed-use development in Land O’ Lakes. At full buildout, the project will include 330 multifamily units, 134 townhomes, 132 single-family homes and retail and office space. Commercial tenants will include EoS Fitness, Aldi, Burger King, Circle K, Honest-1 and Woodie’s Wash Shack. A remaining 6.4-acre tract can be subdivided for retail, office or hotel uses. Cypress Ranch is located near the intersection of State Road 154 and Ballantrae Boulevard, 21 miles north of downtown Tampa. The NRP Group will develop the multifamily component of the project, while Lennar Homes will build the single-family homes. Ferber expects the commercial space to open to tenants by early 2022.
PALM CITY, FLA. — Cushman & Wakefield has arranged the $14 million sale of Safe & Sound Palm City, an 868-unit self-storage facility in Palm City. The property comprises 78,521 square feet of rentable space on 3.1 acres. The facility includes 216 non-climate-controlled units and 652 climate-controlled units, as well as video surveillance, electronic gates and access to a freight elevator. The asset is situated at 3501 SW Martin Downs Blvd., 11 miles south of downtown Port St. Lucie. Mike Mele and Luke Elliott of Cushman & Wakefield represented the seller, Safe & Sound, in the transaction. A joint venture between two private limited liability companies acquired the property and rebranded it under the CubeSmart brand.