BROOKFIELD, WIS. — Marcus & Millichap has arranged the $6.5 million sale of a Pick ’n Save-anchored retail center in Brookfield, a suburb of Milwaukee. The 70,235-square-foot property, located at 17295 W. Capitol Drive, was fully leased at the time of sale. Other tenants include Club Pilates, Domino’s, CBD Store, Choice Dry Cleaning and Sola Salons. Jeff Rowlett of Marcus & Millichap marketed the property on behalf of the seller, a developer. The Rowlett Group procured the buyer, a California-based limited liability company.
ST. LOUIS — Midwest Retail Properties has rebranded as MRP Capital Group. The St. Louis-based company, founded in 2013, is no longer solely focused on the Midwest region. The private equity real estate firm owns and manages Walmart-anchored shopping centers in secondary and tertiary locations nationwide. MRP’s current portfolio is comprised of more than 1 million square feet of retail space across 15 states.
WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has provided $17.7 million in tax-exempt bond financing and $7.7 million in 4 percent Low-Income Housing Tax Credits (LIHTC) for the preservation of Ritch Homes Apartments in Washington, D.C. Residents at the property exercised their right under the Tenant Opportunity to Purchase Act (TOPA) to obtain the property. Affordable housing developers Standard Communities and Housing on Merit will renovate the property’s 42 units and add four units to the building’s lower level. The co-developers expect the renovation project to cost $30.5 million. Of the existing units, 37 will be reserved for those earning 60 percent of the area median income (AMI) and five will be reserved for those earning 30 percent of AMI. The four new units will be for residents earning 80 percent of AMI. Renovations will include updated kitchens and bathrooms, as well as new flooring and appliances. Communal amenities will include a fitness center, business center, new flooring, new lighting and a new key fob entry system. Ritch Homes Apartments was originally built in 1920. It is situated at 1420 R St., in D.C.’s Ward 2 neighborhood and one mile north of downtown D.C.
COOPER CITY, FLA. — Cushman & Wakefield has arranged the $15.3 million sale of The Centre at Stirling & Palm, a two-building office campus in Cooper City. The assets span 64,436 square feet and were 94 percent leased at the time of sale to tenants including BS Hair Shop, Progressive Insurance, Embassy Loans and Sushi Sago. The property is situated at 9900 and 10000 Stirling Road, 25 miles north of downtown Miami. Scott O’Donnell, Greg Miller, Mike Ciadella, Dominic Montazemi and Miguel Alcivar of Cushman & Wakefield represented the seller, The Centre at Stirling & Palm Inc., in the transaction. Jason Hochman of Cushman & Wakefield arranged $9.5 million in acquisition financing through an undisclosed lender on behalf of the buyer, an entity doing business as 9900 Building LLC.
SANFORD, FLA. — BlueScope Properties has sold Sanford Logistics Center, a 113,149-square-foot industrial facility in Sanford, for $14.1 million. The property was delivered in April 2020 and is situated at 2152 Martin Luther King Jr. Blvd., 22 miles north of downtown Orlando and four miles east of Interstate 4. The facility features 32-foor clear heights, ESFR sprinklers and a 130-foot truck court with a 60-foot concrete apron. Sanford Logistics Center was 50 percent leased at the time of sale to Marine Fasteners. Mike Davis, Rick Colon, Rick Brugge, Dominic Montazemi, Zachary Eicholtz and Ryan Jenkins of Cushman & Wakefield represented the Kanas City, Mo.-based seller in the transaction. Dallas-based Dalfen Industrial acquired the asset.
LONGMONT, COLO. — Centerspace (NYSE: CSR) has acquired Union Pointe, an apartment community located in Longmont, for $76.9 million, or $300,390 per unit. Brinkman Real Estate, in partnership with Jensen LaPlante Development and Keystone Real Estate, originally developed the 256-unit property. Located at 1605 E. County Line Road, the eight-building Union Pointe opened in 2019. The property features a resort-style swimming pool and spa with cabanas; outdoor lounge area; grills and fire pits; dog run and dog wash station; children’s play area; and a bicycle and ski repair room. The shared clubhouse features a catering kitchen for entertaining, 24-hour fitness center with yoga studio, gaming room, co-working lounge with laptop bar and private workstations for residents. Terrance Hunt, Shane Ozment and Chris Cowan for Newmark represented Brinkman in the transaction.
REDMOND, WASH. — JLL has arranged the sale of 9805 Willows, a single-tenant office property located in Redmond. A joint venture between Graymark Capital and Blue Vista Capital Management sold the asset to Invesco Real Estate for an undisclosed price. Originally built in 1998, the 80,980-square-foot building, which features 14-foot ceilings, is currently undergoing an extensive renovation. Logan Greer, Gerry Rohm, Michael Leggett and Kaden Eichmeier of JLL Capital Markets represented the seller and procured the buyer.
LAKE FOREST, CALIF. — KA Enterprises has purchased Dana Plaza, a retail center located at 21701 and 21721 Lake Forest Drive in Lake Forest. Dana Lake Forest LP sold the asset for $12.1 million. Situated on 3.5 acres, Dana Plaza features 31,503 square feet of retail space. Current tenants include Exxon Mobile, 7-Eleven, Lake Forest Montessori School and Subway. Fouy Ly of Kidder Mathews represented the buyer, while John Moss of Parker Commercial represented the seller in the deal.
SAN DIEGO, FULLERTON AND HAWTHORNE, CALIF. — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the operations of three skilled nursing facilities in Southern California on a triple-net lease basis. The properties include Golden Hill Post Acute, a 99-bed facility in San Diego; St. Catherine Healthcare, a 99-bed facility in Fullerton; and Camino Healthcare, a 99-bed facility in Hawthorne. This acquisition brings Ensign’s growing portfolio to 231 healthcare operations, 24 of which also include assisted living operations, across 13 states. Ensign owns 95 real estate assets.
PEORIA, ARIZ. — Newmark has negotiated the sale of Adelante Healthcare Plaza, a two-tenant medical and retail building located at 15525 N. 83rd Ave. in Peoria. A 1031 exchange investor acquired the asset from a private seller for $4.8 million. Adelante Healthcare and MacMedia occupy the 15,566-square-foot property, with Adelante Healthcare as the anchor tenant. Newmark describes the property as “medtail,” a term for traditional retail centers that include a heavy mix of medical office tenants. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller, while Geoffrey Turbow of CBRE represented the buyer.