Property Type

EBC-7-Denver-CO

DENVER — United Properties has completed the sale of Enterprise Business Center Building 7 (EBC 7), an industrial building in Denver, to Dream US Industrial Fund, an entity of Dream REIT, for $25.5 million. Located at 9420 E. 40th Ave., EBC 7 features a clear height of 24 feet, ESFR sprinklers, high-end office/showroom build-outs and a large truck court. The 157,942-square-foot building was built in 2017 as part of the Enterprise Business Center campus. MIke Wafer, Tim Richey, Michael Wafer Jr., Mike Viehmann, Jack Richey and Sean Fitzgerald of Newmark represented the seller in the deal.

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Bellomy-Apts-Portfolio-Santa-Clara-CA

SANTA CLARA, CALIF. — Levin Johnston of Marcus & Millichap has directed the $18 million purchase of a portfolio of three contiguous garden-style multifamily buildings on Bellomy Street in Santa Clara. Located at 1962, 1972 and 1978 Bellomy St., the portfolio offers 59 studio, one-, two-, three- and four-bedroom apartments spread across low-density, two-story buildings. Built in 1951, the buildings feature shared landscaped areas, an outdoor pool and surface parking. The Levin Johnston team procured a local investment group focused on value-add acquisitions as the buyer in the transaction. The name of the seller was not released.

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Golds-Marketplace-Wheat-Ridge-CO.jpg

WHEAT RIDGE, COLO. — Denver-based Canopy Real Estate Partners has acquired Gold’s Marketplace, a neighborhood retail center located roughly six miles outside Denver in Wheat Ridge, for $15.8 million. Situated at 26th Avenue and Kipling Street, the 59,000-square-foot center was 83 percent leased at the time of sale to 17 tenants, including Illegal Pete’s, Esters Neighborhood Pub, Queen City Collective Coffee, Em’s Ice Cream and Rich Spirit Bagels.

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1041-S-Placentia-Ave-Fullerton-CA

FULLERTON, CALIF. — Lee & Associates has arranged the acquisition of an industrial building located at 1041 S. Placentia Ave. in Fullerton. An undisclosed buyer purchased the property for $3.4 million. The buyer plans to repurpose the 9,982-square-foot building into a dental laboratory. The property features a clear height of 19 feet, a sprinkler system, two ground-level doors and a parking ratio of 1.9 cars per 1,000 square feet. John Son and Christopher Destino of Lee & Associates represented the buyer in the deal.

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Mission-Escondido-Shopping-Center-CA

ESCONDIDO, CALIF. — Capstone Advisors has completed the $1 million renovation of Mission Escondido Shopping Center, a 41,530-square-foot shopping center located in Escondido, approximately 30 miles north of San Diego. The property was originally built in 1980. The renovation project included a contemporary design with a refreshed color palette and standing seam metal roof, as well as drought-tolerant landscaping, updated site and tenant signage and parking lot improvements. Additionally, the center is now fully leased to 14 tenants including Dongbu Korean BBQ, Prism Jiu Jitsu and Swan Hair Salon. AO and MW Peltz + Associates of Solana Beach designed the renovation, while Dowling Construction, San Diego Electric Sign, Pacific Western Painting, Pyle Landscape Care and Doo-Rite Roofing completed the project. Capstone Advisors acquired Mission Escondido Shopping Center in 2011 for $3.9 million.

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KETTERING, OHIO — Vision Cos. has acquired 28.5 acres within the Miami Valley Research Park (MVRP) in Kettering, an inner suburb of Dayton. The property is adjacent to Industrial Commercial Properties’ (ICP) Sixth River office park. As part of the Sixth River overall master plan, Vision plans to build a market-rate multifamily community, the first large multifamily project built in the city since the mid-1980s, according to a release. Known as VC Flats, the project will feature approximately 264 apartment units across nine three-story buildings. Proposed amenities include a clubhouse, fitness center, pool, sand volleyball court, outdoor patio and rooftop deck offering views of the adjacent lake. The project is made possible through collaborative efforts by the city and ICP, which played a role in zoning adjustments and crafting incentive packages to attract a residential developer and operator. MVRP is home to several major employers, including Reynolds & Reynolds, Solvita, Matrix Research, Resonant Sciences, Woolpert, Resonetics and Eastman Kodak. ICP continues to retain ownership of the adjacent Sixth River office park, which includes 290,000 square feet of office space across five buildings. ICP also has additional land sites for further commercial development opportunities within the research park.    

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OVERLAND PARK, KAN. — An investment entity led by Copaken Brooks has agreed to sell 6201 College Boulevard, a landmark office building located at the intersection of Lamar Avenue and College Boulevard, to the City of Overland Park. The city plans to convert the 147,000-square-foot building into its future city hall. The sale is expected to close in the fourth quarter. Originally developed in 1990 by Copaken White and Blitt as the national headquarters for the NCAA, the property continues to serve as a multi-tenant office facility. While the ownership will change, Copaken Brooks will remain the property manager, as the city does not manage commercial buildings. The city will begin planning its transition of the space in the coming years.

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ST. LOUIS — Marcus & Millichap has arranged the sale of a 62,856-square-foot medical office property located at 5500 S. Broadway St. in St. Louis for $6.3 million. The building was constructed in 2001 and previously operated as the Riverview Nursing Facility. Dan Yozwiak and Darpan Patel of Marcus & Millichap represented the undisclosed buyer, which plans to renovate and repurpose the building as a behavioral health center. The seller was a local husband-and-wife ownership group.

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CHICAGO — SVN Chicago Commercial has brokered the $2.7 million sale of a 9,267-square-foot apartment and retail building in Chicago’s Ukrainian Village neighborhood. The fully rehabbed property at 1859 W. Chicago Ave. features six apartment units and one retail tenant, a veterinarian office on the ground floor. Drew Dillon and Scott Maesel of SVN Chicago Commercial represented both the buyer and seller.

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TINLEY PARK, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has acquired a 26,173-square-foot industrial building at 18531 Spring Creek Drive in the Chicago suburb of Tinley Park. The property was vacant at the time of acquisition. Situated in the North Creek Business Center, the building offers direct access to I-80 via Harlem Avenue. The property sits on 1.8 acres and features a clear height of 19 feet, two docks, two drive-in doors and parking for 56 vehicles. Venture One plans to make improvements such as office renovations, warehouse painting, parking lot resurfacing and the installation of energy-efficient lighting. Bruce McConnell of Savills represented the seller. Michael O’Leary, Dylan Maher and Ryan Earley of Lee & Associates have been retained to market the building for lease or sale. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.

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