Property Type

Conejo-Valley-Plaza-Thousand-Oaks-CA

THOUSAND OAKS, CALIF. — Northmarq has arranged $35.7 million in financing for Conejo Valley Plaza, a grocery-anchored retail center in Thousand Oaks. The borrower is Gerrity. Matt Radich and Mason Brower of Northmarq’s Debt + Equity team secured the bridge loan through Northmarq’s long-standing relationship with New York Life. The transaction was structured on a five-year term with interest-only payments for the full term. Situated on 12.3 acres at 1388-1416 N. Moorpark Road, Conejo Valley Plaza offers 128,243 square feet of retail space. The property was built in 1983 and renovated in 2005. Current tenants include Ralphs, Toppers Pizza, Poke Land and Rise Southern Biscuits.

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DELRAY BEACH, FLA. — A joint venture between PEBB Enterprises and Cincinnati-based Topvalco Inc. has sold Delray Landing, a shopping center located at 5024-5070 W. Atlantic Ave. in Delray Beach. Sprouts Farmers Market anchors the shopping center, whose tenant roster also includes Retro Fitness, Keke’s Breakfast Café, CJ’s Sports Bar & Grill and Good Vets. An entity doing business as 30 Realty LLC purchased the shopping center for $30 million. Eric Williams and Cole Frantz of Newmark represented the seller in the transaction. During their ownership period, PEBB and Topvalco fully renovated Delray Landing to feature a new façade and roof and upgraded parking, lighting, signage and landscaping.

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Vertical-East-Apts-Tucson-AZ

TUCSON, ARIZ. — Vertical Street Ventures has sold Vertical East Apartments in Tucson to Seattle-based Investors Capital Group for $22 million. Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller. The property was developed in 2001 and is comprised of two- and three-bedroom floor plans. Community-wide amenities include a pool and hot tub, a picnic area and a dog park.

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RALEIGH, N.C. — Tishman Speyer has acquired The Maggie, a 244-unit apartment community located at 401 Oberlin Road in Raleigh’s Village district. The property is situated on 2.8 acres adjacent to North Carolina State University. William Yowell, Kevin Kempf, Don Hoffman and Tai Cohen of CBRE brokered the transaction. The seller and sales price were not disclosed. Built in 2014, The Maggie features a unit mix ranging from studios to three bedrooms, as well as 9,000 square feet of street-level retail space. Amenities include a fitness center, outdoor saltwater pool, business center, lounge, golf simulator and a game room.

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VIENNA, VA. — Cresa has arranged the $12 million sale of a vacant, 100,000-square-foot office building located at 901 Follin Lane in Vienna, about 17 miles west of Washington, D.C. Navy Federal Credit Union acquired the property from Zalco Commercial. Gene Sachs, Rich Rhodes and Dan Silverman of Cresa represented Navy Federal in the transaction. The property is situated on 9.1 acres across the street from Navy Federal’s headquarters and will be utilized for the time being as a parking lot. Future plans for the office building and surrounding land were not disclosed. The property has sat vacant for the past six years after being leased to an unnamed federal government tenant.

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FISHERS AND MCCORDSVILLE, IND. — Hanley Investment Group Real Estate Advisors has arranged the sales of four metro Indianapolis retail centers totaling nearly 83,000 square feet. The combined sales price was more than $30.5 million. Three of the centers — Brookschool Plaza, Sunblest Shoppes and Geist Corner — were owned by the same Indianapolis-based private investor. Thompson Thrift owned the fourth property, Geist Landing. Hanley Investment Group’s Dylan Mallory, in association with ParaSell Inc., represented the sellers. Charleston, S.C.-based Bond Street REIT purchased Brookschool Plaza in Fishers. Bryan Belk of Franklin Street represented the buyer. The 22,400-square-foot property, built in 2003, is fully occupied by Dunkin’, Sherwin-Williams, Ascension Medical Group, Travel Eye Care, Boutique Hair and Nails and Speck’s Pet Supply. Bond Street REIT also purchased Sunblest Shoppes in Fishers. Built in 1989, the 9,600-square-foot asset is fully occupied by Papa Murphy’s, Domino’s Pizza, Subway, H&R Block, Sunflower Spa, Armore’ Nails, Marian Coffee and The Mailing Station. A private investor based in Indianapolis purchased Geist Corner in McCordsville. The 19,248-square-foot strip center was built in 2006. Tenants include Goodfella’s Brick Oven Pizza & Pasta, Fit Body Boot Camp, Happy Cuisine, Subway, Huntington Learning Center, Papa John’s, Bella Nail & Spa …

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NORMAL, ILL. — Mid-America Real Estate Corp. has brokered the sale of Shoppes at College Hills, a 144,555-square-foot shopping center located at the southwest corner of Old Route 66 and East College Avenue in the central Illinois market of Bloomington-Normal. Anchored by Hobby Lobby, the property is 96 percent leased to tenants such as J.Crew Factory, Starbucks, JD Sports, Maurices, Buckle, Comcast, Dry Goods, Charles Schwab, Massage Envy, J. Jill, Bath & Body Works, Chico’s, Soma, WHBM and Crumbl Cookies. National brands comprise 90 percent of the center. Ben Wineman of Mid-America represented the seller, a joint venture between M&J Wilkow and ALTO Real Estate Funds. A private investment group was the buyer.

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INDIANAPOLIS — Denholtz has acquired Park Elmwood Industrial Park, a four-building, 133,200-square-foot shallow-bay industrial portfolio in Indianapolis. The deal marks New Jersey-based Denholtz’s entrance into the Indiana market. Built in 1978, Park Elmwood is situated on 9.5 acres and features up to 16-foot clear heights, a full wet sprinkler system, 44 dock doors and 47 drive-in doors. Units range from 1,200 to 3,000 square feet. Alex Davenport and Alex Cantu of Colliers represented the seller, while Denholtz was self-represented.  

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MANHATTAN, KAN. — Marcus & Millichap Capital Corp. (MMCC) has arranged the joint venture equity raise for the acquisition and conversion of the boutique Bluemont Hotel in Manhattan into a Graduate by Hilton property. TCOR Hotel Partners is the buyer. The property is expected to open as Graduate by Hilton Manhattan in early 2027. The reimagined hotel will feature refreshed guestrooms, enhanced gathering spaces and design elements inspired by the history and traditions of Kansas State University. Pete Fehlman and Jake Marshall of MMCC arranged the joint venture financing.

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MIAMI — MSC Group, a privately owned cruise ship operator based in Geneva, has opened a new 130,000-square-foot office in downtown Miami. The new offices house the headquarters of the company’s North American Cruise Division and brings together 400 MSC Group team members from both of the company’s brands: MSC Cruises (23 ships) and Explora Journeys (two luxury ships). “I am thrilled to welcome MSC Group’s North American Cruise Division headquarters to Miami-Dade County, just a few miles from PortMiami,” says Daniella Levine Cava, Mayor of Miami-Dade County. “This exciting investment will create hundreds of new jobs, generate meaningful economic impact and further strengthen Miami-Dade’s position as a global hub for cruise and cargo operations.” Cava and other civic and private stakeholders held a ribbon-cutting ceremony yesterday at Sawyer’s Walk to welcome MSC Group. MSC Group invested $100 million into the build-out of the new offices, which occupy the full seventh floor of Block 55 within Sawyer’s Walk, a 1.5 million-square-foot mixed-use development by SG Holdings. Other uses at Sawyer’s Walk include an 18-story affordable seniors housing tower and 180,000 square feet of retail space leased to tenants including Target, Five Below, Aldi, CVS, Starbucks, Ross Dress for Less and Burlington. …

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