EVANSVILLE, IND. — Berkadia has brokered the sale of Woodbridge Place in Evansville for an undisclosed price. The 192-unit multifamily property, built in 1985, is located at 3550 Woodbridge Drive. The community was 97 percent occupied at the time of sale. Chris Bruzas and Alex Blagojevich of Berkadia’s Chicago office brokered the sale. Josh Finley of Berkadia’s Atlanta office secured acquisition financing on behalf of the buyer, Atlanta-based 4M Capital. The 12-year, fixed-rate loan features a 75 percent loan-to-value ratio. The seller was not disclosed.
CLINTON, MICH. — Greystone Bel Real Estate Advisors has arranged the sale of Pheasant Brook Apartments for $1.3 million. The 28-unit apartment property, built in 1986, is located at 820 Tecumseh Road in Clinton, about 21 miles southwest of Ann Arbor. The property features 14 one-bedroom units and 14 two-bedroom units. The sales price equates to $48,250 per unit. Buyer and seller information was not disclosed.
APPLE VALLEY, CALIF. — Houston-based Weingarten Realty has completed the sale of Jess Ranch Marketplace, a community shopping center located in Apple Valley. A Newport Beach, Calif.-based, privately held investment, development and management company acquired the asset for $89 million. The sale included the grocery, lifestyle and entertainment portions of Jess Ranch Marketplace, a 704,927-square-foot community shopping center. Anchor tenants include Target, Winco Foods, Burlington, 24 Hour Fitness, Cinemark, Best Buy, Bed Bath & Beyond, PetSmart, Rite Aid, Big 5 Sporting Goods, Staples, 99 Cents Only Stores and ULTA Beauty. Target, Winco Foods, Staples and 99 Cents Only Stores were not included in the sale. At the time of sale, the property was more than 98 percent leased, with more than 90 percent of the leased gross leasable area occupied by regional and national tenants. Additional tenants include Famous Footwear, Kirkland’s Home, Buffalo Wild Wings, Bank of America, Red Robin Gourmet Burgers and Brews, Western Dental, CareMore, Banner Mattress, rue21, Carter’s, Denny’s, Verizon Wireless, Massage Envy, Sprint, OshKosh B’gosh, Jack in the Box, Chipotle, CareMore’s Nifty After Fifty, AT&T, GNC, Golden Chopstix, Jersey Mike’s Subs, The Flame Broiler and MetroPCS. Lucescu Realty represented the seller and procured the buyer in …
PHOENIX — TruAmerica Multifamily has purchased Covington Park, a garden-style apartment community located in Phoenix’s Northwest Corridor. An undisclosed seller sold the asset for $77.3 million. Built in 1999, Covington Park features 520 units in a mix of one-, two- and three-bedroom layouts with nine-foot ceilings, private balconies or patios, walk-in closets and washers/dryers. Community amenities include a three-acre community park, lighted basketball and volleyball courts, three swimming pools, a playground, newly renovated fitness center, dog park, resident clubhouse and package receiving lockers. Additionally, the property includes 105 detached garages. TruAmerica will implement a multi-million-dollar capital improvement program at the property that will include the renovation of all unit interiors and targeted exterior and amenity space upgrades. The buyer leveraged 10-year floating-rate financing through Freddie Mac’s Multifamily Green Advantage platform for the acquisition. Brian Eisendrath of CBRE Capital Markets arranged the financing. Tyler Anderson, Asher Gunter, Sean Cunningham and Matt Pesch of CBRE’s Arizona office represented the seller in the deal.
CLOVIS, CALIF. — Mason Asset Management and Namdar Group have purchased Sierra Vista Mall and Lifestyle Center, a regional mall located at 1050 Shaw Ave. in Clovis, eight miles northeast of Fresno. An undisclosed seller sold the asset for $41 million. The seller had a 100 percent leasehold interest in the 500,000-square-foot mall. Originally built in 1988 and renovated in 2005, the mall features an outparcel and open-air configuration, as well as interior space. Current tenants include Kohls, Target, Sierra Vista Cinema, AT&T, Baja Fresh, Chipotle, Jamba Juice, Panera Bread, Red Robin Gourmet Burgers and Brews, Sleep Fit and Starbucks Coffee. Thomas Dobrowski of Newmark Knight Frank’s Capital Markets represented the seller in the transaction.
GLENDORA, CALIF. — JLL has brokered the sale of Glendora Commons, a grocery-anchored retail center located in Glendora. Seagrove Property Group sold the asset to a private foreign investor for $13.6 million. Located at 1241-1251 Lone Hill Ave., Glendora Commons features 41,689 square feet of retail space. Completed in 2017, the property is currently occupied by Aldi, Guitar Center, Chick-fil-A and Pick-Up-Stix. Bryan Ley and Tony Ensbury of JLL Capital Markets represented the seller in the sale.
FARMINGTON, N.M. — Marcus & Millichap has brokered the sale of Cedar Ridge Inn, a skilled nursing facility located at 800 Saguaro Trail in Farmington. A private investor sold the asset to another private investor for an undisclosed price. Built in 2002 on 4.5 acres, the single-story, 39,232-square-foot facility features 101 beds for seniors. Prior to the sale, the seller reduced operating capacity to fully renovate the 10-unit short-term rehabilitation wing. Tony Cassie and Sam Thompson of Marcus & Millichap’s Portland, Ore., office represented the seller, while Rod Llanos of Marcus & Millichap’s Houston office represented the buyer in the deal. Matthew Reeves, also of Marcus & Millichap, assisted in the transaction.
BRIDGETON, N.J. — WinnCompanies, a Boston-based multifamily developer, has completed renovations of a 156-unit affordable housing community in Bridgeton, about 40 miles south of Philadelphia. The project, which was valued at $34 million, upgraded appliances and HVAC systems of every unit, replaced roofs on all residential buildings and constructed a new community building with a management office and gym.
PRINCETON, N.J. — Newmark Knight Frank (NFK) has brokered the $19.5 million sale of 1 Independence Way, a 113,998-square-foot office property in Princeton, New Jersey. The building was 100 percent leased at the time of the sale to financial information company S&P Global and navigation software provider Trimble MAPS. Kevin Welsh, Brian Schulz, Chuck Kohaut and Steve Tolkach of NKF represented the seller, Normandy Real Estate Partners. The team also secured the buyer, Guardian Realty.
MANALAPAN, N.J. — NAI Mertz has arranged the $5.2 million sale of thee office properties totaling approximately 78,000 square feet in Manalapan, roughly 30 miles east of Trenton. The three properties, 100, 200 and 300 Craig Road, are located within Century Office Park. The NAI Mertz team also executed leases with several tenants to the properties prior to the sale, increasing occupancy to 70 percent. Jonathan Klear and Fred Meyer of NAl Mertz represented the undisclosed seller in the transaction.