NEW YORK CITY — Marcus & Millichap has negotiated the $2.2 million sale of a 7,140-square-foot mixed-use building in Brooklyn. The property is located at 1501-1503 Broadway. Shaun Riney, Thomas Shihadeh and Andrew Reiter of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
SANDY, UTAH — Kennedy Wilson has acquired Alpine Meadows, a wholly owned apartment community located at 845 E. 9000 South in Sandy, for $49 million. The name of the seller was not disclosed. Situated 15 miles from downtown Salt Lake City, Alpine Meadows is a low-density, garden-style community with one-, two- and three-bedroom units. Kennedy Wilson plans to implement a $3 million upgrade to the 222-unit property to refresh unit interiors and common-area amenities. Current amenities include a clubhouse, fitness center, business center, dog park, basketball court, playground and barbecue area. The company invested $20 million of equity in the property with a corresponding 10-year, $29 million loan at a 4.28 percent interest rate. Alpine Meadows was acquired through a 1031 exchange with profits generated from the recent sale of Bay Village, a 50 percent owned, 260-unit apartment community in Vallejo, Calif.
LOS ANGELES AND LA PALMA, CALIF. — Rexford Industrial Realty has purchased two industrial properties in Southern California in separate off-market transactions for combined $43.5 million. The names of the sellers were not released. In the first transaction, the company acquired an asset located at 9200-9250 Mason Ave. and 9197 Oso Ave. in the Chatsworth neighborhood of Los Angeles for $29.5 million, or $115 per square foot. Situated on 11.1 acres, the industrial complex consists of four buildings containing 256,200 square feet and is fully leased to three tenants in the cosmetics industry. In the second deal, Rexford Industrial purchased a property located at 5593-5595 Fresca Drive in La Palma for $14 million, or $122 per square foot. Situated on 5.7 acres, the two-tenant industrial building features 115,200 square feet of industrial space.
COLORADO SPRINGS, COLO. — SRS Real Estate Partners’ National Net Lease Group has arranged the sale of a single-tenant restaurant property, located at 1410 Jamboree Drive in Colorado Springs. A private, Minneapolis-based 1031 exchange investor acquired the asset for $5.7 million. Red Robin Gourmet Burgers occupies the 7,221-square-foot property, which was built in 1987. Brad Gibbs, Matthew Mousavi and Patrick Luther of SRS Real Estate represented the seller, a Midwest-based institutional investor, in the deal.
PHOENIX — Tremont Mortgage Trust has closed a $12.8 million first mortgage bridge loan to finance the acquisition of Mountainview Marketplace, a retail center located in Phoenix. Located at 3131 E. Thunderbird Road, the shopping center features 123,000 square feet of retail space. The floating-rate loan includes initial funding of $5.8 million and a future funding allowance of $7 million for property improvements and leasing capital. The loan is structured with a two-year initial term and two one-year extension options and has a loan-to-value ratio of 48 percent.
LOS ANGELES — CalBay Development has purchased a restaurant property located in Los Angeles’ Sylmar neighborhood. An undisclosed seller sold the freeway-oriented site for $1.7 million. A Denny’s restaurant occupies the property. Matt LoPiccolo of CBRE brokered the transaction.
PFLUGERVILLE, TEXAS — Presidium Group has begun work on Phase I of Pecan District, a 45-acre mixed-use project in the northern Austin metro of Pflugerville. Phase I will deliver The Elliott, a 272-unit multifamily property that is expected to be ready for occupancy in 2020. Designed by Mark Odom Studio, The Elliott will feature one- and two-bedroom units averaging 855 square feet per unit and amenities such as a pool, fitness center, business center and outdoor kitchen area. Pecan District is a 10-phase development that will feature 1,150 residential units, 998,000 square feet of office space and 228,000 square feet of retail and restaurant space upon its expected completion date in 2028.
CONROE, TEXAS — New York-based investment firm Merit Hill Capital has acquired Gladstell Self Storage, a 549-unit facility in Conroe, about 40 miles north of downtown Houston. The 66,575-square-foot property includes 50 RV and boat storage spaces. Nick Walker and Trevor Roberts of CBRE represented the seller, PV Conroe Storage LLC, in the transaction. The buyer’s representative and the sales price were not disclosed.
WICHITA FALLS, TEXAS — Wellington Realty has brokered the sale of Northpark Village Apartments, a 216-unit multifamily property in Wichita Falls, a city in North Texas near the Oklahoma border. The community was built in 2005 and features one-, two- and three-bedroom units and amenities such as a pool, fitness center and onsite storage space. David Shaffer, Caleb Jones, Tammy Shaffer, William Hubbard and Curtis Sung of Wellington brokered the deal. The buyer, seller and sales price were not disclosed.
COPPELL, TEXAS — International freight firm CEVA Logistics USA has signed a 100,000-square-foot industrial lease at 4255 Patriot Drive in Coppell, a northwestern suburb of Dallas. Blake Kendrick and Jeremy Kelly of Stream Realty Partners represented the landlord, JP Morgan, in the lease negotiations. Tim Vogds of CBRE represented the tenant.