INDIANOLA, IOWA — NorthMarq Capital has arranged a $4.5 million loan for the refinancing of Linden West Apartments in Indianola, about 20 miles south of Des Moines. The 96-unit apartment property is located at 1203 W. 2nd Ave. Jason Kinnison of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. A life insurance company provided the loan. The borrower was not disclosed.
RAPID CITY, S.D. — Marcus & Milichap has brokered the sale of Northgate Plaza in Rapid City for $4.3 million. The 173,678-square-foot retail center is located at 1111 E. North St. Kmart and Family Dollar anchor the property, which is 74 percent occupied. Karly Iacono of Marcus & Millichap represented the seller, a private investor, and the buyer, a developer.
CERRITOS, CALIF. — Newport Beach, Calif.-based Cress Capital has purchased a five-building office portfolio, located within Cerritos Town Centre in Cerritos. An undisclosed seller sold the asset for $89.5 million. Built between 1989 and 1998, the 461,920-square-foot portfolio includes two seven-story buildings and three two-story buildings. At the time of sale, the asset was 88 percent occupied by 45 tenants. Cerritos Town Centre is a 124-acre mixed-use development offering more than 1 million square feet of Class A office space, a full-service hotel, the Cerritos Center for the Performing Arts and a 600,000-square-foot, open-air retail center. This transaction puts Cress at nearly $250 million in acquisition volume over the past 18 months and expands the company’s portfolio in Southern California and Colorado to roughly 1.7 million square feet.
LAKEWOOD, COLO. — Oak Coast Properties and BMC Investments have acquired St. Mortiz Apartments, a multifamily property located adjacent to the Colfax Retail Corridor in Lakewood, a suburb of Denver. The partnership acquired the property for $78 million. Built in 1986, St. Mortiz Apartments features 360 units, a dog park, pool and spa, gas fire pits, fitness center, basketball court, putting green and business center. The buyers plan to renovate the community, including the common areas and amenities. BLDG Management will manage the property. Charles Halladay, Brock Yaffe and Rick Salinas of HFF’s debt placement team assisted in securing a $55 million acquisition loan for the buyers through Freddie Mac’s CME Program. Shane Ozment of ARA Newmark in Denver represented the buyers in the deal.
ELK GROVE, CALIF. — NKF Capital Markets has arranged the sale of Elk Grove Commons, a 241,926-square-foot shopping center in Elk Grove, a southern suburb of Sacramento. The sales price was not disclosed, but the Sacramento Business Journal reports the asset sold for $59.3 million. Nicholas Bicardo and Brandon Rogoff of NKF Capital Markets arranged the transaction on behalf of the seller, Donahue Schriber. Acadia Realty Trust acquired the center, which was fully leased at the time of sale. Elk Grove Commons houses tenants such as Trader Joe’s, HomeGoods and Kohl’s.
REDMOND, WASH. — HFF has brokered the sale of Willow Creek Corporate Center, a seven-building office park located in Redmond, a suburb 16 miles east of Seattle. Preylock Real Estate Holdings acquired the asset for an undisclosed price. At the time of sale, the 421,785-square-foot property was fully leased. Michael Leggett, Dave Otis, Logan Greer and Kevin Freels of HFF represented the undisclosed seller and procured the buyer in the transaction.
AURORA, COLO. — Kimco Realty Corp. has unveiled plans for its $14.5 million redevelopment of Village on the Park, a 179,862-square-foot shopping center in Aurora. As part of the redevelopment, Kimco will demolish and reconstruct the four currently vacant retail spaces located south of Ross Dress for Less. The company has signed a lease with Old Navy to occupy a 13,800-square-foot space in the new section. America’s Best Contacts & Eyeglasses will fill a 3,515-square-foot space located on the pad adjacent to TJ Maxx. Kimco will break ground on the redevelopment this fall, with completion scheduled for summer 2019. America’s Best Contacts & Eyeglasses is expected to open this year.
CAMP HILL PA. AND BOISE, IDAHO — Rite Aid Corp. (NYSE: RAD) announced Wednesday it has called off its previously announced merger with Boise-based grocery chain Alberstons Cos. The $24 billion deal, first announced in February, would have allowed Albertsons to go public. Under the terms of the transaction, Rite Aid shareholders would have held a 29 percent stake in the combined company. The integrated company would have operated about 4,900 locations, 4,350 pharmacy counters and 320 clinics across 38 states and Washington, D.C. “While we believe in the merits of the combination with Albertsons, we have heard the views expressed by our stockholders and are committed to moving forward and executing our strategic plan as a standalone company,” said John Standley, chairman and CEO of Rite Aid, in a prepared statement. The merger has faced pushback from a number of stockholders and investors in the months leading up to a shareholder vote over the deal, which was originally scheduled for Thursday, Aug. 9, but has since been called off. In June, Highfields Capital Management, an investment management firm that holds approximately 47 million Rite Aid shares, said it would vote against the merger, claiming it did not offer compelling value …
PHILADELPHIA — Southern Land Co. and project partner Redwood Capital Investments have sold 3601 Market, a 28-story, 363-unit apartment tower in Philadelphia for $140 million. FPA Core Plus Fund IV purchased the property. The LEED Silver-certified project opened in 2015 and features a rooftop pool and 13,600 square feet of restaurant and retail space.
NEW YORK CITY — Cushman & Wakefield has brokered the $61 million sale of a 95,000-square-foot development site in the Gowanus neighborhood of Brooklyn. Located at 313-331 Bond St., the property’s M2-1 zoning regulations allows for 185,040 of buildable square feet, according to Cushman & Wakefield. Stephen Palmese, Winfield Clifford, James Berluti and William Barrett of Cushman & Wakefield represented the undisclosed seller in the transaction. All Year Management purchased the property and plans to build a mixed-use project on the site.
