WESTPORT, CONN. — David Fugitt of Westport-based Vidal/Wettenstein LLC has arranged the $2.6 million sale of 18-26 Imperial Ave. located in downtown Westport. The property is a fully leased five-building medical complex with a total of 7,428 rentable square feet. Amalgamated Realty Company LLC was the seller and Greens Farms Centre Associates was the buyer. Fugitt was the sole broker involved in the transaction.
HACKENSACK, N.J. — The second phase of a three-phase renovation project has begun on The Shops at Riverside, a retail center in Hackensack. Work on the first phase will be completed this summer with the creation of a dining and entertainment district. Offerings will include a movie theater with a lounge and bar operated by AMC, the relocation of The Cheesecake Factory and additional restaurants and specialty stores. The second phase will be completed by the end of 2017 and will involve renovations to both the interior and exterior of the property. Interior enhancements will include new floor tile, a crystal chandelier and water feature, and a sculptural floating stair in the center court near Omega. The refresh will also include additional skylights and raised ceilings. The third phase will redevelop the south mall adjacent to Bloomingdale’s. The existing shops will be reconfigured to create a loop around a central focal point where a portion of the second level will be removed to create 35-foot ceilings.
NORTH ATTLEBORO, MASS. — Stubblebine Co./CORFAC International and Atlantic Commercial Real Estate LLC have arranged the sale of 20 Alice Agnew Dr. in North Attleboro for $3.6M. HTI Medical purchased the property, a 44,450-square-foot office/warehouse building. David Stubblebine, James Stubblebine and Rob Stave of Stubblebine Co., represented the seller, Mercury Trading International, and Mark Kearins of Atlantic Commercial Real Estate LLC represented the buyer. 20 Alice Agnew Drive is the former home of Mercury Trading International and is located in the North Attleboro Industrial Park. HTI Medical was established in 1997 as a provider of clinical laboratory and ultrasound equipment.
CARTERET, N.J. — Circle Squared Alternative Investments and the Hampshire Cos. have acquired land for a planned industrial property in Carteret. The property, located at 1500 Blair Road, will be developed into a 156,000-square-foot warehouse/distribution facility. The project will be constructed on a six-acre parcel of land ground leased for a term of 50 years with two renewal options of 20 and 25 years each.
SAN FRANCISCO — An anonymous buyer has acquired a 50-unit apartment building in San Francisco for $29.8 million The asset is located at 1755 Van Ness Ave. The community was built in 1928 and features steel-frame and brick-infill construction on a concrete foundation. It also contains two ground-floor retail units. Architect Albert H. Larsen designed the property. Union Bank’s Trust Department represented the building owner. James Devincenti and Brad Lagomarsino of Colliers International executed the transaction.
PORTLAND, ORE. — National Health Investors Inc. (NYSE: NHI) has acquired a 102-unit assisted living and memory care community in Portland for $26.2 million. The seller was Prestige Senior Living, which will continue to operate the property. The name of the community was not disclosed. The facility was added to the existing Prestige master lease with NHI that includes three skilled nursing facilities and one assisted living facility. The lease has a remaining term of 12 years. NHI funded the acquisition using its revolving credit facility. Based in Tennessee, NHI is a publicly traded REIT focused on sale-leaseback, joint-venture, mortgage and mezzanine financing of seniors housing and medical investments.
PHOENIX — Dalan Management has purchased the 224-unit Sterling on 28th Apartments in Phoenix for $14.3 million. The community is located at 11821 N. 28th Drive. The property is situated near Metrocenter mall and the North Mountain Redevelopment Area. Dalan plans to renovate the unit interiors to reposition the asset. David and Steve Gebing of Marcus & Millichap’s Institutional Property Advisors represented both the buyer and seller, Pacific Real Estate Partners, in this transaction.
TUCSON, ARIZ. — MCR Development has completed renovation work on the 91-room TownePlace Suites by Marriott Tucson Airport. The hotel is situated less than a mile from the Tucson International Airport. The newly renovated hotel features fully updated guest rooms and new furniture, flooring, décor and artwork in the lobby. Additional improvements include upgraded patio furniture surrounding the pool and new exercise equipment in the fitness center.
LOS ANGELES — An unnamed buyer has acquired a 20-unit apartment complex in the Koreatown district of Los Angeles for $2.1 million. The community is located at 859 S. New Hampshire Ave. The asset was purchased as a value-add play. Adam Peterson of RE/MAX Commercial represented the seller, a family trust, in this transaction.
CHICAGO — American Realty Advisors (ARA) has acquired The Madison at Racine, a 216-unit luxury apartment community in Chicago’s West Loop. The purchase price was not disclosed. The 216-unit property is located at 1164 W. Madison St. The community features one- and two-bedroom apartments, as well as a rooftop with a sun deck, pool, hot tub and fire pits. Other amenities include a coffee bar, dog park and concierge services. John Jaeger, Dan Cohen and MJ Zaring of CBRE represented the seller, a partnership between Boston-based Intercontinental Real Estate Corp. and Chicago-based Ascend Real Estate Group.
