SACRAMENTO, CALIF. — VerTex Student Housing Partners, a joint venture of Vermilion Development and TEXLA Housing Partners, has acquired The Element, a 288-unit, 792-bed student housing development near Sacramento State University, for an undisclosed price. The acquisition is the fourth transaction in partnership with Chicago-based Harrison Street Real Estate Capital. The Element is located less than one mile from the campus, and was originally constructed in 2004. The garden-style property consists of 18 three-story residential buildings and a clubhouse and leasing office. The partnership will soon implement operational and capital improvements. VerTex Student Housing Management will act as property manager of the asset. All units are fully furnished with amenities such as full-size washers and dryers, microwaves, dishwashers, access to the Internet and digital satellite television. The community amenities include a resort-style swimming pool and hot tub, half-size indoor basketball court, fitness center and sand volleyball court. Additionally, a game room, resident business center, student lounge, private shuttle to campus and other amenities are available to all residents. VerTex has now acquired 3,200 beds with Harrison Street Real Estate Capital. Senior Vice President at TSB Capital Advisors Shawn Sweeney helped arrange the acquisition loan with Capital One.
CULVER CITY, CALIF. — Charles Dunn Co. has brokered the sale of a single-tenant retail property located at 5400 Sepulveda Blvd. in Culver City. A partnership of two family trusts and two charitable organizations sold the property to Jack in the Box for $2.1 million. Jack in the Box has occupied the 9,309-square-foot property since it was built in 1963. Justin Mendelson and Ashley Saye of Charles Dunn Co. represented the seller in the transaction.
STOCKTON, CALIF. — Hanley Investment Group has arranged the sale of Hammer Plaza, a 20,388-square-foot retail center located at 2701 E. Hammer Lane in Stockton. A Tracy, Calif.-based private investor acquired the property from a Stockton-based investor for $1.4 million. Built in 1980 and situated on 1.5 acres, the property was 55 percent vacant at the time of sale. Eric Vu of Hanley Investment Group represented the seller and buyer in the transaction.
SAN DIEGO — EMMES Realty Services has signed a lease with CFG Downtown LLC to open Crunch Fitness Downtown, a four-level fitness center at 701 B St. in downtown San Diego. Slated to open in the later this year, the 30,000-square-foot fitness center will feature a glass-enclosed cardio deck overlooking the renovated lobby; tiered memberships, including preferred pricing for all EMMES tenants; locker rooms; towel service; an advanced spin studio with state-of-the-art equipment; hydrotherapy and tanning; personal training; group training, including high intensity interval training; and turf and open areas for plyometric training and functional/athletic-based training. The new fitness center represents an approximately $3.5 million investment in the 24-story, Class A office building.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of an office building located at 9 DeKalb Ave. in downtown Brooklyn. JDS Development and The Chetrit Group acquired the 70,000-square-foot landmark property, which was delivered vacant, for $90 million in an all-cash transaction. The five-story property, which previously operated as a bank with offices on the upper floors, features 315,000 square feet of transferrable development rights. The air rights can be put to use at a neighboring development site or used to build out the maximum envelope of the property to 450,000 square feet. Bob Knakal, James Nelson and Stephen Palmese of Cushman & Wakefield handled the transaction. The name of the seller was not released.
NATICK, MASS. — R.W. Holmes Realty Co. has arranged the sale of a 44,950-square-foot office/warehouse property located at 245 W. Central St. in Natick. Snap-One Corp. sold the property to South Natick Partners LLC for $2.3 million. Situated on 2.5 acres, the property features four tailboard doors, one drive-in loading dock and 100 parking spaces. Craig Johnston of R.W. Holmes Realty represented the seller, while Eric Brosler of MetroWest Commercial Real Estate represented the buyer in the transaction.
WEST ROXBURY, MASS. — Linear Retail Properties has acquired a retail property located at 1869-1881 Centre St. in West Roxbury for $2.1 million. Built in 1920, the 7,335-square-foot property is occupied by Atlas True Value Hardware, Rox Diner, Iron Body Studios and Saigon Nails. The name of the seller was not disclosed.
NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has arranged the sale of a commercial property located at 384 Hendrix St. in Brooklyn’s Brownsville/East New York neighborhood. HRS NY Realty acquired the 13,200-square-foot property from NY PCC for $1.8 million. The buyer plans to renovated the building, which was most recently used as healthcare offices, for commercial office use. The building features 12-foot ceilings, gas heat and a full sprinkler system. Allison Chambers of KDA represented the seller, while Joel Kohn and Avrum Lieber of KDA represented the buyer in the transaction.
BUCKS COUNTY, PA. — J.G. Petrucci Co. has acquired a 1.7-acre land parcel located at 10 Old York Road in Bucks County for an undisclosed price. Situated on the property is a 13,900-square-foot Walgreens, which is on a long-term lease with multiple extension options. Donald MacLaren Jr. of Marcus & Millichap represented the buyer, while Mark Taylor, also of Marcus & Millichap represented the undisclosed seller in the transaction.
BURLESON, TEXAS — Kroger Marketplace is now open in Burleson Commons, located at the intersection of Wilshire Boulevard (State Highway 174) and FM 731 in Burleson. Kroger conducted a grand opening of the 120,000-square-foot store on Jan. 8. The grocery store, which features a Kroger Fuel Center and Kroger Pharmacy, joins Premiere Cinemas as a co-anchor of the shopping center, which is owned and managed by Peoria, Ill.-based Cullinan Properties. SRS Real Estate’s Dallas/Fort Worth office represented Cullinan Properties in the transaction. The new store will feature more than 60 shopping aisles and more than 20 checkout lanes, as well as a Starbucks coffee shop. The store will employ more than 300 associates. Daily hours of operation are from 6 a.m. to 1 a.m.; pharmacy hours may vary.