CHICAGO — Essex Realty Group Inc. has brokered the $335,000 sale of 8057 S. Carpenter St., a 15-unit apartment community in Chicago. The recently renovated property was built in 1928 and consists of one-bedroom units. Upgrades to the building include a new boiler, new hot water tank, newer windows, doors and new porches. Brian Kochendorfer of Essex was the broker in the transaction.
AUSTIN — ARA has arranged the sale of Serena Park, a 36-unit apartment community located at 9210 Northgate Blvd. in Austin. Andrew Shih of ARA represented the seller, a private partnership based in California, in the transaction. The buyer was not named. Built in 1972, Serena Park is a garden-style apartment community that includes one-bedroom units. The property is individually metered for electric and master metered for gas and water. The buyer plans to update the units. The asset was 92 percent occupied at the time of sale.
LAKE STATION, IND. — Marcus & Millichap has arranged the sale of a 9,014-square-foot net-leased property in Lake Station, approximately 37 miles southeast of Chicago. The Dollar General property is located at 2828 Central Ave. The building is a four-year-old, build-to-suit construction located on more than an acre. The property is located approximately three miles from I-80 and I-94. Tammy Saia of Marcus & Millichap’s Chicago Oak Brook office marketed the property on behalf of the seller, a private investor, and also represented the buyer, an individual/personal trust. Josh Caruana of Marcus & Millichap assisted in closing this transaction.
CAMPBELL, CALIF. – The Carlyle Group has acquired Vasona Technology Park, a 314,256-square-foot office/flex center in Campbell, for an undisclosed sum. The seven-building center is located at 200-250 E. Hacienda and 1315-1357 Dell Ave. The seller, Hines Interests L.P., was represented by DTZ’s Eric Fox, Robert Gilley and Steve Hermann.
SCOTTSDALE, ARIZ. – Holiday Inn has debuted the new 117-room Holiday Inn Hotel & Suites Scottsdale North-Airpark. The 75,000 square-foot hotel is located at 14255 N. 87th Street. The property was formerly a Wingate by Wyndham. The new hotel is owned by Northsight Hospitality and managed by Henderson Hospitality Management. The hotel is franchised by an affiliate of IHG.
PHOENIX – Metro Commons, a 17,755-square-foot retail center in Phoenix, has sold to Roseben MC LLC for $7.7 million. The Class A center is located at 3121 W. Peoria Ave. It is fully leased to tenants like Verizon, Smashburger, the Joint, Potbelly’s, Menchie’s, Mod Pizza and Yogi’s Grill. The seller, an entity formed by Jacor Partners, was represented by CBRE’s Andrew Fosberg, Cam Stanton, Chris Ackel and Molly Busch.
PLEASANTON, CALIF. – Meridian Property Company has purchased the Atrium, a 74,000-square-foot office building in Pleasanton, for an undisclosed sum. The building is located at 5776 Stoneridge Mall Road. It was built in 1982. Meridian was represented by Simon Vogt of Lee & Associates-East Bay. The seller, Downtown Properties, was represented by CBRE’s Katherine J. Kelleher.
IRVINE, CALIF. – Freedom National Insurance has acquired a 9,900-square-foot office/R&D building at the Irvine Spectrum for an undisclosed sum. The building is located at 8855 Research Drive. Freedom National plans to use the property to house its technology research and development division. The company was represented by Cushman & Wakefield’s Blake Garrett. The seller, Research Property LLC, was represented by Bob Reiden of Lee & Associates.
MCKINNEY, TEXAS — Disney Investment Group (DIG) has arranged the sale of Lake Forest Crossing in McKinney. Lake Forest Crossing is a 29,897-square-foot shopping center shadow-anchored by Walmart Supercenter and located at the intersection of McKinney Ranch Parkway and Lake Forest Drive. Lake Forest Crossing was developed in 2005 and is in close proximity to Craig Ranch, a 2,200-acre, master-planned community under development. McKinney recently ranked No. 2 on Money Magazine’s “Best Places to Live in America” list. David Disney and Adam Crockett of DIG represented the seller, Los Angeles-based Westwood Financial Corp., in the transaction, and also procured the Texas-based private buyer.
EDWARDSVILLE, ILL. — KeyBank Real Estate Capital has secured $25.9 million in CMBS financing for Enclave West, a 552-bed student housing apartment complex in Edwardsville. Randy Martin of KeyBank Real Estate Capital Markets arranged a $22.7 million non-recourse, fixed-rate CMBS first mortgage and a $3.24 million full-recourse, fixed-rate life company mezzanine loan for the undisclosed borrower. Located 20 miles northeast of downtown St. Louis, the 98.4 percent occupied property was built in phases in 2013 and 2014. The property is the closest off-campus student housing property to the University of Southern Illinois Edwardsville.