MIDDLETON, WIS. — SRS Real Estate Partners has brokered the $39.1 million sale of a four-story, 197,860-square-foot office property in Middleton. A tenant since 2008, University of Wisconsin Health Administrative Services occupies the entire property and recently signed a new 20-year lease. John Redfield and John Battle of Lee & Associates represented the seller, a California-based private owner. The buyer was ASG Equities.
PHOENIX — Tides Equities has sold Tides on McDowell, a multifamily community located at 4620 W. McDowell Road in Phoenix, to Houston-based Nitya Capital for $41 million. Jesse Hudson, Logan Baca and Chris Michl of Northmarq’s Phoenix office represented the Los Angeles-based seller in the transaction. Built in 1985 on 13 acres, Tides on McDowell features 27 two-story buildings with studio, one- and two-bedroom floor plans. The property features a mix of renovated, partially upgraded and original-condition units. Amenities include a pool, soccer field, playground, leasing office, fitness center, outdoor grilling area, clubhouse, laundry facilities and gated access.
SUN PRAIRIE, WIS. — Marcus & Millichap has brokered the $5.3 million sale of a net-leased childcare facility occupied by Willowbrae Academy in Sun Prairie. The newly built property totals 11,790 square feet. There are more than 14 years remaining on the lease. Dominic Sulo and Todd Lindblom of Marcus & Millichap represented the seller, a Chicago-based developer. Sulo and Sam Malato procured the locally based 1031 exchange buyer.
OLATHE, KAN. — Woodhouse Spa is set to open a new location at Northridge Plaza in Olathe. The day spa will occupy a 6,840-square-foot standalone building within the center for its second location in the Kansas City market. Northridge Plaza is home to Dick’s Sporting Goods, Aldi, Ross Dress for Less, U.S. Bank, Panera Bread, Chipotle and Hallmark Gold Crown. A local husband-and-wife franchise team will own and operate the Olathe Woodhouse Spa location. The spa is expected to open in September. Chad LaSala of NAI Heartland represented the tenant in the lease. Erin Johnston of Copaken Brooks represented the landlord on an internal basis.
PHOENIX — Rise48 Equity has acquired a 108-unit multifamily property located at 17840 N. Black Canyon Highway in North Phoenix. The company will rebrand the asset as Rise at the Northern. Terms of the transaction were not released. Rise48 plans to implement a light value-add renovation strategy to the property, which was originally built in 1983. The improvement program includes the implementation of a bulk cable program, valet trash service, installation of carport parking and operational efficiencies across property management. The initiatives are projected to increase rents by approximately $89 per unit though a combined amenity free, while maintaining affordability relative to the surrounding market, according to Rise48.
SURPRISE, ARIZ. — NexMetro Communities has opened Avilla Foothills, a build-to-rent (BTR) development in Surprise, about 28 miles northwest of Phoenix. Avilla Foothills features 108 single-level homes, some with optional garages. Community amenities include a resort-style pool and hot tub, outdoor kitchen and grills, landscaped open spaces, covered parking, 24-hour maintenance team and pet parks.
PUYALLUP, WASH. — Great Expectations, a Seattle-based affordable housing developer, has received an undisclosed amount of construction financing for Addison Grove, a 102-unit affordable housing project in Puyallup, 36 miles south of Seattle. According to the Washington State Housing Finance Commission, the project cost is approximately $34.2 million. Great Expectations acquired the site in April, but a construction timeline for the development has not be released. All units will be rent restricted for residents earning between 50 and 80 percent of area median income, guaranteed for 60 years. Addison Grove was financed without tax credits, instead leveraging a subordinate loan from the Washington Family Housing Fund and recycled tax-exempt bonds. The structure preserves affordability by pairing 60-year income restrictions with lower-cost tax-exempt debt and forgivable subordinate capital, reducing the amount of conventional debt the property must support through rent revenue. CBRE and Heritage Bank are permanent lenders.
RANDOLPH, N.J. — A partnership between Woodmont Properties and Canoe Brook Development has completed WoodBrook at Randolph, a 199-unit apartment complex in Northern New Jersey. The property comprises a four-story mid-rise building with 97 flats and seven buildings with 102 multi-story townhome-style residences. Unit feature one- to three-bedroom floor plans and dual-sink vanities, soaking tubs, full-size washers and dryers, private patios or balconies and keyless entry systems. Amenities include a sports simulator, pool, coworking space, yoga room and a fitness center. Leasing began last August.
PISCATAWAY, N.J. — NAI DiLeo-Bram & Co. (NAIDB) has negotiated the $10.5 million sale of a 41,309-square-foot industrial building in the Northern New Jersey community of Piscataway. According to LoopNet Inc., the building at 281 Centennial Ave. was originally constructed in 1973. Robert J. DiLeo, Kyle Gerace and Robert V. DiLeo of NAIDB represented both the seller, HVAC services company Binsky & Snyder, and the buyer, Eastern Lift Truck Co., in the transaction.
CAMBRIDGE, MASS. — Marcus & Millichap has brokered the $6.5 million sale of a 10-unit apartment building located across from Harvard University in Cambridge. Originally constructed in 1925, the 13,000-square-foot building at 23-25 Hammond St. offers one-, two- and five-bedroom apartments. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
