COLUMBUS — First Market Properties LLC has acquired a 682-unit multifamily portfolio in Columbus for $30 million. Arbor Commercial Mortgage provided a mortgage of $24 million. The portfolio consists of four properties totaling 158,424 square feet, including Abbington Village at 988 Muirwood Village Drive; Ashley Village at 2272 Sunshine Place; Chatham Village at 2315 Muirwood Drive; and Courtship Village at 1503 Monmouth Street in Lancaster. First Market Properties plans to make immediate interior and exterior upgrades to the properties to increase rents and cash flow.
Property Type
MINNEAPOLIS — Marcus & Millichap has arranged the $1 million sale of Federal Plaza, a 39,884-square-foot office property in Minneapolis. Federal Plaza is located at 219 S. Fourth St. Michael Ahles and Mox Gunderson in Marcus & Millichap’s Minneapolis office represented the seller, a bank/financial institution and the buyer, a private investor.
HIGHLAND HEIGHTS, OHIO — Osborne Capital Group has arranged a 10-year, $4 million financing with Ladder Capital Finance for the company's Brainard Crossing retail center in Highland Heights, a suburb approximately 15 miles east of Cleveland. Brainard Crossing is located on Wilson Mills Road between Brainard Road and Interstate 271. Brainard Crossing will comprise of the redevelopment of a long-vacant supermarket into a 40,000-square-foot shopping center anchored by Fitworks. The small shop space includes TNT Tanning, Highland Wellness and Grind Burger.
COUNCIL BLUFFS, IOWA — Darland Construction Co. has completed a new 28,000-square-foot clinic for Alegent Creighton Health in Council Bluffs, approximately seven miles east of Omaha. The clinic, located at 31st and West Broadway, opened in April. The single-story, free-standing facility includes reception and office spaces, 42 exam rooms and three nurse stations, a physical therapy treatment area and an on-site pharmacy. Leo A. Daly was the architect for the project.
IRVINE, CALIF. – A 38,540-square-foot office building in Irvine has sold to Premier Realty Holdings LP for $7.4 million. The building is located at 1400 Reynolds Ave. The buyer was represented by was represented by Ben Gott and John Pomerof Newmark Grubb Knight Frank.
SAN DIEGO – The 66-unit Mt. View Villas in the San Diego submarket of Santee has received a$5.1-million loan. The community is located at 8527 Graves Ave. It is currently master leased to a private college that uses it for student housing. The loan has a 15-year term with a 30-year amortization schedule. It was provided by a local credit union. The loan was arranged by David Smyle of Pacific Southwest Realty Services.
PHOENIX – A 25,456-square-foot industrial building in Phoenix has sold to William T White III Revocable Trust for $3 million. The building is located at 3880 E. Broadway Road. It is fully leased to Border Construction Specialties LLC. The buyer was represented by Nate Bubeck and Tom Gilmer of Lee & Associates. The seller, EERST Properties, was represented by Stein Koss and Tom Louer of the same firm.
DENVER – The 22-unit Admiral Apartments in Denver has sold to an unnamed buyer for $2.3 million. The community is located at 850 Cherry Street, near the University of Colorado. It was built in 1958. The buyer was represented by Kevin Calame and Matt Lewallen of the Calame Lewallen Team. The unnamed seller was represented by Matt Ritter, Cody Stambaugh and Peter Sengelmann of the Johnson Ritter Team at Pinnacle Real Estate Advisors.
GILBERT, ARIZ. — ZK Grill has leased 2,347 square feet of space at Gilbert Crossing. The center is located at the northeast corner of Guadalupe and Gilbert roads. Other notable tenants include Power MMA & Fitness, Firestone, Meridan Bank and Tots Unlimited. This will be ZK Grill’s fourth location in the valley. ZK Grill was represented by Scott Ellsworth of SRS. The landlord, Tri Gate Capital, was represented by Cliff Johnson of Cassidy Turley.
OKLAHOMA CITY – CBRE’s National Retail Investment Group has arranged the sale of Centennial Plaza, a 23,797-square-foot power center in Oklahoma City. CBRE worked on behalf of Kimco Realty Corp., which sold the property to American Realty Capital-Retail Centers of America Inc., a publicly registered, non-traded REIT. Centennial Plaza is 100 percent occupied and anchored by retailers including Home Depot, Best Buy, Gordmans and Guitar Center. The property is located at 5801 N. May Ave. near Oklahoma City’s Nichols Hill and Meadowbrook Acres neighborhoods. It was built in 1992. Chris Cozby, Chris Gerard, Mark Inman and Kevin Holland with CBRE represented the seller.