DENVER – An unnamed national real estate investment and property management corporation has purchased a three-property boutique apartment portfolio in Denver for $22.3 million. The Boutique Apartments Portfolio totals 165 units throughout the city’s metro area. The portfolio buy includes the 71-unit Metropolis high-rise building nearthe University of Colorado Health Science Center redevelopment; the 60-unit Shambhala garden-style apartments in Denver’s Capitol Hill neighborhood; and the 36-unit Red Fort community in the city’s West Washington Park neighborhood. The properties were 97 percent occupied at the time of sale. This is the largest single-buyer portfolio acquisition in the history of central Denver, according to ARA, which represented the seller, Boutique Apartments. The transaction was executed by Terrance Hunt, Shane Ozment, Justin Hunt, Robert Bratley and Andy Hellman of the firm’s Colorado office.
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LOS ANGELES – Private investors Bob Hart and Jay Schulman have purchased the 71-unit Villa Fontaine apartment complex in Los Angeles for $14.2 million. The community is located at 11850 Riverside Drive in the San Fernando Valley community of Valley Village. The complex received about $3 million in structural and other upgrades in the mid-90s. However, the community has not undergone a renovation in about 20 years. Ron Harris, Paul Darrow and Michael DiSimone of Marcus & Millichap’s Los Angeles office represented both the buyers and the sellers, the Lindquist and Morrow families, in this transaction.
SANTA MONICA, CALIF. – A 17-unit Santa Monica apartment building has sold to a private investor for $7.2 million. The community is located at 3104 4th Street near the beach and Abbott Kinney and Main Street districts. The seller was Margaret Shan. The transaction was executed by Collin Brashears, Mario Gandara, Tim Steuernol, Rob Zaharia, and Kevin Kawaoka of NAI Capital’s West L.A. office.
MIAMI — Miller Construction Co. has begun site work for Flagler Global Logistics’ new 252,000-square-foot Building 34 at the 900-acre Flagler Station business park in Miami’s Airport West submarket. Miller Construction previously delivered the park’s 171,944-square-foot Building 31. The new property will be located at 9290 N.W. 112 Ave. and will feature 30-foot clear ceiling heights. Architectural firm Ware Malcomb designed the tilt-wall structure. The building is 87 percent preleased to Starboard Cruise Services.
COMMERCE, GA. — Hillwood Investment Partners, in a partnership with Brookfield Asset Management and the Hillwood-Brookfield Industrial Partners fund, has signed Ollie’s Bargain Outlet Inc. to a 962,280-square-foot industrial lease. The bargain retailer has leased space at Commerce 85 Distribution Center in Commerce as its distribution hub for the Southeast. The property is located at 1523 Steve Reynolds Industrial Blvd. The property is Ollie’s first distribution center in Georgia. John Van Buskirk of Jones Lang LaSalle represented Ollie’s in the lease transaction. Greg Haynes of CBRE Inc. brokered the lease on behalf of Hillwood.
MIAMI GARDENS, FLA. — Franklin Street Real Estate Services has arranged the $6 million sale of a five-building, 112-unit apartment community in Miami Gardens. The property is located at 611 N.W. 177 St. Deme Mekras, Elliot Shainberg and David Reinke of Franklin Street represented the seller, a local investor named George Dancea, in the transaction. Another local investor purchased the property and plans to invest approximately $1 million to upgrade the property.
NORFOLK, VA. — CBRE | Hampton Roads has arranged the $4.1 million sale of the Virginia Renaissance Center at 2424 Springfield Ave. in Norfolk. The Schaubach Cos. purchased the former Ford plant from VRC Ventures. Ken Benassi and Worth Remick of CBRE | Hampton Roads represented the seller in the transaction.
BRIDGETON, MO. — The City of Bridgeton has awarded Holland Construction Services Inc. the construction management contract for its new $15 million recreation center. The 56,000-square-foot facility will replace the existing community center and be located a half-mile north of the intersection of St. Charles Rock Road and Fee Road in Bridgeton, a northwest suburb of St. Louis. Construction of the proposed facility will begin this fall. The new recreation center will feature a gymnasium, track, a weight/cardio room, an aerobic room and community meeting rooms. Aquatic features will include a recreational pool with lap lanes, an activity channel and some deep water areas for swim lessons and aquatic exercise classes. Hastings & Chivetta Architects is the architect for the project.
WOODRIDGE, ILL. — Morgan/Harbour Construction has completed a 180,480-square-foot speculative warehouse within Park 355 in suburban Chicago on behalf of HSA Commercial and Industrial Income Trust. Located at 2143 Internationale Parkway, the new building is situated on 9.5 acres in Woodbridge and includes 30-foot clear ceiling heights, 28 exterior truck docks and four drive-in doors. The property sits near the junction of I-55 and I-355 and features frontage on I-355. The facility can accommodate up to 196 vehicles and is expandable by an additional 23 exterior docks and five drive-in doors. Leading Morgan/Harbour’s construction team were Ben Warriner, vice president of construction; John Becker, project manager; and Robert Papineau, superintendent. Cornerstone Architects provided the architectural services. The building is a joint development between HSA Commercial and Denver-based Industrial Income Trust.
WAUSAU, WIS. — Marcus & Millichap has arranged the $8.2 million sale of Pick ’n Save, a 67,951-square-foot, net-leased property in Wausau, a city in northern Wisconsin. Austin Weisenbeck, Sean Sharko and Dominic Sulo, investment specialists in Marcus & Millichap’s Oak Brook, Ill. office, marketed the property on behalf of the seller, a private investor, and secured the buyer, a REIT. Pick ’n Save is located at 205 Central Bridge St. and is situated along the west bank of the Wausau River.