SAN DIMAS, CALIF. – A 21,016-square-foot retail center in San Dimas has sold to Homi Holdings, LLC, for $4.8 million. The center is located at 702 W. Arrow Highway. It is situated adjacent to the I-57 Freeway, directly across from a Lowes-anchored shopping center. The center was built in 1988 and renovated in 2012. It is fully leased to tenants like Sears Appliance Center, Sherwin Williams and T-Mobile.Brad Umansky and Frank Vora of Progressive Real Estate Partners represented both the buyer and seller, R & N Partners, LLC, in this transaction.
Property Type
CASSELBERRY, FLA. — Cortland Partners has entered the metro Orlando market with the $40 million purchase of Harbor at Lake Howell, a 408-unit garden-style apartment market in Casselberry. Cortland purchased the asset from Casselberry Harbor Investors Inc. Atlanta-based Cortland owns roughly 19,000 units, located primarily in the Southeast and Texas.
RALEIGH, N.C. — Passco Cos. LLC has acquired Carrington at Brier Creek, a 270-unit luxury apartment community in Raleigh, for $37.3 million. The seller, The Connor Group, purchased the property in 2007 for $34.9 million. Passco Cos. plans to improve the community with the additions of a cyber-lounge and pet spa, as well as an upgraded fitness center and model unit. The transaction is the third multifamily acquisition in the Raleigh-Durham area during the past nine months.
WETUMPKA, ALA. — Hendricks-Berkadia has brokered the $14.4 million sale of Chapel Lakes, a 152-unit apartment in Wetumpka, just north of Montgomery. David Etchison and David Oakley of Hendricks-Berkadia represented the seller, Birmingham-based EBSCO Chapel Lakes LLC, in the transaction. The buyer, Chapel Lakes LLC, assumed an existing Fannie Mae loan and plans to develop an apartment development on adjacent land that it purchased in a separate transaction.
SPARTANBURG, S.C. — Capstone Apartment Partners has arranged the $3.1 million sale of Hillcrest Townhomes, a 138-unit multifamily community in Spartanburg. Atlanta-based Greenleaf Capital purchased the property, which was built in 1973, from Windmill Investments. The property was 88 percent occupied at the time of the sale. Alex McDermott and Austin Green of Capstone Apartment Partners represented the seller in the transaction.
HOLIDAY, FLA. — Franklin Street Real Estate Services has arranged the $2.6 million sale of a CVS/pharmacy, located at 2513 U.S. Highway 19 in Holiday. Rafeal Wright and Jonathan Graber of Franklin Street represented the seller, Holiday Sun Properties, a limited liability partnership based in southeast Florida. The buyer is a South American fund.
MOKENA, ILL. — Inland Real Estate Corp. has acquired Mokena Marketplace, a 49,000-square-foot shopping center in Mokena, for $13.7 million. The acquisition of Mokena Marketplace, located approximately 30 miles southwest of Chicago, includes retail space that is 76 percent leased to PetSmart, Party City, Sally Beauty Supply, and Lee Nails; a freestanding Chase Bank on a ground lease; and five developable out parcels. The shopping center is shadow-anchored by JC Penney and a new Meijer grocery store, which is scheduled to open this summer.
TAYLOR, MICH. — Friedman Integrated Real Estate Solutions has arranged the lease of an 8,484-square-foot retail space in Taylor. The landlord, Sebanc Taymich Investments LLC, leased the space, located at 7705 Telegraph Road, to Ohio-based Phantom of Michigan Inc., a fireworks retailer. Greg Hornby of Friedman represented the landlord in the transaction. Phantom of Michigan, also known as Phantom Fireworks, is based in Youngstown, Ohio. The company has seven locations in Michigan and more than 1,200 locations throughout the country.
DETROIT, MICH. — NAI Farbman has arranged a 3,205-square-foot office lease for The Public Lighting Authority of Detroit at Cadillac Tower. Located at 65 Cadillac Square, Cadillac Tower is a 40-story, 350,000-square-foot Class B office building. The tower is in Detroit’s central business district. Paul DeBono of NAI Farbman represented the landlord, Cadillac Tower MI LLC, and the tenant.
JACKSON, MICH. — Colliers International Detroit has arranged a 5,400-square-foot retail lease for Once Upon a Child, a children’s resale franchise, in Jackson. The space is in Wisner Plaza, located at 1000 N. Wisner St. Kent Butler of Colliers represented the tenant. Max Goldman and Matthew Seeley of Colliers represented the landlord, Wedge Investments Inc., in the lease transaction. Retailer Once Upon a Child buys and sells gently used clothing and baby supplies.