GOODYEAR, ARIZ. – A 14,820-square-foot building in Goodyear that is net leased to Walgreens has sold to an individual/personal trust for $9 million. The property is located at 9800 South Estrella Parkway. It is the first Walgreens store in Arizona to feature the new Wellness Experience prototype. It is the second Walgreens in the country to receive LEED certification. The buyer was represented by Kirk Trammell of Marcus & Millichap’s Palo Alto office. The seller, a limited liability company, was represented by Mark Ruble and Jamie Medress of the firm’s Phoenix office.
MIAMI BEACH, FLA. — Marcus & Millichap has completed the sale of a Miami Beach retail property for approximately $12.3 million. The building is located at 1441 Washington Ave. and totals 18,750 square feet. Its primary tenants include American Apparel and nightclub Score, the latter of which recently signed a new 10-year lease. Drew Kristol and Kirk Olson of Marcus & Millchap’s Miami office represented the buyer, a New York-based private investment group, as well as the seller, a locally based owner/developer.
JACKSONVILLE, FLA. — Grandbridge Real Estate Capital has arranged a total of $30.83 million in Fannie Mae DUS financing for the purchase of two Jacksonville multifamily communities. The first transaction was a $16 million, non-recourse loan secured by Timberwalk at Mandarin Apartments. The garden-style community contains 284 units and features a playground, a swimming pool, a spa, a dog park, a fitness center, a clubhouse, tennis courts and laundry facilities. The loan carries a 10-year term, a 30-year amortization schedule and 2 years of interest-only payments. The second transaction was a $14.83 million first mortgage secured by Chase Oaks Apartments. The garden-style community contains 240 units and features a clubhouse, two swimming pools, a sports court, a dog park, a fitness center, an internet café, a playground, a car care area, and laundry facilities. The loan carries a 12-year term, a 30-year amortization schedule and 3 years of interest-only payments. The borrower, which was the same in both deals, plans to complete exterior renovations to Chase Oaks Apartments. The properties will be managed by Merion Realty Management, a borrow-affiliated company. Taylor Williams of Grandbridge’s Jacksonville office originated and closed both loans.
BONITA SPRINGS, FLA. — Real Capital Solutions (RCS) has acquired North Bay Village in Bonita Springs from CWCapital Asset Management for $7.45 million. Situated at 26381 S. Tamiami Trail, the distressed property totals 114,545 square feet and was developed in 2004. It includes a three-story, 28,819-square-foot office building; a 25,726-square-foot, small-shop retail space; and a 60,000-square-foot retail outparcel. The small-shop space features Bonefish Grill, First Watch, Mattress Giant, Edible Arrangements, Keller Williams Realty and a hair salon. The outparcel was formerly a Robb & Stucky Furniture Showroom, and RCS plans to target a similar tenant with its leasing efforts, which will be handled by Trinity Commercial Group.
CORAL GABLES, FLA. — Agave Holdings has delivered 17,800 square feet of street-level retail and restaurant space at its 396 Ahambra office development in Coral Gables. The newly completed space fronts Coral Gables’ Restaurant Row and is one block away from the city’s Miracle Mile. Danet Linares and Andres del Corral of Blanca Commercial Real Estate have been named leasing agents of the space. 396 Alhambra is a $140 million development that comprises two office towers totaling 282,000 square feet and 34,000 square feet of ground-floor retail space. The Class A towers are currently 78 percent leased.
STAFFORD COUNTY, VA. — Cushman & Wakefield | Thalhimer has brokered the sale of approximately 1.52 acres of land located at the intersection of Deacon Road and Cleremont Drive in Stafford County. The buyer, VADG LLC, plans to develop a Dollar General retail store on the site. Mike Degan of Thalhimer represented the seller, Degen-Gallahan LLC. The parcel traded for $445,000.
COLUMBUS, OHIO — Privately held real estate investment firm Hackman Capital Partners LLC has acquired a 28-building industrial portfolio totaling 2.5 million square feet. The portfolio includes multi-tenant buildings throughout Ohio. Five of the properties are located in Columbus totaling 611,578 square feet, and 16 properties are located in Cleveland totaling 1.5 million square feet. The remaining seven properties are located in Cincinnati and total 394,072 square feet. Two land parcels in Columbus, totaling 23.5 acres, are also included in the portfolio. The multi-tenant buildings include 108 tenant spaces ranging from 2,400 to 219,600 square feet. As of closing, 73 percent of the space is occupied. Deutsche Bank provided first mortgage financing in connection with the transaction, and affiliates of New York-based Square Mile Capital Management LLC supplied an additional $25 million of capital. In addition to Hackman Capital’s internal team, the company has retained leasing agents for the new Ohio portfolio from Jones Lang LaSalle, CBRE, Newmark Grubb Knight Frank, RG Boll and Colliers International. Hackman Capital also retained Colliers International as property managers of the portfolio.
BROOKLYN, OHIO — Marcus & Millichap has arranged the sale of a 147,771-square-foot, triple-net leased Sam’s Club building in suburban Cleveland for $21.4 million. A Sam’s Club Fuel Center outparcel was also included in the sale. Scott Wiles, vice president of investments, and Craig Fuller, a senior associate in Marcus & Millichap’s Cleveland office, along with Erin Patton, a vice president of investments in the firm’s Columbus office, represented the seller, a northeast Ohio-based limited liability company. Sam’s Club has 5.5 years remaining on its lease and a percentage rent clause tied to the store’s gross sales. The property is located at 10250 Brookpark Road in Brooklyn at the intersection of Tiedeman and Brookpark roads. The store was built in 1987 on 9.9 acres and has been periodically remodeled during the last decade.
SPRINGFIELD, MO. — Grandbridge Real Estate Capital has closed a $17.7 million mortgage loan secured by Weaver Creek Apartments, a 254-unit multifamily property in Springfield. Frank Sciara, a vice president at Grandbridge Kansas City’s office, originated the refinance. Funding for the fixed rate loan was provided through one of Grandbridge’s CMBS investors. The 10-year loan includes a 25-year amortization schedule and one year of interest-only payments. Property amenities include a swimming pool, fitness center, business center and game room.
ALEDO, ILL. — Cornerstone Core Properties REIT Inc. (Core REIT) has acquired a 66-unit assisted living facility in Aledo, located about 25 miles south of Davenport, Ill., for $8.6 million. Built in 2006, the facility is 95 percent occupied. An affiliate of Meridian Senior Living operates the seniors housing property under a triple-net lease. Meridian currently operates more than 100 facilities in 12 states.