PHOENIX — Orange County, Calif.-based Red Mountain Group has completed the sale of a shopping center in Phoenix to North Creek LLC for $1.6 million. At the time of sale, the 5,587-square-foot property was fully occupied by four tenants. The asset is located at 12831-12839 N. Cave Creek Road in Phoenix. Jonathan Selznick of Lee & Associates represented the seller in the deal.
WEST LAFAYETTE, IND. — Champion Real Estate Co. has acquired Salisbury Campus Apartments in West Lafayette near Purdue University for an undisclosed price. The student housing community, which totals 85 units and 290 beds, will be rebranded as Victory on Salisbury. Champion now owns and operates 15 student housing communities totaling more than 4,300 beds at eight universities. Champion Salisbury LLC, a subsidiary of Champion, will begin renovations to the property once the current master lease with Purdue University expires in 2025. The community will receive new paint, vinyl plank flooring, cabinetry, quartz countertops, stainless steel appliances and modern fixtures. The asset will be leased by the bedroom and all bedrooms will be fully furnished. Scott Clifton, Teddy Leatherman, Kevin Kazlow, Jack Goldberger and Grace Picchiotti of JLL represented both Champion and the seller, Muinzer. Jeff Sause, Brian Halpern, Josh Blank and Ellie Conway of JLL arranged acquisition financing through a nonrecourse bridge lender on behalf of Champion.
MICHIGAN — Colliers Mortgage has provided a $21.6 million construction loan for an independent living, assisted living and skilled nursing property in Michigan. The project will feature 105 units in a variety of studio, one- and two-bedroom units. Amenities will include a main dining room, bistro, lounge and large community spaces. The loan features a 48-month term with one 12-month extension option. Christopher Fenton and Catherine Eby of Colliers Mortgage, along with Nick Skarich and Kevin McMahon of Colliers Funding, originated the loan on behalf of the undisclosed borrower.
RICHFIELD AND NEW HOPE, MINN. — JLL Capital Markets has brokered the sale of Southdale Parc Apartments and Wingate Apartments in metro Minneapolis for an undisclosed price. Both properties are located in inner-ring suburbs of Minneapolis. Built in 1962 and totaling 69 units, Southdale Parc Apartments is located in Richfield. The community features one-bedroom units with onsite laundry facilities, a Luxor package system, green spaces and onsite parking. Built in 1967 and totaling 136 units, Wingate Apartments is located in New Hope. The property features one- and two-bedroom units with amenities such as a pool, patio, basketball court, playground and clubroom. Dan Linnell, Mox Gunderson, Josh Talberg, Adam Haydon and Devon Dvorak of JLL represented the seller, Centerspace, and procured the buyers, both local private investors.
OMAHA, NEB. — Hanley Investment Group Real Estate Advisors has arranged the sale of a Topgolf-occupied property in Omaha for $7.7 million. The property marks the first and only location for Topgolf in Nebraska. Located at 908 N. 102nd St., the asset neighbors a Chipotle Mexican Grill, X-Golf and a future nine-acre mixed-use development. The 24,496-square-foot Topgolf building was constructed in 2020. The Omaha Topgolf facility features 72 climate-controlled hitting bays, a full-service restaurant, bars, private event space, a rooftop terrace and more than 200 HDTVs. Jeff Lefko and Bill Asher of Hanley represented the seller and developer, a private investor based in Omaha. Ashish Wadhwani of Wadhwani Holdings represented the buyer, a private investor based in metro Houston.
NORTHBROOK, ILL. — A joint venture partnership between Clear Height Properties and ICP Funds has acquired two light industrial buildings in Sky Harbor Industrial Park in Northbrook, a northern suburb of Chicago. The purchase price was undisclosed. The multi-tenant buildings total 93,059 square feet and are fully leased. The properties are located on Landwehr Road and Era Drive. Sean Devaney, Kurt Sarbaugh and John Huguenard of JLL brokered the transaction.
PHILADELPHIA — Philadelphia-based Comcast Spectacor, in partnership with Cordish Cos., a Baltimore-based developer specializing in sports-anchored entertainment districts, will undertake a $12 million renovation of the Xfinity Live! sports complex in South Philadelphia. The project will deliver a variety of upgrades to the development’s main public plaza, including the addition of several new terraces and gathering spaces. Comcast Spectacor and Cordish will also make various improvements to interior spaces and building exteriors. Construction will be carried out in phases, will full completion slated for late 2025 or early 2026.
EAST WINDSOR, N.J. — New Jersey-based financial intermediary Cronheim Mortgage has arranged an $11 million loan for the refinancing of Town Center Plaza, a 196,014-square-foot shopping center in the Central New Jersey community of East Windsor. The property was originally built on 35.5 acres in 1998 and is home to tenants such as grocer ShopRite and Chipotle Mexican Grill. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim arranged the loan through Farm Bureau Life Insurance Co. The borrower was not disclosed.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the $5 million sale of a 60-unit apartment building located at 560-562 W. 175th St. in Manhattan’s Washington Heights neighborhood. The five-story, walk-up building was originally constructed in 1924 and includes two commercial spaces. Ben Khakshoor and Alex Fuchs of Rosewood Realty represented the buyer and seller, both of which were private investors, in the transaction. The deal traded at a cap rate of 8.8 percent.
NEW YORK CITY — Financial technology firm MoneyLion Inc. (NYSE: ML) has subleased Twitter’s 35,384-square-foot former office space in Manhattan’s Chelsea area. The space encompasses the entire fourth floor of the 281,000-square-foot building at 245-249 W. 17th St., which was originally constructed in 1909 and renovated in 2014. William Iacovelli, Sacha Zarba, Lauren Crowley Corrinet, Elliot Bok and Connor DeSimone of CBRE represented X Corp. in the sublease negotiations. Eric Ladden of Cornerstone Realty and Jason Birk and Steve Marvin of Olmstead Properties represented MoneyLion. Columbia Property Trust owns the building.
