NEW CASTLE, DEL. — Marcus & Millichap has brokered the sale of Hampton Walk, a 370-unit multifamily community located at 1627 New Jersey Ave. in New Castle, for $17.25 million, at a price of $46,622 per unit. Situated on 16.65 acres, Hampton Walk comprises 133 one-bedroom units and 237 two-bedroom units in 94 two-story buildings. Donald MacLaren and Clark Talone of the Philadelphia office of Marcus & Millichap represented the seller, MPI Hampton Walk LLC. The property was acquired by Evergreen Realty.
GLENDALE, CALIF. — Rexford Industrial LLC has acquired a 57,900-square-foot industrial building, which is located at 700 Allen Ave. in Glendale. Valued at $6.15 million, the transaction comprises the property situated on 1.35 acres and a 36-car parking lot. Grant Products, a manufacturer of steering wheels and automotive accessories, has occupied the entire building since the mid-1970s. Peter Castleton of Voit Commercial Brokerage represented Rexford and the seller, Peterson Family Trust, in the transaction.
CHICAGO — Chicago-based Cohen Financial has assisted in the $122.5 million acquisition of a seven-property multifamily portfolio in Chicago. The portfolio comprises 884 residential and eight commercial units located in the city’s Lakeview neighborhood. Cohen served as an advisor to the borrower, Chicago-based Newcastle Limited, and assisted in the acquisitions. Cohen also originated $5 million in second-mortgage financing for one of the properties, and $9.62 million in new financing with a GSE agency for two of the properties. Terms of the new debt include 10 years interest only at a 5.63 percent interest rate. Steve Roth and Steve Kundert of the Cohen’s Skokie, Ill., advised Newcastle and originated the financing. The lender is a Chicago-area finance company.
SANTA CLARA, CALIF. — Bixby Land has acquired Coronado One, a two-story office complex located at 3111 and 3141 Coronado Dr. in Santa Clara, for $36.4 million. The 118,400-square-foot property is currently leased to Applied Materials Inc. Peter Castleton of Voit Commercial Brokerage, along with Eric Fox of Commercial Property Services, represented the buyer and undisclosed seller in the transaction.
GREENWOOD AND INDIANAPOLIS, IND. — Indianapolis-based Thomas English Retail Real Estate opened two The RoomPlace at Harlem Furniture locations in metro Indianapolis. The first store is a 30,000-square-foot location at the 168,000-square-foot Greenwood Shopping Center in Greenwood, on the site of the former Frank’s Nursery & Crafts. The second location is a 33,000-square-foot store at the 158,000-square-foot Castleton Square Pavilion in Indianapolis. The new stores mark the first time for the Chicago-based furniture retailer outside of Chicagoland.
By Cara Aliek Uptown Village at Cedar Hill Cedar Hill, Texas (March 12) The recently opened Uptown Village at Cedar Hill was birthed 4 years ago when veteran retail developer Buddy Herring of MGHerring Group went down to Cedar Hill to check out JCPenney’s new prototype store, one of the first in the nation to open up. He had been hearing about the Trade Area of Cedar Hill/DeSoto/Duncanville/Lancaster, all just south of Dallas and decided to look around the area while on that trip. After putting more than 200 miles on his car, Herring discovered that based on the housing, income and growth of the area, the residents of Cedar Hill needed a major department store, more retail and upscale restaurant options. And so Uptown at Cedar Hill was born. Gar Herring, Buddy Herring’s son and president and COO of MGHerring Group, says that the open-air shopping center is aimed at providing a place for residents to meet at and relax. “One of the features we’re really proud of is Uptown Village being a hub for the community. We have a Village Green with an interactive water fountain, a stage and a park for families and people to congregate and …
PHOENIX — Somera Capital Management has partnered with 3 Street Financial LLC to acquire Quail Point Apartments, a 264-unit apartment community located on 67th Ave. in Phoenix, from Newcastle Investments for an undisclosed price. Built in 1988, the property consists of 145 two-bedroom units and 119 one-bedroom units in 12 two- and three-story buildings. Additionally, the property features a swimming pool and spa, basketball, tennis and volleyball courts, a clubhouse, a fitness center, and open space for picnic and play areas. Somera Realty Value Fund II L.P., a value-added, closed-end private-equity real estate fund, provided Somera’s equity to the joint venture.
NEW CASTLE, DEL. — Patterson-Woods Commercial Properties/CORFAC International has completed the $2.9 million sale of 30 McCullough Drive in New Castle. Palace Laundry, doing business as Linens of the Week, purchased the 40,000-square-foot distribution warehouse from Ly-Del. The buyer will owner-occupy the warehouse. The one-story building features six loading docks, a 24-foot ceiling, a fenced yard and available parking. Phil Hoge and Greg Ellis of Patterson-Woods represented the seller in the transaction, and Chuck White of White Realty Associates represented the buyer.
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