YUBA CITY, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the $13.5 million sale of Summerfield Senior Living, a 71-unit assisted living and memory care community in Yuba City, approximately 40 miles north of Sacramento. The community opened in 1993. A California-based entrepreneur bought the community in 2005 as a value-add opportunity. It was the only seniors housing property in the owner’s portfolio, so it was sold to a growing owner/operator. Neither party was disclosed. The purchase price equates to approximately $190,000 per unit. Jacob Gehl and Mike Segal were the lead advisors on the transaction.
PENNSDALE, PA. — PREIT has completed the disposition of Lycoming Mall, an enclosed mall located at 300 Lycoming Mall Circle in Pennsdale. The 834,600-square-foot asset sold for $26.3 million to an undisclosed buyer. Constructed in 1978 and redeveloped in 1990, the property’s current tenant roster includes Macy’s, Sears, JCPenney, Bon-Ton, Dick’s Sporting Goods, Books-A-Million, Burlington Coat Factory, Old Navy, American Eagle Outfitters, Bath & Body Works, The Children’s Place, Gymboree, Hollister, Justice, maurices, PacSun, Shoe Dept., Victoria’s Secret and Yankee Candle. Outparcel tenants include Best Buy, Big Lots and Friendly’s.
CHATHAM, N.J. — Redwood Realty Advisors has arranged the sale of Chatham Arms, an apartment building located at 49 S. Passaic Ave. in Chatham. A joint venture between Solar Capital and Vertical Realty Capital acquired the 31-unit property from Quad Realty LLC for $7.2 million, or $232,000 per unit. Thomas McConnell, Kevin McCrann, Matthew Sandelands and Jeremy Wernick of Redwood Realty Advisors brokered the transaction.
FARMERS BRANCH, TEXAS — CBRE Capital Markets’ Investment Properties has brokered the sale of Villa Creek, a 161-unit multifamily community in the Dallas suburb of Farmers Branch. Villa Creek Drive LLC purchased the asset from Villa Creek Associates LLC. Chris Deuillet of CBRE’s Dallas office represented the seller. The 131,562-square-foot asset is located at 2835 Villa Creek Drive and was 93.5 percent occupied at closing. Villa Creek includes 15 two-story apartment buildings with one-, two- and three-bedroom units. The complex was built in 1964 on 7.5 acres.
HOWE, TEXAS — Marcus & Millichap has arranged the sale of Bainbrook, a 20-unit apartment property located in Howe. Nick Fluellen, Bard Hoover and Evan Burke of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, an individual/personal trust. Fluellen, Hoover and Burke also procured the buyer, another individual/personal trust. Located at 511 S. Collins Freeway, Bainbrook was built in 1979 and was 100 percent occupied at the time of sale. The property includes one- and two-bedroom units with an average size of 649 square feet.
OAK CREEK, WIS. — The Dickman Company Inc./CORFAC International has completed the sale of a 66,310-square-foot industrial building in Oak Creek, approximately 15 miles south of Milwaukee, for an undisclosed price. Southbranch Property LLC purchased the building from 2250 W. Southbranch LLC. Samuel M. Dickman Jr. and Samuel D. Dickman of The Dickman Company Inc. were the sole brokers in the transaction.
PHILADELPHIA — Philadelphia-based PREIT has sold three non-core malls in Alabama and Virginia for $66 million. The malls include Gadsden Mall in Gadsden, Ala.; Wiregrass Commons Mall in Dothan, Ala.; and New River Valley Mall in Christianburg, Va. All three malls are anchored Belk and JC Penney. As part of its disposition strategy, PREIT has sold 13 non-core malls since November 2012, as well as a few retail power centers and land parcels, for roughly $600 million in gross proceeds. Average gross rents for the 13 malls sold were $28.82 per square foot, nearly 50 percent lower than PREIT’s portfolio average of $54.56 per square foot, excluding non-core malls. Average non-anchor occupancy for the 13 malls at the time of sale was 82.1 percent, which compares to a portfolio average of 92.9 percent at the end of 2015, excluding non-core malls.
WELLINGTON, FLA. — Marcus & Millichap has arranged the $9.5 million sale of a 14,820-square-foot Walgreens located at 10420 Forest Hill Blvd. in Wellington, a suburb of West Palm Beach. The store is located at the entrance to The Mall at Wellington Green, a 1.3 million-square-foot regional mall anchored by Nordstrom, Dillard’s, JC Penney and Macy’s. The buyer, a limited liability company, purchased the Walgreens store at a sub 5 percent cap rate. Russell Malayery and Walter Chapman of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Benjamin Silver, Douglas Mandel and Richard Niewiadomski of Marcus & Millichap’s Fort Lauderdale office represented the buyer.
TRUMBELL, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of eaves Trumbull, a gated multifamily community located at 100 Avalon Gates in Trumbull. Elmsford, N.Y.-based Paredim Partners acquired the 340-unit property from Gates Financing LLC for $70.2 million, or more than $206,000 per unit. The property features a mix of one-, two- and three-bedroom apartments in nine floor plans. Community amenities include a heated outdoor swimming pool, indoor and outdoor basketball courts and a racquet court, as well as private garages and covered parking. Victor Nolletti, Steve Witten, Still Hunter, Adam Mancinone and Blake Barbarisi of IPA represented the seller, while Nolletti and Witten procured the buyer in the transaction.
NEW YORK CITY — Marcus & MIllichap has negotiated the sale of an industrial building located at 1077-1081 Atlantic Ave. in Brooklyn. A limited liability company acquired the 11,500-square-foot facility for $4.6 million. Jakub Nowak and Jason Grunberg of Marcus & Millichap’s Brooklyn office represented the seller, an individual/personal trust, while Nowak, Grunberg and Jim McGuckin, also of Marcus & Millichap, represented the buyer in the transaction.