ROANOKE, VA. — Capstone Apartment Partners has brokered the sale of two apartment communities in Roanoke known as Carefree Place and Ellsworth Place. Mid Atlantic Funding LLC purchased both properties from Rapp Properties LLC for $2.1 million, or $52,500 per unit. The communities had an average occupancy rate of 98 percent at the time of sale. Todd Conner and Beau McIntosh of Capstone represented Rapp Properties in the transaction.
ROCHESTER, MINN. — Marcus & Millichap has brokered the $795,000 sale of O’Reilly Auto Parts, a 5,600-square foot net-leased property located in Rochester. The property is located at 2610 Broadway Ave. N. Adam Prins, Matthew Hazelton and Mike Marzinske of Marcus & Millichap’s Minneapolis office represented the seller, a limited liability company.
WINTER PARK, FLA. — Plaza Advisors has brokered the sale of Aloma Square Shopping Center, a grocery-anchored shopping center in Winter Park, a suburb of Orlando. The property was 88.8 percent leased at the time of sale to tenants such as Aldi, Deal$, CARQUEST, Fresenius Medical Care, CosmoProf, Liberty Tax and Subway. Mike Cvetetic and Jim Michalak of Plaza Advisors represented the seller, Noble Properties, in the transaction. The buyer was Aloma Square WP LLC.
MERCED, CALIF. – Viraaj Investments has acquired the 83-room Hampton Inn & Suites Merced for $8 million. The hotel is located at 225 S Parsons Ave., on the Highway 99 corridor. The seller, Incline Hotels, was represented by Hunter Hotel Advisors.
TUCSON, ARIZ. – An 11,036-square-foot medical building in Tucson that is leased to Arizona Oncology has sold to Redyns Development for $2.9 million. The building is located at 1620 W. St. Mary’s Road. Redyns was represented by Stephen Cohen and Russ Hall of Cushman & Wakefield | PICOR. The seller, St. Mary’s Silverbell Building LLC, was represented by CBRE’s Mike Sandahl, Wyatt Campbell and Buzz Isaacson.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a mixed-use property located at 1322 Cortelyou Road in Brooklyn’s Ditmas Park section. The 8,000-square-foot asset sold for $2.1 million. Derek Bestreich, Lucien Sproviero and Erik Rodriguez of Marcus & Millichap’ Brooklyn office represented the seller, a private investor, and the buyer, a private investor, in the transaction.
CANONSBURG, PA. — HLC Equity has purchased a retail property located at 601 West Pike St. in Canonsburg. Rite Aide occupies the 13,825-square-foot property under a triple-net lease. Constructed in 2006, the freestanding building has been occupied by Rite Aid since 2006. Dean Zang of Marcus & Millichap brokered the transaction.
LOS ANGELES – Griffin-American Healthcare REIT II has completed its $4-billion merger with NorthStar Realty Finance. Griffin-American Healthcare REIT II is co-sponsored by American Healthcare Investors and Griffin Capital Corporation. Per the merger agreement, NorthStar Realty has acquired all of the outstanding shares of Griffin-American in this stock and cash transaction. Griffin-American stockholders will receive an allocation of two-thirds cash and one-third common stock of NorthStar Realty from the merger’s proceeds. The Griffin-American Healthcare REIT II portfolio contains 289 buildings throughout 32 states and the United Kingdom. The properties are a mix of medical office buildings, hospitals, and senior housing and skilled nursing facilities. The portfolio was about 95 percent leased at the end of September, according to Griffin Capital. The tenants carried a weighted average remaining lease term of 9.2 years. New York-based NorthStar Realty Finance Corp. is a diversified commercial real estate company organized as a REIT. It is managed by an affiliate of NorthStar Asset Management Group Inc. Los Angeles-based Griffin Capital Corporation is a privately owned real estate company. Griffin Capital and its affiliates have acquired or constructed about 32 million square feet since 1995. American Healthcare Investors is an investment management firm that specializes in …
CEDAR HILL, TEXAS — HFF has arranged the $38.3 million refinancing of Uptown Village at Cedar Hill, a 615,000-square-foot lifestyle center in Cedar Hill. HFF worked on behalf of Trademark Property Co. to place a three-year, floating-rate loan with Aareal Capital Corp. Uptown Village at Cedar Hill is located at 305 W. Farm to Market Road 1382 at the J. Elmer Weaver Freeway. The shopping, dining and entertainment center features a water fountain, electric vehicle charging station, children’s play area and an oversized chess and checker board. Live acts play at the center’s Village Green Stage. The center was completed in 2008 and includes more than 70 retail stores including Dillard’s, Dick’s Sporting Goods, Barnes & Noble, Ulta, Chico’s, Victoria’s Secret, Charming Charlie and Foot Locker. Jim Curtin, Trey Morsbach, Judy Boyd and Brad Greenway led HFF’s team representing the borrower.
AUSTIN, TEXAS — ATCO Properties & Management has acquired 1300 Guadalupe St. in downtown Austin, and has sold the Crossroads Center for an undisclosed amount. The property at 1300 Guadalupe is a fully occupied, 45,000-square-foot commercial office building located two blocks west of the Texas State Capitol. The property includes tenants such as projekt 202, Snow Software, Noack Little Architecture and Honeywell International Inc. ATCO has also closed on the sale of the 100,000-square-foot Crossroads Center. Steve Durhman of Durhman and Bassett represented the buyer, Jay Kaplan. The property is 96 percent occupied by tenants including Chili’s, West Marine, Pluckers Wing Bar, Make It Sweet, Subway and Cycle Gear.
