APPLETON, WIS. — Cleeman Realty Group has negotiated the sale of a freestanding retail property net leased to Pick ’n Save in Appleton for $7 million. The 79,711-square-foot building sits on nine acres at the corner of Wisconsin Avenue and Wilharms Drive. Jeremy Scheer of Cleeman represented the buyer, a California-based private investor. Rollie Winter & Associates represented the seller, a Wisconsin-based private investor.
INDIANAPOLIS — Marcus & Millichap has brokered the sale of a PNC Bank ground lease in Indianapolis for $1.6 million. The 4,935-square-foot building sits on 1.6 acres at 4030 S. East St. Jordan Klink and Ben Sullivan of Marcus & Millichap’s The Klink Group marketed the property on behalf of the seller, a Michigan-based limited liability company. Agents from Marcus & Millichap’s Phoenix office represented the out-of-state, 1031 exchange buyer.
KANSAS CITY, MO. — Zovest Capital has acquired Chapel Hill Apartments in Kansas City for an undisclosed price. The 56-unit apartment community features floor plans that average 1,067 square feet. The value-add property was 96 percent occupied at the time of sale. Max Helgeson, Michael Spero and Jeff Stingley of CBRE represented the private seller. Ben Weddington of CBRE arranged acquisition financing on behalf of the buyer through Freddie Mac.
LEE’S SUMMIT, MO. — Hanley Investment Group Real Estate Advisors has arranged the $3.3 million sale of two retail buildings in Lee’s Summit within metro Kansas City. Taco Bell and Scooter’s Coffee occupy the newly constructed properties. Taco Bell occupies 2,160 square feet while Scooter’s leases 600 square feet. Both buildings feature drive-thrus. Jeff Lefko, Bill Asher and Beau Velten of Hanley, along with Jeff Christian of First Street Brokerage, represented the seller, a San Francisco-based private investment company. Deborah Ewing of Fuller Group CRE represented the buyer, a Washington-based private investor. The sales price represents a cap rate of 5.3 percent.
ROMEOVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired a 16,744-square-foot industrial building in Romeoville, located about 37 miles southwest of Chicago, for an undisclosed price. Built in 1999, the property sits on one acre at 1343 Lakeside Drive. It is fully leased to Ultimate Rental Services and features a clear height of 22 feet, two exterior docks, two drive-in doors and parking for 20 cars. Mike Antonelli of Brown Commercial Group represented the undisclosed seller. Traci Payette and Rowan McDonnell of CBRE represented Ultimate Rental Services in its lease. VK Industrial V LP is a partnership between Venture One and Kovitz Investment Group.
SANTA MONICA, CALIF. — Marcus & Millichap has directed the sale of 2647 6th Street, a 24-unit multifamily property located in Santa Monica. A private investor sold the asset to another private investor for $8 million in an all-cash transaction. David O’Keefe and Steve Bogoyevac of Marcus & Millichap represented the seller and buyer in the deal. Built in 1968, the building was converted to condominiums via Tenant Ownership Rights Charter Amendment (TORCA), but is currently operating as an apartment building. The property features four studios, 19 one-bedroom units and four two-bedroom units.
MARTINSBURG, W.VA. — Marcus & Millichap has arranged the $10 million sale of Elmtree Townhouse Apartments, a 97-unit multifamily community in Martinsburg. The property, which is two stories tall and was built in 2006, offers two- and three-bedroom floor plans. The asset is situated at 125 Winslow Drive, four miles north of downtown Martinsburg and five miles from the West Virginia-Maryland border. Marcus & Millichap’s Dana Newton and Mike Maxwell, along with the firm’s broker of record Francis McGuire, represented both the buyer and seller, undisclosed private investors, in the transaction.
HARRISONVILLE, MO. — Montecito Medical Real Estate has acquired Rock Haven Medical Mall in Harrisonville, about 35 miles south of Kansas City. The purchase price was undisclosed. The two-story, 76,000-square-foot medical office building is attached to Cass Regional Medical Center and was built in 2011. In addition to Cass, other tenants include Harrisonville Family Medicine, Carondelet Health Cardiology, Cass Regional Orthopedics, Gillen Pharmacy and Fresenius Medical Care.
DENVER — Dayton, Ohio-based The Connor Group has purchased Broadstone Lowry, an apartment property located at 8505 Lowry Blvd. in Denver. Alliance Residential sold the asset for an undisclosed price. Built in 2019, Broadstone Lowry features 300 apartments with designer kitchens, hardwood-style plank flooring, stainless steel appliances, walk-in closets with built-in shelving, and patios and decks. Community amenities include a resort-style pool, spa, pool-side cabanas, outdoor kitchen and large fire pits; rooftop amenity deck with panoramic views, outdoor kitchens and entertaining areas; wellness center with meditation pods and a living green wall; pet wash and grooming station; fitness center; yoga studio; and several courtyards. Terrance Hunt, Shane Ozment, Amanda Meldrum and Craig Ratterman of Newmark Knight Frank represented the seller in the deal.
ARLINGTON, TEXAS — Dallas-based CONTI Organization has acquired Vine Apartments, a 420-unit community located at 711 Trinity Circle in Arlington. Built on 21 acres in 1980, the garden-style property consists of 23 three-story buildings housing one- and two-bedroom units. Amenities include a pool, fitness center, dog park, volleyball court and tennis courts. Daniel Baker and Chandler Sims of CBRE represented the undisclosed seller in the transaction. Including this transaction, CONTI’s portfolio consists of 31 multifamily properties totaling more than 9,000 units.
