STREETSBORO, OHIO — NAI Pleasant Valley has arranged the sale of a 31,237-square-foot industrial building in Streetsboro, about 30 miles south of Cleveland. The sales price and seller were undisclosed. Jeffrey Calig and David Hexter of NAI Pleasant Valley represented both parties in the sale. Natural Essentials Inc., a manufacturer of hand sanitizer and various over-the-counter drug products, was the buyer. This is the Aurora, Ohio-based company’s fourth building.
AURORA, COLO. — CBRE has negotiated the sale of a distribution facility located at 15800 E. 40th Ave. in Aurora, about 10 miles east of Denver. Serta Simmons Bedding sold the property to Dallas-based Dalfen Industrial for $7.1 million. Built in 2003 for Serta’s own operations, the 75,000-square-foot building features a fenced, secure loading area, ESFR sprinklers, dock-high and drive-in loading, 24-foot clear heights, radiant heat throughout, mechanical pit levelers, dock lights and seals, skylights and an air exchange system. Additionally, the facility features 6,500 square feet of office space. Todd Witty and Doug Viseur of CBRE’s Denver office represented the seller in the transaction.
PALM BEACH GARDENS, FLA. — MHCommercial Real Estate Fund LLC (MHC) and Waterfall Asset Management have acquired Golden Bear Plaza, a 243,000-square-foot office complex in Palm Beach Gardens, for $49.8 million. The three-building campus was 90 percent leased to tenants including AT&T, Otis Elevator Co., Pike Electric, Dycom Industries, NextEra Energy, SlimFast and Zimmer Biomet 3i at the time of sale. M&T Bank provided acquisition financing for the buyers. This is the first office acquisition in Florida for Waterfall Asset Management, which is based in New York City. Dung Lam, Neil Merin and Jordan Paul of West Palm Beach, Fla.-based NAI/Merin Hunter Codman Inc. formed MHC in November. NAI/Merin Hunter Codman will provide property and leasing management. The seller was not disclosed. Nicklaus Cos. LLC, a development company headed by Hall of Fame golfer Jack Nicklaus (whose nickname is Golden Bear), originally built the campus between 1985 and 1990.
LOS ANGELES — Kelly Morgan Commercial Group at KW Commercial has arranged the sale of Valerio Village Apartments, a multifamily property in Los Angeles. A San Diego-based private investor acquired the property for $19.2 million, or $200,337 per unit. The seller was not disclosed. Located in the Van Nuys neighborhood, Valerio Village Apartments features 96 units.
WICHITA, KAN. — Capstone Manufactured Housing has arranged the sale of a three-park manufactured housing portfolio in Wichita for $20 million. The portfolio includes Lamplighter, Fishin’ and River Oaks. Each of the three communities includes a clubhouse, swimming pool and basketball courts. Kevan Enger, Ian Hilpl and Brian Hummell of Capstone represented the seller, Park Street Partners. A California-based operator purchased the portfolio.
SACRAMENTO — San Rafael, Calif.-based Oakmont Properties has completed the disposition of The Fountains at Point West, a value-add apartment property located at 1761 Heritage Lane in Sacramento. Salt Lake City-based Bridge Investment Group acquired the asset for $85.1 million. Built in 1974, The Fountains at Point West features 339 units in a mix of studio, one-, two- and three-bedroom floor plans. Community amenities include a 12,000-square-foot clubhouse; theater room; multi-story fitness center with racquetball courts; three pools and spas; multiple waterways and fountains; a barbecue area; three tennis courts; a basketball court; underground garage parking; and elevators serving the three-story buildings. The property recently underwent exterior renovations, including new roofs, complete exterior residing, replacement of balconies and stair towers, elevated walkways, installation of dual-pane windows, exterior paint, landscaping and an upgraded fitness center and clubhouse. The seller has fully renovated 23 units, allowing Bridge Investment Group to renovate the remaining the units and revitalize the remainder of the property. Marc Ross of CBRE’s Sacramento office represented the seller in the transaction.
CHICAGO — Becovic Management Group LLC has purchased Shore Manor in Chicago for $13.3 million with plans to convert the 90-unit condo property into apartments. The building is located at 5858 N. Sheridan Road. Built in 1955 and converted to condos in 1977, the 12-story property offers a mix of studio and one-bedroom units averaging 576 square feet. Sam Haddadin and Justin Ross of CBRE represented the condo association in the sale. “Older buildings facing capital projects present a great opportunity for condo owners to get well above market value for their condos in a deconversion sale,” says Haddadin. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The city of Chicago recently increased the required owner approval to 85 percent. Sellers then have the option to either move out of their units or lease them back from the new owner.
WYLIE, TEXAS — A partnership between investment firm Trez Capital and Houston-based developer Hines has acquired a 760-unit self-storage facility located at 570 Country Club Road in Wylie, a northeastern suburb of Dallas. The 11-building, Class A property spans 101,931 square feet and includes 75 RV storage spaces. The seller and sales price were not disclosed. CubeSmart operates the facility.
ANDOVER, MASS. — IQHQ, a Boston-based REIT, has acquired Innovation Park, an approximately 200,000-square-foot life sciences and office located in the northern Boston suburb of Andover. The sales price was $35.9 million. Located at 4 Corporate Drive, the property features Class A office and lab space, as well as ground-floor retail space. University of Massachusetts Lowell and clinical research firm Ora Inc. recently leased space at the campus. Colliers International represented IQHQ in the transaction.
SPRING, TEXAS — JLL has negotiated the sale of Rayford Village, a 19,950-square-foot retail center located in the northern Houston suburb of Spring. The two-building property houses tenants such as Cole Veterinary Services, SK Salon, Goodwill and Papa John’s. Ryan West, John Indelli and Katherine Miller of JLL represented the seller, BNS Rayford Partners LP, in the transaction. Michael Johnson, Stuart Helper and Trey Pizzitola of JLL arranged acquisition financing through First Community Credit Union on behalf of the undisclosed buyer. The loan carried a 10-year term and a fixed interest rate.
