HIGHLAND PARK, MINN. — Upland Real Estate Group Inc. has arranged the sale of a single-tenant property net leased to Caribou Coffee in Highland Park for $1.2 million. The 1,544-square-foot building is located at the intersection of Fairview and Randolph avenues. Caribou Coffee, founded in Edina, Minn., has just over five years remaining on its lease. Upland represented the 1031 exchange buyer, the Rush family. The seller was not disclosed.
CHANDLER, ARIZ. — Wood Partners has completed the sale of Alta San Marcos, an apartment complex located in Chandler. JLL Income Property Trust acquired the property for $71.7 million or $262,821 per unit. The buyer plans to rebrand the property as Summit at San Marcos. Located within walking distance of downtown Chandler, the multifamily property features 273 apartments with nine-plus feet ceilings and an average unit size of 940 square feet. Community amenities include a clubhouse and leasing office with a 13-foot theater-style television, plush seating, a demonstration kitchen and fitness center. The community was completed in 2018. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
LONG ISLAND, N.Y. — JLL has brokered the $17 million sale of Hubbard’s Commons, a 65,970-square-foot, grocery-anchored retail center on Long Island. At the time of sale, the property was 98 percent leased to tenants such as Best Market, Rite Aid Pharmacy and Orangetheory Fitness. Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver, Andrew Scandalios and Grace Braverman of JLL represented the seller, Urban Edge Properties, in the transaction. ShopOne Centers REIT purchased the asset.
LOS ANGELES — San Diego-based MG Properties Group has purchased two multifamily properties in Los Angeles for a total of $139.7 million. An undisclosed seller sold both properties. Totaling 397 units, the assets are The Enclave at Warner Center, which sold for $69.5 million, and Meridian Place Apartment Homes, which sold for $70.2 million. Located in Los Angeles’ Warner Center/Woodland Hills neighborhood, The Enclave at Warner Center features 195 units. Meridian Place Apartments, situated in Los Angeles’ Northridge district, features 202 units. MG Properties plans to enhance the interiors of the units and upgrade common area amenities at both properties. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors (IPA), a division of Marcus & Millichap represented the seller in the Enclave at Warner Center deal, while Sean Deasy and Blake Rogers of JLL represented the seller in the Meridian Place transaction. Brian Eisendrath, Brandon Smith and Cameron Chalfant of CBRE arranged acquisition financing for the deals.
PHOENIX — Newport Beach, Calif.-based Buchanan Street Partners has completed the disposition of Quattro, an office building located at 4310-4350 E. Colton Center Blvd. in Phoenix. Boston-based Albany Road Real Estate Partners acquired the property for $43.5 million. Situated within Cotton Center business park, Quattro features 264,994 square feet of flex office space. Built in 2002, the asset was 92.5 percent leased at the time of sale. Current tenants include CVS Health, Freeport-McMoRan, Konica Minolta, Sodexo and Xerox. Tracy Cartledge, Bob Buckley and Steve Lindley of Cushman & Wakefield’s Phoenix office represented the seller in the deal.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Manitoba, a 265-unit multifamily complex in Fort Worth. Built in 1971, the property offers amenities such as two pools, a playground, afterschool center and onsite laundry facilities. Al Silva of Marcus & Millichap represented the seller, a Dallas-based nonprofit that owned the asset for 18 years, in the transaction. Silva and Ford Braly, also with Marcus & Milichap, secured the buyer, a Dallas-based investment firm that will renovate the property’s exteriors, unit interiors and amenity spaces.
TOLEDO AND OREGON, OHIO — Reichle Klein Group has brokered the $29.4 million sale of an 888-unit apartment portfolio in Toledo and Oregon. The properties include Tamarack Creek, Piccadilly West and Alexor in Toledo; and Piccadilly East, located at 2750 Pickle Road in Oregon. Tony Plath and Harlan Reichle of Reichle Klein represented the local seller, R.J. Lloyd Co. Ltd. Columbus-based Urban Land Co. Ltd. purchased the portfolio.
OMAHA, NEB. — CIT Group Inc. has agreed to acquire Mutual of Omaha’s savings bank subsidiary, Mutual of Omaha Bank, for $1 billion. CIT’s banking subsidiary, CIT Bank NA, will be used for the acquisition. The purchase price will be comprised primarily of cash and up to $150 million of CIT common stock. The transaction will diversify and enhance CIT’s funding profile with stable, lower-cost deposits from Mutual of Omaha Bank’s homeowner’s association banking business, according to New York City-based CIT. It is also expected to extend CIT’s commercial banking capabilities and enhance profitability. The transaction is expected to close in the first quarter of 2020. The agreement excludes Mutual’s mortgage subsidiary, Synergy One Lending. Founded in 1909, Mutual of Omaha offers a variety of insurance and financial products for individuals, businesses and groups throughout the United States. CIT Group Inc. (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of June 30.
OAK BROOK, ILL. — Fairbridge Properties has acquired Oak Brook Gateway in suburban Chicago for $42.8 million. The eight-story, 233,166-square-foot office building is located at 1111 W. 22nd St. The Class A property is 93 percent occupied. Tenants include Lewis University, U.S. Census Bureau, Oxford Bank and Aerotek. Designed by Holabird & Root and developed by New York Life Insurance Co. in 1984, Oak Brook Gateway includes a conference center, fitness center, full-service café, outdoor patio and covered parking. Brent Jacob of Colliers International handles leasing for the property.
ALSIP, ILL. — Entre Commercial Realty LLC has brokered the sale of a 9,586-square-foot industrial building in Alsip, a southern suburb of Chicago. The sales price was not disclosed. The property is located at 5901 W. 115th St. AA Restoration, a masonry restoration services company, purchased the facility and will relocate from a smaller building in Alsip. Jeffrey Locascio of Entre represented both the buyer and the seller, Granite Place.
