KILDEER, ILL. — SVN | Chicago Commercial has brokered the sale of a six-acre development site at 21481 N. Rand Road in Kildeer for $3.5 million. The purchaser plans to develop a 50,000-square-foot medical office building on the site located about 37 miles northwest of Chicago. Al Lindeman of SVN represented the undisclosed seller, while Avison Young represented the buyer.
CAMBRIDGE, MASS. — Newmark Knight Frank has arranged the $10.7 million sale of a 12,128-square-foot retail strip center in Cambridge. Located at 351-359 Fresh Pond Parkway, the property is fully leased to a tenant roster that includes Bank of America, AT&T, Sherwin Williams, Sleep Number and The Vitamin Shoppe. The retail center was built in 2013. NKF represented the seller, a joint venture between Spellman Ventures and Sydney Associates, in the transaction. The buyer was an affiliate of The Grossman Companies.
ST. LOUIS — Franklin Partners has acquired the 174,965-square-foot Corporate Hill IV office building in St. Louis for an undisclosed price. The six-story building was constructed in 1984 and renovated in 2015. Amenities include a full-service cafeteria, one loading dock and exterior balconies on the fifth and sixth floors. A single tenant previously occupied the property. TJ Redmond of CBRE represented the undisclosed seller. Mark Palmer and Artie Kerckhoff of CBRE represented Franklin Partners. The duo will also market the property for lease.
CLOVIS, CALIF. — Lucescu Realty has brokered the sale of Clovis Commons Shopping Center in Clovis. Brixmor Property Group sold the retail center to an affiliate of a Southern California-based privately held investment and management company for $45 million. Target, Best Buy, T.J. Maxx, PetSmart, Office Depot and Dollar Tree anchor the 326,608-square-foot community shopping center. The five anchor tenants, included in the sale, together occupy approximately 64 percent of the gross leasable area in the center. Additional tenants include Round Table Pizza, Farmer Boys, Massage Envy, Sequoia Sandwich Co., El Pollo Loco, Chronic Taco, Verizon Wireless, Starbucks Coffee, Subway, GameStop, Kumon, Menchie’s, Cost Cutters and GNC. Mark Lucescu of Lucescu Realty represented the seller in the transaction.
SAN FRANCISCO — Madison Capital and PGIM Real Estate have purchased 360 Spear Street, a five-story mixed-use building located in San Francisco’s South Financial District. The transaction was valued at $95 million. The buyers plan to reposition the 160,451-square-foot property. In addition to 49,992 square feet of office space, the property features 110,459 square feet of life science, light industrial and production, and development and repair space. Approximately one-third of the property is leased to major credit tenants Verizon Wireless and AT&T, and the remaining space will be designated for light industrial and creative office tenants. Tim Hennessey of PGIM Real Estate and Jonathan Nachmani from Madison Capital led the acquisition. Seth Siegel of Cushman & Wakefield brokered the transaction.
ORLANDO, FLA. — An affiliate of Boston-based Taurus Investment Holdings has purchased Canopy Apartment Villas, a multifamily property located at 5762 Folkstone Lane in Orlando. Robbins Property Associates and Philadelphia-based LEM Capital sold the asset to Taurus for $47.9 million, or $161,993 per unit. Berkadia arranged a $35.2 million loan for the acquisition of the property. Mitch Sinberg and Matthew Robbins of Berkadia’s Boca Raton, Fla., office arranged the 10-year, floating-rate loan with five years interest-only financing for the borrower. Fannie Mae provided the loan as part of its Green Rewards program. Developed in 1981, the property comprises 56 one- and two-story villa and townhome-style residential buildings featuring 296 units in a mix of one-, two- and three-bedroom units. The units have an average size of 1,090 square feet and an average market rent of $1,355. At the time of sale, the property was 96.3 percent occupied. All units at the property features private entries, fenced patios, ceramic tile flooring, modern maple cabinetry, washers and dryers, a wood-burning fireplace and two-inch mini-blinds. Select apartments have stainless steel appliances, 16-foot vaulted ceilings and California closets. Community amenities include two resort-style swimming pools with summer kitchens, a renovated clubhouse, cyber café, fitness …
HOUSTON — Strategic Storage Trust IV, a self-storage REIT sponsored by SmartStop Asset Management LLC, has acquired a portfolio of six properties totaling approximately 3,600 units and recreation vehicle spaces in the greater Houston area. The properties were built between 2002 and 2007 and offer a total of roughly 483,000 net rentable square feet. Nick Walker, John Fenoglio and Trevor Roberts of CBRE represented the seller, Metro Mini Storage, in the transaction.
MCHENRY, ILL. — Entre Commercial Realty LLC has arranged the sale of a 65,000-square-foot flex office building in McHenry for an undisclosed price. The property is located at 1391 Corporate Drive. Mike DeSerto and Dan Jones of Entre represented the undisclosed seller. The buyer, Papazyan Capital Group, plans to utilize a portion of the building for its own use while subdividing and leasing up other portions as small as 3,000 square feet.
VIRGINIA BEACH, VA. — Besyata Investment Group and The Scharf Group have purchased Brookfield Apartment Homes, a multifamily property located at 1101 Craftsman Drive in Virginia Beach. Bonaventure Investment Group sold the property for $37.7 million. Constructed in the early 1970s, Brookfield comprises 44 two-story apartment buildings holding 352 units. The property includes two swimming pools, two community rooms and a tennis court. George Hankins and Victoria Pickett of CBRE|Hampton Roads teamed with William Roohan, Robert Dean III, Jonathan Greenberg, Yalda Ghamarian and Thomas Leachman of CBRE’s Multifamily Investment Properties team in Washington, D.C., to represent the seller in the transaction.
CONCORD, CALIF. — CBRE has arranged $11.2 million in financing for the acquisition of Entrust of Concord, a 101-unit independent living, assisted living and memory care community in the Bay Area city of Concord. The borrower was a joint venture between Agemark Senior Living and Trellis Real Estate Group. The property will be immediately rebranded as TreVista Concord. Originally constructed in 1970, the community is situated on 2.7 acres near both downtown Concord and downtown Walnut Creek. Upon closing, Agemark and Trellis plan to spend several million dollars in capital upgrades. The acquisition represents Trellis and Agemark’s third joint venture partnership. The property is located within three miles of two of the largest medical centers in Contra Costa County, which together comprise 799 licensed medical beds. Aron Will of CBRE National Senior Housing arranged the five-year, floating-rate loan with 36 months of interest-only payments through a national bank.
