EVANSTON, ILL. — Jameson Commercial has arranged the sale of a 12,050-square-foot medical office building in Evanston for $5.3 million. Access Community Health Network occupies the property. John Scuras of Jameson brokered the transaction. Neither the buyer nor the seller was disclosed.
HOUSTON — CBRE has negotiated the sale of a portfolio of three multifamily communities totaling 1,331 units in Houston. The properties, which had an average overall occupancy of 91 percent at the time of sale, are Westchase Estates, Westchase Grand and Westchase Preserve. Matt Phillips and Clint Duncan of CBRE represented the seller, a partnership between Ascension Commercial Real Estate and Moriah Group, in the transaction. Michael Thompson of CBRE arranged acquisition financing for the deal on behalf of the buyer, The Valcap Group LLC.
YORBA LINDA, CALIF. — CBRE has brokered the sale of The Shops at Yorba Linda, a three-building center located at 4846-4854 Valley View Ave. in Yorba Linda. Solana Beach-based Midtown National Group sold the property to Los Angeles-based San Jose Central Travel for $7.8 million. At the time of sale, the property was fully occupied by a mix of quick-serve restaurants, service tenants, unique retailers and a Dunkin Donuts drive-thru. Sam Alison, Mike Philbin, Amar Goli and Patrick Larimore of CBRE represented both the seller and buyer in the transaction.
WASHINGTON, D.C. — A joint venture led by Urban Investment Partners (UIP) has acquired 3333 Wisconsin, a 100-unit apartment building located at 3333 Wisconsin Ave. N.W. in Washington, D.C.’s Cathedral Heights neighborhood. The sales price was not disclosed, but the Washington Business Journal reports the asset sold for $42.5 million. UIP did not name its joint venture partner. The community is situated across Wisconsin Avenue from Cathedral Commons, a mixed-use development that houses a Giant supermarket, CVS/pharmacy, restaurants, service retailers and fitness venues. The community includes a mix of studio to two-bedroom units and features a fitness center, clubroom with a bar and pool table and an onsite Zipcar station. UIP plans to upgrade the building’s common areas and make improvements to individual unit interiors starting in the first quarter of 2019. UIP Property Management is managing the property.
DEARBORN, MICH. — NAI Farbman has arranged the sale of a 35,800-square-foot office building in Dearborn for $1.5 million. The property, originally built in 1972 and formerly the United Airlines building, spans two stories on a 4.5-acre site at 17501 Michigan Ave. Ali Haidar of Farbman represented the buyer, 17501 Michigan Ave. Acquisitions LLC. UA Investment Group LLC was the seller. Farbman will handle management and leasing for the property, which will be rebranded as Dearborn Office Centre.
PITTSBURGH — Lionstone Investments and Walnut Capital have acquired the Pittsburgh Athletic Association clubhouse, a five-story vacant building in Pittsburgh’s Oakland neighborhood. The property was built in 1911 and had served as the clubhouse for the Pittsburgh Athletic Association since then. The building features Renaissance Venetian palazzo architecture, a bowling alley, basketball and squash courts and a third-floor swimming pool. The structure was added to the U.S. National Register of Historic Places in 1978. HFF brokered the sale of the building on behalf of the Pittsburgh Athletic Association as part of a Chapter 11 bankruptcy reorganization. The buyers plan to refurbish the exterior of the building and convert the interior into 90,000 square feet of office space. Work on the property is expected to take 18 to 24 months.
SILVER SPRING, MD. — HFF has brokered the $70.3 million sale of Spring Parc, a 399-unit apartment community in Silver Spring, located roughly six miles north of Washington, D.C. Walker Coker, Brian Crivella, Roland Merchant and Stephen Conley of HFF arranged the transaction on behalf of the seller, Ares Management LP. The HFF team also procured the buyer, Bridge Investment Group LLC. Spring Parc includes a mix of one-, two- and three-bedroom units and features a swimming pool, grilling area, two playgrounds, dog park with agility course and a fitness center
MONTGOMERY, TEXAS — Bellomy & Co. has arranged the sale of AA Climate Controlled Storage, a self-storage facility located in Montgomery, about 50 miles northwest of Houston. Built in 2003, the property consists of 483 units across 58,685 net rentable square feet of climate-controlled space. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Houston-based seller in the transaction. The duo also procured the buyer, Katy-based Pinnacle Storage Properties. The sales price was not disclosed.
INDIANAPOLIS — Quantum Real Estate Advisors Inc. has brokered the sale of a 5,936-square-foot retail building in Indianapolis for $1.9 million. The multi-tenant property is located at 1950 Kessler Blvd. Tenants include Starbucks, Verizon and Subway. Jack Farritor of Quantum brokered the transaction. A Washington, D.C.-based investment group was the buyer. A Phoenix-based developer was the seller.
LOS ANGELES — Xenon Investments, a local multifamily operator, has purchased Las Palmas Villa Apartments, located at 2039 N. Las Palmas Ave. and 2026 N. Highland Ave. in Hollywood. Berk Investments sold the property for $28 million. The 67,700-square-foot asset features a mix of studio/junior one-bedroom, one-bedroom and two-bedroom units, controlled access, a swimming pool with sundeck, courtyard with fountain, parking, laundry facilities on each floor and elevator access to all levels. Unit amenities include spacious floorplans and air conditioning, with many units featuring a balcony or patio. The buyer plans to upgrade all common areas, including the building façade, and completely renovate all unit interiors with state-of-the-art amenities and conveniences. Dean Zander, Stewart Weston and John Montakab of CBRE represented the seller in the deal.
