CHICAGO — Marcus & Millichap has brokered the sale of a Starbucks-anchored retail center located at 5505 S. Kedzie Ave. in Chicago’s Gage Park neighborhood for $7 million. The Starbucks features a drive-thru, and the overall property spans 14,812 square feet. Other tenants are a mix of medical and retail users. Nicholas Kanich and Mitchell Kiven of Marcus & Millichap represented the seller, a Chicago-based developer. The asset sold to an all-cash buyer.
SPRING VALLEY, N.Y. — Hudson Valley Property Group has purchased two affordable housing communities totaling 220 units in Spring Valley, about 35 miles north of New York City. The properties include the 144-unit Lakeview Village and the 76-unit Highview Apartments. The new ownership plans to invest in capital upgrades to preserve affordability; all apartments will subsequently be restricted to tenants earning 60 percent or less of the area median income (AMI). Renovations will include energy-efficient upgrades such as Energy Star-rated appliances, high-efficiency heating and cooling systems and LED bulbs; updated bathrooms and new flooring; ventilation upgrades; and other cosmetic improvements. Plans are also in place for common spaces to receive green building and cosmetic upgrades.
CORONA, CALIF. — Avanath Capital Management has purchased River Run Senior, an affordable seniors housing property located at 863 River Road in Corona. With this acquisition, Avanath now owns 11 properties in Southern California with 2,187 units under management in the region. Built in 2004, River Run consists of six three-story, garden-style residential buildings totaling 216,684 square feet. The community offers a mix of 306 one-bedroom units and 54 two-bedroom units. Units feature air conditioning, dishwashers, vinyl plank flooring, walk-in closets and private balconies or patios. Residential amenities include a community center, leasing office, business center, pool, elevator service, laundry rooms in each building and a gated entry. Avanath will implement social programming at River Run, in addition to its Wellbeats partnership program that allows residents to exercise from home. The company also plans to upgrade the property’s mechanical systems; replace roofs, HVAC systems and boilers; add a maintenance shop; and install security cameras near access gates. Avanath Communities will manage the asset.
INDIANA — Newmark has brokered the sale of a four-property retail portfolio in Indiana for approximately $10.5 million. The portfolio includes a Starbucks, Dollar Tree and two CVS properties for a total of 34,814 square feet. Specific addresses and cities were not provided. Matt Berres, Samer Khalil and Jenna Barnett of Newmark represented the seller, a private developer. The team also procured the buyer, a REIT.
FORT WORTH, TEXAS — Boston-based multifamily investment firm West Shore LLC has acquired The Sovereign, a 322-unit apartment community in North Fort Worth. The property, which according to Apartments.com was built in 2015, offers one-, two- and three-bedroom units. Amenities include a pool, outdoor kitchen, dog park, fitness center, clubhouse and an auto detailing center. The seller and sales price were not disclosed. West Shore now owns and operates about 11,000 units across seven states following this acquisition.
KISSIMMEE, FLA. — PMAT Cos. has sold Columbia Promenade, a 65,853-square-foot, Publix-anchored shopping center in Kissimmee, for $12.7 million. Danny Finkle, Brad Peterson, Eric Williams, Whitaker Leonhardt and Kim Flores of JLL represented the seller in the transaction. The buyer was not disclosed. Built in 2000, Columbia Promenade was 98.6 percent leased at the time of sale to tenants including H&R Block and MetroPCS. Situated on 9.7 acres at 1251 W. Columbia Ave., the property has frontage along John Young Parkway and is located about 24.1 miles from downtown Orlando and 11.9 miles from Walt Disney World Resort.
ROGERS, MINN. — PCCP and its joint venture partner Capital Partners have acquired Diamond Lake Road Distribution Center in Rogers, about 25 miles northwest of Minneapolis. The purchase price was not disclosed. The 386,724-square-foot distribution center is located at 19850 S. Diamond Lake Road. The facility was developed in 2001 as a build-to-suit for Archway Marketing Services. This month, the building became vacant for the first time in 20 years. Judd Welliver, Sonja Dusil, Ryan Watts, Bentley Smith and Tom Holtz of CBRE represented the seller, STAG Industrial.
PORTLAND, TEXAS — Oldham Goodwin Group, a Texas-based development, management and brokerage firm, has sold Palm Bluff Place, a 250-unit multifamily property in the Corpus Christi suburb of Portland. Oldham Goodwin completed the project in 2017. Units are available in one-, two- and three-bedroom floor plans; range in size from 705 to 1,313 square feet; and feature stainless steel appliances, granite countertops and wood-style flooring. Amenities include a pool, fitness center, outdoor kitchen and grilling stations and a resident lounge/clubhouse. The buyer was an undisclosed institutional private equity group.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of the Interstate Industrial Portfolio, a collection of 15 buildings totaling approximately 2.5 million square feet located in various markets throughout the Northeast. Those markets include Harrisburg, Pennsylvania, and Columbus, Ohio, as well as the Upstate New York cities of Syracuse, Rochester and Albany. Cushman & Wakefield’s David Bernhaut, Kyle Schmidt, Ryan Larkin and Seth Zuidema represented the seller, Heritage Capital Group, in the transaction. Gideon Gil, Alex Lapidus and Meredith Donovan, also with Cushman & Wakefield, arranged $114.2 million in acquisition financing on behalf of the undisclosed buyer. An affiliate of LoanCore Capital provided the loan. The portfolio was 97 percent leased at the time of sale.
PHILADELPHIA — CBRE has negotiated the $33.5 million sale of a 454,456-square-foot industrial property located along the Interstate 95 corridor in Philadelphia. The property was originally built in 1960 on a 26.4-acre site and recently underwent a $3.7 million capital improvement program. Building features include clear heights of 18 to 24 feet, parking for 189 cars and 46 trailers and 16,800 square feet of office space. Michael Hines, Brian Fiumara, Brad Ruppel, Joe Hill, Lauren Dawicki, Stephen Marzullo and Adam Silverman of CBRE represented the seller, Ivy Realty, in the transaction. CBRE’s Steven Doherty and Nick Harris arranged acquisition financing on behalf of the buyer, a partnership between two New York-based firms, Ajax Advisors and Brickman Associates. The property was fully leased at the time of sale.