BROOKLYN CENTER, MINN. — KW Commercial | AMK Properties has brokered the sale of Humboldt Square Shopping Center in Brooklyn Center for $3.7 million. The 40,390-square-foot property is located on Humboldt Avenue. Anchor tenants include Dollar Tree and New Horizon Academy. Matthew Klein and Andy Manthei of KW Commercial represented the seller, Kensington Property Management LLC, and secured the buyer, investor Thomas Kite.
REDLANDS, CALIF. — Rancho Santa Margarita, Calif.-based Cypress West Partners has completed the disposition of Park Plaza Medical Campus, a medical office complex located in Redlands. An undisclosed buyer acquired the asset for $18.3 million. Totaling 53,325 square feet spread across three outpatient medical office buildings, Park Plaza Medical Campus is located at 1776, 1782 and 1790 W. Park Ave. Loma Linda University Health Care occupies 99 percent of the property. Loma Linda University Health Care is an academic medical center that operates 1,077 beds across six hospital. The healthcare provider utilizes the Park Plaza buildings for a variety of specialty practices, including its Behavioral Medical Center program. Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE’s U.S. Healthcare and Life Sciences Capital Markets partnered with Anthony DeLorenzo, Gary Stache, Sammy Cemo and Doug Mack of CBRE to represent the seller in the transaction.
SAN PEDRO, CALIF. — Chicago-based Waterton has purchased The Vue, a 16-story apartment community located at 255 W. Fifth St. in San Pedro. Originally built in 2008 as a condominium project, the property features 318 apartments in a mix of one-, two- and three-bedroom floor plans. Terms of the transaction were not released. Averaging 1,035 square feet, the units feature large living spaces and bedrooms, nine-foot ceilings and floor-to-ceiling windows. Waterton plans to renovate the units with stainless steel appliances, updated plumbing fixtures, tile backsplashes, new cabinet fronts and quarter countertops in the kitchens. Additionally, the renovations will include faux wood vinyl plank flooring, new lighting fixtures and the addition of full-sized vented washers/dryers. Waterton also plans to upgrade the lobby and common areas, as well as make cosmetic improvements to the existing amenities, including the pool deck, fitness center, rooftop lounge and business center.
GAINESVILLE, GA. — Passco Cos. has purchased The Mill at New Holland, a 284-unit multifamily community in Gainesville, for $65 million. The property offers studio to three-bedroom floor plans that feature granite countertops, stainless steel appliances, tile backsplashes and nine-foot ceilings. Communal amenities include a 24-hour fitness center, pool, outdoor grilling area, club room and a dog park. The asset is situated at 1000 New Holland Way NE, 56 miles northeast of downtown Atlanta. The seller, Mesa Capital Partners, delivered the community in 2020. According to Apartments.com, rental rates at The Mill at New Holland range from $1,099 for a studio apartment to $1,812 for a three-bedroom unit.
GIBSONVILLE, N.C. — Riverside Furniture Corp. has acquired the former Burlington Mills warehouse and manufacturing facility in Gibsonville. The buyer plans to convert the building into its first distribution center in North Carolina. The asset is located at 5928 N. N.C. Highway 87, 22 miles northeast of downtown Greensboro. The Fort Smith, Ark.-based retailer plans to house more than 30 full-time employees at the 294,394-square-foot site. A timeline for completion was not disclosed. Brian Craven, David Hagan and Joe Stanley of CBRE|Triad represented the seller, DFA I LLC, in the transaction. The sales price was not disclosed.
WATERLOO, IOWA — Marcus & Millichap has arranged the sale of Crossroads Commons in Waterloo for $8.1 million. The 85,987-square-foot retail property is located at 1403 Flammang Drive. It was fully leased at the time of sale to tenants such as Dick’s Sporting Goods, Party City and Five Below. Zach Turner, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap’s Patton-Wiles-Fuller Group marketed the property on behalf of the undisclosed seller. The team also secured the buyer, a limited liability company.
COLLEGE STATION, TEXAS — Boston-based investment firm West Shore LLC has acquired Broadstone Lake Walk, a 315-unit apartment community located about three miles from Texas A&M University in College Station. The property will be integrated into 8085 at Traditions community, a 657-unit adjacent property owned and operated by West Shore since 2018, to become Lake Walk at Traditions Apartments. The 972-unit community will offer one-, two- and three-bedroom units and amenities such as a four resort-style pools with cabanas, four fitness centers with two virtual fitness and training centers, four clubhouses, an outdoor putting green, four dog parks and outdoor gaming areas.
SOUTH BRUNSWICK, N.J. — A partnership between Woodmont Industrial Properties and EverWest Real Estate Investors has acquired a 144,551-square-foot industrial facility in South Brunswick, located in between Trenton and Newark. The property offers proximity to the New Jersey Turnpike and State Route 130. Building features include 22-foot clear heights, 22 dock doors and 120-foot truck court depths. David Blitt of Bussel Realty represented the seller, which has leased back the space on a short-term basis, in the transaction. The new ownership plans to renovate the building.
CHARLOTTE, N.C. — JLL has brokered the sale of BB&T Center, a 22-story, 568,646-square-foot office tower in Uptown Charlotte. The sales price was not disclosed, although the Charlotte Business Journal reported the asset sold for $115 million. The seller, Arden Group, acquired the asset in 2017 and completed a $10.5 million renovation that included adding a 5,200-square-foot amenity center, tenant lounge and a 1,800-square-foot outdoor deck. Additional improvements included a new lobby and storefront renovation at Overstreet Mall, the primary entrance to the building. Current tenants include Truist Financial Corp. (the result of a merger between BB&T and SunTrust), AIG, TEKsystems, AeroTek and RingCentral. Chris Lingerfelt and Ryan Clutter of JLL represented the undisclosed buyer in the transaction.
FARMERS BRANCH, TEXAS — A partnership between North Texas-based M2G Ventures and Austin-based private equity firm Pennybacker Capital has purchased the 1.2 million-square-foot former distribution center of Tuesday Morning. The sale also included Tuesday Morning’s 105,000-square-foot headquarters office located at 6250 LBJ Freeway. The five-building industrial complex is situated on 46.7 acres in the northern Dallas metro of Farmers Branch. The Dallas-based retailer, which filed for Chapter 11 bankruptcy last May, had previously entered into an agreement to sell these assets to Miami-based Rialto Capital for $60 million. Stephen Williamson and Adam Graham of Lee & Associates represented the partnership in the transaction.