PHOENIX — Arizona-based Snowdon Partners has completed the sale of Elux at Tramonto, a garden-style multifamily property located in Phoenix. An undisclosed buyer acquired the property for $34.7 million. Located at 35035 N. Valley Parkway, Elux at Tramonto features 138 units in a mix of one-, two- and three-bedroom floor plans with patios or backyards; stainless steel appliances; in-unit washers and dryers; and high-tech amenities. Community amenities include a swimming pool and spa, a select number of detached garages, a clubhouse and fitness center. Ric Holway, Mark Forrester and Dan Cheyne of Berkadia’s Phoenix office represented the seller in the deal. Additionally, David Bleiweiss of Berkadia’s Irvine, California, office secured $20.8 million in acquisition financing on behalf of the buyer. The 10-year Freddie Mac loan features a 60 percent loan-to-value ratio and a 30-year amortization schedule.
EAST MOLINE, ILL. — Strawberry Fields REIT LLC has acquired Hope Creek Nursing and Rehabilitation Center in East Moline within the Quad Cities for $4 million. The 245-bed skilled nursing facility sits on 12 acres on Kennedy Drive. Built in 2007, it is the newest skilled nursing facility in the Quad Cities, according to Strawberry Fields. The property offers full inpatient rehabilitation, respite stays, hospice services, individualized care plans, restorative therapy programs, a secured memory care unit and a variety of activities for socialization. Strawberry Fields worked with Infinity Healthcare Consultants to lease the property to an entity expected to improve overall performance. The seller was undisclosed. Strawberry Fields REIT is a non-traded real estate investment trust based in South Bend, Ind.
NORTHFIELD, MINN. — Marcus & Millichap has brokered the $1.7 million sale of a 3,496-square-foot property occupied by Arby’s in Northfield, about 40 miles south of Minneapolis. The net-leased building is located at 2220 Gleason Court. Tom Gommels of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Gommels also procured the buyer, an out-of-state limited liability company.
MILFORD, MASS. — Marcus & Millichap has brokered the sale of Hill Medical Offices, a 39,424-square-foot complex in Milford, located east of Worcester. The three-building medical office property sold for $4.3 million. Adam Cohen and Harrison Klein of Marcus & Millichap represented the seller, a personal trust, in the transaction. Klein also secured the buyer, a private investor. Both parties requested anonymity.
BOSTON — A joint venture led by Taurus Investment Holdings and Northbridge Cos. has acquired six Class A seniors housing properties located in suburban Boston submarkets for approximately $200 million. The 507-unit portfolio consists of assisted living and memory care. Northbridge, a developer, owner, operator and asset manager of senior living communities, already manages the properties. The seller was Welltower, the largest REIT in the seniors housing space. The acquisition marks Taurus’ first investment in the seniors housing sector. The specific names and locations of the properties were not disclosed. Newmark Knight Frank represented Welltower in the transaction and also arranged acquisition financing for the buyer.
STERLING HEIGHTS, MICH. — DealPoint Merrill LLC has acquired a 69,275-square-foot former Kroger shopping center in Sterling Heights. The property sits on seven acres at the corner of Dequindre and 18 Mile roads. DealPoint Merrill plans to redevelop the center into a 138,000-square-foot development, but further details of the project were not disclosed. DealPoint Merrill’s CEO David Frank negotiated the transaction while the company’s president, Sterling McGregor, handled the due diligence and financing. The seller and purchase price were undisclosed.
MARIETTA, GA. — Cushman & Wakefield has negotiated the sale of Kingston Court, a six-property industrial portfolio in Marietta. The facilities total 220,373 square feet and feature 18-foot clear heights and dock-high and drive-in doors in a combination of rear- and front-load configurations. The buildings were originally developed between 1978 and 1981. The portfolio is situated at 2171, 3002, 3061, 3062, 4012 and 4041 Kingston Court, a half-mile from Interstate 75 and 16 miles northwest of downtown Atlanta. Stewart Calhoun and Casey Masters of Cushman & Wakefield represented the seller, Clarion Partners, in the transaction. Dallas-based Stonelake Capital Partners purchased the portfolio for an undisclosed price.
NORFOLK, VA. — Colliers International has brokered the $20 million sale of an office building at Military Circle Mall in Norfolk. The property, which is located at 824 N. Military Highway, was originally built for J.C. Penney in 1969 and used to anchor Military Circle Mall. Now a 200,000-square-foot office building, the property sits on 16 acres and offers 1,436 parking spaces. Movement Mortgage and Sentara Health Plans occupy the asset. Patrick Gill of Colliers represented the seller, the City of Norfolk Economic Development Authority, in the transaction. MPB Inc. acquired the asset.
WILMINGTON, N.C. — Inlet Watch Development LLC has sold Storage at 7275 Carolina Beach Road, a 438-unit self-storage facility in Wilmington. The property comprises three buildings totaling 63,550 square feet on seven acres. The asset, which was built in 2018, is situated at 7275 Carolina Beach Road, 10 miles north of downtown Wilmington. Mike Mele and Luke Elliott of Cushman & Wakefield represented the seller in the transaction. Roswell, Ga.-based Reliant Real Estate Management LLC acquired the property for an undisclosed price.
SAN FRANCISCO — Marcus & Millichap has arranged the sale of an USA Hostels hospitality property located at 711 Post St. in downtown San Francisco. A private investor acquired the asset for $19 million. Built in 1907, the five-story building features 123 rooms including 48 units with private bathrooms, a large common area, dining area, self-service commercial kitchen and yoga studio. Jag Patel of Marcus & Millichap’s Oakland office represented the seller and procured the buyer in the deal.