ALBERT LEA, MINN. — Upland Real Estate Group Inc. has brokered the $1.1 million sale of a two-tenant retail property in Albert Lea in southern Minnesota. Located on Bridge Avenue, the 7,000-square-foot, newly remodeled building is home to Verizon and Qdoba. It serves as an outparcel to Northbridge Mall. Keith Sturm, Deborah Vannelli and Amanda Leathers of Upland represented the seller. Pete Guidera and Tina Swanson of Coldwell Banker Realty represented the buyer. Neither the buyer nor the seller was disclosed.
HURST, TEXAS — Marcus & Millichap has arranged the sale of Arbor Park, a 78-unit multifamily complex in Hurst, located northeast of Fort Worth. According to Apartments.com, Arbor Park offers one- and two-bedroom units and amenities such as a pool and onsite laundry facilities. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The duo also procured the buyer, a private investor
KENOSHA, WIS. — Marcus & Millichap has arranged the $2.8 million sale of a Value Inn hotel in Kenosha, about 35 miles south of Milwaukee. The 112-room property, built in 1988, will be converted into a Rodway Inn by Choice Hotels. Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap secured and represented the buyer, a private investor. Seller information was not disclosed.
DEFOREST, WIS. — Lee & Associates has brokered the $1.1 million sale of a 16,000-square-foot industrial building in DeForest, just north of Madison. The property is located at 4159 Reardon Road. Blake George of Lee & Associates represented the seller, CHEEE Holdings LLC. The buyer, CAH CO DeForest LLC, will use the property as a vehicle maintenance facility for Hooper Corp.
PROVO, UTAH — Provo-based Peak Capital Partners has purchased a 12-property apartment portfolio in North Carolina for $181.5 million. The portfolio comprises 1,859 units, though a list of the properties was not disclosed. The seller, a partnership between Threshold Capital and BMA Capital LLC, also sold 18 communities to Morgan Properties for $323 million. Marc Robinson, Brooks Colquitt and Jacquelyn Aaron of Cushman & Wakefield represented the seller in both transactions.
ENGLEWOOD, FLA. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired Heritage Oaks of Englewood, a 118-unit assisted living and memory care community in Englewood. Located along the state’s Gulf Coast between Tampa and Fort Myers, Heritage Oaks of Englewood is located near the Grove City shopping area, medical facilities and indoor and outdoor recreation. The acquisition includes approximately 50 acres adjacent to the community, which may be utilized for future development. Additional terms of the deal were not disclosed. Grace Management will take over operations at the community. Lisa Widmier of CBRE National Senior Housing represented the seller in the transaction. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged $20.8 million in acquisition financing for CPF. The 10-year, fixed-rate loan features 60 months of interest-only payments.
RENO, NEV. — Colliers International has arranged the sale of Silver Ridge Apartments, located at 1555 Sky Valley Road in west Reno. A private seller sold the asset to a partnership between Ideal Capital Group and Tilden Properties for $64 million. Kalah Espinoza with Colliers’ San Francisco-based Multifamily Investments Team and Melissa Molyneaux with Colliers’ Reno office represented the seller and procured the buyer in the transaction. Constructed in 1990, Silver Ridge offers 300 units in a mix of one-, two- and three-bedroom townhouse units averaging 1,000 square feet. Situated on 20 acres, the 295,840-square-foot property also has entitlements in place to allow for an additional 70 units to be developed within the existing site plan.
SANTA ANA, CALIF. — Faris Lee Investments has brokered the $4.3 million sale of a retail property leased to Starbucks Coffee in Santa Ana. Starbucks recently signed a 10-year, corporate-guaranteed lease at the freestanding building, which is located at 2701 N. Grand Ave., 30 miles southeast of downtown Los Angeles. Shaun Riley and Nick Miller of Faris Lee represented the buyer, an Orange County, Calif.-based private family investor, in the transaction. The sale closed five days before the buyer’s deadline for completing a 1031 exchange. Patrick Wade and Alex Kozakov of CBRE represented the undisclosed seller.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Aero, a 200-unit apartment community located at 8300 Calmont Ave. on the west side of Fort Worth. The property features one- and two-bedroom units and amenities such as a pool, coffee bar, resident clubhouse and a playground. Al Silva of Marcus & Millichap represented the seller, a California-based investment firm, in the transaction. Silva also procured the buyer, an out-of-state family office that will implement a value-add program.
DELAFIELD, WIS. — SRS Real Estate Partners has arranged the $2.8 million sale of a Chick-fil-A ground lease in Delafield, about 30 miles west of Milwaukee. The 5,012-square-foot, single-tenant building sits at 2980 Golf Court and opened in February of this year. Sheree Strome and Michael Berk of SRS represented the buyer, a Virginia-based private investor who completed a 1031 exchange. Jon Thoresen of Founders 3 Real Estate Services represented the seller, a Georgia-based developer. The cap rate was 3.96 percent.