HELPER, UTAH — Ostler Holding Limited Company of Utah LLC has completed the disposition of a retail building located at 610 US-6 in Helper. An in-state limited liability company acquired the asset for $1.3 million. Built in 2019 on 1.4 acres, the property features 8,320 square feet of retail space. Family Dollar occupies the building on a double net lease with 8.5 years remaining on the term. Drew Isaac and James Rassenfoss of Marcus & Millichap represented the seller in the transaction.
NORTH LITTLE ROCK, ARK. — The Multifamily Group (TMG) has brokered the sale of Arrowhead Estates, a 242-unit apartment complex in North Little Rock. The property, which was originally built in 1968, offers one- and two-bedroom floor plans. Communal amenities include a pool, playground, basketball court, picnic area and a sundeck. The community is situated at 1707 Arrowhead Road, six miles north of downtown Little Rock. Paul Yazbeck of Dallas-based TMG represented the undisclosed seller in the transaction and procured the undisclosed buyer. The sales price was also not disclosed.
JACKSONVILLE, FLA. — CTO Realty Growth has sold a 6,267-square-foot retail property leased to Wawa in Jacksonville for $7.1 million. The property was delivered in 2017 and features gasoline pumps. Wawa has 17 years remaining on its lease. The asset sits on 2.2 acres at 4866 Gate Parkway, 10 miles southeast of downtown Jacksonville and near St. Johns Town Center. Brad Peterson, Michael Brewster and Joseph Naas of JLL represented the seller in the transaction. An undisclosed private investor purchased the asset.
PHILADELPHIA — Rittenhouse Realty Advisors has brokered the sale of LVL 4125, a 141-unit apartment community located at 4125 Chestnut St. in the University City neighborhood of Philadelphia. Alterra Property Group developed the community, which features proximity to the University of Pennsylvania and Drexel University, in 2019. Units offer stainless steel appliances and individual washers and dryers, and amenities include a roof deck, fitness center, clubroom and a dog run. The buyer was not disclosed.
HIALEAH, FLA. — The Estate Cos. has acquired a former Ramada Inn in Hialeah for $15.3 million. The non-operational hotel was originally built in 1970 with expansions completed in 1973, 1979 and 1988. The property offers 258 rooms and sits on five acres at 1950 W. 49th St., 15 miles northwest of downtown Miami. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending originated an $11.5 million acquisition loan on behalf of the buyer. The seller was a partnership between UCH1 LLC, Miami Corporate Partners, Bidart Dairy II LLC and Noriega Properties. Details of renovation plans were not disclosed.
WHITESTOWN, IND. — Exeter Property Group has acquired Fishback 4, a 604,000-square-foot speculative industrial building within Fishback Creek Business Park in the northwest Indianapolis suburb of Whitestown. The purchase price was undisclosed. There are three other buildings within the industrial park. A planned second phase of development will provide an additional 1.5 million square feet of industrial space at the site. Terry Busch and Jared Scaringe of CBRE represented the seller, INDHLAND LLC.
CENTRALIA, ILL. — Marcus & Millichap has arranged the sale of a 13,650-square-foot property occupied by Walgreens in Centralia, about 60 miles east of St. Louis. The sales price was undisclosed. The building is located at 225 N. Elm St. and features a pharmacy drive-thru window. Walgreens has operated at the property since 2003. Brian Parmacek and Victor Cornelio of Marcus & Millichap marketed the building on behalf of the seller and procured the buyer, One Family Property.
KINGSVILLE, TEXAS — Marcus & Millichap has arranged the sale of Oasis Mobile Home & RV Park, a 144-site property in Kingsville, located outside Corpus Christi in South Texas. The community consists of 69 mobile home lot rentals, 31 park-owned home rentals and 44 RV lot rentals. Robert Denninger and Brad Dorsey of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a limited liability company. Both parties requested anonymity.
PHOENIX — WaterWalk, a developer of upscale extended-stay hotels, has purchased 4.5 acres at the southwest corner of 19th Avenue and Pinnacle Peak Road in Phoenix’s Deer Valley neighborhood. Alter Group sold the development site for $2.1 million. Trask Switzenberg and Chuck Wells of Kidder Mathews represented the buyer in the deal. WaterWalk plans to develop an extended-stay hotel on the site, which includes a retail pad. Currently, WaterWalk has seven open hotels in Kansas, Colorado, Texas and North Carolina, with two additional locations opening this fall in North Carolina and Minnesota. The Phoenix property will be the brand’s first Arizona property. WaterWalk plans to have 50 locations open by year-end 2024. WaterWalk is the fifth national brand started by hotelier Jack DeBoer. Other brands include Residence Inn, Summerfield Suites, Candlewood Suites and Value Place/WoodSpring.
OCEANSIDE, CALIF. — CBRE has arranged the sale of an office building located at 2160 S. El Camino Real in Oceanside. An Orange County, Calif.-based 1031 private buyer acquired the asset for $6.6 million, or $493 per square foot. The U.S. Federal Government occupies the 13,500-square-foot, single-tenant property on a 15-year lease that commenced in 2018. The building was a build-to-suit in 2004 for the Social Security Administration and was fully remodeled and upgraded in 2018 to current U.S. General Services Administration standards. The upgrades included a new roof and HVAC system. Matt Pourcho, Gary Stache, Anthony DeLorenzo, Bryan Johnson and Matt Harris of CBRE represented the seller, a private investor, in the transaction.
