SPRINGFIELD, MASS. — CBRE has arranged the sale of Pynchon Terrace and Edgewater Apartments, a pair of multifamily assets in Springfield, Massachusetts, for $76 million. Pynchon Terrace was built in 1971, renovated in 2006 and totals 250 units in three- and four-bedroom floor plans. Edgewater Apartments was constructed in the mid-1970s, renovated in 2006 and features 362 units that comprise a mix of one- and two-bedroom apartments and three- and four-bedroom townhomes. Simon Butler, Biria St. John, John McLaughlin, Jeff Kunitz and Mike Canori of CBRE represented the seller, Silver Street Development Corp., in the transaction. The team also procured the buyer, Los Angeles-based investment firm BLVD Capital.
HOMEWOOD, ALA. — ApexOne Investments has acquired The Moretti at Vulcan Park, a 135-unit multifamily community in Homewood. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, car wash area, clubhouse, fitness center and a conference room. The asset is located at 101 Moretti Circle, three miles south of downtown Birmingham. Stephen West, Matt Wallach and Will Baker of Walker & Dunlop originated a Freddie Mac acquisition loan on behalf of the buyer. The 10-year loan features five years of interest-only payments and a fixed interest rate. Kris Mikkelsen and Telly Fathaly of Walker & Dunlop represented the seller, Raia Capital Management, in the transaction. The sales price was not disclosed.
TEMECULA, CALIF. — Newport Beach, Calif.-based MIG Real Estate has completed the sale of One Ridgegate, an office building located at 1 Ridgegate Drive in Temecula. An undisclosed buyer acquired the property for $5.2 million. Situated on three acres and built in 2003, One Ridgegate offers 35,258 square feet of office space. At the time of sale, the property was 92 percent leased. CBRE/Lee & Associates represented the seller, while Mike Realty represented the buyer in the deal.
WASHINGTON AND OREGON — Blueprint Healthcare Real Estate Advisors has arranged the sale of eight private-pay assisted living assets in Oregon and Washington totaling 321 units. A joint venture between an Arizona-based private equity firm and an Oregon-based owner-operator acquired the properties. The seller and price were not disclosed. The buyer intends to reposition the communities, possibly adding more memory care units.
CORONA, CALIF. — Progressive Real Estate Partners has arranged the sale of All Star Car Wash and Castrol Oil and Lube Center, located at 465 McKinley St. in Corona. A Japan-based private investor sold the asset, which includes the business and real estate, to an Orange County, Calif.-based private investor for $5.7 million. Built in 1992, All Star Car Wash features a full-service handwash with 100-foot tunnel, a three-bay Castrol Oil and Lube Express, a smog center, an outdoor patio and lobby. The buyer plans to upgrade the property with new paint, renovation of the patio area and the addition of more food options. The property is situated on an outparcel to Corona Marketplace, a 270,000-square-foot shopping center. Victor Buendia of Progressive Real Estate represented the buyer and seller in the deal.
STARKVILLE, MISS. — SRS Real Estate Partners has negotiated the sale of a 60,835-square-foot retail property in Starkville. Vowell’s Marketplace, a regional grocery store, fully occupies the building with two years remaining on its corporate-guaranteed lease. The property was built in 1992 and is located at 118 Mississippi Highway 112, less than one mile from downtown Starkville and less than two miles west of Mississippi State University. Britt Raymond, Kyle Fant, Matthew Mousavi, Patrick Luther and Martin Smith of SRS represented the seller, a New York-based private investor. The buyer was a private investor from Starkville.
RICHMOND, VA. — Richmond-based Direct Mail Solutions has acquired a 229,829-square-foot industrial building in Richmond for $9.4 million. The property features ESFR sprinklers and 38-foot clear heights. The property spans 23.8 acres and is located at 4650 Oakleys Lane, seven miles east of downtown Richmond. Cliff Porter and Robert Porter III of Porter Realty Co. Inc. represented the seller, 4650 Oakleys Lane LLC, in the transaction.
WACO, TEXAS — Marcus & Millichap has arranged the sale of Simple Self Storage, a 233-unit facility located at 2172 E. Loop 340 in Waco. The property was built in phases between 2017 and 2018 and features 24,740 net rentable square feet of non-climate-controlled space. Units range in size from 25 to 200 rentable square feet, and the site includes roughly two acres for future expansion. Brandon Karr, Danny Cunningham and Bryan Quaschnick of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity.
PLEASANT PRAIRIE, WIS. — Marcus & Millichap has brokered the $2.5 million sale of a Super 8 hotel in Pleasant Prairie, about 35 miles south of Milwaukee. Built in 1984, the 60-room hotel is located at 7601 118th Ave. at the intersection of Highway 50 and I-94. Ebrahim Valliani, John Yurich, Allan Miller and Chris Gomes of Marcus & Millichap marketed the hotel on behalf of the seller, a private investor. the team also secured and represented the buyer, a private investor.
FORT WAYNE, IND. — Partners in Autism has purchased an 18,492-square-foot office building located at 601 Noble Drive in Fort Wayne for an undisclosed price. Brady Gardner and John Caffray of Sturges Property Group represented the buyer in the transaction. Fort Wayne-based Partners in Autism provides several autism-related services, including therapy, social groups and employment services. The seller was undisclosed.