CASPER, WYO. — Berkadia has arranged the sale of Granite 550 Apartments, a garden-style multifamily community located in Casper. John Laratta and Nick Steele of Berkadia’s Denver office completed the sale on behalf of the seller, Colorado-based Mountain View Capital. The name of the buyer was not released. Additionally, Tucker Knight of Berkadia’s Houston office secured a $26 million loan for the acquisition of the property. The 10-year Freddie Mac loan features a 3.3 percent interest rate and a 30-year amortization schedule. Located at 550 Granite Peak Drive, Granite 550 Apartments features 228 units in a mix of one-, two- and three-bedroom floor plans, including in-unit washers/dryers, a patio or balcony and air conditioning. Community amenities include a fitness center, dog park and outdoor space with grilling stations.
ESCONDIDO, CALIF. — MCA Realty has completed the disposition of Pinnacle Business Park, a two-building industrial property located at 2750 Auto Park Way in Escondido. San Diego-based Providence Capital Group acquired the asset for $8.2 million. MCA Realty purchased the 40,968-square-foot property in November 2018 for $5.9 million and completed interior and exterior renovations to increase the income profile of the asset. When originally acquired, the 13-suite project was 80 percent occupied with in-place rents approximately 25 percent below market rates. The renovation program enabled MCA to increase in-place rents to market value and lease-up vacant space. Tucker Hohenstein, Michael Kendall and Connor Boyle of Colliers International represented the seller, while Evan McDonald, also of Colliers, represented the buyer in the deal.
ERIE, PA. — Marcus & Millichap has brokered the $1.4 million sale of Washington Square, a 9,783-square-foot retail strip in Erie, approximately 130 miles north of Pittsburgh. Located at 5040 Peach St., the property was constructed in 1982 and was 100 percent occupied at the time of sale. Tenants include Lake Erie Pharmacy, Pizza Hut, Subway, Pella Windows and Great Clips. Scott Wiles, Craig Fuller and Erin Patton led a Marcus & Millichap team that represented the seller, a local private investor, in the transaction. The buyer was undisclosed.
OAK CREEK, WIS. — Marcus & Millichap has arranged the $5.9 million sale of the La Quinta Inn Milwaukee Airport, a 99-room hotel in Oak Creek, about 15 miles south of Milwaukee. The property is located at 7141 S. 13th St. near the General Mitchell International Airport. The three-story hotel was built in 1989. Ebrahim Valliani, Allan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the buyer, a limited liability company.
ESCONDIDO, CALIF. — Lee & Associates – North San Diego County has arranged the sale of an industrial property located at 124 S. Market Place in Escondido. PGP Beach Colony acquired the property from Morris Alkin Revocable Trust for $2.8 million. The 19,525-square-foot industrial building features four suites leased to three tenants. Daniel Knoke and Peter Merz of Lee & Associates represented the buyer and seller in the deal.
TUCSON, ARIZ. — BBAM LLC has purchased Eucalyptus Apartments, a multifamily complex located at 3055 N. Tyndall Ave. in Tucson, from 3055 North Tyndall Avenue LLC for $1.9 million. The 15,620-square-foot apartment complex features 44 units. Allan Mendelsberg of Cushman & Wakefield | PICOR represented both parties in the deal.
MARLBOROUGH, MASS. — RK Centers, an investment firm focused on retail properties in New England and South Florida, has acquired a 58,000-square-foot retail center in Marlborough, approximately 30 miles west of Boston. The sales price was $8.6 million. The property is located at the intersection of State Route 20 at 225-235 Boston Post Road, adjacent to RK’s Hannaford Supermarket-anchored RK Center. RK Centers will rebrand the asset as RK Center II. At the time of sale, tenants included Chipotle Mexican Grill, Great Clips, Mattress Firm, Subway and Sullivan Tire. The seller was undisclosed.
NEW BRUNSWICK, N.J. — CBRE has brokered the $4.3 million sale of an 18,144-square-foot office building in New Brunswick, a southwestern suburb of New York City. Located at 104 Bayard St., the six-story property was fully leased by Soba College Recovery, Rutgers Nursing and the New Jersey Public Interest Group at the time of sale. Bayard Street Associates LLC developed the property in 2016. Charles Berger, Elli Klapper and Mark Silverman, along with A&T Services’ Peter Shikar and Alec Monaghan, represented Bayard Street Associates in the transaction. The team also procured the undisclosed buyer.
PHENIX CITY, ALA. — Marcus & Millichap has negotiated the $3.4 million sale of a 21,000-square-foot, Aldi-occupied property in Phenix City. The seller, Halpern Enterprises Inc., delivered the asset earlier this year. The store is located at 3670 Marketplace Drive, six miles northwest of downtown Columbus, Ga. Aldi is occupying the space on a 20-year triple-net lease. Don McMinn of Marcus & Millichap’s Taylor McMinn Group represented the seller in the transaction. Martina Crevecoeur of International Capital Acquisitions represented the buyer, H.H. US Real Estate Phenix City LLC.
CHICAGO —BlockPoint, a project development and general contracting company, has acquired Pacific Construction, a general contractor, construction management and development services firm. The purchase price was undisclosed. Both companies are based in Chicago. Pacific, which will continue to operate under its same name, has built projects such as the Fermilab R&D building in Batavia, the Adler Planetarium in Chicago and military bases around the state such as the Army Reserve Center in Fort Sheridan. Pacific works in the institutional and public works, healthcare, retail, restaurants and multifamily sectors.