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CBRE Arranges Sales of Two Phoenix Apartment Communities to California Investors

by Amy Works May 5, 2020

PHOENIX — CBRE has brokered the sales of two multifamily properties in Phoenix to separate California-based investors. NDX Investments II completed the disposition of 34 Arcadia, a newly renovated apartment complex located at 2934 N. 34th Place in Phoenix’s lower Arcadia neighborhood. Champion 34 Arcadia LLC acquired the asset for $5.9 million. The buyer is a first-time Phoenix multifamily investor from California. The community features 45 units in a mix of studio and one-bedroom floor plans, averaging 527 square feet. Interior upgrades include in-suite laundry, stainless steel appliances and upgraded countertops and bathrooms. California-based Goldstein Investment Co. acquired Idle Hours, a multifamily community in Phoenix, from Delaware-based Torino Holdings for $5.8 million in an all-cash transaction. Located at 1501 E. Rovey Ave. in Uptown Phoenix’s North Central Corridor, the 28-unit property was remodeled and repositioned in 2018 and features 800-square-foot, two-bedroom/one-bath floor plans. Interior upgrades include in-suite laundry, stainless steel appliances, quartz countertops and upgraded bathrooms. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE’s Phoenix office represented the buyers and sellers in the transactions.

May 5, 2020

Acquisitions California Civic Healthcare Western

Easterly Government Properties Buys 51,647 SF VA Outpatient Facility in Chico, California

by Amy Works May 5, 2020

CHICO, CALIF. — Washington, D.C.-based Easterly Government Properties has purchased a Department of Veterans Affairs (VA) outpatient clinic in Chico. Terms of the transaction, including acquisition price and name of the seller, were not released. Chico is home to the largest state veteran population in the country, according to the buyer. The facility is part of the Northern California Health Care System and is a built-to-suit clinic that was completed in mid-2019. The property was designed to achieve a LEED Healthcare Silver certification. The property is leased to the VA for an initial, non-cancelable lease term of 15 years until June 2034. The clinic provides a variety of medical and ancillary services including primary care, audiology, laboratory services, mental health, nutrition, otolaryngology (ENT), a pharmacy, social work and women’s health. The facility is located adjacent to the Chico VA Readjustment Counseling Service Center. Easterly Government Properties is a fully integrated real estate investment trust focused primarily on the acquisition, development and management of Class A commercial properties leased to the U.S. government.

May 5, 2020

Acquisitions California Net Lease Retail Western

Hanley Investment Brokers $2.6M Ground Lease Sale of Aldi-Occupied Asset in Southern California

by Amy Works May 5, 2020

CALEXICO, CALIF. — Hanley Investment Group Real Estate Advisors has negotiated the absolute triple-net ground lease sale of a single-tenant retail property located at 2450 Rockwood Ave. in Calexico. A Vero Beach, Fla.-based private investor sold the asset to a Midwest-based buyer for $2.6 million. Aldi occupies the 18,000-square-foot property on a triple-net lease. The asset is situated on a 1.5-acre pad at the entrance to a Walmart Supercenter, which is the first Walmart location north of the Calexico/Mexico border crossing. Additional adjacent retailers include Jack in the Box, T-Mobile, 7-Eleven, Panda Express, KFC and Subway. Dylan Mallory and Jeff Lefko of Hanley Investment Group represented the seller, while the buyer was self-represented in the deal.

May 5, 2020

Acquisitions Illinois Industrial Midwest

Marcus & Millichap Brokers $1.7M Sale of Industrial Building in Itasca, Illinois

by Kristin Harlow May 5, 2020

ITASCA, ILL. — Marcus & Millichap has brokered the sale of a 15,700-square-foot industrial building in Itasca for $1.7 million. The property is located at 1437 Harmony Court. It was vacant at the time of sale. Tammy Saia and Tami Andrew of Marcus & Millichap marketed the property on behalf of the seller, a New York-based corporation. The undisclosed buyer plans to occupy the building.

May 5, 2020

Acquisitions Industrial New Jersey Northeast

JLL Brokers $11.2M Sale of Industrial Building in West Hartford, Connecticut

by Alex Patton May 4, 2020

WEST HARTFORD, N.J. — JLL has arranged the $11.2 million sale of a 111,507-square-foot industrial building in West Hartford. Located at 141 South St., the light industrial warehouse was completed in 1990 and features 22-foot clear heights, 16 loading docks, 10 drive-in doors and a 20 percent office finish. At the time of sale, the property was fully leased to nine tenants. Jordan Avanzato and Marc Duval led a JLL team that represented the seller, LM Real Estate Partners, in the transaction. A private investor purchased the asset.

May 4, 2020

Acquisitions Industrial Texas

Marcus & Millichap Brokers Sale of 16,360 SF Industrial Building Near Fort Worth

by Taylor Williams May 4, 2020

HALTOM CITY, TEXAS — Marcus & Millichap has brokered the sale of a 16,360-square-foot industrial building located at 2337 Minnis Drive in Haltom City, located northeast of downtown Fort Worth. Adam Abushagur and Cliff Zimmerman of Marcus & Millichap represented the seller, a private investor, and procured a limited liability company as the buyer. Both parties requested anonymity.

May 4, 2020

Acquisitions Hospitality Midwest Wisconsin

Marcus & Millichap Arranges $2.7M Sale of Quality Inn & Suites Hotel in Wisconsin

by Kristin Harlow May 4, 2020

EAST TROY, WIS. — Marcus & Millichap has arranged the $2.7 million sale of the Quality Inn & Suites in East Troy, about 35 miles southwest of Milwaukee. Built in 1999, the 51-room hotel is located at 2921 O’Leary Lane. The property spans 38,660 square feet. Ebrahim Valliani, John Yurich, Allan Miller and Chris Gomes of Marcus & Millichap’s Chicago Oak Brook office marketed the hotel on behalf of the seller, a private investor. The team also secured and represented the buyer, a private investor. Todd Lindblom assisted on the transaction as the broker of record in Marcus & Millichap’s Wisconsin office.

May 4, 2020

Acquisitions California Industrial Lee & Associates Western

Stos Partners Buys 228,912 SF Coronavirus Test Distribution Site in Temecula, California

by Amy Works May 4, 2020

TEMECULA, CALIF. — San Diego-based Stos Partners has purchased an industrial asset located at 42301 Zevo Drive in Temecula. A private investor sold the facility for $28.9 million in an off-market transaction. Currently, a global, publicly traded healthcare company occupies the entire 228,912-square-foot property. The tenant plans to utilize the facility as part of its distribution network for COVID-19 tests. Scott Stewart of Lee & Associates represented Stos Partners, while Alisa Lovas of Lee & Associates represented the seller in the deal.

May 4, 2020

Acquisitions California Multifamily Western

Berkadia Negotiates $7.3M Sale of The Sterling Apartments in San Diego

by Amy Works May 4, 2020

SAN DIEGO — Berkadia has arranged the sale of The Sterling, a colonial revival multifamily asset in San Diego. Chicago-based Highlands REIT acquired the community from San Diego-based SENTRE for $7.3 million. Located at 470 20th St., the fully renovated, 27-unit property holds a Mills Act historic designation as part of the historic Sherman Heights neighborhood. The building features 14 studios and 13 one-bedroom units, all of which have been fully renovated with retained style and detailing of the early 20th century. Select units feature bay windows and private balconies. Community amenities include park-like garden terraces, restored and decorated common areas, and colonial revival architecture. Ed Rosen, John Chu and Tyler Sinks of Berkadia’s San Diego office represented the seller in the deal.

May 4, 2020

Acquisitions Retail Texas

Marcus & Millichap Arranges Sale of 8,344 SF Shopping Center in Metro Houston

by Taylor Williams May 1, 2020

PASADENA, TEXAS — Marcus & Millichap has arranged the sale of Shops at Fairmont, an 8,344-square-foot shopping center located in the eastern Houston suburb of Pasadena. The property was fully leased at the time of sale to tenants including The UPS Store and Domino’s Pizza. Justin Miller of Marcus & Millichap procured the Houston-based buyer in the transaction. Other terms of sale were not disclosed.

May 1, 2020

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