ST. LOUIS — Avison Young has brokered the sale of 9221 Minnesota Ave., a 22,259-square-foot, historic school building in St. Louis, for an undisclosed price. Known as Carondelet School, the property was built in 1871 and is listed on the National Register of Historic Places. It underwent a $4.8 million renovation in 2009. The buyer, goBrandgo, is a marketing and brand management firm. Steve Stradal of Avison Young represented the seller, Carondelet Holdings LLC. Gershman Commercial Real Estate represented the buyer.
NEW YORK CITY — Ariel Property Advisors has brokered the $10.5 million sale of 100 Livingston Street, an office building in downtown Brooklyn. The property comprises 12,681 square feet and houses five office units, three of which are leased by medical tenants. The location offers convenient access to the Court Street commercial corridor and Barclays Center. Sean Kelly, David Khukhashvili and Jiani Zhou of Ariel Property Advisors represented the seller, ACHS Management, in the transaction. The team also procured the buyer, Ecorise Development.
PORTLAND, ORE. — Portland-based Libertas Cos. has received $41.4 million in financing for the purchase of Harrison Square, an office building in Portland’s South Central Business District. The company used loan proceeds to acquire the building and provide a portion of future leasing costs. Located at 1800 SW First Ave., Harrison Square features 187,000 square feet of office space and a 265-space below-grade parking garage. Renovated in 2019, the property consists of two six-story buildings connected on each level via a sky bridge. At the time of sale, the property was 93 percent leased. Zachary Kersten and Casey Davidson of JLL Capital Markets secured the six-year, floating-rate loan with a national money-center bank for the borrower.
LAS VEGAS — Positive Investments, a Southern California-based real estate investment and management company, has completed the sale of Bonneville Square, a five-story office building in downtown Las Vegas. An undisclosed buyer acquired the asset for $14.9 million. Located at 411 E. Bonneville Ave., the property features 92,402 square feet of office space and is within walking distance of more than 40 law firm offices, 16 government offices and six courthouses. The Federal Public Defender’s office anchors the building, which was 79 percent occupied at the time of sale. Mark Schuessler and Mike Tabeek of Newmark Knight Frank represented the seller in the deal.
IMPERIAL BEACH, CALIF. — JLL Capital Markets has brokered the sale of Breakwater Town Center, a four-building retail property located at 781-881 Palm Ave. in Imperial Beach. An undisclosed buyer acquired the asset for $12.1 million. Constructed in 2018, Breakwater Town Center consists of 31,934 square feet of retail space spread across four freestanding outparcel pads. At the time of sale, the property was fully occupied by Starbucks Coffee, Chipotle, Five Guys Burgers and Fries, Baskin Robbins, Jersey Mike’s Subs, Great Clips and Grocery Outlet. Gleb Lvovich and Daniel Tyner of JLL Retail Capital Markets represented the undisclosed private seller in the deal.
LONG BEACH, CALIF. — Matthews Real Estate Investment Services has brokered the sale of a restaurant property, located at 2201 N. Bellflower Blvd. in Long Beach. An undisclosed buyer acquired the property for $5.6 million. The name of the seller was not released. Wendy’s occupies the 2,404-square-foot property, which was built in 1977. The tenant has scheduled a remodel for mid-year and is obligated by the lease to completely renovate the restaurant to match the Wendy’s current prototype by the start of 2022. Aron Cline of Matthews Real Estate Investment Services handled the transaction.
GILBERT, ARIZ. — Green Courte Partners has acquired The Aspens at Mariposa Point, a 202-unit seniors housing property in Gilbert, just southeast of Phoenix. The price was not disclosed. Despite only being opened last month, the new owner will convert the active adult community into full-service independent living. The conversion project will include expanding the dining area, modifying the existing kitchen and adding a third-party-operated home health office. Green Courte’s wholly owned operator True Connection Communities will manage the property. Green Courte made the acquisition through its fourth investment fund, Green Courte Real Estate Partners IV. It is the investor’s 11th senior living community.
Throckmorton Partners, Pratt Co. Sell Parc Marin Multifamily Asset in Northern California for $20.5M
CORTE MADERA, CALIF. — Throckmorton Partners and The Pratt Co. have completed the sale of Parc Marin, an apartment community located in Corte Madera. An undisclosed buyer acquired the property for $20.5 million, which equates to $640,625 per unit and $636 per square foot. Built in 1961 and renovated in 2017, Parc Marin features 32 boutique for-rent units. The property is situated on 3.4 acres. Erich Reinchenbach of Marcus & Millichap represented the sellers in the deal.
AVONDALE, ARIZ. — Phoenix-based First American Exchange Co. has purchased Rancho Santa Fe Center, a medical office asset located at 13033-13075 W. McDowell Road in Avondale. HH RSR, a company formed by Holualoa Cos. and The Plaza Cos., sold the property for $17.8 million. Constructed in 2004, the seven-building complex offers more than 73,961 square feet of medical office space on eight acres. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the seller in the transaction.
WHEATON, ILL. — Marcus & Millichap has brokered the sale of an 8,808-square-foot retail building in Wheaton for $5 million. Located at 2040 S. Naperville Road, the newly constructed property is fully leased to four tenants. Dunkin’ anchors the building and maintains a 15-year lease. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a developer. The team also procured the buyer, a limited liability company.