JUNCTION CITY, KAN. — Marcus & Millichap has negotiated the sale-leaseback of a 35,000-square-foot property occupied by Orscheln Farm & Home in Junction City in central Kansas. The sales price was $4.4 million. The newly constructed property is located at 121 E. Chestnut St. John Nuzman brokered the sale-leaseback and represented both parties. A New York-based limited liability company purchased the asset. Orscheln operates farm and ranch supply stores with over 170 locations across the Midwest.
ARLINGTON, TEXAS — Berkadia has provided an $18.5 million acquisition loan for Mercer Park Apartments, a garden-style apartment community located at 2014 Remington Drive in Arlington. The 12-year Freddie Mac loan features a 30-year amortization schedule and four years of interest-only payments. Josh Finley of Berkadia’s Atlanta office originated the loan on behalf of the borrower, Texas-based Mercer Park Apartments EB LP. The previous owner was not disclosed. Mercer Park Apartments features one- and two-bedroom floor plans, as well as a swimming pool, playground, laundry facilities, outdoor grilling area, clubhouse and assigned parking.
AUSTIN, TEXAS — ECR has arranged the sale of a 117,000-square-foot office property located on 27 acres at 7211 Circle S. Road in south Austin. David Dawkins of ECR represented the seller, Commemorative Brands Inc., parent company of class ring manufacturer Balfour, in the transaction. David Stojanik of The Kucera Cos. also represented Commemorative Brands in the sale. Dani Tristan of McAllister & Associates represented the undisclosed buyer.
RICHARDSON, TEXAS — BH Properties has purchased a vacant, four-story office building in Richardson, the second investment in the Dallas-Fort Worth market in the past 24 months for the Los Angeles-based company. Built in 1991, the property is located at 2021 Lakeside Blvd. and spans 60,000 square feet. Mac Morse of Citadel Partners, along with BH’s Scott Henry, represented the buyer in the transaction. Jeff Wood of JLL represented the undisclosed seller. Chuck Sellers of Avison Young will handle the property’s leasing assignment. BH Properties specializes in the acquisition and repositioning of distressed office, industrial and retail assets in California, Arizona and Texas. The firm’s Texas portfolio totals more than 2 million square feet.
TEMPE, ARIZ. — Jabbel Holdings has purchased The Groves, a shopping center in Tempe, for $18.5 million. The name of the seller was not released. Situated at the northeast corner of Priest Drive and Elliot Road, the 169,606-square-foot property was 91 percent leased at the time of sale. Current tenants include Walmart, Ross Dress for Less, PetSmart, Staples, Bob’s Discount Furniture, Beall’s Outlet and Dollar Tree. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office represented the seller in the transaction.
ESCONDIDO, Calif. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Las Villas Del Norte, a 185-unit assisted living and memory care community in Escondido. A publicly traded REIT sold the property for an undisclosed price. The buyer was a locally based and privately held real estate investment firm with experience repurposing senior care properties. Constructed in 1986 with an expansion completed in 2006, Las Villas Del Norte is situated in an affluent submarket north of San Diego. The community had initially offered a wider spectrum of senior care including independent living and a dedicated wing for skilled nursing and long-term care. Following the campus addition of the independent living building, it was eventually converted to house high-acuity assisted living residents. As community management underwent several corporate-level changes, operational performance suffered, leading to the closure of the skilled nursing wing as new management focused on a lower acuity product. During the marketing process, Blueprint highlighted the value-add proposition of repurposing specific areas of the community to reset Las Villas Del Norte’s care levels to a mix of independent living, assisted living and memory care. By strategically reconverting the former high acuity assisted living building back to independent living …
YORK, PA. — ROCK Commercial Real Estate has brokered the sale of a 14,138-square-foot industrial property in York, a southern suburb of Harrisburg. Located at 258 West Philadelphia St. at the site of a former steel fabrication facility, the single-tenant building was completed in 1953 and features a 12-foot ceiling height and close access to State Route 30. Ted Turnbull, Jason Turnbull and Kevin Hodge of ROCK Commercial represented the seller, Scott Real Estate Enterprises LLC. The team also procured the buyer, Trombo Enterprises LLC. The sales price was undisclosed.
MEMPHIS, TENN. — Milwaukee-based Phoenix Investors LLC has acquired an approximately 1.4 million square-foot industrial facility located at 3456 Meyers Road in Memphis. The property is currently vacant and will be marketed to new users for lease as a distribution facility. Atlantic Capital Bank provided acquisition financing to Phoenix Investors. JLL’s Jack Wohrman and Russ Westlake represented the seller, Sears Holdings Corp., in the transaction. Originally built in 1973 with an addition in 1981, the facility is a former distribution center for Sears. The property has clear ceiling heights ranging from 24 feet to 31 feet, 145 dock doors, 24-by-36-foot column spacing and trailer parking. The building is currently divisible for multi-tenant occupancy. Phoenix plans to make structural and cosmetic upgrades to the facility in the coming months. Located near Interstates 40 and 240, the property is less than 20 miles from both Amazon and Nike’s new distribution centers.
BOZEMAN, MONT. — Newmark Knight Frank has arranged the sale of Gallatin Center, a shopping center in Bozeman. Revesco (USA) Properties acquired the property from Gallatin TR for $27.5 million. Paul Sleeth, Billy Sleeth and Patrick Allen of Newmark Knight Frank represented the seller in the transaction. Situated on the southwest quadrant of Interstate 90 and North 19th Street, Gallatin Center is occupied by Ross Dress for Less, Michaels, Bed Bath & Beyond, PetSmart and Staples.
DENVER — Noble Investment Group has purchased a dual-branded hotel property in downtown Denver for an undisclosed price. The asset includes Hampton Inn & Suites Downtown Denver and Homewood Suites by Hilton Downtown Denver. The name of the seller was not released. The hotels feature a combined 302 guest rooms; health and fitness facilities; an indoor pool and whirlpool; 7,000 square feet of meeting and boardroom space; and a restaurant, 550 Bar and Patio. The properties are located in Denver’s downtown district that is walkable to more than 25 million square feet of office space, over 300 restaurants, three major sports stadiums, the Pepsi Center and Denver Performing Arts Center.