SACRAMENTO — The Mogharebi Group (TMG) has arranged the sale of The Regency Apartments, a multifamily community located at 5900 Riza Ave. in Sacramento. An undisclosed private investor acquired the property for $15.8 million. Built in 1969 and situated on 5.4 acres, The Regency features 130 apartments in a mix of one-, two- and three-bedroom layouts. Alex Mogharebi and Otto Ozen of TMG represented the seller, a Sacramento-based investor, in the deal.
PHOENIX — San Diego-based ColRich Multifamily has completed the disposition of Plaza 550, an apartment property located at 550 E. Earll Drive in Phoenix. B&R Capital Partners acquired the asset for $11.8 million. Constructed in 1973, Plaza 550 consists of 92 one-bedroom units, 15 of which have undergone interior renovations to include energy-efficient appliances, modern lighting and plank flooring, as well as upgraded kitchen and bath countertops, backsplashes and hardware. Brad Goff, Brett Polacheck and Chris Canter of Newmark Knight Frank represented the seller in the deal.
PORTLAND, ORE. — Marcus & Millichap has brokered the sale of MLK Office, an office property located in Portland. An undisclosed buyer acquired the asset for $1.4 million. Located at 2627 NE Martin Luther King Jr. Blvd., the building features 10,500 square feet of office space. Joseph P. Blatner and Scott Logan of Marcus & Millichap’s Portland office represented the undisclosed seller in the transaction.
ARLINGTON HEIGHTS, ILL. — Marcus & Millichap has arranged the sale of a 134-room Red Roof Inn property in Arlington Heights for $6 million. Built in 1984, the hotel is located at 22 W. Algonquin Road, nine miles from the Chicago O’Hare International Airport. Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also represented the buyer, a partnership.
HIGHLAND PARK, ILL. — The Northern Suburban Special Recreation Association (NSSRA) has purchased a 30,000-square-foot property at 1221 Lake Cook Road in Highland Park for an undisclosed price. NSSRA provides recreation programs and services to people with disabilities in 13 North Shore communities. The new property will enable the organization to expand and offer additional programing and services onsite. Larry Serota, Cece Conway and John Marquardt of Transwestern represented NSSRA. The facility previously belonged to the Lakeside Congregation for Reform Judaism.
PHOENIX, SALT LAKE CITY AND LAS VEGAS — Next Wave Investors has expanded its investments in the Western United States with the purchase of 380 multifamily units spanning four apartment communities. Details of the transactions were not released. The properties are the 96-unit La Estrella Vista and 149 units of the 160-unit Westover Parc in Phoenix; the 63-unit Townhomes at Mountain Ridge in Salt Lake City; and the 72-unit Bella Vida in Las Vegas. Next Wave plans to implement capital upgrades at each property, including significant exterior and interior renovations at all properties except Bella Vida, which will undergo only interior unit renovations.
LOGAN, N.J. — NAI Mertz has arranged the sale of an 80,300-square-foot industrial building in Logan, a southwestern suburb of Philadelphia. Zoned for food processing, the building offers cooler and freezer space as well as 30-foot clear ceiling heights, 19 dock doors and 10,403 square feet of office space. The facility is part of the six-acre Pureland Industrial Complex, which is home to tenants including Amazon, Mitsubishi, Mercedes-Benz and Home Depot. Jonathan Klear of NAI Mertz represented the buyer, Burton Real Estate, in the transaction. The seller and sales price were undisclosed.
KANSAS CITY, MO. — Academy Bank, a full-service community bank and wholly owned subsidiary of Dickinson Financial Corp., has completed its merger with Kearney, Mo.-based KCB Bank. The merger bolsters Academy Bank’s presence in Kansas City’s Northland communities, including Kearney, Liberty and Gladstone, Mo. It also expands the bank’s presence in Bonner Springs, Kan. Clients will now have access to 25 Academy Bank locations throughout the Kansas City metro area. The five KCB Bank locations will be officially transitioned to Academy Bank by Monday, Oct. 21.
CRYSTAL LAKE, ILL. — Premier Commercial Realty has brokered the sale of a 56,310-square-foot building formerly occupied by Sports Authority in Crystal Lake for $1.8 million. The property sits on 5.2 acres at 800 Cog Circle, about 45 miles northwest of Chicago. Heather Schweitzer and Heide Casciaro of Premier represented the seller. Steve Pilafas of Great Street Realty represented the buyer, a Chicago-based investor and developer. The new owner has secured an undisclosed tenant for the property.
HACKENSACK, N.J. — NAI James Hanson has brokered the sale of 300 S. Summit Avenue, a 2,331-square-foot office building in Hackensack, a northwestern suburb of New York City. The buyer, All Souls Evangelical Church, is relocating from Bogota to provide more accessibility to its congregation. Darren Lizzack and Randy Horning of NAI James Hanson represented the seller, a private investor, in the transaction. Allegra House of Prominent Properties represented All Souls Evangelical Church.
