GIG HARBOR, WASH. — Marcus & Millichap has arranged the sale of Soundview Park, an office property located in Gig Harbor. Soundview Park Inc. sold the property to Gig Harbor-based Donkey Creek Holdings for $8.2 million. Located at 5775 Soundview Drive, the asset features 51,527 square feet of space spread across three office buildings and one flex building. The four buildings are fully occupied by professional service and retail tenants. The property also has a pad site for future development, as well as ample parking. The asset was built in phases from 1990 to 1993 by the seller. Stren Lea, Tyler Nicholes and Matthew Herman of Marcus & Millichap’s Seattle office represented the seller, while Lisa Tallman of First Western Properties represented the buyer in the transaction.
LITTLETON, COLO. — Broe Real Estate Group (BREG), an affiliate of Denver-based The Broe Group, has purchased an office building located on 4.7 acres at 1501 W. Mineral Ave. in Littleton. WorldVenture sold the asset, which was its former headquarters, for an undisclosed price. The property was constructed in 1999. The buyer plans to convert the two-story, 41,030-square-foot building into medical office space. This project is the BREG’s fifth transaction supporting medical office repositioning in the past 12 months, bringing nearly 600,000 square feet of medical office space to market. Jeff Wood and Monica Wiley of CBRE represented the seller in the deal.
BOSTON — Marcus & Millichap has brokered the $3.6 million sale of 338-342 Warren Street and 74-76 Rockland Street, two multifamily properties located in the Roxbury neighborhood of Boston. The asset at 338-342 Warren St., which comprises six three-bedroom apartments and two commercial spaces, sold for $2.2 million. The asset at 74-76 Rockland St., which comprises six apartments in two- and three-bedroom floor plans, sold for $1.3 million. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap brokered both sales. The deal closed at a capitalization rate of 6.11 percent.
ALISO VIEJO, CALIF. — AEW has completed the sale of One Enterprise, a Class A office building located in Aliso Viejo. BDC, a private 1031 exchange buyer, acquired the asset for $59 million. Situated on 7.3 acres, the four-story property features 111,391 square feet of office space. Built in 1999, the asset recently underwent a renovation. Microsemi Corp. and Ambry Genetics occupied the property at the time of sale. The property features a first-floor lobby, large corporate boardroom, executive kitchen, cafeteria and gym with locker rooms and showers, as well as landscaping and panoramic views of the Saddleback Valley. Paul Jones, Kevin Shannon, Brunson Howard, Blake Bokosky and Brandon White of Newmark Knight Frank (NKF) represented the seller, while Nick Kucha, also of NKF, represented the buyer in the deal
GLENDALE, ARIZ. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of Glendale Galleria, a neighborhood shopping center located at 5880 W. Peoria Ave. in Glendale. Brixmor Property Group sold the asset to a Florida-based private investor for an undisclosed price in a 1031 exchange. Built in 1989/1990 and renovated in 2018, the 119,525-square-foot property is situated on 12.7 acres. At the time of sale, the shopping center was 87 percent occupied by major tenants including LA Fitness, Sears Outlet, Synergy Gymnastics and TitleMax Title Loans. Additionally, the asset has four outparcels, which were not part of the sale. Outparcel tenants include Applebee’s, Arby’s, a car wash and Manuel’s Mexican Restaurant. Chris Tramontano and John Redfield of SRS represented the seller in the deal.
ALBUQUERQUE — Seattle-based Thayer Manca Residential has entered the New Mexico market with the purchase of two multifamily properties in Albuquerque: Ventana Canyon and Presidio. The acquisitions, combined with renovation costs, resulted in a total investment of $60 million. Formerly Ventana Canyon, the 264-unit Circ Apartments is in its final phase of a more than $4.1 million renovation project. Upgrades included a reimagined clubhouse, expanded pool deck and outdoor amenities, upgraded 24-hour fitness facility, new landscaping, interior unit renovations, exterior paint and property rebranding. The asset was originally acquired in November 2018. Ottavo Apartments, previously Presidio, is a 200-unit property undergoing a $4 million renovation plan, which is nearing completion. Upgrades include a contemporary clubhouse, upgraded 24-hour fitness center, fully updated community kitchen and game area, new pool deck, the addition of package lockers, property rebranding, exterior paint refresh and interior unit enhancements. The property was originally acquired in August 2018.
ANCHORAGE — Columbia Sussex has purchased three hotel properties, totaling 348 rooms, in Anchorage. Blackstone Group sold the assets for an undisclosed sum. The hotels are the 125-room Hilton Garden Inn at 4555 Union Square Drive; the 101-room Hampton Inn at 4301 Credit Union Drive; and the 122-room Homewood Suites at 101 W. 48th Ave. The properties were built in 2001, 1997 and 2003, respectively. Each property features an indoor pool, fitness center with hot tub, 24-hour business center, meeting space and recently renovated guestrooms. The hotels will continue to operate under their current names with current staff and employees. With 1,341 rooms in its inventory, Columbia Sussex claims to now be the largest full-service, year-round hotel operator in Alaska. The company also owns Marriott Anchorage Downtown and Hilton Anchorage, which it has operated for more than a decade.
CHICAGO — Marcus & Millichap has brokered the sale of Park Shops, a grocery-anchored retail center in Chicago, for $3.9 million. The 47,069-square-foot property is located at 6400 W. 63rd St. Fair Share Super Market has operated at the location for 27 years and recently extended its lease for 10 years. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a developer. A Chicago-based private investor purchased the asset.
SAN ANTONIO — Orlando-based Capstone Manufactured Housing has arranged the sale of Crescent Place, a 319-site manufactured housing asset located on 60 acres in San Antonio. Amenities include a swimming pool, clubhouse, basketball court, playground and a dog park. Ian Hilpl, Kevan Enger and Brian Hummell of Capstone represented the seller, a private investor, in the sale.
LAS VEGAS — Healthcare Transactions Group has arranged the sale of Kindred Transitional Care and Rehabilitation – Spring Valley, a 160-bed skilled nursing facility in Las Vegas. Constructed in 2015, Kindred Spring Valley is a two-story, 90,244-square-foot building. The property is next to Spring Valley Medical Center, a 292-bed acute care hospital. Mark Davis of Healthcare Transactions Group served as advisor to Kindred Healthcare. The buyer was Capital Senior Ventures, which already has a portfolio of skilled nursing properties in the Southwest. Sapphire Healthcare Management will operate the asset. The sales price was not disclosed. Kindred announced in 2016 that it was divesting of all its skilled nursing facilities to focus on other areas of its business.