BUCKEYE, ARIZ. — Marcus & Millichap has negotiated the sale of a retail property located at 1341 S. Watson Road in Buckeye. A limited liability company sold the property to an undisclosed buyer for $3.6 million. Planet Fitness occupies the 20,091-square-foot property, which was built this year, on a double-net-leased basis. The tenant just signed a 15-year lease for the property. Mark Ruble, Jamie Medress and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller in the deal.
MASS. and N.H. — Novaya Real Estate Ventures has acquired a nine-property industrial portfolio totaling 700,000 square feet, in Billerica and Wilmington, Massachusetts, as well as Londonderry, New Hampshire. The properties feature 18- to 20-foot clear heights and can accommodate warehouse, manufacturing and research uses. Torin Taylor, Matt Adams, Rory Walsh, Rich Ruggiero and Ross Gaudet of Newmark Knight Frank represented Novaya in the transaction. Wakefield Investments was the seller.
INDIANAPOLIS — Time Equities Inc. (TEI) has acquired Brookside Industrial Park in Indianapolis for $6.9 million. The Class B property spans 303,764 square feet and 10 buildings across 33.9 acres. The asset was 90 percent leased at the time of sale to tenants such as United Rentals, California Closets, Alloyd Supply Co. Inc., Purposeful Design, AH Furnico Inc., Health and Hospital Corp. of Marion County, Agile Engineering & Manufacturing and Siddique Enterprises. Julia Evinger and Damien Yoder of Marcus & Millichap brokered the transaction on behalf of the private seller. Brian Soto, Max Pastor and Raymond Cazis of TEI self-represented the comapny as acquisition and asset managers. TEI also acquired 1.9 acres of undeveloped land on the site, enabling the firm to further develop the complex.
TUSTIN, CALIF. — Camelot West Commercial has arranged the sale of Santa Ana – Tustin Medical Pavilion, a medical office building in Tustin. TKL Westminster acquired the property from Santa Ana Tustin Medical Pavilion LLC for $4.8 million with no concessions or repairs. Developed in 1968, the 17,594-square-foot building is located at 17400 Irvine Blvd. in Tustin. The building features 13 separate suites, each with examination rooms, lobbies, offices and private bathrooms. The building also features a full-service pharmacy. Jennifer Esser of Camelot West Commercial represented the seller, while Mia Pham of Lee & Associates represented the buyer in the transaction.
LIVERMORE, CALIF. — Marcus & Millichap has brokered the sale of a retail building, located at 2287 Second St. in downtown Livermore. A limited liability company acquired the building from tenants in common for $2.9 million. Bank of the West occupies the 7,108-square-foot building with one year remaining on the triple-net lease with no options to extend. Constructed in 1960 on a 0.41-acre lot, the building features multiple drive-in lanes and ample parking. Ethan Pintard and Jarrod Senechal of Marcus & Millichap’s East Bay, Calif., office represented the seller and the buyer in the deal.
WEST BEND, WIS. — Marcus & Millichap has brokered the $3.5 million sale of the Country Inn & Suites West Bend. The 58-room hotel is located at 2000 Gateway Court in West Bend, about 35 miles northwest of Milwaukee. Ebrahim Valliani, Michael Klar, Alan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured the buyer, a private investor.
NORTHBOROUGH, MASS. — Steris Corp., a manufacturer of medical devices, has purchased a warehouse in Northborough, located about 30 miles west of Boston, for $6.8 million. The property, 425 Whitney St., is a 45,718-square-foot warehouse with office space. Steris already owns the neighboring property, 435 Whitney St. CBRE’s Bob Gibson, Rachel Marks and Chelsea Andre represented the seller, a fund managed by DRA Advisors LLC.
MODESTO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Chardonnay Ridge Apartments, a multifamily asset located on Celeste Drive in Modesto. A San Francisco-based private investment group acquired the property from a San Gabriel Valley-based private investor for $16.5 million, or $143,478 per unit. Built in 1979, Chardonnay Ridge features 115 units in a mix of one-, two- and three-bedroom layouts, with an average size of 741 square feet. Additionally, the community features a resort-style outdoor pool, 24-hour fitness center, reserved covered parking and on-site laundry facilities. Alex Mogharebi and Otto Ozen of TMG represented the seller and buyer in the transaction.
NEW BRAUNFELS AND ROUND ROCK, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the $20.5 million sale of two skilled nursing communities near San Antonio and Austin. The facilities are operated by Senior Care Centers, a Dallas-based skilled nursing operator that filed for bankruptcy last year. Both properties were built in 2008 and offer 128 beds. The communities include Sundance Inn Health Center in the San Antonio suburb of New Braunfels and Park Valley Inn Health Center in the Austin suburb of Round Rock. The properties were 75 percent and 64 percent occupied at the time of sale, respectively. Matthew Alley of SLIB handled the transaction on behalf of the locally based seller and the buyer, a New York-based owner-operator of skilled nursing and home hospice services.
ROCKAWAY, N.J. — Cushman & Wakefield has arranged the sale of a 170,000-square-foot industrial asset in Rockaway, a city located about 30 miles west of New York City. The six-building complex at 114 Beach St. is 99 percent leased to 17 tenants, including light manufacturing, service and distribution companies. Andrew Schwartz, Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Andrew MacDonald, Jordan Sobel and Stephen Sander of Cushman & Wakefield represented the seller, The Silverman Group, in the transaction. The team also procured the buyer, New York-based investor Davco Group.
