ELYRIA, OHIO — Industrial Commercial Properties LLC (ICP) has acquired a 159,000-square-foot property at Midway Mall formerly occupied by Dillard’s in Elyria, about 30 miles southwest of Cleveland. The purchase price was not disclosed. The property sits on 18 acres. Earlier this year, ICP purchased the Sears building and Sears auto center on the western edge of the mall. ICP intends to redevelop the property, but specific plans have not been disclosed. Best Buy, Dunham’s Sports and Johnny K’s Power Sports anchor the 1.1 million-square-foot regional mall.
VISALIA, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Cameron Crossing, an apartment community located in Visalia. A Visalia-based private family acquired the asset for $16.3 million, or $170,000 per unit. Situated on a 4.8-acre site, Cameron Crossing features 96 units in a mix of one-, two- and three-bedroom floor plans, with an average size of 957 square feet. Additionally, the property features a swimming pool, clubhouse, laundry facilities and reserved parking. Alex Mogharebi, Otto Ozen, Robin Kane, Mark Bonas and Brendan Kane of TMG represented the seller, a Washington-based private investment group, in the transaction.
PHOENIX — Next Gen Black Canyon, an entity controlled by Helix Properties, has acquired Black Canyon Commerce Park, a three-building office park in Phoenix’s I-17 Corridor. Irvine, Calif.-based Granite Black Canyon Holdings sold the multi-tenant asset for $10.7 million. Barry Gabel, Chris Marchildon and Will Mast of CBRE’s Phoenix office represented the seller in the deal. CBRE Property Management will continue to manage the property, with Ashley Brooks of CBRE serving as the leasing agent. Built in phases between 1999 and 2001, Black Canyon Commerce Park is situated on 16.1 acres at 2101, 2133 and 2225 W. Peoria Ave. The 181,584-square-foot property, which was 65 percent leased at the time of sale, features two single-story buildings and one two-story building.
GILBERT, ARIZ. — Wentworth Property Co. has completed the sale of a build-to-suit office/flex building located at 2228 W. Guadalupe Road in Gilbert. A private trust acquired the property for $9.9 million. Built this year by Wentworth Property Co., the property features 34,132 square feet of office and flex space. New York-based Moog Inc., a designer and manufacturer of high performance motion control products, solutions and services, occupies the building, which features a custom build-out for the company with specific amenities to support Moog’s work in the aircraft, industrial, medical and space and defense markets. Brian Ackerman and Steve Sayre of JLL represented the seller, while Ian Hackett of Hackett Real Estate Solutions represented the buyer in the deal. Deutsch Architecture Group served as architect for the build-out.
PHOENIX — Marcus & Millichap has brokered the sale of Ocotillo Estates, a 47-unit apartment property located in Phoenix. A limited liability company acquired the property from a private investor for $5 million. Located at 6702 N. 17th Ave., Ocotillo Estates features two studios, 17 one-bedroom/one-bathroom units and 28 two-bedroom/two-bathroom units. Developed in 1979, the property has undergone light renovations with community amenities including ample covered parking, 24-hour controlled access security gate and an on-site management office. Additionally, the property features individual metering for electricity. Paul Bay of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the deal.
Northeast Private Client Group Brokers $14.2M Sale of Multifamily Property in Stratford, Connecticut
STRATFORD, CONN. — Northeast Private Client Group (NPCG) has brokered the $14.2 million sale of Sherwood and Shakespeare Apartments, a 128-unit multifamily property in Stratford. The property consists of three adjacent buildings at 112 Stratford Ave. Brad Balletto of NPCG represented the seller, Stratford-based Stratcon Properties LLC, in the transaction, and procured the buyer, a Bridgeport-based private investor.
WEST DES MOINES, IOWA — Marcus & Millichap has brokered the sale of Country Club Village Townhomes in Des Moines for $1.9 million. The 16-unit multifamily property is located at 1220 Office Park Road. Built in 1972, the rental property features two-bedroom units spanning 1,500 square feet. Ryan Spengler, Chris Collins and Evan Miller of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer.
PORTLAND, ORE. — A joint venture between Holland Partner Group and Pacific Life Insurance Co. has acquired Tupelo Alley, a mixed-use community located in Portland’s North Mississippi Avenue neighborhood. Institutional investors advised by J.P. Morgan Asset Management sold the property for $58 million. Situated on 1.4 acres at 3850 N. Mississippi Ave., the three-building Tupelo Alley features 188 apartments in a mix of studio, one- and three-bedroom layouts, averaging 770 square feet, and 10,000 square feet of ground-floor retail space. On-site amenities include indoor and outdoor gathering spaces for residents. Ira Virden and Carrie Kahn of JLL Capital Markets represented the seller, while Charles Halladay, Rick Salinas and Charlie Watson, also of JLL Capital Markets, represented the buyer in the transaction. Additionally, JLL arranged $37.7 million in acquisition financing for the buyer.
PORTLAND, ORE. — Colliers International has arranged the purchase of 6Y, a 11-story creative office building located at 811 SW Sixth Ave. in Portland’s Central Business District (CBD). Deka Immobilien acquired the asset from a joint venture between KBS and True North Management Group for $47.5 million. The transaction marks Frankfurt, Germany-based Deka’s third U.S. purchase in the last nine months and its entry into the Oregon market. Overlooking Pioneer Square, the 116,224-square-foot property was repositioned to include upgraded creative office suites, a tenant lounge and a contemporary lobby. Robert Stamm and Andres Roldan of Colliers’ Investment Advisory Group, in coordination with Chris Johnson of Colliers’ Portland office, represented the buyer, while Nick Kucha, James Childress and Bill DeLacy of Newmark Knight Frank represented the seller in the deal.
SAN DIEGO — Voit Real Estate Services has arranged the sale of Futura Business Park, a three-building office park located in San Diego’s Kearny Mesa submarket. Otay Terminal – Farnham St. LLC sold the asset to La Jolla, Calif.-based Hill Properties for $11.2 million. The buyer plans to implement a capital improvement program at the 51,229-square-foot, multi-tenant asset. Planned renovations will include exterior and interior improvements and repositioning the property as creative office space. Futura Business Park is located at 9445, 9455 and 9465 Farnham St. Randy LaChance, Ryan Bracker and Arthur Bleier of Voit’s San Diego office represented both parties in the transaction.