KANSAS CITY, MO. — Block & Co. Inc. Realtors has arranged the sale of the 8301 State Line Professional Building in Kansas City for an undisclosed price. The three-story office building spans approximately 27,350 square feet and is situated just north of Ward Park Center. Notable tenants at the fully occupied property include the Third and Long Foundation, Psychology of Kansas City and Hospice Care of America. Piers Pener of Block & Co. represented the undisclosed buyer. The seller was also undisclosed.
HOBBS, N.M. — Marcus & Millichap has arranged the sale of Homestead, a multifamily property located in Hobbs. Terms of the transaction, including the names of the seller and buyer and acquisition price, were not released. Built in 2016 and situated in 10.6 acres, Homestead features 240 apartments with high-end interior finishes. John McGregor, Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller and procured the buyer in the deal. Matt Reeves of Marcus & Millichap is the broker of record in New Mexico.
LAS VEGAS — Newmark Knight Frank has arranged the sale of Cornet Plaza in Las Vegas. Cornet Plaza LLC sold the asset to C&C Elliot Street LP for $6.4 million. Located at 771 E. Horizon Drive, the shopping center features 26,888 square feet of space. Tenants include Capriotti’s, Papa John’s and Hammers Grill & Bar. Michael Zobrist and Nelson Tressler of Newmark Knight Frank represented the seller in the deal.
SACRAMENTO, CALIF. — Newmark Knight Frank (NKF) has arranged the sale of The Luxe, a gated apartment community in Sacramento. ColRich acquired the asset for $36.2 million from Southern California-based Latitude Real Estate Investor. The off-market transaction included two loan assumptions and was a 1031 exchange for ColRich. Totaling 164,840 square feet, The Luxe features 220 apartments, a business center, clubhouse, courtyard, fitness center, swimming pool and spa. Located at 2501 Hurley Way in Sacramento, the property comprises two separate parcels: 2501 Hurley Way and 2510 Wittkop Way. Zachary LeBeouf and Anthony Pappageorge of NKF represented the buyer in the deal.
SCOTTSDALE, ARIZ. — Redwood Capital Group has purchased Carter, a Class A apartment property located in Scottsdale. The acquisition price and name of the seller were not released. Completed in 2018, Carter consists of a five-story building with three elevators featuring 365 apartments. Units include “condominium-quality finishes” including nine-, 10- and 11-foot ceiling heights, granite or quartz countertops, kitchen islands, stainless steel appliances, single-basin undermount sinks, custom wood cabinetry, oversized windows, wood-like flooring, extra-large balconies or patios and full-size washers/dryers. On-site amenities include a resort-style pool area with a dining terrace, cabanas and an oversized hot tub; an outdoor fireplace area with overhead lighting and dining areas; resident clubhouse featuring two-story ceiling heights, kitchen area, billiard rooms and coffee bar; and state-of-the-art fitness center with separate spin and yoga studios. Additionally, the property features a Luxer One concierge package locker system; six-story painted parking garage with reserved parking and bike storage; business lounge with private conference rooms and outdoor seating; a pet park and grooming area; and an electronic access system to apartment units.
PHOENIX — Transwestern, in a joint venture with an institutional partner, has acquired Camelback Esplanade III, a Class A office tower in Phoenix. The price was not disclosed. Developed by Opus in 1997, the 10-story Camelback Esplanade III features 218,387 square feet of office space. At the time of sale, the property was 50 percent leased to a mix of nationally recognized tenants. The LEED Gold-certified and Energy Star-rated office tower is located within The Esplanade, a mixed-use development. Jim Fijan and Jack Fijan of Transwestern represented the buyer and sourced the institutional partner. Additionally, Jim Achen and Bill Zurek of Transwestern will provide office leasing services and oversee property management.
COTTAGE GROVE, ORE. — Hone Investments has completed the disposition of a retail asset located at 1074 E. Main St. in Cottage Grove in Central Oregon. West Plaza LLC bought the property for $5.7 million. Walgreens occupies the 14,820-square-foot retail property with 15 years remaining on its existing long-term lease. Jon Busse and David Kotansky of Colliers International San Diego Region represented the seller, while Jeff Miller of First Commercial Real Estate Services represented the buyer in the deal.
CHERRY HILL, N.J. — Marcus & Millichap has brokered the $4 million sale of South Jersey Medical Center, a 33,426-square-foot medical office building located in Cherry Hill, located just outside Philadelphia in New Jersey. The property features 14 suites and 425 feet of frontage along State Route 70, which has a daily traffic count in excess of 53,000 cars. David Beyel, Lawrence Gariano and Michael Hinchman of Marcus & Millichap’s Philadelphia represented the undisclosed seller and procured the buyer, a Pennsylvania-based partnership that will upgrade the property’s common areas.
BRIDGEPORT, CONN. — Northeast Private Client Group (NPCG) has negotiated the $3.6 million sale of a pair of multifamily assets in Bridgeport, located on Connecticut’s southern coast. The properties total 44 units. Brad Balletto, Rich Edwards and Jeff Wright of NPCG represented the seller, a local owner-operator, and procured the buyer, a Connecticut-based investor. The deal closed at a capitalization rate of roughly 7 percent.
PHOENIX — Solana Beach, Calif.-based Fenway Capital Advisors has completed the disposition of Valley Commerce Center, a multi-tenant office building located at 4745 and 4747 N. Seventh St. in Phoenix. Denver-based Bow River Capital Partners purchased the property for $27.9 million. Steve Lindley, Eric Wichterman, Tracy Cartledge, Bob Buckley and Mike Coover of Cushman & Wakefield’s Phoenix office represented the seller in the deal. Built in 1984, the two-building, four-story asset features 217,434 square feet of office space. The property recently underwent more than $6 million in capital improvements, including a state-of-the-art outdoor collaborative space with seating areas, a bocce ball court and two water features.