FAIRFIELD, CALIF. — Capital Rivers Commercial has brokered the sale of Oakmont Plaza, a shopping center in Fairfield. San Diego-based The Niki Group acquired the property from a Fairfield-based private investor for $11.2 million. FoodMaxx anchors the 105,000-square-foot retail center, which also includes a freestanding Chase Bank and O’Reilly Auto Parts in addition to 35,000 square feet of in-line space. Additional tenants include Mountain Mikes Pizza and Check to Cash. Greg Aguirre and Frank Kozlowski of Capital Rivers Commercial represented the seller, while Brandon Norton of John Cumbelich & Associates represented the buyer in the deal.
CHEYENNE, WY. — Pinnacle Real Estate Advisors has arranged the sale of an apartment building, located at 4700 Mountain Road in Cheyenne. Mountain Elk Ridge sold the property to an undisclosed buyer for $7.5 million. The apartment building features 112 residential units. Jeff Johnson and Andrew Monette of Pinnacle Real Estate Advisors represented the seller in the transaction.
URBANA, ILL. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of the Champaign County Nursing Home in Urbana for $11 million. The skilled nursing facility includes 243 beds. Joshua Jandris, Mark Myers and Matthew Andriano of IPA represented the seller, Champaign County. The team also procured the buyer, University Rehab Real Estate LLC.
MILWAUKEE — Berkadia has arranged the sale of Franklin Park Apartments in Milwaukee for $9.5 million. The 128-unit multifamily property was 95 percent occupied at the time of sale. Ralph DePasquale, Parker Stewart and Alex Blagojevich of Berkadia represented the seller, Milwaukee-based Brickman Real Estate and Peloton Investors. Chicago-based Tricap Residential Group purchased the asset.
SACRAMENTO, CALIF. — Cronheim Mortgage has arranged a $17.4 million bridge loan for the acquisition of an existing retail and self-storage facility, located on 16.8 acres outside of Sacramento. DealPoint Merrill is the borrower and property owner. At the time of financing, the property was fully operational and stabilized. The financing includes future funding for the renovation and stabilization of the adjoining parcel. The three-year loan features two one-year extensions and an interest rate of 30-day LIBOR plus 375 basis points. When renovated, the asset will provide mixed-use retail and self-storage space with a total of 1,616 self-storage units and 46,904 square feet of retail space. The existing structures were built in 1991; a portion was renovated in 2014, and the remaining portion is being started with the funding of this loan. The existing self-storage facility totals 51,825 square feet and has 685 climate-controlled storage units. The property was built in 1980 as a retail building and converted to self-storage space in 2015. CubeSmart operates the facility.
VAN NUYS, THOUSAND OAKS AND LASALETTE, CALIF. — Senior Housing Properties Trust has sold three skilled nursing facilities in California as part of a previously announced restructuring plan. The 276-unit portfolio included undisclosed facilities in Van Nuys, LaSalette and Thousand Oaks. The transaction, which also included a 15,647-square-foot medical office building in Thornton, Colorado, totaled $24.1 million. The buyers were not disclosed. The sales were part of SNH’s disposition plan to sell up to $900 million of assets in connection with the restructuring of its business arrangements with Five Star Senior Living Inc. Based in Newton, Massachusetts, Senior Housing Properties Trust is a REIT that owns medical office buildings, senior living communities and wellness centers throughout the United States. SNH is managed by the operating subsidiary of The RMR Group Inc., an alternative asset management company.
CERRITOS, CALIF. — Avison Young has arranged the sale of a retail property, located at 11355 South St. in Cerritos. A private investor from Southern California sold the property for $6.5 million. Built in 1974, the 5,225-square-foot property features of 1,200 square feet of mezzanine space. Comerica Bank occupies the building on an absolute triple-net leased basis. Brian Hennessey and Armand Aghadjanians of Avison Young represented the seller, while Brian Russell of Kinnery’s Brokerage and The Primemark Group represented the buyer, a Southern California-based private investor, in the deal.
DURANGO, COLO. — Colliers International Multifamily Advisory Group has arranged the sale of Hillcrest Apartments, located at 1000 Goeglien Gulch Road in Durango. San Francisco-based Virtu Investments sold the property to Denver-based Blueline Equity Partner for an undisclosed price. Situated next to Fort Lewis College, Hillcrest Apartments features 112 units and was built in 2002. Craig Stack and Bill Morkes of Colliers International represented the seller in the deal.
CORONA, CALIF. — Progressive Real Estate Partners has arranged the sale of Corona Freeway Center in Corona. An Orange County, Calif.-based private investor sold the property to Orange County-based PRES Cos. for $11 million. The 67,690-square-foot retail center was built in 1991 and was recently renovated, including a new roof, new HVAC, updated landscaping, painting, major renovations to the parking lot, and the addition of a 60-foot high digital freeway pylon sign and a 400-square-foot digital screen. Tenants include Express Scripts, Jenson USA Bicycles and LA Carpet & Flooring. Frank Vora of Progressive Real Estate Partners represented the seller, while Greg Ozimec of Industrial Brokers represented the buyer in the deal.
NAPERVILLE, ILL. — Phillips Edison & Co. Inc. (PECO) has purchased Naperville Crossings, a 146,591-square-foot shopping center in Naperville. The purchase price was $49.9 million, according to Crain’s Chicago Business. A newly constructed, 21,820-square-foot Aldi grocery store anchors the property. Other tenants at the retail center, which is 92 percent leased, include AT&T, Biaggi’s Ristorante Italiano, Massage Envy, Nothing Bundt Cakes, Orangetheory Fitness, Panera Bread and Starbucks. Evan Halkias and Michael Marks of Cushman & Wakefield represented the undisclosed seller in the transaction.