BLOOMINGTON, MINN. — KW Commercial has brokered the sale of Amsden Ridge Shopping Center in Bloomington for $3.9 million. The two-building, 27,559-square-foot retail center is located on Ensign Avenue South. The shopping center includes retail, restaurant and office tenants. Matthew Klein of KW Commercial represented the seller, Amsden LLC, and secured the buyer, Hoss Bros. LLC.
EATONTON, N.J. — A joint venture between New York-based investment firm Devli Group and Connecticut-based Aspen Realty has acquired a two-building office complex totaling 129,632 square feet in Eatonton. The property, which comprises a 100,272-square-foot building and a 29,360-square-foot building, is situated on eight acres at 260 and 270 Industrial Way near the oceanfront city of Long Branch. The property was fully leased at the time of sale. The seller and sales price were not disclosed. The joint venture officially acquired the note on the property in November 2018 at a foreclosure auction and has now officially taken title of the property.
REDONDO BEACH, CALIF. — Stockbridge Capital Group has completed the sale of Novella Redondo, a multifamily community located at 616 Esplanade St. in Redondo Beach. A joint venture between Clovis, Calif.-based IDEAL Capital Group and Aegon Real Assets US, a division of Aegon NV, sold the property for an undisclosed price. CBRE’s Dean Zander, Stewart Weston and John Montakab represented the seller and buyer in the transaction. The 82,203-square-foot property features 105 apartment units. On-site amenities include a swimming pool, outdoor fireplace, pool-side fitness center, two laundry facilities, community-wide Wi-Fi, a dog wash station and subterranean parking. The buyer plans to make extensive renovations and upgrades to unit interiors and common areas. The asset experienced extensive water damage last year and received a full roof replacement and common area waterproofing upgrades. Prior to the water damage, the property had undergone a $16 million renovation.
REDMOND, WASH. — KBS, on behalf of a sovereign partner, has purchased the Offices at Riverpark, a Class A office building located in downtown Redmond. A Boston-based investment firm sold the asset for $48.1 million. Built in 2008, the five-story Offices at Riverpark features 106,281 square feet of Class A office space, covered parking, an on-site hotel and mixed-use space for office, residential and retail tenants. At the time of sale, a mix of healthcare, technology, insurance and finance companies fully occupied the property. Kevin Shannon, Nick Kucha, Ken White, Michael Moll and Bill DeLacy of Newmark Knight Frank (NKF) represented the seller. Tim O’Keefe and Mike Schreck, also of NKF, were the marketing leasing professionals for the transaction.
PEORIA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Modern on Peoria, a multifamily asset in Peoria. Goodman Real Estate acquired the property for $26 million, or $120,370 per unit, from a joint venture between Modern Residential Co. and Henley USA. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the deal. Completed in 1984 and situated on nine acres, Modern on Peoria features 216 apartments, which were just beginning to receive upgrades as a second phase of community transformation and rebranding implemented by the seller. Community amenity improvements include a creation of a ‘Central Rec’ area with concrete ping-pong tables, Adirondack seating, shade sails, music and bistro lighting. Additionally, the clubhouse lounge and leasing center features a coffee bar, bistro seating and music for ambiance.
VISTA, CALIF. — EB Capital LLC has purchased an industrial building, located at 1125 Joshua Way in Vista, from BRE 1125 Joshua Owner LLC for $14 million. Situated on 4.75 acres, the asset features 77,736 square feet of industrial space and 16,780 square feet of highly improved, high-end, two-story office area. At the time of sale, 21,359 square feet of the building was leased. The buyer intends to occupy the remaining 56,377 square feet. Rusty Williams and Chris Roth of Lee & Associates, North San Diego County, represented the buyer, while Barry Hendler and Aric Starck of Cushman & Wakefield represented the seller in the deal.
WEST CHICAGO, ILL. — Value Industrial Partners has acquired Bowling Green Center, a 14-building office and industrial property in West Chicago. The purchase price was not disclosed. Located at 245 W. Roosevelt Road, the asset spans 274,000 square feet. The property was 90 percent leased at the time of acquisition. Value Industrial plans to complete significant improvements, including new roofs, paving, landscaping and signage. The center will be renamed Roosevelt Center. Jeff Girling of Paine/Wetzel represented Value Industrial in the transaction. The seller was not disclosed.
DENVER, COLO. — Los Angeles-based Gelt Inc. has acquired Cedar Run Apartments, a 384-unit multifamily community located at 888 S. Oneida St. in Denver. Maxx Properties sold the asset for $62 million. Situated on 14 acres, Cedar Run features nine residential buildings with 240 one-bedroom units and 144 two-bedroom units, with an average size of 846 square feet. On-site amenities include a 27,000-square-foot clubhouse building with two racquetball courts, an indoor pool, fitness center and conference room spaces. Additionally, the property features two outdoor pools, three courtyards with picnic and barbecue areas, a playground, a sand volleyball court and covered parking. The property was built in 1970 and partially renovated between 2012 and 2017. Terrance Hunt and Shane Ozment of Newmark Knight Frank represented the seller in the deal. Newmark Knight Frank’s Mitch Clarfield and Ryan Greer secured a 10-year, full-term, interest-only loan at 70 percent loan-to-value and a 4.2 percent rate through Freddie Mac’s Green-Up program.
RIVERSIDE, CALIF. — Realty Advisory Group has arranged the sale of a single-tenant industrial property, located at 7275 Sycamore Canyon Blvd. in Riverside. An undisclosed seller sold the property for $8.9 million. Situated on 4.3 acres, the freestanding, 75,286-square-foot facility features 28-foot clear heights, 10 dock-high positions and future divisibility. At the time of sale, the property was fully leased to a Fortune 200 tenant. John Repstad and Mark Repstad of Realty Advisory Group represented the seller and undisclosed buyer in the deal.
LOS ANGELES AND RANCHO DOMINGUEZ, CALIF. — Rexford Industrial Realty has purchased two industrial properties for a combined total of $30.3 million. The acquisitions were funded using cash on hand. The company acquired a single-tenant industrial building, located at 15835 Oxnard St. in Los Angeles for $16.8 million, or $235 per square foot, in an off-market transaction. Situated in the Van Nuys neighborhood, the 71,467-square-foot building features 24-foot clear heights and 1,000 feet of freeway frontage along the Interstate 405 and substantive excess paved lane. Rexford also purchased a low-coverage building, located at 19100 S. Susana Road in Rancho Dominguez, for $13.5 million, or $77 per land square foot, in an off-market transaction. Situated on four acres, the 52,630-square-foot property features 24 dock-high loading positions, excess land for trailer storage and Interstate 710 freeway frontage. At the time of sale, the property was fully leased to a regional logistics operator.