ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Aspen Woods, a 228-unit apartment community in Arlington. Built in 1976, the property, which has since been rebranded as The District on Collins, primarily offers two- and three-bedroom floor plans with units averaging about 850 square feet. Amenities include a pool, outdoor grilling area, a clubhouse and onsite laundry facilities. Al Silva of Marcus & Millichap represented the seller, a Dallas-based partnership, in the transaction. Silva also procured the buyer, a Texas-based investment firm that will implement a multimillion-dollar renovation program.
SAN JOSE, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale of Delano Apartments, a multifamily property located at 272-280 La Pala Drive in San Jose. A private, high-net-worth investor sold the property for an undisclosed price. Built in 1960, Delano Apartments features 35 units in a mix of one- and two-bedroom layouts. Community amenities include a swimming pool, on-site leasing office, coin-operated laundry facility and secured gated perimeter with security cameras. The newly renovated units feature granite countertops, engineered hardwood flooring, stainless steel appliances and modern light fixtures. Adam Levin and Robert Johnston of Levin Johnston represented the seller in the deal.
Hanley Investment Group Arranges $3.5 Million Sale of Raising Cane’s Location in Southern California
FONTANA, CALIF. — Hanley Investment Group has arranged the $3.5 million sale of a single-tenant building situated on 0.6 acres within a Sprouts Farmers Market-anchored retail center in Fontana. The 3,233-square-foot property is fully leased to a Raising Cane’s Chicken Fingers restaurant, which opened in February. Other tenants at Highland Village shopping center include Jack in the Box, Burgerim, Jersey Mike’s, Oggi’s Restaurant, Mountain View Tires, Pacific Dental and Quick Quack Car Wash. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley represented the seller, Adler Realty Investments Inc., in the transaction. Kevin Boeve of Marcus & Millichap represented the buyer, a private investor based in Covina, Calif.
LOS ANGELES — An affiliate of Optimus Properties has completed the sale of an office building located at 864 S. Robertson Blvd. in West Los Angeles. Terms of the sale were not disclosed. Originally built in 1956 and renovated in the 1980s, the 16,000-square-foot property features three floors, parking and several rooftop patios. Optimus completed improvements on the interior and exterior, including modernization of the entrance, lobby, common areas and new, ADA-compliant bathrooms.
PHOENIX — Del Mar Ventures Group has acquired Campbell Crossing, an infill retail center located at 4514 N. 16th St. in Phoenix. MCK Realty sold the property for $2.5 million, or $105.37 per square foot. The 1980s-vintage asset features 23,725 square feet across with 15 suites, with five tenants currently in place. Del Mar Ventures plans to remodel the property and change the tenant mix. The firm plans to reposition Campbell Crossing as a high-end retail destination by updating and modernizing building exteriors and interiors and installing high-quality tenants. Jerry Jacobs and David Guido of Newmark Knight Frank represented the buyer in the transaction.
PLYMOUTH, IND. — Marcus & Millichap has brokered the sale of Discount Storage in Plymouth for $3.4 million. The 373-unit, 45,400-square-foot self-storage property is located at 16220 Lincoln Highway. Constructed in 2016, the facility features 272 non-climate-controlled units, 88 climate-controlled units, surveillance cameras and outside parking. Sean Delaney of Marcus & Millichap represented the buyer and seller. Josh Caruana assisted on the transaction as the broker of record in Indiana.
FREMONT, CALIF. — JLL Income Property Trust has acquired Fremont Distribution Center, a two-building industrial portfolio in the Oakland/East Bay submarket of Fremont. An undisclosed seller sold the asset for $47 million. At the time of sale, the 240,000-square-foot property was fully leased.
GILBERT, ARIZ. — Embrey Partners has completed the disposition of The Flats at SanTan, an apartment community located at 2550 S. Santan Village Parkway in Gilbert. Weidner Apartment Homes acquired the 319-unit property for an undisclosed price. Built in 2018 and situated on 10 acres, The Flats at SanTan features eight residential buildings, attached and detached garages, leasing office, clubhouse, fitness center, heated pool, spa, outdoor yoga courtyard, Wi-Fi lounge with computers and printers, dog park, dog wash, outdoor kitchen, grilling areas and fire pit. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
SAN DIEGO — Colliers International San Diego has arranged the sale of the retail spaces at Harbor Club, a residential and retail building located in downtown San Diego. One Harbor sold the assets to Tower Investments for $13.6 million. Located at 285 J St., 100 J St., 200 Harbor Drive and 330 Third Ave., the property features 42,810 square feet of retail space. Current tenants include Morton’s The Steakhouse, Striders Clubhouse, Robert Cromeans Salon, San Diego Wine & Culinary Event Center, and the Luxe Lounge and Spa. Bill Shrader of Colliers’ Urban Property Team represented the seller and buyer in the deal.
CARROLLTON, TEXAS — Conti Organization, a multifamily investment firm that owns approximately 7,800 units in the DFW metroplex, has acquired Dawntree Apartments, a 400-unit community in the northern Dallas suburb of Carrollton. Built in 1982 on 23 acres, the community features one- and two-bedroom units and amenities such as a pool, fitness center, tennis court, business center and a resident clubhouse. Conti purchased Dawntree Apartments from California-based Steadfast Income REIT and will rebrand the community as Bella Vista Apartments.