ILLINOIS, IOWA AND MICHIGAN — Real estate advisory and brokerage firm A&G Realty Partners has announced the results of its Jan. 28 bankruptcy auction of the final department store properties formerly owned by The Bon-Ton Stores Inc. The stores, located in the Midwest, formerly operated under the Bergner’s Carson’s, Younkers, Elder-Beerman and Bon-Ton names. In Coralville, Iowa, a home furnishings retailer acquired the 98,458-square-foot Younkers at Coral Ridge Mall. Mall owner Abbell Associates purchased the 165,000-square-foot Younkers at Merle Hay Mall in Des Moines. Mall owner Brookfield Properties acquired the 128,000-square-foot Carson’s at Spring Hill Mall in Dundee Township, Ill., as well as the 150,081-square-foot Younkers in Grandville, Mich. Mall owner Simon Property Group purchased the 125,000-square-foot Bergner’s at White Oaks Mall in Springfield, Ill. In Indiana, the Economic Development Corp. of Wayne County purchased 100,000-square-foot Elder-Beerman in Richmond. HOM Furniture acquired the 46,660-square-foot Bon-Ton at Lewistown Mall in Lewistown, Pa. Two Herberger’s stores in Minnesota were removed from the auction. In late January and early March, A&G completed private sales on two other store properties from the Bon-Ton portfolio. This includes the sale of the former Younkers building at Miller Hill Mall in Duluth, Minn. Buyer Essentia Health plans …
AVON, CONN. — The Clairmont Group has acquired Avon Place Apartments, a 164-unit apartment community in Avon for $24 million. Located at 46 Avonwood road, the 45-year-old property consists of three buildings and a clubhouse. The Clairmont Group secured financing for the acquisition through private equity firm RealtyMogul. Matt Schneid of Cole Scholz P.C. served as legal advisor on the transaction. The seller was undisclosed.
SAN JOSE, CALIF. — SVP Management has purchased a vacant flex/R&D office building, located at 3775 N. First St. in San Jose. Chandler HFP, an affiliate of Los Angeles-based Held Properties Inc. sold the property for $19 million. Built in 1985, Honeywell occupied the single-story, 67,733-square-foot building from its acquisition in 2013 through December 2017. Originally, the property served as the world headquarters for RAE Systems Inc. Held Properties owned the property since 2014. Bob Bower and Chip Sutherland of CBRE Capital Markets-Investment Properties represented both parties in the transaction.
PORTLAND, ORE. — Senior Living Investment Brokerage has arranged the sale of RN Villa Care Center, a 38-unit residential care facility in Portland. Residential care is a form of seniors housing that utilizes a smaller, more home-like atmosphere. The 22,165-square-foot community sits on a one-acre plot. A local operator sold the community to a Southern California-based private equity firm for $8.5 million, or $233,000 per unit. The seller plans to use the proceeds to invest in other real estate assets. The seller was seeking to expand its Pacific Northwest portfolio. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.
TUCSON, ARIZ. — SAFCO Capital has completed the disposition of a retail property, located at 3662-3692 S. 16th Ave. in Tucson. California-based CRE Strategic Investments acquired the asset for $2.5 million. At the time of sale, the 25,000-square-foot property was fully occupied by DaVita Dialysis and Desert Sports & Fitness. Craig Finfrock of Commercial Retail Advisors represented the seller, while the buyer was self-represented in the deal.
MONTCLAIR, N.J. — Marcus & Millichap has arranged the $1.2 million sale of a 4,500-square-foot mixed-use property in New Jersey. Located at 413 Bloomfield Ave., the property consists of two apartment units and one retail unit. Alan Cafiero, Ben Sgambati, Chip Collins, David Cafiero, Michael DeVita and Thomas Cleary of Marcus & Millichap’s New Jersey office represented the seller, a personal trust, in the transaction. The buyer was a limited liability company.
MANTECA, CALIF. — A Northern California-based family has purchased Stadium Center, a shopping center located at 2120 Daniels St. in Manteca. A Chicago-based REIT sold the property for an undisclosed price. The new owners have retained NAI Benchmark to manage the asset. The 185,000-square-foot shopping center is occupied by Famous Footwear, Mattress Firm, Queenbee Nails & Spa, Subway, Chili’s Bar & Grill, GameStop, Maurice’s, Ross Dress for Less, Supercuts, Jamba Juice, My Kid’s Dentist & Orthodontist, Round Table Pizza, Ulta Beauty, Jo-Ann Fabrics & Crafts, Old Navy, rue21, Wild Wings n’ Things, dressbarn, Justice, Ono Hawaiian BBQ, Stadium Dental Group, Eyebrow Arch, Panda Express and Starbucks Coffee.
NAMPA, IDAHO — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant net-lease investment property, located at 1460 N. Happy Valley Road in Nampa. An East Coast-based real estate investment acquired the property from Atlanta-based RCG-Nampa LLC for an undisclosed price. The tenant, CircusTrix, is a developer, operator and franchisor of indoor active recreation parks. The facility combines super trampoline arrays with obstacle courses, foam pits, slacklines and trapezes. Eric Wohl, Austin Blodgett and Andrew Cunningham of Hanley Investment Group represented the seller, while the buyer was self-represented in the deal.
PICO RIVERA, CALIF. — Lee & Associates has arranged the sale of a restaurant property, located at 9209 Telegraph Road in Pico Rivera. NLA Pico Rivera sold the property to Bellside Property Management for $1.2 million. The built-to-suit property was completed in late December for Little Caesars. Situated on 0.2 acres, the 1,252-square-foot building features a drive-thru. Ryan Barr and Ryan Bennett of Lee & Associates – North San Diego County represented the seller, while Lee & Associates – Riverside represented the buyer in the deal.
ARCADIA, CALIF. — CalBay Development has purchased a drive-thru restaurant redevelopment site in Arcadia. An undisclosed seller sold the asset for $1.9 million. Totaling 30,000 square feet of land, the property features a 3,000-square-foot building with an expiring lease. The current tenant is Burger King. Rory Holdstock of Pinnacle Estate Properties brokered the transaction.