SLIDELL, LA. — Carter Multifamily has acquired Pelican Pointe Apartments, a multifamily community located in Slidell, approximately 30 miles northeast of downtown New Orleans. An undisclosed seller sold the property for $28.6 million. Built in 2000, Pelican Pointe comprises 22 three-story residential buildings, a two-story clubhouse/office building and a maintenance building. The property features 266 units in a mix of one-, two- and three-bedroom layouts. Carter Multifamily plans to implement a renovation program to modernize the property. Renovations will include flooring, appliance and lighting updates in units, as well as upgrades to building exteriors and common areas. The buyer also plans to add a tech café, an outdoor kitchen with grills, bar seating by the pool, outdoor fitness trail, dog park and fire pits.
STANDISH, MAINE — Marcus & Millichap has negotiated the $6.4 million sale of Colonial Marketplace, a retail center in Standish. Located at 111 Ossipee Trail, the property is approximately 17 miles west of Portland. Preet Sabharwal, Zachary Weiss and Richard Dorfman of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was undisclosed. Hannaford Supermarket has anchored the retail center for more than 25 years.
KIMBALL, TENN. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of Kimball Crossing, a 280,476-square-foot retail center located in Kimball, 29 miles outside Chattanooga. Evansville, Ind.-based Regency Properties acquired the center for an undisclosed price. Kyle Stonis and Pierce Mayson of SRS represented the seller, Brixmor Property Group, in the transaction. The center was 98 percent leased at the time of sale to tenants such as Walmart, Goody’s, Goodwill, Dollar Tree, Shoe Show Mega Store, Hibbett Sports, Cato, H&R Block, Cricket Wireless, Little Caesars Pizza, Verizon Wireless, Subway, GNC and GameStop.
ALBUQUERQUE, N.M. — Compass Commercial Real Estate Services has arranged the sale of a retail building located in Albuquerque. An undisclosed buyer acquired the property for $2.7 million. Situated on 1.1 acres at 1720 Unser Blvd., the property features 4,500 square feet of retail space. Jay Lyons and Grant Schultz of Compass Commercial represented the buyer in the deal. The name of the seller was not released.
MILWAUKEE — R2 Cos. has purchased The Tannery, a six-building, 253,022-square-foot office complex on Virginia Street in Milwaukee’s Walker’s Point neighborhood. The purchase price was not disclosed. Ned Purtell and Scott Revolinski of Founders 3 Real Estate Services represented the seller, SARA Investment Real Estate. The property is home to several tenants, including Aurora Healthcare, Great Lakes Distillery and Springfield College.
HATTIESBURG, MISS. — Vesper Holdings has acquired Vie at Hattiesburg, a 792-bed student housing community located near the University of Southern Mississippi campus in Hattiesburg. The property offers two- and four-bedroom units with bed-to-bath parity. Shared amenities include a clubhouse, swimming pool and poolside lounge with a TV, 24-hour fitness center, business center, computer lab, sand volleyball court and a private shuttle to campus. The community’s previous owner, whose name was undisclosed, recently completed a $2 million renovation that included upgrades to flooring, appliances, furniture, clubhouse and the fitness center. Vesper is planning to invest an additional $600,000 to further upgrade the amenities, enhance the property’s exteriors and make substantial technology upgrades throughout the complex.
SAN ANTONIO — Oregon-based Hayden Properties has sold Fifth Avenue and Bitterwood Ranch, two multifamily assets totaling 388 units in San Antonio. Both properties offer one- and two-bedroom units and amenities such as a pool, business center, fitness center and outdoor grilling areas. According to The Austin Business Journal, the buyer was Wildhorn Capital, an Austin-based investment firm that acquired the properties for an undisclosed price.
CHANDLER, ARIZ. — Los Angeles-based Cohen Asset Management has completed the sale of Iridium @ Price Road Corridor, an industrial property in Chandler. Braintree, Mass.-based Bay Capital acquired the property for $16 million. Will Strong of Cushman & Wakefield Capital Markets led the company’s team that represented the seller in the deal. Constructed in 1986 and renovated in 2017, the 69,820-square-foot property is fully air conditioned, provides heavy power and has features a large fenced and secured yard. The asset also includes approximately three acres of vacant land for future expansion. Iridium Communications, a mobile voice and data satellite communications network, is the sole tenant of the property.
WEST HOLLYWOOD, CALIF. — Newport Beach, Calif.-based Burchette Partners has completed the sale of an apartment complex, located at 1122 N. Hayworth Ave. and 7928 Norton Ave. in West Hollywood. An undisclosed investor acquired the property for $8.3 million, or $429 per square foot. The two-story, 19,354-square-foot building features 16 one-bedroom/one-bath units and eight two-bedroom/two-bath units. Completed in 1960, the property also features two on-site laundry facilities and gated parking. Priscilla Nee and John Montakab of CBRE represented the seller in the all-cash transaction.
SANTA MONICA, CALIF. — California Realty Group has arranged the sale of the Yale-Wilshire Medical Building, a mixed-use property located in Santa Monica. Yale Wilshire LTD sold the property to an affiliate of Golden West Properties for an undisclosed price. The 45,881-square-foot medical office building also features 6,700 square feet ground-floor retail space. Mark Esses of California Realty Group represented the seller in the deal.