SHELBYVILLE, IND. — The Cooper Commercial Investment Group has arranged the $3 million sale of a 22,470-square-foot retail center in Shelbyville, a southeast suburb of Indianapolis. The property, shadow anchored by Kroger, is fully leased to tenants such as Buffalo Wild Wings, Shoe Sensation and Pet Value. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an East Coast-based private investment group. The team also procured the buyer, a Florida-based private investor. The sale represents a 7.7 percent cap rate.
RESTON, VA. — Bridge Investment Group has acquired The Campus at Sunrise, a 255,000-square-foot office campus in Reston. The three-building property is situated on 12 acres, roughly 22 miles west of Washington, D.C. Bridge will renovate all three buildings, constructed between 1987 and 1990, with updated lobby areas, an enhanced tenant amenity center, flexible spec suites, communal outdoor areas and special events and entertainment for tenants. The Campus at Sunrise is situated within walking distance to the Wiehle-Reston East Metro station and a half-mile from the planned Reston Station mixed-use community, which will include 100,000 square feet of restaurants and retail, as well as residential units. The office campus was 85 percent leased at the time of sale. The name of the seller and sales price were not disclosed.
RICHMOND, VA. — Colliers International has arranged the $39.5 million sale of Axis 147, a 290-unit apartment community in Richmond. Will Matthews, Carter Wood, Jason Hetherington and Bruce Milam of Colliers International arranged the transaction on behalf of the seller, a joint venture between Lincoln Property Co. and Ritz Banc Group. Capital Square 1031 acquired the asset. Axis 147 features a pool, playground, pet play area, sundeck and private balconies or patios.
FAYETTEVILLE, ARK. — HFF has arranged the sale of Uptown Fayetteville Apartments+Shops, a 308-unit apartment community in Fayetteville. The eight-building property is located at 3959 N. Steele Blvd., roughly four miles north of downtown Fayetteville and the University of Arkansas. Steven Hahn Jr., Roberto Casas and Greg Toro of HFF arranged the transaction on behalf of the seller, Specialized Real Estate Group. In addition, Brian Carlton of HFF arranged a 10-year, fixed-rate acquisition loan through Freddie Mac on behalf of the buyer, Sun Holdings Group. The sales price and financing amount were not disclosed. Constructed in 2017, Uptown Fayetteville Apartments+Shops includes a mix of studio to two-bedroom units averaging 828 square feet, as well as 17,000 square feet of ground-floor retail. The LEED-certified community features a heated saltwater pool, outdoor gathering space, community garden, landscaped roof deck, outdoor grilling area, fitness center and direct access to the Razorback Regional Greenway, a 36-mile, multi-use trail.
BENICIA, CALIF. — Cushman & Wakefield has arranged the sale of Benicia Industrial Park in South Solano County. Benicia Partners sold the property to Sarkissian Trust for $12 million. Located at 5500 E. Second St. in Benicia, the property features 63,108 square feet of flex and R&D space. At the time of sale, Bio-Rad Laboratories fully occupied the building. Brooks Pedder, Douglas Longyear and Tony Binswanger of Cushman & Wakefield’s Walnut Creek, Calif., and San Francisco offices represented the buyer and seller in the deal.
RIVERVIEW, FLA. — Transwestern has arranged the $14.7 million sale of a two-building flex/office portfolio located at 2600 and 2700 Falkenburg Road in the Tampa Bay area of Riverview. John Bell and Walter Byrd of Transwestern arranged the transaction on behalf of the seller, a special servicer, through the Ten-X online auction platform. The name of the buyer was not disclosed. The buildings, which total 134,00 square feet, are situated at the gateway to First Park @ Brandon office park. Transwestern assumed management and leasing of the portfolio when it was 35 percent occupied. Working with Hain Commercial Realty, Transwestern repositioned the buildings and raised occupancy to 86 percent at the time of sale.
MUSCLE SHOALS, ALA. — Berkadia has arranged the $13.9 million sale of Arbor Village Apartments, a garden-style multifamily community in Muscle Shoals, a city in northern Alabama. David Oakley and David Wilson of Berkadia arranged the transaction on behalf of the seller, Engel Realty Co. In addition, Josh Finley of Berkadia secured a 10-year, $10.5 million acquisition loan on behalf of the buyer, Arbor Village Apartments LLC. The Fannie Mae loan features a fixed interest rate of 4.91 percent and a 30-amortization schedule. Arbor Village Apartments includes a mix of one- and two-bedroom units and features a fitness center, pool and an outdoor grilling area.
TAMPA, FLA. — Marcus & Millichap has arranged the $12.6 million sale of the 86-room Hampton Inn Tampa-Airport North. Jonathan Ruprai of Marcus & Millichap arranged the transaction on behalf of the undisclosed seller and procured the buyer, a Canadian investment group. The five-story hotel, located seven miles from Tampa International Airport, features complimentary breakfast, a business center, meeting space, fitness center and a free airport shuttle.
WATERFORD TOWNSHIP, MICH. — Dominion Real Estate Advisors has arranged the sale of the former Summit Place Mall in Waterford Township near Pontiac. Southfield, Mich.-based commercial real estate development and investment company Ari-El Enterprises acquired the property from California-based SD Capital LLC, which has owned the asset since 2008. The 1.4 million-square-foot mall is situated on 73 acres. It opened in 1962 as the first enclosed mall in Michigan. At its peak, Summit Place Mall was home to more than 200 stores. The Sears store was the last to close in 2014. DTE Energy plans to break ground this fall on a 50,000-square-foot facility at the site. Redevelopment of the full property could include more than 1 million square feet of mixed uses, including industrial, office, hospitality and fast casual restaurants, according to Arie Leibovitz, owner of Ari-El Enterprises. Dominion represented the seller in the transaction. Terms of the sale were not disclosed. A demolition is in the works for the property.
RANCHO CUCAMONGA, CALIF. — SRS Real Estate Partners has negotiated the sale of Spruce Plaza, a newly constructed Class A retail center in Rancho Cucamonga. A Bay Area-based family trust acquired the property from Costanzo Investments, a Southern California-based development company, for $15.6 million, or $1,005 per square foot. Situated at 10877-10895 E. Foothill Blvd. within the master-planned community of Terra Vista, Spruce Plaza is fully occupied by Blaze Pizza, Tokyo Joe’s, Luna Grill, Jersey Mike’s Sub, Café Rio and Habit Burger. Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group and Garrett Colburn of SRS’ Newport Beach, Calif., office represented the seller, while Ralph Borelli and Caleb Scherer of Borelli Investment Co. represented the buyer in the deal.