CHICAGO — Westwood Financial has purchased Clybourn Galleria in Chicago’s Lincoln Park neighborhood for an undisclosed price. The 24,601-square-foot retail center is located at 1841-1847 N. Clybourn Ave. Constructed in 2005, Clybourn Galleria is fully leased to tenants such as Natuzzi Italla Furniture, Jos. A. Bank, SWEAT, Massage Envy, Amazing Lash, Smartchoice MRI and Red Wing Shoes. Amy Sands and Clinton Mitchell of HFF marketed the property on behalf of the seller, Newport Capital Partners.
OREM, UTAH — A joint venture between Millstream Partners and Redstone Residential has acquired Summerwood Condos, a 282-bed community located near Utah Valley University in Orem. The property was built in 2003 and is set to undergo a complete renovation and rebranding. Unit interiors will be updated with new furniture and appliances; new flooring; fresh paint; quartz countertops; and a gigabit Internet upgrade. Exterior upgrades will include the addition of a new fitness center and clubhouse; a triple-decker hot tub; fire pit; and refreshed outdoor living amenities. The property was purchased under a Freddie Mac green program. In accordance, the new ownership will be installing equipment to reduce water consumption by more than 50 percent and will install solar panels to offset common area electric expenses. The seller in the transaction and a timeline for renovations were undisclosed.
MILLBRAE, CALIF. — Cadence Living, a senior living development and management company based in Arizona has acquired Marymount Greenhills Retirement Center an undisclosed price. The independent living, assisted living and memory care community is located in Millbrae, a suburb near the San Francisco International Airport. The new owner has rebranded the property as Cadence Millbrae and plans extensive renovations for the next year. The project is part of the city’s plans to redevelop areas into hubs for commercial and residential activity. The renovation project will include fully modernized apartments and common-area corridors, as well as renovation of all common area spaces such as the dining room, activity spaces, and lobby. Cadence Living currently owns and operates communities in California and is expanding its footprint throughout the South and West.
LOS ANGELES — Charles Dunn Co. has arranged the sale of a development site located at 729 S. Park View St. in Los Angeles. Salem Missionary Baptist Church sold the asset to Safeco LLC for $2.8 million. The 18,000-square-foot site features a 4,100-square-foot building, which the seller formerly occupied. The buyer, which owns an adjacent parcel, plans to develop 150 residential units and potentially ground-floor retail at the site. Chris Giordano, Chris Steck and John Anthony of Charles Dunn Co. represented the seller and buyer in the deal.
ST. PAUL, MINN. — Marcus & Millichap has brokered the sale of an 87,044-square-foot industrial property in St. Paul for $4.6 million. Located at 195-215 Sycamore St., the property includes two freestanding warehouses with a fully paved and fenced outside storage space. Sean O’Brien and John Godwin of Marcus & Millichap marketed the property on behalf of the seller, a private investor. An out-of-state investor was the buyer. O’Brien also assisted the seller in negotiating an eight-year lease extension with tenant Allied Building Products prior to the closing.
EMERYVILLE, CALIF. — Benderson Development has acquired a retail property located at 3938 Horton St. in Emeryville, a city between Berkeley and Oakland, Calif., for $15.6 million. Toys ‘R’ Us and Babies ‘R’ Us formerly occupied the now-vacant property. The asset is part of the East Bay Bridge Shopping Center, situated at the convergence of interstates 880, 580 and 80/San Francisco – Oakland Bay Bridge.
POMONA, CALIF. — LNR Partners has completed the sale of Pomona Tech Center, an office building located at 3201 Temple Ave. in Pomona. A private buyer acquired the asset for $6.5 million, or $147 per square foot. The two-story, 44,187-square-foot building features institutional-quality, steel-frame improvements with a recently renovated vaulted lobby, mountain and valley views, and ample surface parking. Additionally, the property offers immediate access to Orange County and the Inland Empire. At the time of sale, the property was 89 percent leased to six tenants, with national credit tenants St. Joseph Health and Henkels & McCoy occupying 46 percent of the building. Jeffrey Cole, Ed Hernandez and Nico Napolitano of Cushman & Wakefield’s Capital Markets Group, along with Sean Kern and Ryan Russell of Cushman & Wakefield, represented the seller in the transaction.
UNIVERSAL CITY, TEXAS — A partnership between San Antonio-based Internacional Realty Inc. and New York-based Dome Equities has purchased Sunrise Canyon Apartment Homes. The 208-unit property is located in Universal City, about 18 miles northeast of downtown San Antonio. Amenities include a fitness studio, internet café, business center, pool and community lounge. Mark Brandenburg of JLL secured an undisclosed amount of acquisition financing for the deal through Freddie Mac
PHILADELPHIA — Marcus & Millichap has negotiated the sale of a 4,568-square-foot mixed-use property in Philadelphia. The building, which is located at 262 S. 16th St., sold for $1.2 million or approximately $279.11 per square foot. Lawrence Gariano, Matthew Bess and Mark Taylor of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was a limited liability company. The property is located two blocks east of Philadelphia’s Rittenhouse Square.
KNOXVILLE, TENN. — The Shopping Center Group (TSCG) has arranged the sale of South Grove, an 89,021-square-foot retail center located near the entrance to Smokey Mountain National Park in Knoxville. Broad Reach Retail Acquisition Co. LLC acquired the asset. Other terms of the deal were not disclosed. A 44,029-square-foot Food City anchors the center, which is also home to Pet Supplies Plus, Great Clips and Gondolier. Lowe’s Home Improvement shadow-anchors the center. South Grove includes a vacant 15,150-square-foot space formerly occupied by Goody’s, offering a value-add opportunity for the new ownership, as well as a two-tenant outparcel building totaling 5,900 square feet. Broad Reach Retail also acquired three undeveloped parcels totaling seven acres adjacent to the property for future expansion.