DENVER — Pinnacle Real Estate Advisors has arranged the sale of an apartment building located at 1410 Poplar St. in Denver. An undisclosed buyer purchased the property for $4 million or approximately $190,000 per unit. Built in 1949, the building features 21 apartment units. Eric Veith of Pinnacle represented the buyer, while Matt Lewallen and Kevin Calame of Pinnacle represented the undisclosed seller in the transaction.
WILLISTON, N.D. — IRET (NYSE: IRET) has closed on the sale of its interest in a multifamily portfolio in Williston for $42.3 million. IRET owned the majority interest in the Renaissance Heights and Williston Gardens properties, which consist of 433 units and a vacant land parcel. IRET was the sole owner of Dakota Commons, which includes 44 units. IRET managed all 477 units prior to the sale. Williston is in the Bakken region of North Dakota, which is known for oil production. Following this transaction, IRET has no remaining units in Williston. The buyer was Weidner Apartment Homes.
OAKLAND, CALIF. — TMG Partners has completed the sale of 1330 Broadway, an office building located in downtown Oakland. KKR, a global investment firm, acquired the property for an undisclosed price. In addition to the sale, TMG is partnering with KKR and will continue with on-site property management and asset management. TMG originally purchased the 18-story, 320,000-square-foot building in November 2015. Tenants at the property include Oracle, Arup, Clovis Oncology, UCSF, Verizon, Chase Bank and Citizens Engagement Lab.
COLUMBIA, S.C. — Colliers International has brokered the $16.3 million sale of Village at Town Center I, a 288,000-square-foot, open-air shopping center in Columbia. Joe Montgomery and Tony D’Ambrosio of Colliers arranged the transaction on behalf of the seller, a CMBS special servicer. Sandhill Center LLC, a South Florida-based private ownership group, acquired the asset. JC Penney and Books-A-Million anchor Village at Town Center, which was 84 percent leased at the time of sale. Additional tenants include Victoria’s Secret, Ann Taylor, Loft, Jos. A Bank, Panera Bread, Blaze Pizza, Moe’s Southwest Grill and Wild Wing Café. The property is the primary component of Village at Sandhill, a 300-acre mixed-use project located at the intersection of Clemson and Two Notch roads.
LOS ANGELES — Investment Real Estate Associates (IREA) has arranged the sale of Bonita Terrace, an apartment building located at 6900 Bonita Terrace in Los Angeles’ Hollywood Hills. A California-based private individual acquired the property for $10.1 million, or $632,000 per unit. Built in 2014, the property features 16 apartments, elevator service and secure subterranean parking garage. Jonathan Krikorian, Clark Everitt and William Everitt of IREA represented the buyer and seller, a California-based private individual.
TALLAHASSEE, FLA. —CREC has acquired Killearn Shopping Center in Tallahassee for $15.9 million. The 95,229-square-foot retail center is home to tenants such as Hobby Lobby, CVS/pharmacy, Bonefish Grill, Five Guys, Moe’s Southwest Grill, Hungry Howie’s and Firehouse Subs. The center was fully leased at the time of sale. Warren Weiser, Alan Esquenazi and Andrew Remick represented CREC internally in the transaction. Carson Good and Tarik Bateh of JLL represented the seller, a joint venture between DDR Corp. and Madison International Realty.
GOODYEAR, ARIZ. — Vancouver, Canada-based Dhir Capital has purchased Goodyear Central Marketplace, a neighborhood shopping center located at 13530-13650 W. Van Buren in Goodyear. 6601 Convoy Ct, an entity formed by CIRE Equity of San Diego, sold the property for $7 million. Chris Hollenbeck of Cushman & Wakefield Phoenix represented the seller in the deal. Built in 2006, the 61,146-square-foot property is occupied by 99 Cents Only, BPL Plasma, Hertz, a diner, a nail and day spa, and a barber shop. At the time of sale, the property was 91 percent leased.
ALOHA, ORE. — Trion Properties has acquired Springbrook Gardens, a multifamily property located at 6300 SW 188th Court in Aloha, a suburb of Portland. A private seller sold the property for $10.5 million in an off-market transaction. Built in 1971, the property features 84 apartments in a mix of one- and two-bedroom floorplans spread across 21 four-plex buildings. Trion Properties plans to complete strategic value-add renovations to the asset, including upgrades to kitchen cabinetry and appliances, unit flooring, bathroom cabinetry and countertops, as well as renovations to exterior landscaping and outdoor amenities. Liz Tilbury and Ben Murphy of Tilbury Ferguson Investment Real Estate represented the buyer and seller in the deal. Continental Partners arranged a $5.4 million acquisition loan for the borrower.
PORTLAND, ORE. — Ederer Properties II has completed the sale of a warehouse property located at 5825 NE Skyport Way in Portland. Adler Realty Investments acquired the single-tenant asset for $8 million. Situated on 6.2 acres, the 77,960-square-foot warehouse includes 7,000 square feet of office space. At the time of sale, the property was fully occupied. Scott Murphy, Zach Francis and Karla Hansen of Kidder Mathews represented both parties in the transaction.
WILLOW PARK, TEXAS — Olympus Property has acquired The Village at Crown Park, a 258-unit apartment community in Willow Park, located about 25 miles west of Fort Worth. Built in 2015, the Class A property includes 50 townhomes and features two pools, outdoor grilling areas, a children’s play area, basketball and volleyball courts, fitness center, movie theater and a game room. The seller was not disclosed.
