FREEPORT, ILL. — Mid-America Real Estate Corp. has brokered the sale of Freeport Plaza in Freeport, a city in northern Illinois. The sales price was undisclosed. A 62,500-square-foot Cub Foods grocery store anchors the 87,846-square-foot shopping center, which is 87 percent leased. Cub Foods recently extended its lease to 2027. Rick Drogosz and Emily Gadomski of Mid-America represented the seller, a REIT. CRE Pro was the buyer.
DENVER — CBRE has arranged the $31 million sale of Corsican Apartments, a multifamily community located in Denver’s Cheesman Park neighborhood. Justin Hunt, Andy Hellman, Erik Toll, Chris Hart and Jessica Graham of CBRE represented the seller, the property’s long-term ownership group, in the deal. The name of the buyer was not released. Built in 1968, Corsican features 82 apartments in a mix of one- and two-bedroom floor plans, with an average unit size of 820 square feet. The 11-story building offers underground parking, an indoor heated pool, steam room, dry sauna, fitness center, yoga studio and resident lounge/game room. The asset is located at 1330 Gaylord St.
PHOENIX — Newmark has brokered the sale of Cobblestone Apartments, a multifamily community located at 15449 N. 25th Ave. in Phoenix. Terms of the transaction were not released. Chris Canter, Brett Polachek and Brad Goff of Newmark represented the seller, Sharo Khastoo, in the deal. Built in 1980, the two-story property features 200 units in a mix of four floor plans ranging from 615-squrare-foot one-bedroom/one-bath to 967-square-foot two-bedroom/two-bath units. Community amenities include on-site maintenance and management, a fitness center, dog park, clubhouse equipped with a kitchen for private functions, pool area with grills and a spa.
ATLANTA — Sarofim Realty Advisors has sold Plaza Fiesta, a 343,748-square-foot retail center located on Buford Highway in northeast Atlanta. Chris Decoufle, Kevin Hurley, Matt Karempelis, Mike Burkard and Steve Shields of CBRE represented the seller in the transaction. Charlotte-based Asana Partners acquired the property for an undisclosed price. Mercado Fresco, a Hispanic grocery store, anchors the plaza, which was 95 percent leased at the time of sale. Plaza Fiesta’s tenant roster includes Ross Dress for Less, Planet Fitness, Ollie’s, Aaron’s, and a freestanding CVS/pharmacy and QuikTrip.
ATLANTA — Hodges Ward Elliott (HWE) has arranged the sale of Artmore Hotel, a 103-room boutique hotel located in Midtown Atlanta across from the Woodruff Arts Center and one mile from the Georgia Tech campus. Originally opened as the Granada Apartments in 1924, the property was converted to hotel use in 1984. Todd Ratliff and Nate Ries of HWE represented the undisclosed seller in the transaction. The buyer and sales price were not disclosed.
MAGNOLIA, TEXAS — Marcus & Millichap has brokered the sale of Corporate Woods Storall, a 298-unit self-storage facility located in the northwestern Houston suburb of Magnolia. The facility spans 99,180 net rentable square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were Texas-based limited liability companies that requested anonymity.
CHICAGO — Baum Realty Group LLC has arranged the sale of the Flat Iron Arts Building in Chicago’s Wicker Park neighborhood for $19.7 million. The historic property spans 63,333 square feet and is located at the intersection of Milwaukee, North and Damen avenues. The building houses artist studios. Patrick Forkin and Vivian Perez of Baum represented the seller, a local property owner. The buyer was undisclosed.
NEW ORLEANS — Servio Capital has purchased the California Building, a luxury condominium property at the corner of Tulane Avenue and Rampart Street in New Orleans, for $40 million. Designed in 1949 and built in 1950, the property is one of the oldest standing international-style buildings in the city. Previously home to the Hibernia Bank operation center, the building has since been converted to multifamily housing and features amenities including a media room, fitness center, business center and a game room. The seller was not disclosed.
MELBOURNE, FLA. — A joint venture between CrossMarc Services LLC and MCB Real Estate — in partnership with Peaceable Street Capital — has purchased Post Commons, a 202,050-square-foot shopping center located in Melbourne. Anchored by a 44,270-square-foot Publix store, as well as a Beall’s and Pet Supermarket, the center was 96 percent leased at the time of sale. Other tenants at the property include Burlington and Five Below. Marcus & Millichap represented the undisclosed seller in the transaction. Flavia Kanyago of CrossMarc will handle leasing at the center.
ORLANDO, FLA. — One Stop Housing has purchased the Ambassador Hotel, a 155-room hotel located at 929 W. Colonial Drive in Orlando, from Sammy Investments Orlando for $7.1 million. The buyer plans to convert the hotel into an affordable housing community. When completed, the property will feature a mix of studio, one- and two-bedroom apartments. Construction is scheduled to begin this year. Glen Jaffee of Cushman & Wakefield represented the seller and procured the buyer in the $7.1 million acquisition. The Orlando City Council approved zoning for the Ambassador Hotel to be redeveloped into an affordable housing community in late July. Once complete, the community will become the eighth hotel conversion for One Stop Housing.
