COLORADO SPRINGS, COLO. — Essex Financial Group has secured $24.3 million in financing for Albany Road Real Estate Partners for the acquisition of Epic One, an office building in Colorado Springs. Cooper Williams, Paul Donahue, Nate Schneider and Andrea Mehlem of Essex’s Capital Markets team sourced the five-year, fixed-rate bridge loan for the buyer. The seller and price were not disclosed. Built in 2009, Epic One offers 146,000 square feet of Class A office space, an onsite fitness center and views of Peaks Peak and the Rocky Mountains. At the time of financing, the five-story building was 87 percent leased to a variety of tenants, including those in the aerospace, defense, healthcare, education and technology industries.
SANTA CRUZ, CALIF. — The Dinerstein Cos. has purchased Five55 Apartments, a multifamily property in downtown Santa Cruz, from Swenson Development & Construction for an undisclosed price. Scott Bales of Newmark represented the seller in the deal. Located at 555 Pacific Ave., the four-story property features 94 apartments and 5,000 square feet of ground-floor retail space, which is leased to Current eBikes and Big Basin Vineyards. The property features a fitness center, community room with a pool table and kitchenette, an outdoor pizza oven, coffee bar, bike storage, electric car charging, an outdoor gathering space with fire pits and a 20,000-square-foot rooftop deck. The site is walkable to the beach and a variety of retail and restaurant options. The asset features a two-story below-grade parking structure with 100 spaces. At the time of sale, the community was 99 percent leased. Five55 was built in 2018.
NORTHBROOK, ILL. — JRW Realty has brokered the sale of a 90,408-square-foot retail property occupied by Mariano’s grocery store in the Chicago suburb of Northbrook. The sales price was undisclosed. Christopher Thompson of JRW brokered the sale on behalf of one of the company’s institutional buyers. Cushman & Wakefield represented the undisclosed seller. Mariano’s is a subsidiary of Kroger and operates 45 stores in Illinois.
KERRVILLE, TEXAS — A partnership between two Dallas-based firms, Sendero Cross Capital and WindRidge Real Estate, will develop Tivy Commons, a 25-acre mixed-use project that will be located about 65 miles northwest of San Antonio in Kerrville. The name derives from the site formerly housing Tivy Middle School and High School before closing in 2021, though sections of the original gym floor have been preserved by the Kerrville Independent School District. Plans for Tivy Commons are still being finalized, but the development team expects the multifamily component to comprise 250 to 300 units and the retail/restaurant component to comprise 150,000 to 200,000 square feet. Potential hotel and entertainment uses are also being explored. Demolitions of existing structures on the site are underway and expected to be complete in the first quarter of 2023. At that time, construction of retail pad sites will commence, with the groundbreaking of retail boxes and multifamily buildings to follow later that year.
PLYMOUTH, MINN. — Marcus & Millichap has arranged the sale of Lakeview Commons in Plymouth for $11.3 million. Constructed in 1995, the 64-unit apartment community consists of four buildings. The asset is in the final two years of extended-use compliance under the Section 42 Low-Income Housing Tax Credit program. Scott Harris and Abe Roberts of Marcus & Millichap represented the seller, Heartland Properties Inc. The duo also procured the buyer, Glencrest Group, a California-based apartment owner that recently entered the Midwest market.
LYNCHBURG, VA. — Cushman & Wakefield | Thalhimer has brokered the $4.6 million sale of Shops at Phillips Circle, a retail strip center located at 19399 Forest Road in Lynchburg. Built in 2018, the center was fully leased at the time of sale to tenants including Starbucks Coffee, East Coast Wings and Nothing Bundt Cakes. The Charles and Margaret Levin Family LP based in Washington, D.C., purchased the property from Riverbend Development. Catharine Spangler, John Pritzlaff and Jenny Stoner of Thalhimer represented the seller in the transaction.
DENVER — MIG Real Estate has completed the disposition of Ascent Apartments, a garden-style multifamily property in Southwest Denver, to Avanath Capital Management. The price was not released. Located at 8400 E. Yale Ave., the nine-building community features 168 apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include a fitness center, resort-style pool, barbecue and picnic areas, a playground and package lockers. Andy Hellman, Justin Hunt, Kevin Mckenna, Saul Levy, Chris Hart and Jessica Graham of CBRE’s Denver office represented the seller in the transaction.
RICHMOND, VA. — Cushman & Wakefield has brokered the sale of Guardian Place, a 236-unit affordable seniors housing portfolio spanning two buildings located at 1620 N. Hamilton St. in Richmond. Fairfield Residential purchased the properties, known as Guardian Place I (121 units) and Guardian Place II (115 units), for $25.7 million. Jorge Rosa and T.J. Liberto of Cushman & Wakefield represented the seller, United Methodists Family Services, in the transaction. The Guardian Place communities are age-restricted assets that are encumbered with affordability covenants under the Low-Income Housing Tax Credit (LIHTC) program. Amenities include parking, outdoor seating areas, a library, exercise room, community garden and a TV lounge.
KENNER, LA. — HREC Investment Advisors has arranged the sale of the Hilton New Orleans Airport, a 319-room hotel located at 901 Airline Drive in Kenner. Situated near the new terminal at Louis Armstrong New Orleans International Airport, the hotel features an onsite restaurant, airport shuttle, outdoor pool, fitness center, business center and meeting rooms. An entity doing business as NOLA Airport 319 LLC purchased the hotel for an undisclosed price. Scott Stephens, Len Wormser and Ketan Patel of HREC Investment Advisors represented the unnamed seller in the transaction. Greg Porter and Mike Armstrong of HREC Capital Markets Group arranged an undisclosed amount of acquisition financing on behalf of the buyer.
ORLANDO, FLA. — Landmark Properties has acquired Knightshade, a student housing community located near the University of Central Florida (UCF) campus in Orlando. Landmark originally developed the property in 2014 and will rebrand it as The Retreat West. The community offers two-, three-, four-, five- and six-bedroom units. Shared amenities include tennis, volleyball and basketball courts; green space; a dog park; golf simulator; sauna; technology center; fitness center; clubroom; and a resort-style swimming pool. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE’s National Student Housing team and Chip Wooten and Jeff Gray of CBRE’s Multifamily Investment Sales team in Orlando arranged the transaction on behalf of the undisclosed seller. The sales price was not disclosed.