SCOTTSDALE, ARIZ. — DPC Cos. has purchased 7 Thousand Shea, a mixed-use property located at the intersection of Scottsdale Road and Shea Boulevard in Scottsdale. An undisclosed company sold the property for $16 million, or $110 per square foot. Situated on 8.3 acres, the property features 145,000 square feet of mixed-use space. DPC Cos. plans to upgrade the property to include high-end dining, retail and creative office space. ORION Investment Real Estate facilitated the transaction.
BOULDER, COLO. — Evans Senior Investments (ESI) has arranged the sale of Flatirons Terrace, a 54-unit independent living community, for an undisclosed price. Built in 2007, Flatirons Terrace is a Class A community in the heart of Boulder. It was 95 percent occupied at the time of sale. ESI represented the seller, Golden West Senior Living, a Boulder-based nonprofit. The buyer was Dial Retirement Communities, which will also operate the community. The Omaha-based company operates 17 communities in Illinois, Iowa, Kansas and Nebraska, with Flatirons Terrace being its first Colorado community.
HOUSTON — Salata, a Houston-based fast casual salad restaurant, is aiming to open an additional 130 restaurants by 2020, including 30 during the remainder of this year. Additional restaurants will be opening in Houston and Dallas-Fort Worth (DFW) and Oklahoma City, and the company will be rolling out new locations in Florida as well. CBRE will represent Salata in its site selection process and lease negotiations.
PRESCOTT, ARIZ. — NKF Capital Markets has arranged the sale of Prescott Gateway Mall, located at 3250 Gateway Blvd. in Prescott. T. Prescott AZ LLC sold the property to Prescott Gateway Mall Realty Holding for $8.8 million. Situated on 37.9 acres, the 318,503-square-foot property was approximately 75 percent occupied at the time of sale. Dillards, JCPenney, Sears, Bed Bath & Beyond, Michaels, Cost Plus World Market, Pier 1 Imports, Texas Roadhouse, Wild Flower Bread Co., Buckle, Chico’s, Maurie’s, Rue 21 and Victoria’s Secret are tenants at the mall. Thomas Dobrowski and David Guido of NKF aided the buyer and seller in the transaction.
TEMPE, ARIZ. — Marcus & Millichap has arranged the sale of an apartment building located at 407-419 W. Seventh St. in Tempe. An out-of-state 1031 exchange investor acquired the property from a local limited liability company for $2.6 million, or $184,557 per unit. The property features 14 apartment units. Rich Butler of Marcus & Millichap represented the seller and buyer in the transaction.
LAKELAND, FLA. — Lakeland-based Publix Super Markets has purchased a portfolio of nine Publix-anchored shopping centers from Madison International Realty and DDRM Properties, an affiliate of DDR Corp. The sales price was not disclosed. The portfolio totals 732,000 square feet, with eight shopping centers located throughout Florida and one located in McDonough, Ga. In 2017, Madison and DDR recapitalized a 52-property portfolio of grocery-anchored shopping centers that DDR Corp. previously owned with other partners for $1.05 billion. Following the nine-property sale, DDRM Properties now has 43 assets spanning 6.3 million square feet left from the original portfolio.
ST. PAUL, MINN. — Marcus & Millichap has arranged the $2.8 million sale of Hoyt Avenue Apartments in St. Paul. The 36-unit apartment property spans two buildings with a mix of one- and two-bedroom units. Apartments range in size from 700 to 850 square feet. Recent upgrades include new balconies, sliding doors and improvements to a majority of the units. Evan Miller, Mox Gunderson, Dan Linnell and Josh Talberg of Marcus & Millichap marketed the property on behalf of the seller, a partnership, and procured the buyer, a private investor.
LEBANON, OHIO — Huff, Niehaus & Associates Inc. has brokered the sale of the Carefree Inn in Lebanon, about 35 miles northeast of Cincinnati. The sales price and seller were not disclosed. The 42-room hotel is located at 674 N. Broadway St. near the Lebanon Raceway. Complimentary Wi-Fi and breakfast are available for hotel guests. A first-time hotel owner purchased the asset. Brandt Niehaus of Huff, Niehaus & Associates marketed the property for sale.
OKLAHOMA CITY — Tulsa-based investment firm Admiral Square Inc. has sold a 41,000-square-foot industrial building located at 4601 SW 36th St. in Oklahoma City. Jason Hammock, Caitlin Mazaheri and John Lenochan of CBRE represented Admiral Square in the sale. Brett Price and Kris Davis of Newmark Grubb Levy Strange Beffort represented the buyer, 857 Traction Avenue LP, which purchased the property for roughly $2.2 million.
CARPENTERSVILLE, ILL. — Realty Metrix Commercial has brokered the $6.8 million sale of Spring Hill Market Place in Carpentersville, 40 miles northwest of Chicago. Built in 1990, the 95,259-square-foot retail center is located on Route 31. New tenants at the property include MAACO Collision Repair & Auto Painting, Artistry in Dance and Tyke Play Kids Gym. Other tenants include Big Lots, Southern Belle Pancake House, AutoZone, Firestone, The UPS Store, Sherwin Williams, Fifth Third Bank, Sewing Concepts, Gyradiko’s Restaurant and Salon Anovin. Dave Schmidt and Linda Kost of Realty Metrix represented the buyer, Troy Business Inc. The seller was not disclosed.
