LAKEWOOD, COLO. — Notch Mountain Properties has completed the disposition of Lime Apartment Homes in Lakewood. Turnstone Capital acquired the asset for $15.1 million. Located at 1220 Wadsworth Blvd., the 1962-vintage property feature 50 apartments in a mix of two- and three-bedroom layouts, ranging from 927 square feet to 1,187 square feet. Alex Possick and Seth Gallman of Northmarq’s Colorado Multifamily Investment Sales team represented the seller in the transaction.
CARY, N.C. — Northmarq has arranged a $21 million acquisition loan for Bradford Square, a 78,628-square-foot shopping center located at 1020 Bradford Plaza Way in Cary, a suburb of Raleigh. David Garfinkel of Northmarq’s St. Louis office arranged the permanent, fixed-rate loan through a life insurance company on behalf of the borrower, St. Louis-based real estate investment firm National Real Estate Management. The seller was not disclosed. Bradford Square is anchored by a 49,000-square-foot Publix grocery store. Other tenants include Cary Salon, Night and Day Dental, First Watch, Brixx Wood Fired Pizza, Burger 21 and Hand and Stone Massage Spa.
GREENSBORO, N.C. — CBRE|Triad has arranged the sale of the former Pilot Life Insurance Co. headquarters, a historic seven-building, 220,000-square-foot suburban office campus in Greensboro. Kisco Senior Living sold the property to Clachan Properties for an undisclosed price. David Hagan and Joe Stanley of CBRE|Triad represented the seller in the transaction and are currently marketing the two remaining land sites at the campus, which is named The Pilot of Sedgefield. Charlie Fulk of Meridian Realty represented Clachan, a Richmond-based investor that converts historic properties in the Carolinas and Virginia to modern-day apartments. The firm recently put the campus on the National Register of Historic Places. The property’s original three buildings were constructed in 1927 and served as the first suburban office campus in the history of North Carolina.
KANSAS CITY, MO. — Thompson Thrift has sold The Element, a 276-unit apartment complex in Kansas City. The sales price was undisclosed. Minneapolis-based Timberland Partners purchased the asset. Completed in November 2021, The Element is comprised of three garden-style buildings with units that average 958 square feet. The property is 95 percent leased. Amenities include a fitness center, pool, coffee bar, two dog parks and a pet spa. Gabe Tovar of Northmarq brokered the sale.
SUNNYVALE, TEXAS — Colliers has negotiated the sale of a 163,000-square-foot manufacturing facility located on U.S. Highway 80 in Sunnyvale, an eastern suburb of Dallas. Automotive parts provider The Adell Group occupies the facility along with construction management firm The Christman Co. Andrew Johnson of Colliers represented the buyer, Dallas-based Leon Capital Group, in the transaction, additional terms of which were not disclosed.
HARRISBURG, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Colonial Commons, a 410,432-square-foot retail power center in Harrisburg. Built in 1989 and renovated in 2014, the center was 98 percent leased at the time of sale to tenants such as Hobby Lobby, Dick’s Sporting Goods, HomeGoods, Marshalls, Ross Dress for Less, Jo-Ann Fabrics, Ulta and Old Navy. Brad Nathanson of IPA represented the undisclosed seller and procured the buyer, Prasavi Inc., in the transaction.
STUDIO CITY, CALIF. — Los Angeles-based Gelt has purchased Avalon Studio 4121, a multifamily community located at 4041-4121 Radford Ave. in Studio City. Avalon Bay sold the asset for $76 million. Built in 2009, the four-story, two-building property features 149 apartments in a mix of one- and two-bedroom layouts. The units feature nine-foot ceilings, in-unit washers/dryers and private sundecks or patios in select units. On-site amenities include a fitness center, game/recreation room, lounge room with TV, courtyards and leasing office. At the time of sale, the property was 98 percent occupied. Gelt plans to rename and renovate the property, including installation of stainless steel appliances, quartz countertops with undermount sinks, vinyl plank flooring, tile backsplashes, cabinets, modernized hardware and recessed lighting and fixtures. Gelt will also make upgrades to the common area amenities.
DEERFIELD BEACH, FLA. — Berkadia has arranged the sale of DoubleTree by Hilton Hotel Deerfield Beach – Boca Raton, a 221-room hotel located at 100 Fairway Drive in South Florida’s Deerfield Beach. Michael Weinberg, Preston Reid and Wyatt Krapf of Berkadia represented the Canadian-based seller, Vista Hospitality, in the transaction. The privately owned seller has invested more than $7 million in capital improvements at the hotel since 2018. Scott Wadler of Berkadia’s Miami office secured acquisition financing on behalf of the buyer, DoveHill Capital Management, a private equity investment and development organization based in Fort Lauderdale. A local Florida bank originated the three-year loan with two one-year extension options. The sales price and loan amount weren’t disclosed, but Berkadia says the total amount combined is nearly $70 million. Spanning 6.2 acres near I-95 and the Atlantic Ocean, the DoubleTree hotel features an onsite restaurant, outdoor heated pool, 24-hour fitness center, pet-friendly rooms, digital keys, business center and 22,000 square feet of meeting space.
RALEIGH, N.C. — Marcus & Millichap has brokered the $21.5 million sale of The Oaks at Brier Creek, a 144-unit affordable housing community in Raleigh’s Brier Creek neighborhood. The LIHTC property was developed in 2005 and features one-, two- and three-bedroom apartments that range in size from 715 to 1,170 square feet. Amenities include a swimming pool, fitness center and onsite property management. Drew Babcock of Marcus & Millichap represented the Raleigh-based seller, an entity doing business as The Oaks at Brier Creek LLC, and procured the Connecticut-based buyer, New England Investment Partners. Ben Yelm, Marcus & Millichap’s broker of record in North Carolina, assisted in the transaction.
IOWA CITY, IOWA — Colliers has brokered the sale of Iowa City Marketplace in Iowa City for an undisclosed price. The 237,594-square-foot shopping center is located along State Route 6 between Sycamore Street and Lower Muscatine Road. The property is 66 percent leased to 24 tenants such as Dollar Tree, Planet Fitness, Jo-Ann Stores, Marcus Theatres, Sally Beauty, Great Clips, McDonald’s and Panera Bread. El Warner, Charley Simpson and Jeffrey Wyatt of Colliers represented the seller, Core Pacific Advisors. Buyer information was not provided.
