STAMFORD, CONN. — Paredim Partners has acquired Parallel 41 Apartments, a multifamily property located in Stamford, for $33.3 million. The property was nearly 100 percent occupied at the time of acquisition. The property features 124 apartments, a fitness center, lounge and roof deck. The buyer plans to implement a renovation and rebranding program for the property, which was built in 2012. The name of the seller was not released.
CHICAGO — SVN has brokered the $5 million sale of a three-story office building located in Chicago’s Fulton Market district. The 18,000-square-foot building is located at 170 N. Halsted St. Scott R. Maesel of SVN represented the buyer, Shapack Partners and Focus Development. The site, along with an adjacent north parcel, will encompass a future 250,000-square-foot office building. The seller was an owner-user who operated Aaron’s Machinery at the location for more than 40 years.
PORTLAND, ORE. — Land and Houses has acquired the 284-unit Yard Apartment Tower in Portland for $126.7 million. The community is located at 22 N.E. 2nd Ave. in a former industrial neighborhood on Portland’s east side. The 21-story tower is part of the Portland Development Commission’s Burnside Bridgehead Master Plan, an effort to revitalize entrepreneurial development in Portland. Yard was completed in 2016. It was sold pre-stabilization at 50 percent occupancy. Land and Houses is a subsidiary of a Bangkok-based investment firm. This is its first investment in Portland. Philip Saglimbeni and Elizabeth Davis of Institutional Property Advisors represented the buyer. Davis also represented the seller, Block 67 LLC, with assistance from Pete Shelton and Kim Grant.
ROSEVILLE, CALIF. — A joint venture between Barker Pacific Group and WHI Real Estate Partners has purchased a Class A office building at the Olympus Corporate Center in Roseville. The center is located at 3001, 3005, 3009, and 3013 Douglas Blvd. The price was not disclosed. Notable tenants at the four-building center include Direct Technology, Granite Bay Development, KB Home, Gallelli Real Estate, Orange Hook and UBS. Chris Lemmon and Zac Collie of Newmark Cornish & Carey are acting as Olympus’s leasing agents. BBVA Compass provided debt financing.
LOS ANGELES — Mission Foods has leased a 50,689-square-foot distribution building in the Los Angeles submarket of Van Nuys. The building is located at 14400 Arminta St. The space was built in 2007. David Young and Chad Gahr of NAI Capital’s Encino office represented Gruma Corp., dba Mission Foods, in the lease.
MORENO VALLEY, CALIF. — Cherry Heights LLC has acquired the 206-unit Legends at Rancho Belago in Moreno Valley for $33.8 million. The community is located at 13292 Lasselle St. Legends was originally built as a 40-unit for-sale condominium property in 1993. The remaining 166 apartment units were built in 2006. The property was fully converted to a rental community in February 2016. Peter Sherman of Avison Young represented the LLC, a 1031 exchange buyer. Institutional Property Advisors represented the seller, the Reliant Group.
ST. GEORGE, UTAH — Evans Senior Investments (ESI) has arranged the sale of The Retreat at SunRiver and The Retreat at Sunbrook, two assisted living communities in St. George, approximately 120 miles northeast of Las Vegas. American Capital acquired both communities from an undisclosed seller for $26.5 million, or $236,500 per unit. Built in 2012, The Retreat at SunRiver features 36 assisted living units and 12 memory care units on 1.7 acres. Built in 2015, The Retreat at Sunbrook features 50 assisted living units and 14 memory care units. Totaling 57,344 square feet, the two-story community sits on 2.4 acres. Washington County, where St. George is located, saw an 86.5 percent growth in the over-85 population between the 2000 and 2010 census. The new owner will lease both properties to Meridian Senior Living.
TAMPA, FLA. — Crescent Communities has sold Crescent Westshore, a 374-unit apartment community that Crescent opened in September 2016 at 2202 N. Lois Ave. in Tampa’s Westshore district. Crescent sold the asset to Nashville-based Nicol Investment Co. for $80 million. Nicol Investment has retained Greystar to manage the property, which is still in lease-up and was 50 percent occupied at the time of sale. The new ownership will also rebrand the property later this year. CBRE’s Tampa office represented Crescent Communities in the sale. Situated near the intersection of Lois Avenue and Boy Scout Boulevard, Crescent Westshore features studio, one-, two- and three-bedroom residences ranging from a 528-square-foot studio to a 1,431-square-foot, three-bedroom apartment. Unit interiors include stainless steel appliances, quartz countertops, tile backsplashes, quiet-close cabinets and drawers and full-size washer and dryers. Community amenities include a two-story clubhouse with an outdoor elevated terrace and three courtyards. The community also features a meeting area with a flat screen TV, shared indoor/outdoor summer kitchen, dog run for small and large dogs, two saline pools, a fitness center and an 18-foot, aluminum-plated sculpture with an LED lighting core. The sculpture is situated at the front of the community.
YARDLEY, PA. — Yardley Hospitality Holdings has purchased Hampton Inn & Suites Newtown, located at 1000 Stony Hill Road in Yardley. MLMT 2005-CIP1 Stony Hill Lodging Limited Partnership, an entity managed by LNR Partners, sold the 137-room hotel for $10.7 million. The buyer plans to implement a property improvement plan that will extend the Hilton-brand license for 15 years. Situated within Lower Makefield Corporate Center, the three-story hotel was constructed in 1999.
EAST MOLINE, ILL. — Newmark Grubb Knight Frank (NGKF) has arranged the sale of a 95,000-square-foot manufacturing facility in East Moline, part of the Quad Cities area. The Quad Cities includes Rock Island and Moline, Ill., and Davenport and Bettendorf, Iowa. The acquisition was valued at more than $5 million. The building is located at 500 36th St., and comprises 87,320 square feet of warehouse space and 7,680 square feet of office space. The property features eight dock doors, two drive-in doors and 16-foot clear heights. The facility is 100 percent leased to JMF Co., a subsidiary of Zheijiang Hailiang Co. LTD. Jeffrey Miller of NGKF and Ben Yeggy of Gomez May LLP represented the undisclosed buyer in the acquisition. Chris Wilkins of NAI Ruhl Commercial Co. and Dick Davidson of Lane & Waterman LLP represented the seller, Bears in Bettendorf LC.
