SACRAMENTO, CALIF. — Marcus & Millichap has arranged the sale of Gramercy Court, an 87,526-square-foot assisted living and skilled nursing facility in Sacramento, for $15.6 million. The eight-building community sits on a 5.4-acre campus. It features 71 assisted living units and 120 skilled nursing beds. Max McCabe and Krone Weidler both in Marcus & Millichap’s Tampa office represented both the buyer, a fund manager, and the seller, an individual trust, in the transaction.
POOLER, GA. — Tanger Outlet Centers Inc. has bought out partner Ben Carter Enterprises’ (BCE) ownership stake in Tanger Outlets Savannah, a 420,000-square-foot upscale outlet mall adjacent to the Savannah International Airport in Pooler. The property was 99 percent leased at the time of the transaction. As the sole owner, Tanger Outlets, a Greensboro, N.C.-based REIT, will continue the outlet mall’s Phase III expansion, which will include Texas Roadhouse, Rise Pies and Metro Diner. As part of the transaction, BCE acquired full ownership of the 56 acres of outparcels surrounding Tanger Outlets Savannah, including the existing Applebee’s and Panda Express sites. Tanger Outlet Centers contributed the outparcel land and $15 million in cash in exchange for BCE’s ownership stake in the outlet center. BCE will develop more than 500,000 square feet of commercial space around the outlet mall, including a Holiday Inn and Suites hotel and Vaden Chevrolet of Pooler dealership, both of which are set to open in 2017. BCE also plans to develop a 151,000-square-foot shopping center leased to Dick’s Sporting Goods, Hobby Lobby, Home Goods and Ulta Beauty.
CHICAGO — Baum Realty Group LLC has brokered the sale of 24,000 square feet of ground-floor retail space at 1000 W. Washington Blvd. in Chicago’s West Loop neighborhood for $7.2 million. A partnership between R2 and Marc Realty Capital acquired the property from a local developer. Existing tenants include French restaurant La Sardine and Subway. The property, which includes 10 parking spaces, has 18,000 square feet available for lease. Danny Spitz and Greg Dietz of Baum Realty represented the seller in the transaction, and Doug Renner and Trevor Jack of Baum Realty have been retained to market the property.
WAUWATOSA, WIS. — Mid-America Real Estate Corp. has brokered the sale of a 69,749-square-foot shopping center in Wauwatosa, a western suburb of Milwaukee, for an undisclosed price. Newport Capital Partners purchased the Pick ’n Save Center from a joint venture between DRA Advisors LLC and RCG Ventures. The center is anchored by Pick ’n Save, and other tenants include Mattress Firm, Supercuts and Firehouse Subs. Ben Wineman and Dan Rosenfeld of Mid-America represented the seller in the transaction.
MESA, ARIZ. — SVN | Desert Commercial Advisors has arranged the $7 million sale of Village Grove Plaza, an 82,373-square-foot shopping center located in Mesa. Beau Flahart, Rommie Mojahed and Mary Nollenberger of SVN represented the buyer, Zach Bonsall with Cole Valley Partners LLC, in the transaction.
WASHINGTON, D.C. — Urban Investment Partners (UIP) has acquired a 10-story building at 2601 Virginia Ave. N.W. across from the Watergate mixed-use complex in Washington, D.C., for $36 million. The seller, George Washington University (GWU), formerly used the building as student housing for 17 years. GWU demolished the property’s interior about a year ago, planning to create new student and faculty housing, but decided to sell the property instead. Bobby Meehling, Andy Wimsatt, and Peter Larkin of CBRE represented GWU in the sale. UIP plans to develop Boathouse on the site, which will feature about 200 rental apartments within the existing 97,300-square-foot core and shell, as well as an additional 50 units in a new 40,000-square-foot addition on the building’s east side. UIP will also develop an 8,000- to 10,000-square-foot restaurant/coffee shop on the first floor, which will be a fully activated space for residents and neighbors. The building has underground parking for 200 vehicles, plus bike storage and care facilities with lockers. Boathouse will also feature a rooftop recreational area with river views and a deck, swimming pool, fire pits, gourmet kitchen, and 2,000-square-foot fitness center. Other amenities will include a bike share program, library, multimedia theater and a …
SAN ANTONIO — CBRE has arranged the sale of Northwest Atrium, a three-story, 93,540-square-foot office building in San Antonio. Austin-based Kennedy Wilson purchased the asset from San Antonio-based NWA Limited Partnership for an undisclosed price. Carrie Caesar, Todd Mills and Hunter Mills of CBRE’s San Antonio office represented the seller. The property, located at 11550 W. Interstate Highway 10 in the northwest San Antonio submarket, is adjacent to University Park, a 3.2-million-square-foot master-planned business park. The asset was 89 percent occupied at closing to tenants including Civil Engineering Consultants, Benefit Management and NovaTel.
KISSIMMEE, FLA. — The Hampshire Cos. has acquired The Crosslands, a 529,300-square-foot power center located in Kissimmee, for $121 million. The 98 percent leased center is home to tenants including The Fresh Market, Hobby Lobby, Ross Dress For Less, Marshall’s, Home Goods, Forever 21, Burlington Coat Factory, 24 Hour Fitness and Academy Sports + Outdoors. The property was acquired from a partnership between O’Connor Capital Partners and Tupperware Brands Corp. O’Connor recently completed development on The Crosslands, and will retain an interest in the center as well as leasing and property management responsibilities.
CHICAGO — Essex Realty Group Inc. has brokered the sale of a 39-unit apartment property in Chicago’s Rogers Park neighborhood for $4.1 million. The property, located at 1914-24 W. Morse Ave., was built in 1929. The building is near the Chicago Transit Authority Red Line and is less than a mile from Loyola University and Lake Michigan. Matt Welke of Essex Realty represented the seller in the transaction, and Dough Fisher represented the buyer. Both parties were undisclosed.
BURLINGTON, IOWA — Marcus & Millichap has arranged the sale of Rosebush Gardens, a 36-unit assisted living community in Burlington, for $3.7 million. Burlington is located along the Mississippi River near the Illinois and Missouri border. A local private owner sold the property to a regional owner-operator. The 28,049-square-foot facility was built in 1999. It was 83 percent occupied at the time of sale. The price per unit was $102,778. Ryan Fleming, Eric Bell, Mark Myers, Joshua Jandris and Charles Hilding of Marcus & Millichap represented the seller in the transaction.
