HAYWARD, CALIF. — Marcus & Millichap has arranged the $6.7 million sale of Mt. Eden Shops, a 10,184-square-foot retail property located at 25965-26250 Industrial Blvd. in the San Francisco suburb of Hayward. The property consists of two freestanding buildings on one parcel anchored by Starbucks Coffee and 7-Eleven. Vincent Schwab and Jeffrey Ida of Marcus & Millichap’s San Francisco office marketed the property on behalf of the seller, an undisclosed limited liability company.
LAKEWOOD, CALIF. — Coldwell Banker Commercial Advisors has arranged the $6.2 million sale of The Plaza at Gordon Ranch, a 9,939-square-foot retail center located in the Los Angeles suburb of Lakewood. Scott Hook of Coldwell Banker Commercial represented the seller and buyer in the transaction. Both parties were undisclosed. 7-Eleven anchors the center, which consists of eight units.
RIVERBANK, Calif. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Riverbank Nursing Center, a 99-bed skilled nursing facility in Riverbank, approximately 90 miles east of San Francisco. The property was positioned as a value-add property in an underserved market. Neither the buyer nor seller were disclosed. Christopher Hyldahl was the lead advisor on the transaction, supported by Gideon Orion.
ATLANTA — Condor Hospitality Trust, a hospitality REIT based in Bethesda, Md., and Three Wall Capital have entered into a joint venture agreement to acquire Aloft Atlanta Downtown, a 254-room hotel located at 300 Spring St. N.W. in downtown Atlanta. The joint venture purchased the hotel for $43.6 million. The property includes dry cleaning services, a splash outdoor pool, fitness center, valet and self-parking and free Wi-Fi access. Aloft Atlanta Downtown is within walking distance to Centennial Olympic Park, World of Coca-Cola, the Georgia Aquarium and the Children’s Museum of Atlanta. Condor Hospitality will own 80 percent of the joint venture and Three Wall Capital will own the remaining 20 percent. The joint venture has selected Boast Hotel Management Co. LLC, an affiliate of Three Wall Capital, to manage Aloft Atlanta Downtown once the off-market transaction is finalized, which is expected to occur in the third quarter.
OAKBROOK TERRACE, ILL. — An affiliate of Equus Capital Partners Ltd. has acquired a Class A office property in Oakbrook Terrace, approximately 20 miles west of Chicago, for an undisclosed price. Mid America Plaza is a 414,442-square-foot complex that includes two 10-story buildings. The property was 87 percent leased at the time of sale. Mid America Plaza, built in 1985, features amenities such as a conference center, deli, restaurant, a 16,600-square-foot fitness center, picnic areas, walking trails, a softball field and a pond. The complex is also located across the street from the Oakbrook Center Mall, which is currently undergoing a $150 million expansion. Mark Katz and Bryan Rosenberg of HFF represented the undisclosed seller in the transaction.
CHICAGO — Quantum Real Estate Advisors Inc. has brokered the sale of a 5,215-square-foot retail building for $3.4 million. iFLY, an indoor skydiving facility, occupies the building, which is located at 800 W. Scott St. in Chicago. A Chicago-based private real estate investor acquired the property from a Chicago-based developer. Chad Firsel of Quantum Real Estate Advisors represented both parties in the transaction.
DEARBORN, MICH. — Farbman Group has brokered the sale of a 40,509-square-foot office building in Dearborn, approximately 10 miles west of Detroit, for $2.2 million. GJ Ramz Acquisition LLC acquired the Class B property, which is located at 19853 W. Outer Drive. The former Eastpointe Office Building is now being rebranded as the Safeway Building. The three-story facility was built in 1985 and was 87 percent occupied at the time of sale. Tenants at the Safeway Building include the United States of America General Services Administration, Riley and Hurley, Glaucoma Center of Michigan, YMT Vacations, AA1 Investments and Yogurtopia Holdings. The buyer plans to make improvements to the property such as updating the façade and entryway, renovating the lobby, upgrading the HVAC system, replacing the building signage, repaving and striping the parking lot, and revamping the landscaping. Ali Haidar of Farbman Group represented the buyer in the transaction. EAS&B investments #1-Eastpointe LLC was the seller. Farbman Group will manage and lease the property.
GILBERT, ARIZ. — Cushman & Wakefield has arranged the $18 million sale of Lakeview Village, a 93,741-square-foot shopping center located in the Phoenix suburb of Gilbert. The property is located within the master planned community of Morrison Ranch. Bashas’ anchors the 97 percent-occupied center, which is home to tenants including Bank of America, Panda Express, Great Clips, UPS, H&R Block, Edward Jones and Subway. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller, Lakeview Village Center LLC, which is a company formed by North American Development Group and Morrison Ranch. The buyer was Vestar Lakeview LLC.
SAN DIEGO — Vaerus Boundary LLC has acquired a 12-unit apartment community in San Diego for $2.2 million. The community is located at 4440 Boundary St. It was built in1973. Brian Barnard of Marcus & Millichap’s San Diego office represented both the buyer and seller, a partnership, in this transaction.
KING OF PRUSSIA, PA. — CBRE has arranged the sale of a net-leased property located at 715 W. Dekalb Pike in King of Prussia. A locally-based 1031 exchange investor acquired the property from Pike 705 LLC for $11.1 million, or $1,850 per square foot. Built in 2015, the 6,000-square-foot property is occupied by Verizon. Matthew Gorman and Michael Shover of CBRE represented the seller and buyer in the deal.
