CONCORD, CALIF. – The 48-unit Rosemont Apartments in Concord has sold to 29th Street Capital for an undisclosed sum. The community is located at 1431 Monument Blvd., near Cambridge Park. The buyer plans to invest about $450,000 to renovate the property. Enhancements will include upgraded cabinets, countertops, flooring, paint and appliances. Exterior renovations will include fresh landscaping, paint and signs.
LA MESA, CALIF. – Trion Properties has sold the 21-unit Casa Verde Apartments in La Mesa for $3.5 million. The community is located at 7629-33 Normal Ave. It was built in 1958. The unit interiors were renovated prior to the sale. This included improvements to the flooring, kitchen cabinetry, countertops, bathroom vanities and showers, as well as new fixtures throughout the units. The sale was executed by Corey McHenry and Peter Scepanovic of Colliers.
SALT LAKE CITY — Gelt has purchased the 334-unit Layton Meadows in Salt Lake City for an undisclosed sum. Layton Meadows is located at 540 W. 1425 N. in Layton, about 25 miles north of Downtown. It is fully leased. Gelt will conduct light exterior and interior renovations to the property. It will also remodel the leasing office.
COON RAPIDS, MINN. — Marcus & Millichap has arranged the sale of a net-leased property occupied by Taco Bell, located at 13057 Round Lake Blvd. in Coon Rapids, approximately 15 miles north of Minneapolis. The 2,016-square-foot building sold for $2.1 million. Mark Lovering and Dan Yozwiak of Marcus and Millichap’s office in Columbus, Ohio, represented the seller, a limited liability company. Calvin Lee of Marcus & Millichap’s Los Angeles office secured and represented the buyer, a private investor. Craig Patterson, regional manager and broker of record in Marcus & Millichap’s Minneapolis office, assisted in closing the transaction.
STAMFORD, CONN. — Building and Land Technology (BLT) has acquired a 550,000-square-foot office complex, located at 1 Elmcroft Road in Stamford. Designed by I.M. Pei & Partners, the property is the former headquarters of Pitney Bowes. BLT acquired the vacant complex fromby Pitney Bowes for an undisclosed sum. The property is located adjacent to Harbor Point, the transformative mixed-use waterfront development in Stamford. BLT plans to reintroduce the complex to the market as prime office space.
SAN DIEGO — A joint venture between AGC SD Retail Holdings and Citivest Commercial Investments has purchased a nine-property retail portfolio in San Diego for $183.2 million. The portfolio contains a total of more than 520,000 square feet. The properties include retail space within Pacific Coast Plaza and Town Center North in Oceanside; Palm Promenade and Stonecrest Plaza in San Diego; East County Square and East County Village in El Cajon; and EastLake Terraces, Eastlake Village Center East and Southbay Marketplace in Chula Vista. The portfolio’s average occupancy rate was more than 92 percent at the time of sale, with 78 percent of that being credit, national or regional tenants. Notable tenants throughout the portfolio include Best Buy, Stater Brothers, Bed Bath & Beyond, GNC, Supercuts, Payless Shoes, Starbucks, Wells Fargo, Subway, USPS and Massage Envy. The portfolio will be managed by Voit Real Estate Services. Brokerage was handled by Flocke & Avoyer.
SALT LAKE CITY — Gelt has purchased the 294-unit Miller Estates in Salt Lake City. Miller Estates is located at 4929 S. Lake Pines Drive in the Murray submarket, which is 10 miles south of Downtown Salt Lake City. It is currently 97 percent occupied. The community features a man-made lake and a historic house that serves as the leasing office. Although the previous ownership invested about $4 million in upgrades to the asset, Gelt is planning to further add value via significant capital improvements, which will include the addition of a dog park, children’s play area and bike room.
LAS VEGAS — Cornerstone Capital has purchased Crossroads Towne Center, a 148,791-square-foot shopping center in North Las Vegas, for $52 million. The center is located at 6436-6592 N. Decatur Blvd. Crossroads Towne Center is anchored by Super Walmart and Bed Bath & Beyond. Other notable tenants include Bank of America, Hallmark, Radio Shack, Payless, GNC, Starbucks and Baskin Robbins. The center was completed in 2007. It can be seen from the 215 Freeway. The seller, EagleCrossroads Center 2 LLC, was represented by Jeff Mitchell and Chris Emanuel of Virtus Commercial, and by DTZ’s Michael Hackett, Vic Russell and Ryan Schubert.
LAS VEGAS — Dynamic Development has purchased a 5-acre parcel on Las Vegas Boulevard for $6.5 million. A 22,000-square-foot build-to-suit Total Wine & More will occupy the property, alongside an additional 30,000 square feet of retail space. Bill Dunbar and Houston Carr of Dunbar Commercial are in charge of leasing for the project.
MAULDIN, S.C. — Steadfast Apartment REIT has acquired Arbors at Brookfield, a 702-unit apartment community located in Mauldin, roughly eight miles from Greenville’s central business district. The $66.8 million purchase marks Steadfast’s entry into South Carolina. Constructed in four phases between 1989 and 1997 on 50 acres, Arbors at Brookfield comprises 35 two- and three-story buildings, in addition to multiple clubhouses, a fitness center, three swimming pools, sand volleyball court, business center, tennis courts, dog park and a media room. The apartment community is currently 94.9 percent occupied with an average rent of $766 per month. Steadfast plans to upgrade the units with new appliances, countertops, flooring, plumbing fixtures, hardware and new doors and cabinet boxes. In addition to interior upgrades, moderate enhancements will be made to the model unit, leasing office, volleyball court, tennis courts and fitness center. The REIT will also convert one of the clubhouses into a resident relations center. With this transaction, Steadfast has invested more than $687 million in 18 apartment communities in nine states.
