A 361-unit property in South Jacksonville sold for $69.6 million, nominally more than the seller paid for it. The Mirage on Kernan at 3601 S. Kernan Blvd. sold for $192,847 per unit. Element Property Company sold the property to Bridge Investment Group. The property last sold for $68 million in May 2022.

The multifamily asset, consisting of 26 three-story buildings, was built in 1996 on 33.9 acres. It offers two-, three- and four-bedroom apartments with two to four bathrooms, ranging from 787 to 1,320 square feet. Rents are between $1,372 and $2,373 per month.

On-site amenities include a dog park and dog wash station, outdoor kitchens, two pools, pickleball and bocce ball courts, package service, fitness center and more.

Bridge Investment Group’s website states, “We embed ourselves in our properties from the moment we acquire them, overseeing capital investment, leasing, operations, maintenance, and capital structure, as well as the enhancement of amenities and resident services.”

Silverstein Properties unveiled a specially commissioned new sculpture by acclaimed architect and artist Frank Gehry in the lobby of 3 World Trade Center. Titled Untitled (Fish on Fire, Greenwich Street), the sculpture adds to Lower Manhattan’s burgeoning public art scene and represents the largest suspended fish sculpture ever created by Gehry.

Under the leadership of chairman Larry Silverstein, his wife Klara and CEO Lisa Silverstein, Silverstein Properties has demonstrated a commitment to integrating museum-quality artwork into its residential and commercial properties, the company said

“I am delighted to host Frank Gehry’s iconic fish sculpture – one of his largest – inside the 3 World Trade Center lobby,” said Larry A. Silverstein. “This collaboration is the latest in our company-wide commitment to public space art and creative thinking throughout our buildings.”

In addition to the public art works on view and Silver Art Projects, Silverstein Properties continues to expand its support for the arts through programs that engage local communities and artists.

Hanley Investment Group Real Estate Advisors arranged the purchase of two newly constructed, freestanding single-tenant properties occupied by a Taco Bell Drive-Thru and an Aroma Joe’s Drive-Thru in Manchester, NH. The sale price was $1.81 million for the two absolute triple-net ground leases in an off-market transaction.

EVPs Jeff Lefko and Bill Asher, in association with ParaSell, Inc., represented the Florida-based private buyer. The seller was a private investor based in Burlington, Massachusetts.

“We exclusively represented an all-cash private buyer from Florida (who was not in a 1031 exchange) and sourced a property with two new construction single-tenant drive-thrus through an existing client relationship,” said Lefko. “The buyer was drawn to the property’s prime retail location, proximity to schools and colleges, strong demographics, and the tenants’ long-term leases with increases.”

Built in 2023, totaling 3,450 square feet, Taco Bell Drive-Thru is located at 525 Hooksett Rd. and Aroma Joe’s is at 527 Hooksett Rd. in Manchester.

Two heavyweight apartment investors have spent over $183 million gobbling up Charlotte commercial real estate.

St. Regis Properties acquired Crown of Queen City near uptown from Kohlberg Kravis & Roberts (KKR) for $88 million in February 2021. The Charlotte Business Journal reported KKR bought the Class A apartment community at 101 W. Morehead St., formerly called Broadstone Queen City, for $90 million in February 2021. Alliance Residential built the $52 million, 260-unit development at the edge of South End and uptown.

It delivered in 2020 and has about 10,000 square feet of amenity space and 1,500 square feet of ground-floor retail space.

The Aritzia at LoSo, a 350-unit complex in Charlotte’s lower South End neighborhood, sold on Nov. 19 for $95.5 million. Ares Public Fund acquired the property from RangeWater Real Estate.

The Class A development, located at 200 E. Cama St., was built in 2020. It has studio, one- and two-bedroom units. Monthly rent rates range from $1,402 – $2,854.

Marcus & Millichap closed the sale of 4642 Oregon St., a nine-unit apartment property, and 4632 Oregon St., an eight-unit apartment property, both located in North Park, San Diego. The assets sold for $2,930,000 and $2,560,000 respectively.

“Our marketing process allowed us to procure over 13 competing offers for these properties which have not been marketed in over 50 years,” said Austin Ray Huffman, first VP investments in Marcus & Millichap’s San Diego Del Mar office. “This true value-add investment opportunity sold within 98 percent of the list price to an all-cash buyer. The sale represents the second largest transaction in the North Park neighborhood over the previous two years.”

Huffman and Christopher J. Zorbas, executive managing director investments in the firm’s San Diego Del Mar office, marketed the property on behalf of the seller, a family trust. The buyer, Garden Properties, was represented by Anelia Genchev of Century 21 Affiliated.

Drawbridge Realty has acquired 2220 Colorado Ave., a 225,773-square-foot headquarters building in Santa Monica’s Silicon Beach neighborhood, for a reported $185 million. The building is 100% triple-net leased to Universal Music Group (UMG) as its operational headquarters.

“This is a high-quality property with a strong, longtime tenant and a very creative build-out that establishes the building as one of the signature assets in Santa Monica,” said Jaden Rosselli, VP of investments & asset management, Drawbridge Realty. “It’s a wonderful addition to our national portfolio.”

The seller, Clarion Partners, was represented by Newmark’s Kevin Shannon, Alex Foshay, Ken White, Rob Hannan, Laura Stumm and Michael Moll. UMG recently signed a long-term lease extension at the property.

Also known as Arboretum Gateway, 2220 Colorado Ave. has two UMG-operated recording studios, several conference facilities, secure parking with direct elevator access, an onsite food commissary and coffee bar, collaboration areas and outdoor decks.

Marcus & Millichap closed the sale of Le Chateau Apartments, a 76-unit apartment asset in Anaheim. The property sold for $27.45 million, or $361,184 per unit.

“On the market for the first time in more than 40 years, Le Chateau is located in a submarket with the tightest multifamily vacancy rates for Class A and Class C assets in the country and on the West Coast, respectively,” said Tyler Leeson, executive managing director investments in Marcus & Millichap’s Orange County office. 

“We closed the transaction in 23 days with a multifamily investor in a 1031 exchange who captured significant equity from the sale of a Las Vegas property,” said Drew Holden, first VP investments. “In the current economic environment, the buyer was attracted to the low vacancy rate and stable rent growth found in the Orange County apartment market.”

Leeson and Marcus & Millichap’s Matt Kipp and Nicholas Kazemi represented the undisclosed seller. Holden procured the buyer.

Built in 1964, the property is located at 1670 W. Broadway in West Anaheim, close to Interstate 5 and State Route 91, which connect residents to employment hubs throughout Southern California.

CBRE’s Capital Markets team in San Francisco arranged the sale of 410 Townsend St., a four-story, 78,000-square-foot office building in San Francisco’s South of Market (SoMa) submarket. The property was formerly a hub for early-stage tech startups such as Eventbrite and Zendesk.

New York Life Real Estate Investors (NYLREI) and Bridgeton, a vertically integrated real estate investment firm, purchased the property for $22 million. The sale price represented a substantial discount on the nearly $86 million that Clarion Partners paid in 2019, according to published reports. NYLREI and Bridgeton were represented by Mike Taquino and Kyle Kovac of CBRE.

Although CBRE didn’t identify the seller, the San Francisco Business Times reported that Nationwide Life and Annuity Insurance Company, once the building’s lender, took ownership of 410 Townsend after Clarion handed over the property last December. By that time, occupancy had declined to around 25%.

“It’s our opinion that this is the start of the recovery for the San Francisco real estate market and 410 Townsend provides us with the opportunity to acquire a best-in-class creative brick and beam office asset well below replacement cost and where the asset traded in 2013 and 2019,” said Albert Pura, senior director of transactions for NYLREI.

Leaders From Rialto Capital Management, AEW, CIM, Rexford Industrial, EQR and Cushman & Wakefield come together on the Capital Markets panel at Connect Los Angeles 2024 on May 1 at the InterContinental in DTLA. Register now to hear from these industry experts and more. 

CBRE recently negotiated the sale of the Tower Office Plaza in Temecula for $13.8 million to Level Asset Capital. Matt Pourcho, Anthony DeLorenzo, Matt Harris and Bryan Johnson of CBRE’s Investment Properties represented the seller, Providence Real Estate Group.

“Office sales in the Temecula and Murrieta areas remain strong and are somewhat isolated from all the corporate downsizing you hear about,” said Pourcho.

The Class A office building at 27555 Ynez Rd. sits within Tower Plaza, a remodeled grocery-anchored retail center. In addition to the four-story 71,775-square-foot-office building, the property includes a two-story parking structure and an oversized pond water feature.

Hugo Cosio of Level Asset Capital represented the company in the purchase. The property is currently 94% occupied.

Photo courtesy of Lee & Associates.