REBusinessOnline

ZKS Sells Multi-Tenant Industrial Facility in Torrance, California to Rexford Industrial for $75.3M

TORRANCE, CALIF. — ZKS Real Estate Partners has completed the disposition of an industrial property located at 4240 W. 190th St. in Torrance. Rexford Industrial Realty acquired the asset for $75.3 million.David Prior, Todd Taugner and Frank Schulz of The Klahin Co./CORFAC International represented the seller in the deal. Bret Hardy, Andrew Briner, Kevin Shannon, Jim Linn and Scott Schumacher of Newmark served as the institutional investment contacts in the transaction.Situated on 11.4 …

Lee & Associates Negotiates $68M Sale of Three-Property Multifamily Portfolio in San Gabriel Valley

ROSEMEAD AND EL MONTE, CALIF. — Lee & Associates LA North/Ventura has arranged the sale of a three-property apartment portfolio in the San Gabriel Valley. Positive Investments acquired the portfolio from Hunsaker Family for $68 million.The portfolio includes Fashion Park Apartments, Glen Haven Apartments and Fashion Lane Apartments, spanning 4405 Rosemead Blvd., 5123-5205 Rosemead Blvd. and 4436-4438 Ivar St. in Rosemead, as well as a community at 3815 Baldwin Ave. in adjacent El …

Harrison Street Purchases Interest in Eight Student Housing Properties at Arizona State University

TEMPE AND GLENDALE, ARIZ. — Harrison Street has formed a joint venture with American Campus Communities (ACC) for the ownership of ACC’s existing eight-property Arizona State University on-campus student housing portfolio.Under the terms of the transaction, Harrison Street, as part of its social infrastructure platform, has acquired a 45 percent interest in the joint venture, with ACC owning the remaining interest. ACC will continue to manage the day-to-day operations in collaboration …

Staley Point Capital Buys Industrial Property in City of Industry, California for $22M

CITY OF INDUSTRY, CALIF. — Staley Point Capital has acquired an industrial asset, located at 18689 Arenth Ave. in City of Industry, for $22 million, or $227 per square foot, in an off-market transaction. Bain Capital Real Estate was a joint venture partner on the acquisition.The 97,000-square-foot property features 24-foot clear heights, eight dock-high positions and a functional concrete truck court. At the time of purchase, the property was 86 percent leased.Winston & Strawn …

Westmount Realty Capital Buys 291-Unit Station at Mason Creek Apartments in Houston

HOUSTON — Dallas-based Westmount Realty Capital has purchased The Station at Mason Creek, a 291-unit apartment community in Houston. Built in 2001, the property offers one-, two- and three-bedroom units with an average size of 772 square feet. The amenity package consists of a pool with a splash pad, fitness center, coffee bar, clubhouse, business center and a dog park. The seller was not disclosed. Westmount plans to implement a value-add program to the unit interiors, building exteriors and …

Pegasus Real Estate Acquires 271,100 SF Industrial Portfolio in Irving

IRVING, TEXAS — Pegasus Real Estate has acquired a two-property industrial portfolio totaling 271,100 square feet in Irving. The portfolio comprises a fully leased, 92,051-square-foot building and a 12-building complex that was 93 percent leased at the time of sale. The properties were built in phases between 1981 and 1999 and feature 12- to 18-foot clear heights. Stephen Bailey, Dustin Volz, Wesley Gilmer and Pauli Kerr of JLL represented the seller, Fort Worth-based Fort Capital, in the …

IPA Negotiates Sale of 240-Unit Apartment Community in Metro Austin

LEANDER, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of 22 North, a 240-unit apartment community located in the northern Austin suburb of Leander. Built in 2018, the property offers one-, two- and three-bedroom units with an average size of 1,090 square feet. Amenities include a pool, fitness center, business center, grilling area and a media/game room. Will Balthrope, Kent Myers and Jordan Featherston of IPA represented the …

NAI Partners Arranges 34,00 SF Office, Industrial Sale-Leaseback in Houston

HOUSTON — NAI Partners has arranged the sale-leaseback of a 34,000-square-foot office and industrial property in Houston. The property is located at 1515 Witte Road on the city’s west side. Cary Latham and Wyatt Huff of NAI Partners represented the seller/tenant, Allpoints Group, a provider of surveying and other advisory services for the homebuilding industry, in the transaction. The duo also secured the buyer, locally based investment firm Triten Real Estate

Emmut Properties Acquires Excelsior Hotel in Manhattan for $80M, Plans Multifamily Conversion

NEW YORK CITY — Locally based investment firm Emmut Properties has acquired the 126-room Excelsior Hotel, located at 45 W. 81st St. in Manhattan, for $80 million. The new ownership plans to convert the property, which was built in the 1920s but has been closed since April 2020, into a 134-unit multifamily building. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia arranged acquisition financing through Franklin BSP Realty Trust for the

IPA Negotiates $18M Sale of Shopping Center in Pennsauken, New Jersey

PENNSAUKEN, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $18 million sale of The Point at Pennsauken, a 109,217-square-foot shopping center in Southern New Jersey. Anchored by convenience store Wawa, the property was 100 percent leased at the time of sale. Brad Nathanson of IPA represented the seller, WRDC, in the transaction and procured the buyer, Florida-based Select Properties

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