IRVING, TEXAS — JLL has arranged the sale of DFW Park 161 AMZL, a 219,000-square-foot industrial property in Irving that was constructed in 2022 as a build-to-suit for Amazon. The property sits on 55.7 acres and features 32-foot clear heights, 1,440 parking spaces and a 9.3 percent office finish. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Jack Copher of JLL represented the seller, a joint venture between Invesco Real Estate and Perot Development Co., in the transaction. The buyer was not disclosed.
MELISSA, TEXAS — Dallas-based retail brokerage firm STRIVE has negotiated the sale of Melissa Village, a 32,116-square-foot shopping center located about 40 miles north of Dallas. Hudson Lambert of STRIVE represented the seller, a Dallas-based developer, in the transaction, and procured the buyer, a 1031 exchange investor. Both parties requested anonymity. Melissa Village was fully leased at the time of sale to tenants such as Smoothie King, Wingstop, Jersey Mike’s Subs and Jeremiah’s Italian Ice.
CHESAPEAKE, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has negotiated the sale of Crossways I & II, a 213,955-square-foot office property located at 1434 Crossways Blvd. in Chesapeake, a city in Virginia’s Hampton Roads region. Seminole Trail Properties acquired the asset for $24 million and is bringing on affiliate Seminole Trail Management to operate the property. Eric Robison, Bo McKown and Christine Kaempfe of Thalhimer represented the undisclosed seller in the transaction. Kenneth Penrose Jr., also with Thalhimer, represented the buyer. Originally developed in 1999 and expanded in 2002, Crossways I & II was fully 100 leased at the time of sale to tenants including anchor Conduent Business Services, a publicly traded international business services provider that specializes in healthcare and human resources solutions. Conduent occupies more than 50 percent of the property, and the remaining space is leased to insurance, education and financial services firms.
FLORENCE, ALA. — Newmark has brokered the sale of Cox Creek Shopping Center, a 142,044-square-foot retail center that spans 17.3 acres at 396-398 Cox Creek Parkway in Florence, a city in northwest Alabama along the Tennessee River. U.S. Properties Group sold the shopping center to United Properties Corp. for $24 million. Mark Joines and Drew Fleming of Newmark represented U.S. Properties Group in the transaction. Cox Creek was fully leased at the time of sale to Dick’s Sporting Goods, Field & Stream, Petco, Old Navy, Five Below and Ulta Beauty. The property sits directly across from the 675,000-square-foot Florence Mall and near major retailers including AMC Theatres, Walmart, Publix, The Home Depot, T.J. Maxx, Ross Dress for Less, Hobby Lobby, Kohl’s, Academy Sports + Outdoors, Dillard’s and Belk.
WORCESTER, MASS. — CBRE has negotiated the $26.7 million sale of ReNew Tatnuck Square, a 120-unit apartment complex located in the Central Massachusetts city of Worcester. The five-building, garden-style property was built between 1969 and 1972 and offers a pool, fitness center and a leasing office. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of San Francisco-based FPA Multifamily, in the transaction. The team also procured the buyer, an affiliate of Massachusetts-based Arrowpoint Properties.
SEATTLE — LPC West has partnered with Intercontinental Real Estate Corp. to acquire a development site for a nine-story life sciences building near Seattle’s Space Needle. Located on the border of the South Lake Union and Uptown neighborhoods, the building will total approximately 195,000 square feet and will cater to the needs of the city’s flourishing life sciences sector. Currently in the early design stages, the Class A building will feature views of the Space Needle, Climate Pledge Arena and the Puget Sound. Additionally, the site offers full transit accessibility with access to the Seattle Center Monorail, metro transit routes and Highway 99.
TACOMA, WASH. — Marcus & Millichap has arranged the sale of Tanara Village, a multifamily community in Tacoma. A private seller in a 1031 exchange sold the property to a limited liability company for $24.1 million, or $185,769 per unit. Built in 1969, Tanara Village features 130 apartments spread across five buildings. The community offers four laundry rooms, a recreation room, dog park and 113 parking stalls. The apartments are all one-bedroom/one-bath, 114 of which are 550 square feet and 16 are 600 square feet. Kellan Moll and Scott Morasch of Marcus & Millichap represented the seller and procured the buyer in the transaction.
SCOTTSDALE, ARIZ. — GIC, a global institutional investor based out of Singapore, and Oak Street, a Chicago-based division of global alternative asset manager Blue Owl Capital, have agreed to acquire STORE Capital Corp. (NYSE: STOR) in an all-cash transaction valued at approximately $14 billion. STORE is a Scottsdale-based net-lease real estate investment trust that invests in single-tenant operational real estate. As of June 30, the company’s portfolio consisted of investments in 3,012 property locations, including restaurants, early childhood education, metal fabrication, automotive repair and maintenance facilities and health clubs. Under the terms of the definitive merger agreement, STORE Capital stockholders will receive $32.25 per share in cash, a premium of 17.8 percent to the 90-day volume weighted average stock price through that date and 20.4 percent to its closing price on Wednesday, the day before the announcement. STORE will become private following the transaction. The transaction was unanimously approved by STORE Capital’s board of directors and is expected to close in the first quarter of 2023. The closing of the transaction is not subject to any financing conditions. “This opportunity is an endorsement, by two leading real estate investors with significant access to capital, of the strength of our platform, …
HOUSTON — Colliers has negotiated a 127,046-square-foot, full-building industrial lease at 2425 Turning Basin Drive in East Houston. The property features 23-foot clear heights, 12 dock-high doors and 20,292 square feet of office space. John Nicholson, Zack Taylor and Trey Horne of Colliers represented the landlord, Macey Family Properties, in the lease negotiations. John Garza of Windsor Hill Real Estate Group represented the tenant, an entity doing business as LTR Intermediate Holdings Inc.
GILBERT, ARIZ. — Orsett Properties has completed the sale of The Reserve at San Tan, a trophy-quality office property in Gilbert. West Valley Properties acquired the asset for $53.1 million. Built in 2020 on 12.8 acres, The Reserve at San Tan features 149,321 square of office space spread across two three-story multi-tenant office buildings connected by a common area tenant amenity lounge. The building offers high-end spec suites with open ceilings, creative office finishes and abundant covered surface parking. Additional features include monument signage, building signage, tenant lounges, PRESS coffee on-site and conference facilities. CJ Osbrink, Scott Scharlach and Kevin Shannon of Newmark handled the transaction. Mike Garlick, also of Newmark, assisted in the sale and was retained by the buyer to lead leasing efforts at the property.