CASTLE ROCK, COLO. — Marcus & Millichap has brokered the sale of a restaurant building located at 4995 Factory Shops Blvd. in Castle Rock. Niki Castle Rock LLC sold the asset to an undisclosed buyer in a 1031 exchange for $2.5 million, or $399.46 per square foot. Buffalo Wild Wings occupies the property and offers a bar, indoor/outdoor space and VIP spaces. Drew Isaac and Ian Hicks of Marcus & Millichap represented the seller in the deal.
FORT WORTH, TEXAS — JLL has negotiated the sale of Westside 35, a 540,324-square-foot industrial park in Fort Worth. Westside 35 comprises two front-load warehouses with 36-foot clear heights,185-foot truck court depths and combined parking for 107 trailer parking spaces and 373 cars. The site also includes a 7.1-acre parcel that can support additional trailer parking space. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe, Matthew Barge and Jake Benalloul of JLL represented the undisclosed seller in the transaction. CBRE Investment Management purchased Westside 35, which was fully leased to three tenants at the time of sale, for an undisclosed price.
HOUSTON — Three Pillars Capital Group, a locally based private equity firm specializing in multifamily properties, has acquired Aspen Apartments, a 208-unit complex in Houston’s Brookhollow neighborhood. Built in 1973, the property offers studio, one- and two-bedroom apartments and amenities such as a pool, basketball court, playground and onsite laundry facilities. Rebus Capital sold the property for an undisclosed price. Three Pillars plans to implement a value-add program that will primarily focus on enhancing unit interiors.
DENTON, TEXAS — Marcus & Millichap has arranged the sale of a two-property hotel portfolio totaling 180 rooms in the North Texas city Denton. The 88-room La Quinta Inn & Suites and the 92-room Holiday Inn Express & Suites were both built about 10 years ago and were recently renovated. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, Dallas-based Angel Hospitality Group, in the transaction. The duo also procured the undisclosed buyer.
DENVER — A subsidiary of Denver-based investment firm Montfort Cos. has purchased The Chisholm Corner Portfolio, a collection of 19 gas station and convenience stores in southwest Oklahoma. The subsidiary, 7E Holdings LLC, will subsequently assume operations of all stores, the exact locations of which were not disclosed. Grant McWhirter of Southwest Petroleum Realty represented the seller, Bostick & Associates, in the transaction.
ATHENS, GA. — Fogelman Properties has acquired The Columns at Timothy Woods, a 204-unit apartment community located in Athens, roughly 70 miles northeast of Atlanta. Fogelman acquired the property for an undisclosed price from ECI Group, which acquired the community in 2019 and completed improvements to the property’s interiors and amenities. Originally built in 1996, the community features units in one-, two- and three-bedroom layouts. Kevin Geiger of CBRE represented ECI in the transaction.
CLEVELAND, TENN. — JLL Capital Markets has brokered the sale of Cleveland Towne Center, a 148,203-square-foot shopping center located in the northeast Chattanooga suburb of Cleveland. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the seller, Wicker Park Capital Management LLC, in the $19.5 million transaction. Bodin Properties acquired the center, which was fully leased at the time of sale. Ross Dress for Less, Ashley Furniture, Old Navy, Books-A-Million and Electronic Express anchor the property, which is also shadow-anchored by Kohl’s and Target.
NEW YORK CITY — Newmark has arranged a $535.8 million loan for the acquisition and redevelopment of 25 Water Street, a 1.1 million-square-foot office building in Lower Manhattan, New York City’s historic Financial District. Dustin Stolly, Jordan Roeschlaub and Chris Kramer of Newmark arranged the loan through MSD and Apollo. The seller was not disclosed, but multiple media outlets have reported that Edge Funds sold the asset. The borrowers, GFP Real Estate, Metro Loft Management and Rockwood Capital, will use the funds to convert the 22-story office building into a residential tower housing 1,300 apartments ranging in size from studios to four-bedroom units. The project represents the largest ever office-to-residential conversion in U.S. history, according to Newmark. The office building, formerly known as 4 New York Plaza, was once anchored by JPMorgan Chase & Co. The financial giant recently unveiled plans for its newly revamped headquarters at 270 Park Ave. in Manhattan. Built in 1969, 25 Water Street features 12-foot, 4-inch slab-to-slab ceiling heights and 40,330-square-foot floor plates, which will give future residents direct views of the Lower Manhattan skyline and the New York Harbor from all floors. The property is situated on a double-wide street corridor with the widest …
WACO, TEXAS — Newsome Development & Investments has sold 11th Street Flats, a 134-bed student housing property located near Baylor University in Waco. The community was constructed in 2015 and offers 45 units in a mix of two-, three- and four-bedroom configurations with bed-to-bath parity. Shared amenities include a fitness center, study lounge and deck with campus views. Teddy Leatherman, Stewart Hayes and Scott Clifton of JLL represented the seller in the disposition of the property to Waterway Family Funds.
ARLINGTON, TEXAS — Fort Worth-based investment firm Fort Capital has acquired a portfolio of seven industrial buildings totaling 76,200 square feet in Arlington. The Class B, multi-tenant buildings offer proximity to major thoroughfares such as Interstates 20 and 30, as well as Loop 820. The portfolio had an occupancy rate of 94 percent at the time of sale. The seller and sales price were not disclosed.
