WEST VALLEY, CALIF. — Red Mountain Group has completed the disposition of a four-tenant retail property located in West Valley. An undisclosed buyer acquired the asset for $2.1 million. At the time of sale, the 6,764-square-foot property was fully leased to Tellica Imaging, Allstate Insurance, Metro by T Mobile and a nail salon. Dave Lucas of CP Partners Commercial Real Estate represented the seller in the deal.
GREENWOOD, S.C. — An affiliate of Phoenix Investors has purchased the Fujifilm North American Campus in Greenwood, which has been home to Fujifilm Manufacturing U.S.A. Inc. since 1988. The 11-building property spans more than 2.7 million square feet over 500 acres. Fujifilm has leased back approximately 50 percent of the campus from the buyer and plans to keep over 300 employees at the site for manufacturing and administrative purposes. Phoenix Investors plans to market approximately 1.4 million square feet of space for lease to new tenants. James Medbery, Doug Faris and Shaun Kirchin of Binswanger brokered the transaction. The sales price was not disclosed.
TAMPA, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $3.8 million sale of a 2,500-square-foot, single-tenant retail property in Tampa that is occupied by Starbucks Coffee. Located at 4418 W. Gandy Blvd., the property was recently developed and is under a 10-year corporate-guaranteed lease. The store is situated on a one-acre site and features a drive-thru. Patrick Nutt, William Wamble and Daniel Becker of SRS represented the seller, Alliant Partners LLC, in the transaction. The buyer was a South Florida-based private investor that was in a 1031 exchange and paid all-cash for the asset.
SPRING, TEXAS — Dallas-based investment firm Civitas Capital Group has acquired Cypresswood Apartments, a 287-unit multifamily community located north of Houston in Spring. The newly built, garden-style property sits on 12.2 acres and offers one-, two- and three-bedroom units, according to Apartments.com. Amenities include a pool, fitness center, clubhouse, playground, basketball court and a dog park. Houston-based Fidelis Realty Partners sold the property for an undisclosed price.
MANOR, TEXAS — Avison Young has arranged the sale of a multifamily development site in Manor, a northeastern suburb of Austin, that is approved for the construction of 200 units and 20,000 square feet of retail space. The 13.2-acre site is located within the 200-acre Las Entradas master-planned development. John Baird, Michael Kennedy and Sullivan Johnston of Avison Young represented the seller, Las Entradas Development Corp., in the transaction. Gilles Ghez of DH Realty Partners represented the buyer, Maryland-based DD&B Construction.
KILLEEN, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Ashton Park, a 148-unit apartment complex located in the Central Texas city of Killeen. According to Apartments.com, the property was built in 1974 and features studio, one- two- and three-bedroom units, as well as a pool, fitness center, tennis court and a basketball court. Paul Yazbeck of TMG represented the seller, and Chase Davis of TMG procured the buyer. Both parties requested anonymity.
CHICAGO — A partnership between L+M Development Partners and SAA|EVI has acquired Concordia Place Apartments in Chicago. The purchase price was undisclosed, but the partnership secured $99.7 million in funding for the acquisition and rehabilitation of the property. Located at 13037 S. Daniel Drive, the property consists of 297 affordable housing units across 29 buildings. Originally built in 1969, Concordia is federally subsidized by a HUD Section 8 Housing Assistance Payments (HAP) contract. The buyer’s renovation plans include upgraded kitchens and bathrooms, new flooring, Energy Star lighting fixtures, new paint, drywall repairs, new windows and boilers, a renovated community room and the addition of a computer lab and exercise room. The project is being financed via tax-exempt bonds issued by the Illinois Housing Development Authority, 4 percent Low-Income Housing Tax Credits syndicated by Raymond James, a Freddie Mac tax-exempt loan provided by Capital One, and a tax-exempt bridge loan provided by Fifth Third Bank.
BRIDGEPORT, CONN. — Locally based brokerage firm Choyce Peterson has negotiated the sale of a 30,000-square-foot office building in Bridgeport, located in the southern coastal part of the state. An entity doing business as Courtland Street Partners LLC sold the freestanding building to an affiliate of Adam J. Lewis Academy for an undisclosed price. Scott Peterson and Charlene O’Connell of Choyce Peterson brokered the deal. The new ownership plans to convert the building into an expansionary facility for its main school.
DALLAS — Marcus & Millichap has arranged the sale of 6500 South, a 536-unit apartment community in southwest Dallas. According to Apartments.com, the property was built in 1985, houses one- and two-bedroom units and offers amenities such as a pool, fitness center, business center, clubhouse and a playground. Al Silva and Ford Braly of Marcus & Millichap represented the seller, Intercapital Group, in the transaction and procured an undisclosed, locally based investment group as the buyer. The new ownership plans to implement a capital improvement program.
FRISCO, TEXAS — Lincoln Property Co. has acquired Star Commerce Center IIIB, a 177,510-square-foot warehouse in Frisco. The newly built, rear-load facility sits on 10.5 acres and was fully leased at the time of sale. Building features include 32-foot clear heights, 210-foot truck court depths, 210 parking spaces and roughly 50,000 square feet of office space. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Matthew Barge of JLL represented the seller, Blue Star Land, in the transaction.