BOSTON — A fund sponsored by CBRE Investment Management has acquired a majority interest in a 132,000-square-foot life sciences building located at 300 Third St. in Boston’s Kendall Square neighborhood. The six-story building was originally constructed in 2000 and includes both traditional office and lab space that was recently renovated, as well as ground-floor retail space. The property was fully leased to an undisclosed pharmaceutical company at the time of sale. The percentage of the interest was not disclosed.
JONESBORO, ARK. — Mumford Co. has brokered the sale of a 98-room Courtyard by Marriott hotel in Jonesboro. An entity doing business as McCain Lodging Jonesboro LLC purchased the hotel from Hunt Properties of Jonesboro LLC. The sales price was not disclosed, but Mumford Co. says the hotel sold for full list price. Steve Kirby, Ed James and George Arvantis of Mumford Co. represented the seller in the transaction, and Arvantis procured the buyer. Built in 2018, the four-story Courtyard by Marriott features meeting space, laundry services, a convenience store, restaurant and a fitness center, according to the property website.
FAIRFAX, VA. — KBS has sold Redwood Plaza I, II and III, a three-building office complex spanning 207,000 square feet in Fairfax. Arlington, Va.-based Network Realty Partners purchased the metro D.C. assets from KBS for $23 million. Jim Meisel, Matt Nicholson, Andrew Weir, Kevin Byrd and Dave Baker of JLL brokered the transaction. KBS has owned the Redwood Plaza buildings for more than 20 years and recently renovated the assets with new lobbies, a conference center, catering kitchen and community pantry and coffee. The campus also now includes a tenant lounge that offers arcade games, shuffleboard, free Wi-Fi, craft beer on tap and a 24-hour café.
BOCA RATON, FLA. — Katz & Associates has arranged the $10.6 million sale of a former hhgregg store located at 20841 S. State Road 7 in Boca Raton. CIRE Equity, a commercial real estate investor with offices in Southern California and Phoenix, purchased the 41,250-square-foot store from an entity doing business as Pan York Glades LLC. Jon Cashion and Daniel Solomon of Katz & Associates represented the seller in the transaction. EoS Fitness, a retail fitness concept based in Phoenix, will backfill the store, which is situated adjacent to a Burlington and PetSmart.
EULESS, TEXAS — JLL has negotiated the sale of Glade Parks Town Center, a 559,457-square-foot retail power center located in the eastern Dallas suburb of Euless. Built in phases between 2014 and 2018, the property houses tenants such as Dick’s Sporting Goods, Total Wine & More, Cinepolis, Ulta Beauty, Belk, Michael’s, HomeGoods, EoS Fitness, First Watch, Hopdoddy, Daiso, Old Navy, Burlington, DSW and Massage Envy. Barry Brown, Chris Gerard, Ryan Shore, Greyson Fewin and Matthew Barge of JLL represented the seller, a joint venture led by Iron Point Partners, an investment firm with offices in Dallas and Washington, D.C., in the transaction. Charlotte-based Big V Property Group acquired the asset for an undisclosed price.
TUCSON, ARIZ. — Northland has completed the disposition of Hilands, an apartment community in Tucson. Bridge Investment Group acquired the asset for $178 million, or $215,496 per unit. Situated at the intersection of North Craycroft and River roads, Hilands features 826 apartments with breakfast bars, French doors, extra storage space and an average unit size of 557 square feet. Select units offer stacked and full-size washers/dryers and private patios. The 460,418-square-foot property was built in two phases in 1985 and 1986 and features 41 residential buildings, a 24-hour fitness center, an air-conditioned racquetball court and two lighted tennis courts. Hamid Panahi, Clint Wadlund, Art Wadlund, Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. According to IPA, the transaction is the highest single-asset multifamily transaction in Tucson history.
MUNDELEIN, ILL. — Venture One Real Estate has acquired a two-building industrial portfolio totaling 144,705 square feet in Mundelein for an undisclosed price. The portfolio is fully leased to one tenant. The first building, located at 845 High St., spans 116,892 square feet. The facility was constructed in 1996 and expanded in 2010. The facility features a clear height of 27 feet, 11 exterior docks, two drive-in doors and 4,826 square feet of office space. The second building at 262 Shaddle Ave. totals 27,813 square feet and was constructed in 2002. It features three exterior docks, one drive-in door and 1,395 square feet of office space. Brian Bocci of Entre Commercial Realty LLC represented the undisclosed seller. Venture One utilized its acquisition fund VK Industrial VI LP, which is a partnership between Venture One and Kovitz Investment Group, to execute this transaction.
MERRILLVILLE, IND. — Physician Real Estate Capital Advisors (PRECAP) has brokered the $4.1 million sale-leaseback of the Bone & Joint Specialists orthopedic facility in Merrillville, a city in Northwest Indiana. The 15,504-square-foot property is located at 9001 Broadway and is adjacent to the Methodist Hospitals Southlake Campus. Bone & Joint Specialists has operated out of the property since 2008. Scott Niedergang of PRECAP, along with JDS Real Estate Services Inc., represented the seller, a physician partnership. The team also represented the buyer, a REIT focused on healthcare real estate.
SAN LEANDRO, CALIF. — An affiliate of Madison Marquette has completed the sale of Bayfair Center, a 42-acre regional mall at a BART subway station in San Leandro. B3 and GAW Capital Partners acquired the property for an undisclosed price. Located at 15555 E. 14th St., Bayfair Center was 91 percent leased at the time of sale. Current tenants include Target, Century Theaters, Macy’s, Kohl’s, Bed Bath & Beyond, Ulta Beauty, Old Navy, 24 Hour Fitness and PetSmart. The property includes one main mall building and five outparcel buildings with a total of 816,771 leaseable square feet. The asset offers the ability to redevelop a large portion of the site into a life sciences and mixed-use campus. Nicholas Bicardo, Steven Golubchik, Jonathan Schaefler, Darren Hollak and Cheyne Bloch of Newmark represented the seller in the transaction.
CORPUS CHRISTI AND NEW BRAUNFELS, TEXAS — Capital advisory firm David B. Norton Inc. has arranged a $15.5 million preferred equity investment for a 722-unit multifamily portfolio in Texas. The properties in the portfolio, which were all constructed within the past decade and feature a mix of studio, one- and two-bedroom units, are located in Corpus Christi and New Braunfels, a suburb of San Antonio. The buyer was an undisclosed investment and management firm based in Austin. David B. Norton Inc. placed the preferred equity investment behind a $105 million senior loan, yielding an 81 percent loan-to-cost ratio within the capital stack.