Acquisitions

JLL Negotiates Sale of 241,831 SF Retail Power Center in Oklahoma City

by Taylor Williams August 1, 2022

OKLAHOMA CITY — JLL has negotiated the sale of 240 Penn Park, a 241,831-square-foot retail power center in Oklahoma City. Built on 22.2 acres in 2006, the center was 99 percent leased at the time of sale to tenants such as Marshalls, Ross Dress for Less, Michaels, PetSmart, Best Buy, Saltgrass, Lane Bryant, Five Below, Charleston’s Restaurant and GNC. Ryan Shore, Chris Gerard, Greyson Fewin and Pauli Kerr of JLL represented the seller, a partnership between New York-based DRA Advisors and private investment group RCG Ventures, in the transaction. Locally based investment firm Mazaheri Properties acquired the asset for an undisclosed price.

August 1, 2022

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 216-Unit Apartment Complex in Rockport, Texas

by Taylor Williams August 1, 2022

ROCKPORT, TEXAS — Marcus & Millichap has arranged the sale of Pearl Point, a 216-unit apartment complex in the southern coastal city of Rockport. Units at Pearl Point feature an average size of 906 square feet and are equipped with patios/balconies, walk-in closets and full-size washers and dryers. Amenities include a pool, open green space and a dog park. Kent Myers and Nico Bianchi of Marcus & Millichap represented the seller, a partnership between Rockport-based Uhr Real Estate Inc. and Iowa-based Frew Development Group, in the transaction. The duo also procured the buyer, Dallas-based RREAF Holdings.

August 1, 2022

Acquisitions Affordable Housing Multifamily Texas

Fairstead Acquires 105-Unit Historic Aurora Apartments in San Antonio

by Taylor Williams August 1, 2022

SAN ANTONIO — Fairstead, an investment firm with three offices along the East Coast, has acquired Aurora Apartments, a 105-unit historic multifamily complex in San Antonio’s Tobin Hill neighborhood. The 11-story, 92-year-old building currently provides housing for low-income senior citizens. Fairstead plans to invest $15 million to rehabilitate Aurora Apartments and preserve the property’s affordability status. Renovations will include upgrades of pieces of building infrastructure such as the emergency generator, electrical panels and main switchgear, as well as the installation of a new sprinkler system, elevators and roofing. The units’ kitchens, bathrooms, HVAC units and appliances will also be upgraded. Construction is expected to begin this summer.

August 1, 2022

Acquisitions Arizona Multifamily Western

Thompson Thrift Residential Sells The Wyatt Multifamily Community in Gilbert, Arizona for $91M

by Amy Works August 1, 2022

GILBERT, ARIZ. — Thompson Thrift Residential has completed the disposition of The Wyatt, an apartment property in Gilbert. Decron Properties acquired the asset for $91 million, or $421,296 per unit. Completed in 2022, The Wyatt features 216 apartments with nine-foot ceilings, full-size washers/dryers and a 980-square-foot average unit size. Community amenities include a swimming pool and spa; pavilion with social seating and recessed fireplace; resident clubhouse; community courtyard; playground; covered parking; and detached garages. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

August 1, 2022

Acquisitions California Retail Western

Faris Lee Negotiates Acquisition of 118,485 SF Promenade Shopping Center in Modesto, California

by Amy Works August 1, 2022

MODESTO, CALIF. — Faris Lee Investments has brokered the purchase of The Promenade Shopping Center, a community retail center in Modesto. A Modesto-based private family office acquired the property from an ownership group managed by Los Altos-based West Valley Properties for $25 million. Located at 3501 McHenry Ave., the 118,485-square-foot property was fully occupied at the time of sale. Current tenants include Ross Dress for Less, Barnes & Noble, AutoZone, Skechers, Hallmark, Cold Stone Creamery and Subway. Alexander Moore, Sean Cox and Don MacLellan of Faris Lee Investments represented the buyer in the transaction.

August 1, 2022

Acquisitions Arizona Industrial Western

LBA Logistics Divests of 225,333 SF Westech Business Center Light Industrial Complex in Phoenix

by Amy Works August 1, 2022

PHOENIX — LBA Logistics has sold Westech Business Center I & II, a seven-building light industrial complex in Phoenix, to Schnitzer Properties, formerly Harsch Investment Properties, for an undisclosed price. Westech Business Center I & II features 225,333 square feet of space, which was 99 percent leased to 51 tenants at the time of sale. The asset offers functional divisibility with a variety of smaller bay sizes, freeway visibility, parking, ample loading and fully built-out offices. Will Strong, Jeff Chiate, Mike Adey, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield represented the seller in the deal.

August 1, 2022

Acquisitions California Mixed-Use Multifamily Retail Western

Marcus & Millichap Brokers $14.2M Sale of Royal Palms Mixed-Use Building in Glendora, California

by Amy Works August 1, 2022

GLENDORA, CALIF. — Marcus & Millichap has arranged the sale of Royal Palms Apartments & Professional Building, a mixed-use property located at 618-620 W. Route 66 in Glendora. A limited liability company sold the asset to an undisclosed buyer for $14.2 million. Totaling 43,292 square feet, Royal Palms Apartments & Professional Building features 28 commercial suites and 48 apartments with studio and one-bedroom floor plans. The building was built in 1962. Douglas McCauley and David Covarrubias of Marcus & Millichap’s Inland Empire office represented the seller in the transaction.

August 1, 2022

Acquisitions Illinois Midwest Office

Greenstone Partners Arranges $6.7M Sale of Office Building in Chicago’s Lincoln Park

by Kristin Harlow August 1, 2022

CHICAGO — Greenstone Partners has arranged the sale of a 24,000-square-foot office building in Chicago’s Lincoln Park neighborhood for $6.7 million. The property at 2001 N. Clybourn Ave. is 97 percent leased and anchored by AMP Americas. The building, which dates back to 1925, underwent a complete renovation in recent years. Danny Spitz and Jason St. John of Greenstone represented the seller, R2 Cos. A West Coast-based private investor was the buyer.

August 1, 2022

Acquisitions Illinois Industrial Midwest

Venture One Acquires 38,050 SF Industrial Building in Addison, Illinois

by Kristin Harlow August 1, 2022

ADDISON, ILL. — Venture One Real Estate has acquired a 38,050-square-foot industrial building in Addison for an undisclosed price. The property, located at 502 Vista Ave., is fully leased to one tenant. Constructed in 1967, the building features a clear height of 14 feet, three dock doors, one drive-in door, parking for 44 cars and 6,904 square feet of office space. Noel Liston of Darwin Realty represented the undisclosed seller. Justin Lerner of Transwestern represented Venture One, which utilized its acquisition fund VK Industrial VI LP, a partnership between Venture One and Kovitz Investment Group.

August 1, 2022

Acquisitions Florida Multifamily Southeast

PCCP, Grand Peaks Acquire Two South Florida Apartment Communities Totaling 696 Units

by John Nelson August 1, 2022

PORT ST. LUCIE AND STUART, FLA. — A joint venture between PCCP LLC and Grand Peaks has purchased a two-property multifamily portfolio in South Florida. The portfolio comprises the 372-unit Village at Tradition in Port St. Lucie and the 324-unit Harbor Grove in Stuart. Both assets were delivered earlier this year and are currently in lease-up. The seller and sales price were not disclosed. Units at both properties include granite countertops, tile backsplashes, washers and dryers, undermount sinks, gooseneck faucets, stainless steel appliances, recessed lighting, 9-foot ceilings and patios or balconies. Community amenities include 24-hour fitness centers, multi-purpose clubhouses, resort-style swimming pools, exterior storage and children’s play areas.

August 1, 2022

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