HOUSTON — Partners Capital, the investment management platform and development arm of Partners Real Estate Co., has purchased Bay Pointe Shopping Center, a 98,522-square-foot shopping center in southeast Houston. Matt Berry, Robbie Kilcrease and Drew Reinking of CBRE represented the undisclosed seller in the transaction. Veritex Bank provided acquisition financing. The new ownership plans to expand the property, which was fully leased at the time of sale, with 30,000 square feet of new inline space.
ANDOVER, MASS. — Newmark has negotiated the $151 million sale of a four-building office complex that is situated within Minuteman Park, a corporate campus located about 25 miles north of Boston in Andover. The buildings at 30, 100 and 200 Minuteman Road, along with the property at 138 River Road, total approximately 600,000 square feet. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell and William Sleeper of Newmark represented the seller, Spear Street Capital, in the transaction. The buyer was not disclosed.
ROCKAWAY, N.J. — A joint venture between Ivy Realty, an investment firm with three offices along the East Coast, and an institutional investment fund advised by J.P. Morgan Asset Management has purchased a 352,461-square-foot industrial property in Rockaway, about 40 miles west of New York City. The property sits on 45.8 acres and serves as a printing, assembly and distribution facility for media giant Gannett. Kevin Welsh, Brian Schulz, Jason Emrani, Maria Betancourt and Chris Koeck of Newmark represented the undisclosed seller and procured the buyer in the transaction.
DURHAM, N.C. — JLL Income Property Trust has purchased Duke Medical Plaza at Patterson Place, a 59,978-square-foot medical office building in south Durham. Brannan Knott, John Mikels, Daniel Flynn and Woody Flythe of JLL Capital Markets represented the seller, an entity doing business as BP Phase2 LLC, and procured the buyer. The sales price was not disclosed. Completed in 2010, Duke Medical Plaza at Patterson Place is fully leased with Duke Health leasing more than 80 percent of the space. The property offers a variety of services, including dermatology, micrographic surgery, radiology, women’s health, urogynecology and obstetrics/gynecology (OB/GYN). Located at 5324 McFarland Dr., the four-story property is situated adjacent to Patterson Place Shopping Center. Additionally, the medical office facility is situated at the intersection of U.S. 15/501 and Interstate 40. The property is also 5.3 miles from Duke University, 6.3 miles from Duke University Hospital and 5.3 miles from UNC Medical Center.
MIAMI — SRS Real Estate Partners’ National Net Lease Group has brokered the $20 million sale of a single-tenant retail property in Miami. Joseph Simon of SRS represented the seller, Crescent Heights, a real estate development firm with offices in New York and Miami. The buyer was a Texas-based undisclosed private investor that was in a 1031 exchange. The retail property is fully occupied by Staples, which has 1.5 years remaining on its lease. Built in 2008 and situated on just under one acre of land, the 20,288-square-foot property can be redeveloped with zoning that allows for up to 500,000 square feet. Located at 2121 Biscayne Blvd., the property is situated less than 4.5 miles west of South Beach. The property is also located between Interstates 95, 195 and 395, and is near retailers including Target, Ross Dress for Less, Publix, Marshalls, Walgreens and Starbucks.
ORLANDO AND KISSIMMEE, FLA. — Marcus & Millichap has arranged the sale of two retail properties, Edgewood Isle Plaza in Orlando and Sunrise Plaza in Kissimmee. The combined sales price for both transactions totaled $12.6 million. Edgewood Isle Plaza is a 78,647-square-foot retail property. Salim Valiani of Marcus & Millichap represented the buyer, Orlando-based Fourth Atlantic Property Investments, in the deal. The seller, an entity known as DCP Edgewood Isle LLP, sold the asset for $7.5 million. Built in 1964, Edgewood Isle Plaza was approximately 30 percent occupied at the time of sale to tenants including Dollar Tree, Pizza Hut and Pinch-a-Penny. Located at 5601 S Orange Ave. on a 6.3-acre site, the plaza is situated within six miles of Universal Orlando Resort, Mall at Millenia, Orlando International Airport and downtown Orlando. Sunrise Plaza, a 24,088-square-foot retail plaza, was sold for $5.1 million. Valiani also represented the seller, an entity known as Sunrise Plaza Enterprise Inc. The buyer was Paradise Apartments. Located at 4137 W Vine St. on 2.9 acres, the property is situated 10.1 miles from Walt Disney World Resort and 22.6 miles from downtown Orlando. Built in 1992, Sunrise Plaza property was 95 percent occupied at the time …
SYLMAR, CALIF. — Xebec Realty Partners has purchased a 6.1-acre redevelopment opportunity in Sylmar from Howmet Aerospace for $24 million. Located at 12975 Bradley Ave., the property is currently improved with an approximately 104,903-square-foot industrial building, which will be torn down in favor of a high-bay, Class A industrial building. The property is zoned M2, permitting a wide range of uses including wholesale, storage, limited commercial, manufacturing and media products. John DeGrinis, Patrick DuRoss and Jeff Abraham of Newmark represented the seller and buyer in the deal.
GRAND JUNCTION, COLO. — Pinnacle Real Estate Advisors has arranged the acquisition of a three-property multifamily portfolio in Grand Junction. The assets traded for $7.5 million, or $100,000 per unit. Totaling 75 units, the portfolio includes a mix of one- and two-bedroom layouts. The communities are located at 306, 420 and 445 Chipeta Ave. Chirs Knowlton of Pinnacle Real Estate represented the buyer in the transaction.
PHOENIX — ABI Multifamily has arranged the sale of Vara, an apartment community located at 2922 N. 35th St. in Phoenix. A California-based buyer acquired the property for $3.8 million, or $180,476 per unit, from California-based seller. Vara features 21 units consisting of 19 one-bedroom/one-bath units and two two-bedroom/one-bath units. The property was built in 1968 and renovated in 2017. Each unit is metered for electricity. John Klocek and Patrick Burch of ABI Multifamily represented the buyer in the deal.
WALLER, TEXAS — NAI Partners has arranged the sale of a 78-acre industrial development site in Waller, a northwestern suburb of Houston. The site is located within Beacon Hill, a 564-acre mixed-use development by Wolff Cos. John Simons, Gray Gilbert and Chris Haro of NAI Partners represented Wolff Cos. in the transaction. The buyer, Houston-based Hines, plans to develop an industrial park that will be able to support up to 1.3 million square feet of warehouse, distribution and/or manufacturing space. NAI Partners has also been tapped to market the project.