LEHI, UTAH — Yama Point LLC has acquired 333 N. Digital Drive, an office building in Lehi, from Utah Community Credit Union. The price was not disclosed. Yama Point plans to rebrand the seven-story, 74,257-square-foot property as Drive Tower. Drive Wealth Advisers, which provides financial planning, will occupy 10,755 square feet on the building’s top floor. David Nixon of JLL represented the buyer, while Josh Martin of Colliers International represented the seller in the transaction.
TEMPE, ARIZ. — San Francisco-based Tara Investment Group, a division of Meier-Shefflin Multi-Family, has acquired The Mark, an off-campus student housing community located at 1115 E. Lemon St. in Tempe. San Clemente, Calif.-based Nelson Partners sold the asset for $36.1 million. Located along the Valley Metro Rail line on the edge of Arizona State University’s Tempe campus, The Mark features 153 units with a total of 229 beds. The units offer furnished and unfurnished studio, one- and two-bedroom floor plans with new appliances, quartz countertops and finished concrete flooring. Community amenities include a resort-style pool and sun deck, double-decker hot tubs, a water slide, gas grills, two elevators and a 24-hour fitness center. The property was built in 1970 and remodeled by Nelson Partners in 2014. At the time of sale, the community was 97 percent occupied.
BRAINTREE, MASS. — Sterling Organization, a Florida-based private equity real estate firm, has purchased Tedeschi Plaza, a 174,344-square-foot retail center in the southern Boston suburb of Braintree, for $44.3 million. A 66,124-square-foot Stop & Shop grocery store anchors the property, and other tenants include CVS, Crunch Fitness, Sherwin Williams, Dunkin’ and Citizens Bank. JLL represented the seller, Denver-based Black Creek Group, in the transaction.
HARRISBURG, PA. — JLL has negotiated the $24.4 million sale of a 254,449-square-foot distribution center in the West Shore area of Harrisburg. The multi-tenant facility was fully leased at the time of sale. Building features include clear heights of 24 feet, 27 dock-high doors, early suppression fast response (ESFR) sprinkler systems and ample car parking. John Plower, Ryan Cottone and Zach Maguire of JLL represented the seller, a fund managed by Penwood Real Estate Investment Management, in the deal. The buyer was New York-based investment firm Brickman.
PHOENIX — Orion Investment Real Estate has arranged the purchase of a retail property located at the northwest corner of 53rd Avenue and Bell Road in Phoenix. Corridor Living LLC acquired the building from McLean Holdings for $3.1 million, or $378 per square foot. Four tenants fully occupy the 8,318-square-foot property: Crazy Mike’s Subs, Music & Art, Gravitate and Oscar’s Taco Shop. Nick Miner of Orion represented the buyer, while Danny Gardiner and Chad Tiedeman of PCA represented the seller in the deal.
PHOENIX — DAUM Commercial Real Estate Services has arranged the sale of an industrial asset in Phoenix’s Deer Valley submarket. The four-building property features 110,679 square feet of industrial space. California-based Greenwood & McKenzie sold the asset to Mountain West for an undisclosed price. Chris Rogers and Trevor McKendry of DAUM represented the seller and procured the buyer. Will Strong of Cushman & Wakefield also brokered the transaction. The buildings, which are fully leased to 38 tenants, are located at 23021, 23025, 23005 and 23015 N. 15th Ave. in Phoenix. The buildings offer 20-foot clear heights, two shared truck wells and 10-foot by 12-foot grade-level doors.
WHEAT RIDGE, COLO. — DPC Development Co. has completed the disposition of Wilmore Center, a mixed-use building located at 7615 and 7777 W. 38th Ave. in Wheat Ridge. T-2 Ventures acquired the asset for $10.2 million. Originally built in the early 1980s, Wilmore Center features 52,743 square feet of retail and medical office space. At the time of sale, approximately 93 percent of the property was occupied by a mix of service and medical-oriented businesses. Jon Hendrickson and Aaron Johnson of Cushman & Wakefield’s Denver office represented the seller in the transaction.
DALLAS — Miami-based Atlantic Pacific Cos. (A|P) has purchased Highland Park West Lemmon, a 372-unit apartment community in the Highland Park area of Dallas. The mid-rise building houses a mix of studio, one-, two- and three-bedroom floor plans ranging in size from 503 to 1,749 square feet, as well as 18,000 square feet of ground-floor retail space. The amenity package consists of two pools, a fitness center, resident clubhouse and a dog park. The seller and sales price were not disclosed. Following this purchase, A|P now owns 16 multifamily properties in Texas totaling nearly 5,500 units.
HOUSTON — Locally based investment firm Barvin has acquired Elan Heights, a 326-unit apartment community in The Heights neighborhood of Houston. Developed in 2016 by South Carolina-based Greystar, the property features units with stainless steel appliances and quartz countertops. Amenities include a fitness center with yoga and spin studios, a game room, conference center and a rooftop lounge. The seller and sales price were not disclosed.
CHICAGO — Chicago-based Waterton has acquired The Shoreham at Lakeshore East and The Tides at Lakeshore East in downtown Chicago. The purchase price was undisclosed, but Crain’s Chicago Business previously reported that the combined price could approach $400 million. The apartment towers total 1,156 units in the Lakeshore East neighborhood. The adjacent properties are situated directly south of the recently completed St. Regis Chicago, which rises 95 stories with 191 hotel and condo units. Both The Shoreham, which opened in 2005, and The Tides, which debuted in 2008, feature a 24-hour concierge, private club floor, outdoor pool, game room, fitness center, storage and parking. Waterton plans to upgrade unit fixtures and finishes, as well as modernize the common areas and amenity spaces. With this acquisition, Waterton’s Chicagoland portfolio now totals 10 communities with more than 6,600 units. John Jaeger, Dan Cohen and Justin Puppi of CBRE represented the seller, PNC Realty Investors.
