FARMERS BRANCH, TEXAS — Greystone has arranged the sale of Riverside Park, a 136-unit multifamily property located in the northern Dallas suburb of Farmers Branch. The property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, clubhouse, business center and walking trails. A local family office sold the asset to Dallas-based investment firm SPI Advisory for an undisclosed price. Zach Thomas and Mark Allen of Greystone brokered the deal.
WAXAHACHIE, TEXAS — NorthMarq has brokered the sale of Solon Place Apartments, a 120-unit complex in Waxahachie, a southern suburb of Dallas. Amenities include a pool, playground and onsite laundry facilities. VaultCap Partners purchased the property from MacDonald Realty Group for an undisclosed price. Taylor Snoddy, James Roberts, Phillip Wiegand and Eric Stockley of NorthMarq brokered the sale.
EAST ORANGE, N.J. — New Jersey-based brokerage firm Gebroe-Hammer Associates has negotiated the $11.7 million sale of a two-property, 88-unit multifamily portfolio in the Northern New Jersey community of East Orange. The garden-style buildings at 255 Prospect St. and 284 Prospect St. total 42 and 46 units, respectively, across a variety of floor plans. David Oropeza and Debbie Pomerantz of Gebroe-Hammer represented the seller, F&C Realty Co. LLC, and procured the buyer, a private investor, in the transaction.
TAMPA, FLA. — Atlanta-based Cousins Properties has acquired Heights Union, a 294,000-square-foot office property in downtown Tampa, for $144.8 million. Atlanta-based TPA Group and Heights master developer SoHo Capital were the sellers, according to the Tampa Business Journal. Built in 2020, Heights Union features two six-story buildings with parking provided. The office property is currently 93.4 percent leased with life sciences users representing 66 percent of the rent roll. Pfizer leases 106,000 square feet for a Global Capability Hub, and Axogen leases 75,000 square feet for its second headquarters and lab space. Additionally, White & Case leases 40,000 square feet for a mission critical global operations center. The office property is located within The Heights neighborhood, which is a live-work-play district located near the 2.6-mile Tampa Riverwalk that runs alongside the Hillsborough River. The district is also anchored by Armature Works, an adaptive reuse project of the former Tampa streetcar facility that includes 73,000 square feet of mixed-use space and over 20 restaurants and bars.
WALKER, MICH. — Lee Contracting has acquired the former Grand Rapids Press printing plant campus at 3100 Walker Ridge Drive in Walker, a suburb of Grand Rapids. The industrial contractor plans to open a new satellite office at the facility. This will be Lee’s first location outside of Pontiac, where the company is headquartered. The Grand Rapids office will start by offering electrical and mechanical services, with rigging and machinery moving and concrete machine foundations to follow. The 235,963-square-foot warehouse includes a 40,000-square-foot office space. The facility closed last year after MLive Media Group announced it would transfer production of eight of its newspapers to Cleveland. Bob Horn of JLL represented Lee in the purchase. MLive sold the facility for $9.7 million, according to local media reports.
SEATTLE — LPC West and Invesco Real Estate have acquired Cascadian, a nine-story office building located in Seattle’s life sciences corridor. Located at the intersection of South Lake Union, Capitol Hill and the central business district, Cascadian features 211,000 rentable square feet and potential ground-floor retail. The buyers plan to convert the property into a life sciences space. The redeveloped property will also feature a 7,300-square-foot rooftop terrace, on-site parking and transit accessibility. Terms of the acquisition were not released.
PHOENIX — ABI Multifamily has arranged the sale of Cornell Apartments, a multifamily property in Phoenix. An Arizona-based seller sold the property to buyers based in California and Texas for $11 million, or $216,059 per unit. Built in 1968, Cornell Apartments features 51 residences with 34 three-bedroom/two-bath units, 14 two-bedroom/two-bath units and two one-bedroom/one-bath units. All units offer metered electricity, in-suite washers and dryers, stainless steel appliances, stone countertop, new interior fixtures and ceiling fans and vinyl wood flooring in most units. Community amenities include a swimming pool, barbecue grill, central courtyards, outdoor gathering spaces and covered parking. John Klocek and Patrick Burch of ABI Multifamily represented the seller in the deal.
PHOENIX — Cushman & Wakefield has brokered the sale Riverpoint Building 2, a flex office and industrial property in Phoenix. Michael Hsiung of Phoenix Rising Investments acquired the property from BH Properties for $9 million. Located at 3100 E. Broadway Road, the 61,316-square-foot property was vacant at the time of sale. Built in 2002 on 5.3 acres, the single-story building is currently divided into three shell-condition suites of varying sizes and served by a newly constructed lobby. Eric Wichterman, Mike Coover, Larry Downey and Brett Thompson of Cushman & Wakefield represented the seller in the transaction.
HOUSTON — Dallas-based investment firm Catalyst Equity Partners has purchased The Landings at Steeplechase, a 290-unit apartment community in northwest Houston. According to Apartments.com, the property was built in 1981, offers one-, two- and three-bedroom units ranging in size from 501 to 1,088 square feet and includes amenities such as a pool and a fitness center. The seller and sales price were not disclosed. Catalyst plans to invest about $2.5 million in capital improvements to the property.
GARLAND, TEXAS — Greystone has brokered the sale of Oak Creek, a 109-unit apartment complex in Garland, a northeastern suburb of Dallas. According to Apartments.com, the property was built in 1964 and offers one-, two- and three-bedroom units ranging in size from 568 to 1,000 square feet. Mark Allen of Greystone brokered the deal. The new ownership plans to implement a value-add program. Both parties involved were Texas-based limited liability companies.