MEMPHIS — Calidus has acquired One Memphis Place, a 219,194-square-foot office building located at 200 Jefferson Ave. in downtown Memphis. The seller, GPT Properties Trust, sold the property for an undisclosed amount. Built in 1984, One Memphis Place is a 15-story office building featuring attached garage parking, 24/7 security, onsite property management and its own green space across from the building. The property is located close to major thoroughfares such as Interstates 240, 40 and 55. Calidus plans to invest in common area improvements in the future. Ron Kastner, Don Drinkard and Pratt Rogers of CBRE are the exclusive marketing agents for the property. Liz Edmundson of CBRE will be handling the property management assignment. Currently, the property offers approximately 30,000 square feet of space available for lease.
PRAIRIEVILLE, LA. — SRS Real Estate Partners has arranged the $2.6 million ground-lease sale of a McDonald’s-occupied, 4,268-square-foot retail property located at 15022 Airline Highway in Prairieville, about 22.9 miles south of Baton Rouge. Newly built, the property includes a drive-thru and is situated on 1.4 acres near Interstate 10. The McDonald’s is slated to open by late September. The sale had a record low cap rate. Matthew Mousavi, Patrick Luther and Sabrina Kortlandt of SRS represented the seller, a Baton Rouge-based private investor who has owned the land for more than 60 years. Jeff Li of Colliers International represented the buyer, a private family trust based in California. The newly executed McDonald’s lease has a 20-year term. The property has nearby tenants including Walmart, Lowe’s Home Improvement, Petco and Family Dollar.
SAN ANTONIO — New York City-based brokerage firm Rosewood Realty has arranged the $108.7 million sale of a portfolio of four multifamily properties totaling 1,230 units in San Antonio. The sales price equates to about $88,500 per unit. The properties were all built between 1964 and 1986. Aaron Jungreis of Rosewood Realty represented the buyer, New York-based Sun Equity Partners, in the transaction. Matt Yeckes and Jonathan Brody, also with Rosewood Realty, represented the seller, locally based development and investment firm Kairoi Residential. The deal traded at a cap rate of 4.96 percent.
AUSTIN, TEXAS — Commercial developer and operator Unico Properties has sold Bouldin Creek, a 170,000-square-foot office building in South Austin to San Francisco-based DivcoWest for an undisclosed price. Unico Properties developed the five-story building in partnership with Manifold Real Estate and OakPoint Real Estate. Amenities include a 2,500-square-foot coffee shop, rooftop terraces, fitness center and two acres of green space.
DALLAS — Locally based investment firm August Real Estate Co. has acquired Lakewood Tower, a 120,000-square-foot office complex in East Dallas. The nine-story building was 97 percent leased at the time of sale to tenants such as Wells Fargo, Briggs Freeman and Baylor Scott & White. Evan Stone of Goodwin Advisors represented the seller, a partnership controlled by Caddo Holdings, in the transaction. Adam Mengacci with Hamilton Realty Finance arranged acquisition financing through Veritex Bank on behalf of August Real Estate.
HAMMOND, IND. — A three-property, 257-room hotel portfolio has traded hands in Hammond, about 25 miles southeast of Chicago. The select-service hotels are all under the Marriott umbrella. The properties are within walking distance of each other and were sold in two separate transactions, prices of which were undisclosed. Nate Sahn and James Foxx of CBRE Hotels represented the seller.
WAUWATOSA, WIS. — Irgens has acquired 10701 Research Drive in Wauwatosa for an undisclosed price. The five-story, 130,000-square-foot office building is located at the intersection of Mayfair Road and Research Drive. Completed in 1995, the property was the inaugural development within the Milwaukee County Research Park. Irgens is planning to make substantial improvements to the facility, including new common area finishes and an amenity package. Blueprint’s medical office building team represented the seller, a REIT.
DUBUQUE, IOWA — JLL Capital Markets has arranged the sale of Warren Plaza in Dubuque for an undisclosed price. Anchored by Hy-Vee, the shopping center spans 91,588 square feet. Originally completed in 1979, the Hy-Vee store was expanded in 1994 and 2013. Other tenants include UPS, SuperCuts, Jersey Mike’s, Miracle Ear, Grand River Medical Group and OneMain Financial. Clinton Mitchell, Amy Sands, Michael Nieder, Kirstey Lein and Marcus Pitts of JLL represented the seller, The DESCO Group. A Midwest-based private investment fund was the buyer.
ONTARIO, CALIF. — Newport Beach-based Nuveen Real Estate has purchased an industrial building, located at 2950 E. Philadelphia St. in Ontario, from Myers Power Products in a sale-leaseback transaction for an undisclosed price. Myers Powers, the tenant, is an industry leader in the design and manufacture of engineered-to-order power distribution equipment. The company occupies the freestanding, 236,700-square-foot building and utilizes the facility for its full in-house manufacturing capabilities, including metal fabrication, state-of-the-art paint systems, assembly, integration and testing. Situated on 12 acres, the building features two oversized, grade-level loading doors, 35 dock-high loading positions, a 155-foot truck court, 4,000 amps, a fenced yard and is naturally divisible. Chris Migliori of Daum Commercial Real Estate Services handled the transaction.
SAN JOSE, CALIF. — Redwood City-based Dollinger Properties has acquired Valley Creative Center, a six-building R&D and office campus located at the confluence of Zanker Road, Bering Drive and Charcot Avenue in San Jose. Vista Investment Group sold the asset for $56 million. Located at 2235-2249 Zanker Road, 2340-2390 Bering Drive and 225-245 Charcot Ave., the complex features 166,928 square feet of space with grade-level loading, ample parking and new exterior façade upgrades. Alan Guterman, Jon DeCoite, Steve Horton and Kelly Yoder of Cushman & Wakefield represented the buyer in the deal. Additionally, the team will service as leasing agents for the multi-tenant property.