WOODBRIDGE, N.J. — Woodmont Industrial Partners has sold a 101,425-square-foot distribution center in Woodbridge, about 30 miles south of New York City. Woodmont completed construction of the property in the second quarter and subsequently executed a lease with Bentley Labs, a formulator and provider of beauty products. The property features a clear height of 36 feet and 12 dock doors with the option to expand to 24. The buyer was Denver-based EverWest Real Estate Investors.
WILTON, CONN. — CBRE has negotiated the $3.7 million sale of a 47,040-square-foot office and industrial building in Wilton, located in Fairfield County. The property, which was built in 1965 and renovated in 2006, was vacant at the time of sale. Louis Zuckerman, Tom Pajolek and Pat Colwell of CBRE represented the undisclosed seller in the transaction. The team also procured the buyer, a joint venture between Fuller Development and Spinnaker Real Estate Partners that plans to reposition the property for residential use.
ATHENS, GA. — SRS Real Estate Partners has brokered the sale of Athens West, a 178,930-square-foot shopping center in Athens. SomeraRoad, a New York-based commercial real estate investment and development firm, sold the property for $16 million to an entity doing business as Trinity Apex LLC. Kyle Stonis and Pierce Mayson of SRS represented the seller, and the buyer was self-represented in the transaction. Athens West is anchored by Big Lots, America’s Thrift, American Freight, BioLife and Citi Trends. Additional tenants at the property include Anytime Fitness, CiCi’s Pizza, Metro PCS, H&R Block, Direct Insurance and Domino’s Pizza. Roughly 42,000 square feet of new tenants have joined the center since 2019. The shopping center is located at 3190 Atlanta Highway, about 7.2 miles from the University of Georgia’s campus.
NICHOLASVILLE, KY. — Marcus & Millichap has arranged the sale of an 82,982-square-foot retail property located at 150 Kohls Drive in Nicholasville, about 12 miles away from Lexington. The freestanding store is net-leased to department store retailer Kohl’s, which has nearly nine years remaining on the lease. The transaction, which includes the Kohl’s and an outparcel, was totaled $9.4 million. Jesse Limon of Marcus & Millichap’s Manhattan office represented the seller, an entity doing business as Man O’War Development LLC No 3. Limon also secured and represented the buyer, InCommercial Inc., a private real estate brokerage based in Chicago. Colby Haugness of Marcus & Millichap’s Kentucky office assisted in closing this transaction.
RALEIGH, N.C. — Core Spaces has acquired Stanhope Student Apartments, an 822-bed student housing community located at 3001 Hillsborough St. in Raleigh. The seller was an affiliate of locally based developer Kane Realty and Val Valentine of Raleigh-based Valentine Properties. The sales price was not disclosed. Situated about a quarter-mile from North Carolina State University (NC State), Stanhope opened in the fall of 2015 and includes studio, one-, two-, three- and four-bedroom options. Unit amenities include a furniture package with smart TVs, hardwood plank flooring and washers and dryers, as well as all utilities included in the monthly bill. Community amenities include a pool, movie theater room, cyber café, art studio, study lounges, two-story fitness center, fire pit and grilling area, onsite security, game room, a tanning bed and gated parking garage. For the 2021- 2022 school year, the residential portion of the mixed-use property is already 100 percent leased. The property also features 30,000 square feet of ground level retail space leased to tenants such as CVS/pharmacy, Smoothie King, Penn Station Subs, Cha House and Mulan Ice Cream & Milk Tea. Geoff Loftin and Jim Anthony of APG represented Core Spaces in the transaction. Core Spaces is a Chicago-based …
HOUSTON — A joint venture between owner-operator CP Group and funds managed by Miami-based Rialto Capital Management has acquired Five Post Oak Park, a 28-story office tower in Houston’s Galleria District. The property offers a 3,000-square-foot fitness center and a multi-use conferencing facility. The new ownership plans to implement a capital improvement program that will modernize the lobby and add a new coffee bar, restaurant space and outdoor dining space. The seller and sales price were not disclosed. The deal marks the latest collaboration in a series of recent transactions between Rialto Capital and CP Group, including the acquisition of the 1.2 million-square-foot CNN Center in Atlanta and of One Biscayne Tower in Miami.
AUSTIN, TEXAS — Multifamily developer SWBC has sold Falconhead Apartments, a 248-unit community in the Bee Cave/Lakeway submarket of Austin. Built in 2003, the property features one-, two- and three-bedroom units and amenities such as a pool, spa, outdoor grilling areas, clubhouse, fitness center and a dog park. Kelly Witherspoon, Michael Gonzalez and Justin Cole of Berkadia represented SWBC, which purchased the property in 2019 and implemented a value-add program, in the transaction. The buyer was Texas-based investment firm Domain Communities.
SAN ANTONIO — Investment firm IRA Cos. has acquired the Gastroenterology Consultants of San Antonio’s ambulatory surgery center and three of its medical office buildings in San Antonio. The properties total 55,457 square feet. All of the medical office buildings were fully leased to a single tenant at the time of sale. Alan Grilliette and Justin Brasell of Transwestern represented Gastroenterology Consultants of San Antonio as the seller in the transaction.
WESTLAKE VILLAGE, CALIF. — Invesco Real Estate has completed the disposition of Westlake Park Place, a five-building office campus located in Westlake Village. A partnership between Amstar and Searles Property Group purchased the asset for $80.8 million. Delivered in 2008, Westlake Park Place features 239,003 rentable square feet of office space. At the time of sale, the property was 85 percent leased to a diverse mix of tenants. Kevin Shannon, Rob Hannan, Ken White and Laura Stumm of Newmark represented the seller in the deal.
GLENDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Strayhorse Arrowhead Ranch, a multifamily property in Glendale. WhiteHaven Capital acquired the asset from Shelter Asset Management for $45 million, or $330,882 per unit. Built in 1998, Strayhorse Arrowhead Ranch features 136 apartments with full-size washers/dryers, soaking tubs, walk-in closets and oversized patios or balconies. The community also offers a resort-style swimming pool and spa. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.
