BUFORD, GA. — JLL Income Property Trust has acquired Friendship Distribution Center, a newly constructed, four-building industrial portfolio in Buford totaling nearly 650,000 square feet. The sales price was $95 million. The seller was not disclosed. The four buildings at Friendship Distribution Center are located at 4651, 4627, 4630 and 4646 Distribution Parkway, and are situated about 1.7 miles from Interstate 985. The portfolio is located about 40.7 miles north of downtown Atlanta in Gwinnett County. Friendship Distribution Center was 96 percent leased at the time of sale to five tenants, with a weighted average lease term of approximately six years. The five tenants were not disclosed.
TULSA, OKLA. — Stan Johnson Co., a retail net-leased brokerage firm based in Tulsa, has arranged the sale of a trio of national single-tenant portfolios for $75.5 million. The portfolios consist of 40 properties across seven states that are leased to tenants such as Tractor Supply Co., Dollar General and Advance Auto Parts, among others. Ryan Butler of Stan Johnson Co. represented the undisclosed seller in the off-market transactions. The buyers were also not disclosed.
DALLAS — Bellevue Living, a division of Dallas-based Nicholas Residential, has sold a quintet of multifamily properties located throughout North Texas that total 1,319 units. The 242-unit Bellevue Terrace is located in Dallas, and the 286-unit Bellevue Heights is located in the eastern Dallas suburb of Mesquite. The other three properties — the 263-unit Reserve at Bellevue, the 264-unit Bellevue Chase and the 264-unit Park at Bellevue — are all located in Fort Worth. The garden-style communities were all built between 1982 and 1986. Locally based investment firm WindMass Capital purchased the properties for an undisclosed price.
HOUSTON — New York City-based investment firm Vesper Holdings has purchased Tower 5040, a 405-bed student housing property located near the University of Houston. Built in 2020, the midrise building features 147 units in a mix of studio, one-, two- and four-bedroom floor plans, all with bed-to-bath parity. Units are furnished with stainless steel appliances, quartz countertops, individual washers and dryers and private balconies. Communal amenities include a pool with a hot tub and sundeck, computer lab, TV lounge, outdoor kitchen and grilling area and study rooms. The seller and sales price were not disclosed.
SANTA CLARITA, CALIF. — Affiliates of Covington Group, along with an institutional capital partner, have acquired Saugus Station Industrial Center, a portfolio of buildings totaling 1 million square feet of industrial space in Santa Clarita. Situated on 69.5 acres, the 24-building complex offers varying clear heights up to 39 feet and units ranging in size from 8,000 square feet to 133,000 square feet. At the time of purchase, the property was 100 percent occupied. The acquisition also includes a separate, 24-acre, fully horizontally improved land site. Covington plans to implement a property and asset management strategy that will focus on tenant retention and aesthetic improvements to the property to increase curb appeal. Craig Peters and Doug Sonderegger of CBRE represented the buyer and seller in the deal. Terms of the transaction were disclosed.
PETALUMA, CALIF. — Paragon Commercial Group and Canyon Partners Real Estate have purchased Washington Square, a multi-tenant, grocery-anchored shopping center in Petaluma. This acquisition is the ninth investment completed by Paragon and its joint venture with Canyon Catalyst Fund, and Paragon’s fifth retail acquisition in 2021. Terms of the transaction were not released. Situated on the corner of South McDowell Boulevard and East Washington Street, Washington Square features 215,761 square feet of retail space. Current tenants include Bank of America, Wells Fargo, WestAmerica Bank, Planet Fitness, Party City and Pet Food Express. The center was developed in 1971 and owned by the same company for 35 years.
BERKELEY, CALIF. — San Francisco-based City Center Realty Partners (CCRP), in joint venture with Contrarian Capital Management, has purchased Parker Innovation Hub, a three-building office/R&D/life sciences complex in Berkeley. The buildings, located at 2067 7th St, 918 Parker St. and 2612 8th St., comprise 40,580 square feet of office space. Scott Prosser, Mark Kol, Mike Raffetto and Jack DePuy of CBRE represented the undisclosed seller and buyer in the deal. CCRP plans to convert the office property into life sciences space. Huue, a venture-backed biotechnology company that creates environmentally sustainable dyes, recently leased space at the property.
AUSTIN, TEXAS — Whitestone REIT has acquired the inline retail space at Anderson Arbor, located in northwest Austin, in a deal that adds 89,746 square feet to the Houston-based investment firm’s holdings. The property was built in three phases beginning in 2003 and is part of a larger, 268,000-square-foot retail development. The inline space was roughly 91 percent leased at the time of sale to tenants such as Bank of America, Kerbey Lane Café, Austin Emergency Center, SalonRepublic, Great Clips, GNC, The Melting Pot and Double Dave’s Pizzaworks. Additional tenants in the portion of the center not owned by Whitestone include Gold’s Gym, Walgreens and Main Event Entertainment. Whitestone also has the option to purchase an additional undeveloped parcel and an existing multi-tenant pad site at Anderson Arbor. If exercised, these options would boost Whitestone’s owned square footage within the development to approximately 100,000 square feet. David Disney and Adam Crockett of Dallas-based Disney Investment Group represented the undisclosed seller in the transaction and procured Whitestone REIT as the buyer.
NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has agreed to sell its ownership interest in the office condos and parking garage at 110 East 42nd Street in Midtown Manhattan for $117 million. SL Green is selling its stake, the size of which was not disclosed, to Meadow Partners in a deal that is expected to close before the end of the year. The office condos, which comprise a portion of the ground floor and the sixth through 18th floors, were originally built in 1923. The property is located across from Grand Central Station and One Vanderbilt, SL Green’s 1.7 million-square-foot office skyscraper. The locally based investment and development firm previously sold the office condos in 2007 and regained control of that component of the site in 2011. SL Green acquired the garage in 2013.
EVANSTON, ILL. — JLL Capital Markets has arranged the sale of 1717, a 175-unit apartment complex in Evanston. The sales price of $71 million represented the biggest multifamily deal in the northern suburbs in nearly two years, according to Crain’s Chicago Business. Built in 2013, the property features amenities such as a pool, sundeck, picnic area, fitness center, resident lounge, business center and cybercafé. Located at 1717 Ridge Ave., the complex is situated just south of the convergence of Green Bay Road and Ridge Avenue. Kevin Girard, Matthew Lawton and Mark Stern of JLL represented the seller, Invesco Real Estate. CBRE Investment Management acquired the asset on behalf of the CBRE Strategic Partners U.S. Value 9 fund.