OLD SAYBROOK, CONN. — Connecticut-based brokerage, consulting and development firm New England Retail Properties has brokered the $6.7 million sale of The Shoppes at Old Saybrook. The 94,175-square-foot regional shopping center sits on 8.5 acres and is located in the southern coastal part of the state. Tenants include Ocean State Job Lot, Town Fair Tire, Dollar Tree, O’Reilly Auto Parts and Midas Muffler. Matt Halprin of New England Retail Properties represented the seller, Basser Kaufman Saybrook LLC, in the transaction. Halprin also procured the buyer, OSJL of Old Saybrook LLC.
PALMETTO BAY, FLA. — The Estate Cos. has sold Soleste Bay Village, a five-story residential community located at 18301 S. Dixie Highway in Palmetto Bay. Dallas-based Westdale Real Estate Investment and Management acquired the 213-unit property for approximately $58.3 million. Built in 2020, Soleste Bay Village was approximately 98 percent occupied at the time of sale. The community includes a mix of studios, one-, two- and three-bedroom units ranging in size from 600 to 1,100 square feet. Units feature modern kitchens, custom cabinetry, quartz countertops, designer lighting and walk-in closets. Community amenities include a resort-style pool with a sundeck and private cabanas, a fitness center with spinning and yoga rooms, spa, children’s playground and dog park. Hampton Bebee and Avery Klann of Newmark represented the seller. Neyda Bravo and Luis Gonzalez of Bravo & Partners Realty represented the buyer. The Estate Cos. is a Miami-based developer, owner and operator of residential communities in South Florida. Soleste Bay Village is the third development the firm has sold to Westdale this year. Recent transactions also include Soleste Alameda for $83 million and Soleste Twenty2 for $97 million, both in West Miami. Led by Robert Suris and Jeffrey Ardizon, Estate Cos. is also …
MARIETTA, GA. — North American Properties (NAP) has acquired The Avenue East Cobb, a 230,000-square-foot retail development in Marietta. The seller and sales price were not disclosed. The property’s tenant roster features national brands such as lululemon atheltica, Sephora, Pottery Barn, Simply Mac, Bed Bath & Beyond and Williams Sonoma, as well as regional concepts such as High Country Outfitters, Stockyard Burgers & Bones and Tin Lizzy’s Cantina. NAP’s repositioning plan calls for the addition of a central event lawn surrounded by restaurants with patios. Built in 1999, Avenue East Cobb was the first to be developed as part of Cousins Properties’ portfolio of lifestyle centers branded “Avenue.” NAP is a real estate operator and development company based in Cincinnati. Since announcing its value-add acquisition strategy in December 2019, NAP’s Atlanta office has executed redevelopment and repositioning plans at Colony Square in Midtown Atlanta; Newport on the Levee in Newport, Ky.; and Birkdale Village in Huntersville, N.C.
HIGH SPRINGS, FLA. — SRS Real Estate Partners has brokered the $4.8 million sale of a single-tenant grocery property located at 20303 N US Highway 441 in High Springs, a suburb of Gainesville. The tenant, Winn-Dixie, has more than 27 years of lease remaining at the location. The Winn-Dixie is part of a 57,850-square-foot shopping center. Built in 1985 on 5.2 acres, the tenant roster includes Bealls Outlet, Advance Auto Parts and Cricket Wireless. The seller, an entity doing business as H&R High Springs LLC, sold the property to Kamin Realty LLC. Kevin Yaryan, Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction. The buyer was self-represented.
DALLAS — Tampa-based multifamily investment firm American Landmark has acquired Olympus at Ross, a 368-unit apartment community located in the Bryan Place neighborhood of Dallas. Built in 2015, the property offers one- and two-bedroom units with quartz countertops, keyless entry mechanisms and stainless steel appliances. Amenities include a pool, outdoor grilling area, fitness studio, social lounge, cybercafé and a dog park. Drew Kile, Joey Tumminello, Will Balthrope, Taylor Hill, Michael Ware and Grant Raymond of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Olympus Property, in the transaction. American Landmark will rebrand the property as Macallan at Ross.
ROWLETT, TEXAS — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of Village of Rowlett, a 249-unit apartment community located on the northeastern outskirts of Dallas. The property was built in 2018. Units feature studio, one- and two-bedroom floor plans and are furnished with granite countertops, stainless steel appliances and kitchen islands. Covered patios and enclosed yards are available in select units. Communal amenities include a pool, fitness center, business center, outdoor grilling stations and a coffee bar. Drew Kile, Joey Tumminello, Will Balthrope, Taylor Hill, Michael Ware and Grant Raymond of IPA represented the seller, Catalyst Urban Development, in the transaction. The team also procured California-based investment firm Buchanan Street Partners as the buyer.
PLANO, TEXAS — Miami-based ESJ Capital Partners has purchased Park Ventura, a 194,000-square-foot office building in Plano. The property was built between 1998 and 2000 and was 90 percent leased to tenants such as Chevron, Cardinal Financial and Radnet at the time of sale. Tom Strohbehn and Scot Farber of Younger Partners represented the undisclosed seller in the transaction. Greg Greene and Scott Lewis of CBRE arranged acquisition financing through Prime Finance on behalf of ESJ Capital Partners, which plans to implement a capital improvement program to upgrade Park Ventura’s utility systems and activate outdoor spaces.
WACO, TEXAS — Coldwell Banker Commercial Jim Stewart, Realtors has brokered the sale of a 138,307-square-foot building located within Waco Industrial Park. Bland Cromwell and Jim Stewart of Coldwell Banker represented the seller, Manitou Equipment America, in the transaction. Gregg Glime, also with Coldwell Banker, represented the buyer, Gato Montez, a locally based firm that will also occupy the property. The sales price was not disclosed.
MOUNTAIN VIEW, CALIF. — TMG Partners and the real estate business within Goldman Sachs Asset Management have purchased an office campus located at 350-380 Ellis St. in Mountain View. NortonLifeLock sold the asset for an undisclosed price and is leasing back one of the property buildings. Totaling 445,967 square feet, the Class A property consists of four four-story office buildings interconnected in a U-shape surrounding a main campus area and a single-story amenity building. Campus amenities include open work environments, meeting/conference rooms, kitchen/break areas, collaborative spaces, a full-service Union 82 Restaurant & Gastropub, multi-story parking structure, a bocce ball court, tennis court, sand volleyball court and outdoor patios. The recently completed headquarter lobby renovation and Client Experience Center offers hospitality suites, briefing/boardrooms, technology demonstration rooms, pre-function space, integrated technology and a multi-functional outdoor patio. The estimated $22 million project was completed in late 2018. Jon Mackey, Mike Saign and Phil Mahoney of Newmark are the leasing agents for the property.
RENO, NEV. — Versity Investments has acquired Wolf Run, a 429-bed student housing community serving students attending the University of Nevada, Reno, for $59 million. The property consists of 17 one-, two- and three-story residential buildings alongside a two-story clubhouse and leasing office. The seller in the transaction was undisclosed. “Wolf Run proved itself in this market over a very difficult last 12 months,” says Brian Nelson, president of the Aliso Viejo, California-based company. “We believe the property’s location being two blocks from campus and fresh renovations had everything to do with its 99 percent occupancy during COVID.”