ORADELL, N.J. — Colliers International has brokered the sale of a 55,317-square-foot medical office building located at 690 Kinderkamack Road in Oradell, a city located in Bergen County. Jacklene Chesler, Matthew Brown and Patrick Norris of Colliers represented the buyer and seller, both of which requested anonymity, in the transaction.
AUSTIN, TEXAS — Kilroy Realty Corp. (NYSE: KRC) has acquired Indeed Tower, a 36-story office development in Austin’s Central Business District for $580 million in an off-market transaction. Completed in May 2021, Indeed Tower is situated on a full city block at the intersection of 6th and Colorado streets. The 730,000-square-foot property was 57 percent leased at the time of sale, with 42 percent of the building occupied by online employee recruiting platform Indeed.com. The property features 10,000 square feet of ground-floor food and beverage space; 30,000 square feet of outdoor deck space; a 35,000-square-foot historic post office building that can accommodate a variety of uses; and a private park. Eastdil Secured and Allen Matkins advised Kilroy Realty on the acquisition of the tower, which is targeting LEED Platinum certification. “I can’t overstate how well Indeed Tower fits with our strategic and property objectives,” says John Kilroy, chairman and CEO of the Los Angeles-based buyer. “It provides us with scale that will support future growth, is anchored by an investment-grade technology tenant and provides a value-add opportunity through lease-up in an office market that is strengthening.” Austin has the fourth largest concentration of tech talent behind San Francisco, Seattle and …
FORT MYERS, FLA. — ZMR Capital has acquired Park Place Apartments, a 338-unit multifamily community in Fort Myers, in an off-market transaction for $44.5 million. Park Place is ZMR’s seventh investment in Florida but marks the company’s first property in Fort Myers. Located at 4637 Deleon St., Park Place features a mix of studio, one-, two- and three-bedroom floorplans. More than 50 percent of the units are in its original condition. Park Place was originally built as two separate apartment communities and later was combined into a single property. The apartment property was 95 percent occupied at the time of sale. ZMR will launch a multimillion-dollar capital improvement plan that includes the installation of washers and dryers, new stainless steel appliances, upgraded countertops and cabinetry, modern backsplashes and new plank flooring. Improvements will be made as units turnover. Exterior renovations will include new paint, landscaping and new signage. ZMR also says it will renovate the property’s three pools and deck areas, as well as add outdoor kitchens, a playground and barbecue areas. Michael Regan, Francesco Carriera and Joseph Thavis of CBRE’s Tampa office represented ZMR and the seller, New York City-based NorthEnd Equities. ZMR Capital is a Tampa-based real estate …
DISTRICT HEIGHTS, MD. — Big Cypress Capital and PSG have sold a newly built, climate-controlled self-storage facility in District Heights for $18.2 million. Extra Space Storage, a self-storage REIT based in Salt Lake City, Utah, purchased the 900-unit, three-story facility and plans to operate it. The self-storage facility is located at 7618 Marlboro Pike, approximately 13 miles from Washington, D.C., and 14 miles from Alexandria, Va. The development site is located on 3.2 acres and includes a demised outparcel pad currently under contract to a third-party developer. Big Cypress Capital and PSG acquired the site in June 2018 and delivered the 110,000-square-foot storage facility earlier this month.
DOTHAN, ALA. — Pegasus Investments Real Estate Advisory Inc. has arranged the $4.7 million sale of a newly constructed retail center located in Dothan known as Dothan Commons. The property was 100 percent leased at the time of sale to tenants such as Starbucks, AT&T, Jersey Mike’s Subs, Merle Norman Cosmetics, Southern Nutrition and Everly Nail Spa. The center features the very first Starbucks drive-thru in the Wiregrass region and is the only Starbucks drive-thru location within almost 100 miles. David Chasin of Pegasus represented the seller, an unnamed retail and shopping center developer based in the Southeast, in the sale. Bill Howard of Bennett Realty & Development LLC, a New Jersey-based firm, represented the buyer, an undisclosed high net-worth investor. Tyler Johnson of Pegasus Capital Markets Inc. arranged debt financing on behalf of the buyer, and Seth Bell of Pegasus Asset Management Inc. is providing ongoing property management.
PHOENIX — San Diego-based MG Properties Group has purchased Centra, a multifamily property located in midtown Phoenix, from FORE Property for $74.5 million. Built in 2020, the five-story, podium-style property features 223 units and underwent a swift lease up. Steven Nicoluzakis and David Fogler of Cushman & Wakefield represented the seller. Brooks Benjamin of KeyBank arranged $43.1 million in acquisition financing for the buyer.
MESA, PHOENIX AND SEDONA, ARIZ., AND OCEANSIDE, CALIF. — Newport Beach, Calif.-based MIG Real Estate has purchased four properties to expand its portfolio in Arizona and California. The properties are: Gateway Technology Commerce Center, a 138,692-square-foot industrial property at 7535 E. Ray Road in Mesa. The property is fully leased to six tenants. Steve Lindley, Eric Wichterman and Will Strong of Cushman & Wakefield represented the undisclosed seller, while Ken McQueen and Chris McClurg of Lee & Associates provided leasing advice for MIG. First Commons, a two-building, 99,528-square-foot, multi-tenant industrial warehouse at 4624-4635 W. McDowell Road in Phoenix. Built in 2001, the property is 84 percent leased to 12 tenants. Tracy Cartledge and Robert Buckley of Cushman & Wakefield represented the seller, while John Pompay of Cushman & Wakefield provided leasing advice for MIG. Sedona Real Inn & Suites, an 89-key hotel located at 95 Arroyo Pinon Drive in Sedona. Built in two phases in 1996 and 2006, the property was acquired in an off-market transaction. Stone Arbor Apartment Village, an 88-unit, value-add multifamily community located at 612 Los Arbolitos Blvd. in Oceanside. Built in 1977, the property features one-, two- and three-bedroom floorplans and some townhomes. Stew Weston and …
LAS VEGAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 98-unit assisted living and memory care community in Las Vegas. The 76,458-square-foot community sits on 3.2 acres. A local developer sold the property to a private equity fund for $20.2 million. The new owner plans to replace the operator. Vince Viverito, Brad Goodsell and Jason Punzel of SLIB handled the transaction.
SAN ANTONIO — USAA Real Estate has sold La Cantera Resort & Spa, a 630-acre hospitality property located within the 1,700-acre La Cantera master-planned community in San Antonio. The property consists of 496 guestrooms and suites, including 34 villas, 127,000 square feet of indoor and outdoor meeting and event space, five pools, two 18-hole golf courses and multiple food and beverage concepts. USAA originally developed the resort in 1999 and renovated its various amenities between 2015 and 2016. Redwood City, Calif.-based Ohana Real Estate Investors purchased the property for an undisclosed price.
INDIANAPOLIS — Marcus & Millichap has arranged the sale of North Meridian Shops in Indianapolis for $2.9 million. The 17,000-square-foot retail strip center is located at 3787 N. Meridian St. Many of the property’s tenants, including T-Mobile, have operated at the location in excess of 10 years. Jordan Klink of Marcus & Millichap’s The Klink Group represented the seller, J&R Enterprises of Indianapolis II LLC. An agent out of Marcus & Millichap’s Philadelphia office represented the buyer, BA Properties I LLC, which is a Pennsylvania-based limited liability company.