MCALLEN, TEXAS — DRA Advisors, a New York City-based investment firm, has purchased a 210,000-square-foot industrial facility in the Rio Grande Valley city of McAllen. The property sits on 12 acres and features 27-foot clear heights and 120-foot truck court depths. More than 60 percent of the space is utilized for cold storage. Tom Duke and Donald Flynn of Elegran Capital & Advisory represented DRA Advisors and the seller in the off-market transaction.
DALLAS — Marcus & Millichap has brokered the sale of French Colony, a 94-unit apartment complex located on a 3.8-acre site in West Dallas. According to Apartments.com, the property was built in 1964 and offers one- and two-bedroom units. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a locally based private investor, in the transaction. The duo also procured the undisclosed buyer.
GOULDSBORO, PA. — Atlanta-based investment firm MDH Partners has acquired a 390,000-square-foot industrial property in Gouldsboro, located outside of Scranton. Built in 2002, the property was fully leased to Broadrange Logistics at the time of sale. Building features include a clear height of 30 feet, 42 dock doors, 130-foot truck court depths and an ESFR sprinkler system. The new ownership plans to expand the property by 160,000 square feet, with construction set to begin in the first quarter of next year. The seller was Exeter Property Group. Nick Murphy of Eastdil Secured brokered the deal.
NASHVILLE, TENN. — Rubicon Equities and Meritage Group LP have purchased Capitol View Plaza, a Class A office building located at 1 Lifeway Plaza in downtown Nashville, for $95 million. Capitol View Plaza was built in 2017 on the site of the previous headquarters of Lifeway Christian Resource. The property is part of the 32-acre Capitol View master planned community developed by Boyle Investment Co. The property is the third investment for Rubicon and Meritage in Nashville. David Atchison and Brian Casey of Colliers International represented the undisclosed seller in the transaction. Stream Realty and Sandeema Co. are enlisted to market the building for lease. Rubicon Equities is a Nashville-based real estate investment and development firm with over $500 million of assets under management. Meritage Group LP is a private investment firm based in San Francisco that invests in public and private equity, credit and real estate.
NASHVILLE, TENN. — Continental Realty Corp. (CRC) has acquired 111 Broadway, a 50,303-square-foot, mixed-use property in downtown Nashville. Tower Investments Inc., based in Philadelphia, sold the property for $36 million. The four-tenant building is 100 percent leased to tenants including Rock Bottom Brewery, Wyndham-Margaritaville Vacation Club, Glen Campbell Museum and Platinum Cos. Constructed in 1930 and positioned just one block from Cumberland River, the three-story asset has been renovated over the past five years, including improvements to the roof, windows, exterior and elevator systems. CRC is a Baltimore-based real estate investment and management company that also owns Fortress Grove Apartments, a 320-unit multifamily community located in nearby Murfreesboro, Tenn.
BREMERTON, WASH. — Los Angeles-based New Standard Equities has purchased Cedar Glen and Maple Manor, two adjacent multifamily communities in Bremerton. An undisclosed individual/personal trust sold the assets for $20 million. The buyer has rebranded the 144-unit portfolio as Indigo Apartment Homes and plans to implement a $3.3 million capital improvement program at the community. The portfolio includes Cedar Glen Apartments at 2511 Magnuson Court and Maple Manor Apartments at 2700 Maple St. Cedar Glen was built in 1989 and Maple Manor was constructed in 1978. Timothy Ufkes and Nate Kiger of the Ufkes Group of Marcus & Millichap’s Seattle office represented the seller and buyer in the deal.
DORAVILLE, GA. — Berkadia has secured $18.5 million in acquisition financing for Alturas Embry Hills, a 140-unit, garden-style multifamily property in Doraville. Josh Finley of Berkadia’s Atlanta office originated the Freddie Mac loan on behalf of the buyer, New York-based Quad Property Group. The seller was Liquid Capital based out of New York. The 10-year loan features five years of interest-only payments, 30-year amortization schedule and a 75 percent loan-to-value ratio. Upon acquiring the property, Quad Property Group plans to spend over $1 million on interior and exterior upgrades. Located at 3544 Old Chamblee Tucker Road, Alturas Embry Hills was originally built in 1966. It has since been rebranded as Summit Embry Hills. The apartment complex underwent exterior renovations between 2018 to 2020 and features a mix of one-, two- and three-bedroom floorplans. The property has access to nearby retail shops and is close to Interstate 285. The property is currently 97 percent occupied.
LAKEWOOD, COLO. — Marcus & Millichap has arranged the sale of The Homestead at Lakewood, a seniors housing property located at 2121 Wadsworth Blvd. in Lakewood. An undisclosed buyer acquired the property for $8.3 million. Greg Parker and Greg Price of Marcus & Millichap’s Denver office represented the seller, a private investor, in the deal. Phillip Gause of Marcus & Millichap Capital Corp. arranged acquisition financing for the buyer. Constructed in 1999 under the Low-Income Housing Tax Credit program, The Homestead at Lakewood features 58 units in a mix of studio, one- and two-bedroom units and offers both assisted living and independent living options. Community amenities include housekeeping services, daily activities, a small library, outdoor space, a beauty salon and restaurant-style dining.
CHATTANOOGA, TENN. — The Giambrone Group of Marcus & Millichap has brokered the sale of Friars Branch Crossing Center, a 99,878-square-foot retail and office center in Chattanooga. Tim Giambrone of Marcus & Millichap represented both the buyer and the seller in the transaction. The buyer, Excelsior Friars Crossing LLC, was a private equity sponsor based in Nashville that purchased the property from Spirit Holdings of Chattanooga for $8.5 million. Friars Branch Crossing is located at 2204-2226 Encompass Drive just north of Interstate 75 near the Chattanooga Metropolitan Airport. Avenger Logistics, Secure America – ERMC and Astec Industries anchor the complex and represent 55 percent of the total gross leasable area.
DALLAS AND DENVER — Healthpeak Properties Inc. (NYSE: PEAK) has sold a 10-property portfolio of Discovery Senior Living properties in Florida, Texas and Georgia to Lone Star Funds, a Dallas-based private equity firm. Healthpeak sold the 1,428-unit portfolio for $334 million. Although the Denver-based REIT disclosed the sale during its first-quarter earnings report, the buyer and any further details weren’t released at that time. Healthpeak is selling the bulk of its seniors housing portfolio in a move to exit the industry in favor of life sciences and medical office real estate. Discovery Senior Living retained management and daily operational responsibilities for the Discovery Village communities following the transaction.
