OPELIKA, ALA. — W. P. Carey Inc., a New York City-based net lease REIT, has purchased an industrial property located at 3101 Anderson Road in Opelika for $49 million. W. P. Carey purchased the 703,000-square-foot, Class A logistics facility in a sale-leaseback transaction with JOANN, a sewing and fabrics retailer based in Hudson, Ohio. The property is triple-net-leased to JOANN for a period of 20 years, with fixed annual rent escalations. The cross-dock facility features up to 40-foot clear heights and is on a site that allows for future expansion. The property is located along Interstate 85. Built in 2005, it supplies products to more than one-third of JOANN’s nearly 900 retail locations nationwide.
SAN ANTONIO — A partnership between Chicago-based investment firm Pearlmark and Austin-based Old Three Hundred Capital LLC (OTH) has purchased Park West and Parliament Bend, two adjacent multifamily properties in San Antonio totaling 560 units. According to Apartments.com, Park West features studio, one- and two-bedroom units and amenities such as a pool, fitness center, volleyball court, playground and a dog park. Parliament Bend offers one- and two-bedroom units as well as fitness and business centers, outdoor grilling and picnic areas, a dog park and onsite laundry facilities. The new ownership will implement a value-add program.
FARMERS BRANCH, TEXAS — Locally based firm Darwin German Real Estate Investments has sold Villa Creek, a 161-unit apartment complex in the northern Dallas metro of Farmers Branch. According to Apartments.com, the property was built in 1965 and features one- and two-bedroom units. Darwin German originally purchased the asset in 2016 in an off-market deal. Chris Deuillet and William Hubbard of CBRE represented the buyer, Dallas-based Blue Ocean Capital LLC, in the transaction. William Givens and Robert Siddall, also with CBRE, arranged acquisition financing on behalf of the new ownership.
BROWNSVILLE, TEXAS — Marcus & Millichap has brokered the sale of a 58,418-square-foot industrial building located on 5.3 acres in the South Texas city of Brownsville. The property was triple net leased to textile recycling company Martex Fiber at the time of sale. Adam Abushagur and Tyler Sharp of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was a California-based private investor. Both parties involved in the transaction requested anonymity.
GLENDALE, ARIZ. — Cleveland, Ohio-based Woodside Health has purchased Arrowhead Executive Center, a multi-tenant office complex located at 17235 N. 75th Ave. in Glendale. Holualoa Cos. sold the asset for $18.2 million. Steve Lindley of Cushman & Wakefield represented the seller, while Bill Cook and Perry Gabuzzi of Plaza Cos. provided market leasing advisory. Situated on 11.9 acres, Arrowhead Executive Center features eight single-story buildings offering a total of 99,062 square feet of office space. The campus was constructed in 2000.
TEMPE, ARIZ. — Vancouver, Canada-based Nicola Wealth Real Estate has acquired a mixed-use property located in downtown Tempe from Wexford Developments for $16.7 million. Located at 425 S. Mill Ave., the 22,209-square-foot building features three levels of office space above ground-floor retail space. At the time of sale, the property was 100 percent leased to multiple tenants. The property is near the Valley Metro Light Rail station and the new Tempe Streetcar, which is scheduled to open this year. Steve Lindley, Eric Wichterman and Mike Coover of Cushman & Wakefield handled the transaction.
OLYMPIA, WASH. — Berkadia has arranged the sale of Capitol Crossing, an apartment community located at 1112 Chestnut St. SE in Olympia. The property traded for $14.4 million, or $184,615 per unit. The names of the buyer and seller were not released. Built in 1988 and partially renovated, Capitol Crossing features 78 studio, one- and two-bedroom units. At the time of sale, the community was 95 percent occupied. Steven Chattin, Mitchell Belcher, Jay Timpani and Chad Blenz of Berkadia represented the seller in the deal.
POMONA, N.Y. — An affiliate of Harbor Group International LLC (HGI) has purchased The Henry, a 169-unit luxury apartment community in Pomona, about 40 miles north of New York City, for $54 million. Built in 2001 and recently renovated, the property’s units feature stainless steel appliances, tile backsplashes and granite countertops. Amenities include a resident clubroom, pool and sundeck, billiards room, fitness center and basketball courts. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Travis Langer of CBRE represented the seller, a joint venture between Spirit Investment Partners and The Bascom Group, in the transaction, and procured the affiliate of HGI as the buyer.
BURLINGTON, PENNSAUKEN AND MOUNT LAUREL, N.J. — CBRE has negotiated the sale of the Southern NJ Logistics Portfolio, a collection of three buildings totaling 401,827 square feet in Southern New Jersey. The properties are located in Burlington, Pennsauken and Mount Laurel. High Street Logistics Properties purchased the portfolio, which was fully leased at the time of sale, from a private developer based in the region. Michael Hines, Brian Fiumara, Brad Ruppel, Joe Hill and Lauren Dawicki of CBRE brokered the transaction.
BENSALEM, PA. — Locally based developer J.G. Petrucci Co. Inc. has acquired the former Suez Water Technologies & Solutions Campus, a 46-acre industrial development in Bensalem, located in Bucks County. The namesake tenant will continue to lease 93,000 square feet of space at the 12-building campus, while RLS USA Inc., a former subsidiary of General Electric, will lease 20,000 square feet of R&D space. J.G. Petrucci will demolish and redevelop the remainder of the campus. Jon Mikula, Chad Orcutt and Michael Lachs of JLL arranged $13 million in acquisition financing for the deal on behalf of J.G. Petrucci.