HOUSTON — 29th Street Capital, a Chicago-based investment firm, has acquired Lincoln Medical Center Apartments, a 224-unit multifamily community located in the Med Center/Braes Bayou submarket of Houston. Built in 1990, the property offers one- and two-bedroom units and amenities such as a pool, fitness center and a coffee bar. The new ownership will implement a value-add program and rebrand the property as Helix at Med Center. The seller was not disclosed.
HOUSTON — NAI Partners has brokered the sale of a 30,194-square-foot industrial property located on a five-acre site at 3815 Hollister St. in northwest Houston. According to LoopNet Inc., the property was built in 1972. Michael Keegan and Andrew Laycock of NAI Partners brokered the deal. The buyer, seller and sales price were not disclosed.
SUGAR LAND, TEXAS — A local developer doing business as LJ Parkway LLC has sold Riverstone Plaza, a 28,000-square-foot retail center in the southwestern Houston suburb of Sugar Land. Built in 2018, the property was 98 percent leased at the time of sale to a roster of 16 tenants that includes salons, medical services, a learning center and restaurants. Marc Peeler of NewQuest Properties represented the seller in the transaction. Bob Yuanjie of Ping Management LLC represented the undisclosed, locally based buyer.
BELLEVUE, WASH. — Brookfield Asset Management real estate fund has purchased Block 24, a recently completed office property located at The Spring District in Bellevue. Wright Runstad & Co., Shorenstein Properties and institutional investors advised by J.P. Morgan Global Alternatives sold the asset for $200 million. Facebook occupies the 197,959-square-foot building, which is the latest addition to The Spring District. The district currently consists of more than 1 million square feet of office space, neighborhood retail space and over 800 apartments centered on the future Spring District light rail station, which is slated to open in 2023. More than 350,000 square feet of additional office and retail space is under construction at the development, with over 1 million more square feet in the planning stages. This transaction marks Brookfield’s second at The Spring District. The company acquired the adjacent, 338,000-square-foot Block 16 office building, which is also fully leased to Facebook, in October 2020.
PARSIPPANY, N.J. — A partnership between P3 Properties, Image Capital LLC and Lionstone Capital has sold a majority interest in MCC Blue, a 541,035-square-foot trophy office building in the Northern New Jersey city of Parsippany. The building serves as the U.S. headquarters of Teva Pharmaceuticals and was 93 percent leased at the time of sale. Jeff Dunne, Jeremy Neuer, Steve Bardsley, Gene Pride, David Gavin, Travis Langer and Zach McHale of CBRE represented the partnership in the transaction.
MESA, ARIZ. — ZMR Capital has purchased District Flats Off Dobson, its first multifamily acquisition in the metro Phoenix area. An undisclosed seller sold the property for $18.2 million in an off-market transaction. Located at 1045 S. San Jose St. in Mesa, District Flats Off Dobson features 112 apartments in a mix of studio and one-bedroom layouts. ZMR plans to renovate the property, which has not undergone significant renovations since it was built in 1975. The company plans to improve curb appeal and upgrade units with new countertops, cabinetry, stainless steel appliances and plank flooring as leases expire. Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction.
GLENDALE, CHANDLER, MESA, TEMPE AND PHOENIX, ARIZ. — Progressive Real Estate Partners has arranged the sale of six single-tenant Sunrise Preschool locations in Arizona for a combined total of $16.9 million. Brad Umansky and Mike Lin of Progressive, in cooperation with Ginger Orsi of S.J. Fowler Real Estate, represented the seller in the deals. The transactions include: The $2.6 million sale of an 8,500-square-foot location at 5801 W. Mohawk Lane in Glendale. The $2.3 million sale of a 7,000-square-foot preschool at 1114 W. Elliot Road in Chandler. The $3.8 million sale of an 8,775-square-foot property at 102 N. Lindsey Road in Mesa. The $3.4 million sale of a 12,485-square-foot location at 1365 S. Gilbert Road in Mesa. The $2.5 million sale of a 7,000-square-foot asset at 4110 W. Northern Ave. in Phoenix. The $2.3 million sale of a 7,000-square-foot building at 800 E. Minton Drive in Tempe.
HUBBARDSTON, MASS. — Marcus & Millichap has brokered the sale of a self-storage development site in Hubbardston, about 45 miles west of Boston. The site is zoned for the development of 288 non-climate-controlled units totaling 47,800 net rentable square feet. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and the buyer, both of which requested anonymity, in the transaction. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.
STAMFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of 100 Prospect, a 94-unit apartment complex in Stamford. The property was originally built as an office building in the late 1970s and was converted to residential use in 2008. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, Herald Realty LLC, in the transaction, and procured the buyer, First Prospect Place LLC.
HOUSTON — Chicago-based Brennan Investment Group has acquired a portfolio of seven industrial buildings in Houston totaling 123,800 square feet in Houston. The properties are located in the city’s Northwest, Southeast and North industrial submarkets. The tenant roster has a weighted average lease team of 4.68 years and includes users in the industrial equipment, industrial services, consumer goods, energy and construction industries. The seller and sales price were not disclosed.
