HOUSTON — Welcome Group LLC, a locally based investment firm, has acquired a 129,085-square-foot office and industrial complex in West Houston. The complex consists of four office buildings and one industrial building that were constructed in 2013 and are fully leased to three tenants, including Tally Energy Services. Ryan Wassaff and John Wilson represented Welcome Group on an internal basis.
MISSION, TEXAS — NorthMarq has brokered the sale of Circle T RV & Mobile Home Park, a 270-site manufactured housing community located in the Rio Grande Valley city of Mission. Jared Bosch, Don Vedeen and Chris Michl of NorthMarq represented the seller, Boston Road MHP Inc., and the buyer, Lewis RR Properties Ltd., in the transaction. The sales price was not disclosed.
NEW HAVEN, CONN. — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of Westville Village Apartments, a 294-unit multifamily community in New Haven. Built on eight acres in 2008, the property offers amenities such as a clubhouse, fitness center, game room and outdoor courtyards. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller and procured the buyer in the transaction. Both parties requested anonymity.
LOWELL AND BILLERICA, MASS. — A partnership between Marcus Partners and Rhino Capital Advisors has acquired a 180,000-square-foot industrial portfolio in metro Boston. The portfolio consists of two buildings, one in Lowell and the other in Billerica, both of which are northern suburbs of Boston. The sales price was $13.5 million. The seller was not disclosed. Brett Paulsrud, Amy Lousararian and Madeline Joyce of JLL arranged $9.1 million in fixed-rate acquisition financing through Webster Five Cents Savings Bank for the deal.
ROCKVILLE, MD. — An affiliate of The Milestone Group has purchased The Villages at Decoverly, a 564-unit garden-style apartment community located in Rockville. Decoverly is located at 9901 Gable Ridge Terrace, approximately 24 miles from Washington, D.C. Decoverly was developed in stages in 1991 and 2006. The community features a variety of one-, two- and three-bedroom floor plans and common area amenities including two pools, two fitness centers, tennis courts, an outdoor grilling and entertainment area and a children’s play area. Steve Collins, Water Coker, and Brian Crivella and Robert Jenkins of JLL Capital Markets represented the seller, an undisclosed foreign investor, in the transaction. The sales price was not disclosed.
CHARLOTTE, N.C. — Big Cypress Capital and LPA Urban have completed the $17.3 million sale of 2317 Thrift Road, a two-story adaptive reuse office property spanning 38,000 square feet in Charlotte’s FreeMoreWest neighborhood. Big Cypress Capital and LPA Urban purchased the asset in January 2019 and signed local advertising firm Wray Ward to anchor the space in summer 2019. The co-owners redeveloped the existing 19,000-square-foot structure and doubled the footprint with a new addition ahead of its delivery in October 2020. Naples, Fla.-based Big Cypress sold the asset via its Headwaters Strategic Operator platform. It was the first sale in the firm’s 2018 Vintage Year Headwaters Real Estate Opportunities Fund I. The buyer was a joint venture partnership that is backed by an undisclosed institutional investor.
INDIANAPOLIS — Square Deal Investment Management has acquired Salesforce Tower and the Circle Building, two Class A office towers in Indianapolis. The purchase price was $192.5 million, according to The Indianapolis Star, which also reports that the seller was California-based Hertz Investment Group. The adjacent buildings are located at 27 E. Ohio St. and 111 Monument Circle in the heart of the central business district. Salesforce maintains its regional headquarters in the 48-story Salesforce Tower. Ken Martin, Brian Carlton and Nelson Almond of JLL Capital Markets arranged an undisclosed amount of acquisition financing on behalf of the buyer, which is the asset management and investment allocation branch of Oklahoma City-based Square Deal Capital Inc.
AURORA, ILL. — JVM Realty Corp. has sold The Aventine at Oakhurst North in Aurora for an undisclosed price. The 464-unit apartment community was built in 1999. The property recently received a big facelift, including an update to the clubhouse and amenity spaces, repairs to major building systems and a full renovation of approximately 40 percent of the unit interiors. The property’s 29 buildings sit on 28.5 acres. Dan Cohen, John Jaeger, Justin Puppi and Nisha Mishra of CBRE’s Chicago multifamily team represented JVM in the sale. Hayman Co. was the buyer.
PLANO, TEXAS — Triten Real Estate Partners, which has offices in Houston and Dallas, has purchased Market Square Mall, a 300,000-square-foot shopping and dining destination that is situated on 26 acres in Plano. Daniel Eng and Calvin Wong of ENGVEST represented the seller, private investor Matthew Loh, in the transaction. Dan Zeltser of SHOP Cos. represented the buyer. The new ownership will redevelop the mall, which was built in the 1980s, into a mixed-use destination. Specific details of the redevelopment plan were not disclosed.
FORT WORTH, TEXAS — Marcus & Millichap has negotiated the sale of The Falls and Oak Village, two adjacent apartment complexes that are situated on a combined 22 acres in Fort Worth. The Falls was built in 1976 and totals 256 units, while Oak Village was constructed in 1980 and comprises 152 units. Amenities include two pools, soccer fields, playgrounds, dog parks, grilling areas, and onsite laundry facilities. Al Silva of Marcus & Millichap represented the seller, Florida-based GreenWater Investments, and procured the buyer, an out-of-state investment group.