BOULDER, COLO. — Tritower Financial Group has completed the disposition of 3200 Walnut, a four-building interconnected campus located at 1825, 1865, 1885 33rd St. and 3200 Walnut St. in Boulder. Invesco Real Estate acquired the asset for an undisclosed price. The tenant — formerly Array BioPharma, which Pfizer acquired in 2019 — has occupied the 151,384-square-foot campus for 19 years. John Jugl of Newmark represented the seller in the deal.
TUCSON, ARIZ. — Meridian, in partnership with an institutional investor, has acquired El Dorado Medical Plaza for an undisclosed price. Located at 1400 N. Wilmot Road, the three-story property features 187,690 square feet of Class B medical office space, plus surgery and hospital services. Meridian plans to implement a renovation program for the property, with completion slated for the end of 2021. Ben Tashakorian, David Benjamin, Trent Carvolth, Bradley Peters and Kelly O’Dea of Marcus & Millichap represented the seller, Houston-based Clarion Properties. Meridian was self-represented in the deal.
PUEBLO, COLO. — Greenwood Village-based Dunton Commercial has purchased Belmont Square, a grocery-anchored shopping center located in Pueblo, approximately 110 miles south of Denver. Belmont Squared LLC sold the asset for $6 million. Situated on 11 acres at the corner of Bonforte Boulevard and Constitution Road, Belmont Square features 89,619 square feet of retail space. Built in the 1950s, the property underwent renovations in 2011. At the time of sale, the asset was 76 percent occupied. Tenants include a grocery store and a variety of national and local retailers and services. Jon Hendrickson, Mitch Veremeychik and Aaron Johnson of Cushman & Wakefield’s Capital Markets team in Denver represented the seller in the transaction.
PEORIA, ARIZ. — Newmark has negotiated the sale of Adelante Healthcare Plaza, a two-tenant medical and retail building located at 15525 N. 83rd Ave. in Peoria. A 1031 exchange investor acquired the asset from a private seller for $4.8 million. Adelante Healthcare and MacMedia occupy the 15,566-square-foot property, with Adelante Healthcare as the anchor tenant. Newmark describes the property as medtail, a term for traditional retail centers that include a heavy mix of medical tenants. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller, while Geoffrey Turbow of CBRE represented the buyer.
SOUTHLAKE, TEXAS — Florida-based investment firm Driftwood Capital has acquired Hilton Dallas Southlake Town Square, a 248-room hotel located near DFW International Airport in Southlake. Built in 2007, the five-story hotel offers amenities such as an outdoor pool, fitness center, an onsite restaurant and 18,000 square feet of meeting and event space. The new ownership plans to invest $5 million in capital improvements over the next 12 months.
DALLAS — Newmark has brokered the sale of Veridian Place, a 228-unit apartment community located at 4849 Haverwood Lane in North Dallas. Built in 1984 and renovated in 2016, the garden-style property features one- and two-bedroom units with individual washers and dryers and private patios or balconies. Amenities include a pool with cabanas, outdoor grilling areas, a 24-hour fitness center and a dog park. Brian Murphy and Brian O’Boyle Jr. of Newmark represented the seller, Florida-based American Landmark, in the transaction. Matthew Mense, Henry Stimler, Bill Weber and Osman Baig of Newmark arranged Fannie Mae acquisition financing on behalf of the locally based buyer, Orion Multifamily Investments LLC.
MCALLEN, TEXAS — Marcus & Millichap has arranged the sale of Texan Mobile Home Park, a 280-site manufactured housing property in the Rio Grande Valley city of McAllen. The community spans 880,783 square feet. Jeff Taylor and Will Shealy of Marcus & Millichap represented the seller, a partnership, in the transaction. The duo also procured the buyer, a limited liability company. Additional terms of sale were not disclosed.
BOSTON — Jamestown LP has sold a 50 percent interest in The Innovation & Design Building, a 1.4 million-square-foot office and life sciences property in Boston’s Seaport District. Jamestown originally purchased the building in 2013 and has since invested more than $200 million in its revitalization, with construction of additional office and lab space scheduled to begin later this year. The property now serves as a business hub for companies including Reebok and Autodesk, as well as life sciences users like Ginkgo Bioworks and Living Proof. The buyer was Related Fund Management, the investment management affiliate of Related Cos. and its Boston office, Related Beal. Robert Griffin, Edward Maher, Samantha Hallowell and Dominick Romano of Newmark brokered the deal, which represents a $710 million recapitalization.
HICKSVILLE, N.Y. — JLL has brokered the $74.5 million sale of Lincoln Logistics @ Hicksville, a 195,610-square-foot distribution center in the Long Island hamlet of Hicksville that is fully leased to The Home Depot. The seller and developer, Lincoln Equities Group, completed the property in December 2020. Building features include 36-foot clear heights, 29 dock-high doors and 4,185 square feet of office space. Jose Cruz, Marc Duval, Jordan Avanzato, Tyler Peck, Rob Kossar, Leslie Lanne and Tom DiMicelli of JLL represented Lincoln Equities Group in the transaction. The buyer was an undisclosed institutional investor.
COHASSET, MASS. — CBRE has negotiated the sale of Avalon Cohasset, a 220-unit apartment community located about 25 miles southeast of Boston. The property consists of 34 buildings on 61 acres and features 14 different floor plans with an average unit size of 1,333 square feet. Amenities include a pool, fitness center and a resident clubhouse. Simon Butler, Biria St. John and John McLaughlin represented the seller, Avalon Bay Communities, in the transaction. The team also procured the buyer, TruAmerica Multifamily, in its first acquisition in the greater Boston market.
