HOUSTON — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Live Oak Apartments, a 162-unit community in Houston’s Energy Corridor. Built in 1977 and renovated in 2018, the property features one- and two-bedroom units and amenities such as a pool, playground, pet play area and onsite laundry facilities. Bryce Smith of TMG represented the seller and procured the buyer in the transaction. Both parties requested anonymity.
DALLAS — Marcus & Millichap has brokered the sale of Skillman Centre, a 55,867-square-foot retail property in North Dallas. According to LoopNet Inc., the property was built in 1982. Joe Santelli of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction. Skillman Centre was 66 percent leased at the time of sale.
GLENWILLOW, OHIO — JLL has arranged the sale of Victory Commerce Center in Glenwillow, a suburb of Cleveland. The sales price was undisclosed. Developed in 2019, the 434,000-square-foot distribution and fulfillment center features a clear height of 32 feet, 30 dock-high doors, nine drive-in doors and LED lighting. It is situated on 40 acres within the larger Diamond Business Center. John Huguenard and Sean Devaney of JLL represented the seller, Illinois-based Westminster Capital. Matthew Schoenfeldt, Michael Gigliotti, Mike Tepedino and Brian Walsh of JLL secured acquisition financing on behalf of the buyer, Investcorp.
MARION, IOWA — MAG Capital Partners has acquired the corporate headquarters and manufacturing facility for Advanced Material Processing (AMP) in Marion, just north of Cedar Rapids, in a sale-leaseback transaction. The purchase price was undisclosed. AMP occupies the entire 48,237-square-foot property. The company focuses on material processing equipment for food and beverage, pharmaceutical and chemical sectors. May River Capital, a Chicago-based private equity firm, owns AMP. Katie Elliott of Stan Johnson Co. represented the seller, May River Capital. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented Fort Worth, Texas-based MAG Capital Partners, which is led by Dax T.S. Mitchell and Andrew Gi.
ONTARIO, OHIO — Upland Real Estate Group Inc. has brokered the $1.6 million sale of a 3,662-square-foot property occupied by Arby’s in Ontario near Mansfield. The building is situated on an outparcel to Richland Mall. Keith Sturm, Deborah Vannelli and Amanda Leathers of Upland represented the undisclosed seller. An all-cash buyer purchased the asset and completed a 1031 exchange.
AURORA, COLO. — CentrePoint and CentreSquare have purchased Outlook Biscay, an apartment community located at 3382 S. Biscay Way in Aurora. Denver-based Evergreen Development sold the asset for $37.5 million. Built in 2019, Outlook Biscay offers 96 for-rent townhomes, averaging 1,210 square feet and spread across 20 two-story buildings. Each two- and three-bedroom unit feature a two-car, direct-access garage, private entrance, quartz countertops, stainless steel appliances and laundry rooms with full-size washers and dryers. Community amenities include a central leasing center, year-round swimming pool, dog wash and green areas. Jake Young, Dan Woodward, David Potarf and Matt Barnett of CBRE Capital Markets in Denver represented the seller in the deal.
PHOENIX — Marcus & Millichap has arranged the sale of Revival Midtown, a multifamily community located at 1220 E. Medlock Drive in Phoenix. A local limited liability partnership sold the asset to an undisclosed buyer for $6.4 million, or $182,587 per unit. Revival Midtown features 35 units in a mix of 16 one-bedroom/one-bath and 19 two-bedroom/two-bath layouts. Richard Butler of Marcus & Millichap represented the seller in the deal.
BELLEVUE, WASH. — A real estate investment fund backed by Brookfield Asset Management Inc. (NYSE: BAM) has purchased Block 16, a 343,528-square-foot office building in Bellevue fully leased to Facebook. A joint venture between Wright Runstad & Co., Shorenstein Properties and institutional investors advised by J.P. Morgan Asset Management sold the recently completed property for $365 million. Block 16 is part of The Spring District, a transit-oriented mixed-use development situated on the east side of Lake Washington from Seattle. Wright Runstad and Shorenstein Properties are the master developers of the campus, which sits south of Bellevue’s central business district near SoundTransit’s future Spring District/120th light rail station. Spring District will ultimately feature 3 million square feet of creative office space, including REI’s headquarters that Facebook purchased last month for $390 million. “The Spring District has become a choice location for high-quality office tenants in Bellevue,” says Greg Johnson, CEO of Seattle-based Wright Runstad. In 2017, University of Washington’s Global Innovation Exchange building opened at Spring District, as well as over 800 residential units and several open spaces accessible to the public. Wright Runstad plans to develop another 530,000 square feet of office space across two buildings at Spring District by …
TEANECK, N.J. — Teaneck-based FriedLam Partners has bought a six-property multifamily portfolio in Charlotte, Raleigh and Atlanta for $85.2 million. The portfolio comprises 872 units. The two Charlotte properties are the 192-unit 59Twenty @ Monroe and the 196-unit Two20 @ Branchview. The community in Raleigh was the 176-unit Enclave @ Crabtree. Watson Bryant and Paul Marley of Cushman & Wakefield represented the seller of the North Carolina properties, JEM Holdings, in the transaction. The Atlanta portion of the portfolio comprises the 130-unit 743 @ Howell Mill, the 112-unit Lenox Place and the 66-unit Rio at Lenox. Travis Presnell and Wesley Kenney of Cushman & Wakefield represented the seller, Zavala Capital Group, in the transaction.
ALEXANDRIA, VA. — PS Business Parks Inc. has acquired Pickett Industrial Park, a three-building, 246,000-square-foot industrial campus in Alexandria, for $46.3 million. The assets offer 7,000- to 75,000-square-foot spaces, which were fully leased at the time of sale. Pickett Industrial Park is situated at 841 S. Pickett St., nine miles southwest of Ronald Reagan Washington National Airport. The seller was not disclosed.