LUBBOCK, TEXAS — Coldwell Banker Commercial has arranged the sale of a 68,124-square-foot office building in Lubbock. Built in 1997, the property formerly served as a call center for Convergys, a provider of information management software for corporate users. Coldwell Banker represented the seller, which sold the asset to Harmony Public Schools, a Houston-based organization of K-12 charter schools that focuses on science, technology, engineering and math (STEM). The sales price was undisclosed.
SUNNYVALE, TEXAS — MedCore Partners has sold Sunnyvale Medical Plaza, a 22,000-square-foot medical office property located at the corner of U.S. Highway 80 and South Collins Road in Sunnyvale, an eastern suburb of Dallas. The property was fully leased at the time of sale to several local providers, including primary care and cardiology practices. The buyer was not disclosed.
MANSFIELD, OHIO — The Boulder Group has brokered the $10.5 million sale of a 314,736-square-foot industrial facility in Mansfield, located midway between Columbus and Cleveland. The building is net leased to School Specialty Inc., a distributor of supplies, furniture, technology products, supplemental learning products and curriculum solutions for education. The facility is located at 100 Paragon Parkway within an industrial park that is home to other tenants such as FedEx, Coca-Cola, Frito-Lay and the Ohio Army and National Guard. The building features 49,500 square feet of office space with expansion capabilities. Randy Blankstein and Jimmy Goodman of Boulder represented both parties in the transaction. A private investor sold the asset to a Northeast-based real estate investment trust. School Specialty’s lease expires in October 2025.
ST. LOUIS — Capstone Manufactured Housing has arranged the sale of a 204-site manufactured housing portfolio in St. Louis for $8 million. The portfolio consists of two mobile home parks located on the southwest side of the city, Eagle Creek and Cedar Hill. Combined, the two parks were 95 percent occupied at the time of sale. Kevan Enger, Ian Hilpl and Brian Hummell of Capstone represented the seller, local investor Tony Stieren. The West Coast-based buyer plans to hold on to the assets for the long term, according to Capstone.
ORANGE, N.J. — Marcus & Millichap has brokered the $14 million sale of 400 Highland Terrace, an 81-unit apartment building in Orange, an eastern suburb of Newark. The unit mix comprises 10 studios, 61 one-bedrooms and 10 two-bedrooms. Richard Gatto and Fahri Ozturk of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
BOISE, IDAHO — California-based LDK Ventures has purchased Boise Logistics Center located at 1001 E. Gowen Road in Boise. Terms of the transaction were not released. The vacant property, which Shopko occupied until 2019, is one of the largest industrial buildings in the Boise metropolitan area and is the only facility to more than 100,000 square feet of available distribution space in the Treasure Valley industrial market, according to LDK. The building features three loading sides, 39-foot to 40-foot clear heights, an ESFR sprinkler system and five acres of excess paved yard that can accommodate modern distribution requirements, including employee, van and trailer parking. LDK plans to reposition the property as a Class A distribution center. The site also includes 16 acres of undeveloped land that can accommodate an additional 250,000 square feet of industrial space. The buyer plans to proceed with entitling the parcel for an industrial development with a planned construction start in 2021. Devin Ogden and Michael McKnight of Colliers International represented the buyer, while Gavin Phillips of TOK Commercial represented the seller in the deal.
RIVERSIDE, CALIF. — Advanced Real Estate Services has purchased an apartment property located on 10.5 acres in Riverside. The company acquired the asset from an undisclosed seller for just under $58 million. Advanced plans to implement a more than $10 million renovation program at the property, which will be rebranded The James. Renovations will include the installation of new windows, a new paint scheme, updated landscaping and modernized unit interiors. The 215-unit community features a pool, spa, clubhouse, turf soccer field with running track, pet park and playground. Sean Deasy and Ryan Fitzpatrick of JLL’s Newport Beach, Calif., office brokered the transaction. Alex Kane of JLL West Los Angeles secured an approximately $37.5 million Fannie Mae acquisition loan for the buyer.
COLORADO SPRINGS, COLO. — Nexus Commercial Realty has arranged the sale of The Townhouse Apartments, an 88,100-square-foot property located at 3125 E. Fountain Blvd and 1215 Shasta Drive in Colorado Springs. The community traded hands for $8.7 million. The names of the buyer and seller were not released. Built in 1965, the townhome-style property features 54 units in a mix of two- and three-bedroom layouts. Each unit includes a private yard, while some include second-floor balconies. The buyer plans to renovate the property and complete the unfinished basements to potentially add an additional unit to each townhome. Patrick Knowlton of Nexus represented the buyer and seller in the deal.
PHOENIX — Taylor Street Advisors has arranged the sale of a multifamily property located in Uptown Phoenix. A Phoenix-based investment group acquired the asset from a private capital investor for $1.2 million, or $150,000 per unit. Located at 7265 N. 12th St., North Central Apartments features eight units in a mix of one- and two-bedroom layouts, averaging 841 square feet. Amenities include a private pool and picnic area. Brian Tranetzki, Anton Laakso and Thomas Beniamen of Taylor Street negotiated the transaction on behalf of the seller in the deal.
MEMPHIS, TENN. — A new joint venture between Plymouth Industrial REIT Inc. and Madison International Realty has agreed to purchase a 28-property, 2.3 million-square-foot industrial portfolio in metro Memphis for $86 million. The buyers expect the sale to close by the end of the year. The acquisition will be funded through equity from the developers and debt financed at approximately 60 to 65 percent loan-to-value. Further details of the sale were not disclosed. This is the first acquisition for the $150 million Plymouth and Madison joint venture. Under the agreement, Plymouth will own a 20 percent interest and Madison will own an 80 percent interest. Plymouth will be responsible for day-to-day oversight of the joint venture, its subsidiaries and properties and will be entitled to an annual asset management fee equal to 1 percent of the total equity contributed to the joint venture by the partners. Additionally, Plymouth has options to purchase properties out of the joint venture over time.