GARDENDALE, TEXAS — Marcus & Millichap has brokered the sale of a 6,800-square-foot industrial building located at 12030 E. Highway 158 in Gardendale, located outside Midland in West Texas. The property was built on 2.2 acres in 2013. Adam Abushagur and Davis Cagle of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.
BOSTON — McCord Development, the firm behind the 4,200-acre Generation Park master-planned community in Houston, has opened a Boston office and acquired a 64,736-square-foot life sciences building. The property is located west of the city at 30 Bearfoot Road in Northborough and was formerly occupied by British pharmaceutical giant GlaxoSmithKline. The seller was Alexandria Real Estate Equities.
FORT WAYNE, IND. — The Boulder Group has brokered the sale of a 2,400-square-foot property occupied by Arby’s in Fort Wayne for $1.2 million. Located at 10112 Maysville Road, the building serves as an outparcel to a Walmart Supercenter. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based partnership. A Southeast-based buyer purchased the asset. The cap rate of 4.58 percent represents a record-setting low cap rate for an Arby’s-leased property, according to Boulder.
TEMPE, ARIZ. — A joint venture between FCP and Tides Equities has purchased Solara at Mill Avenue, a multifamily community in Tempe. An undisclosed seller sold the asset for $77 million. Solara at Mill Avenue features 515 apartments in a mix of one- and two-bedroom layouts with updated kitchens, new cabinets, quartz countertops, wood-style flooring and large windows. Community amenities include a clubhouse, covered parking, dog park, fire pit, event lawn, swimming pool and 24-hour parcel/package concierge. Matt Pesch of CBRE brokered the transaction. Solara at Mill Avenue is adjacent to Tides at South Tempe, which the joint venture acquired in June.
HARVEY AND GRETNA, LA. — Berkadia has arranged acquisition debt and equity for Waterchase Apartments and Whitney Manor, two multifamily communities built in 1975 in metro New Orleans. One Real Estate Investment (OREI) acquired the properties, which are situated three miles from each other and roughly six miles south of downtown New Orleans. Mitch Sinberg and Brad Williamson of Berkadia originated acquisition loans through Freddie Mac’s Green Advantage program on behalf of OREI, which acquired Waterchase for $31.1 million and Whitney Manor for $14.6 million. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia sourced the undisclosed equity partner. The $23.3 million acquisition loan for Waterchase features a 10-year term with a fixed interest rate and four years of interest-only payments. The $10.9 million acquisition loan for Whitney Manor offers a 10-year term with a fixed interest rate and three years of interest-only payments. Waterchase features two- and three-story buildings offering one- and two-bedroom floor plans. The property is situated at 1013 Manhattan Blvd., in Harvey. Units range from 858 to 1,192 square feet. Communal amenities include a two-story community room, two swimming pools, two laundry facilities, breakfast/coffee concierge, courtyard, fitness center and a business center. Whitney Manor is located …
HINSDALE, ILL. — MedProperties Group has sold Salt Creek Medical Campus in Hinsdale, about 20 miles west of Chicago. The sales price was undisclosed. The four-building medical office portfolio spans 156,660 square feet. The properties are 88 percent leased to a variety of healthcare providers, including the Hinsdale Surgical Center. MedProperties originally acquired 12 Salt Creek Lane, 907 Elm Street and 901 Elm Street in 2012 and 2013 and made significant capital improvements to the buildings over the last several years. The seller developed 8 Salt Creek Lane in 2016 as a build-to-suit for Edward-Elmhurst Health. Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE represented the seller. The buyer was undisclosed.
CHICAGO — Marcus & Millichap has brokered the sale of a 31,120-square-foot office building occupied by the State of Illinois Department of Human Services (IDHS) for $4.2 million. The property is located at 915 E. 63rd St. in Chicago. IDHS has operated at the location for 27 years. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a fund manager. The team also secured the buyer, a private investor.
BIG SPRING, TEXAS — Marcus & Millichap has brokered the sale of AAA Mini Storage, a 365-unit self-storage facility in Big Spring, located outside of Midland in West Texas. The property is situated on 6.2 acres and spans 73,116 square feet. Sean Delaney, Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a Chicago-based private investor, in the transaction. The buyer was a fund manager that owns self-storage properties in 12 states.
DALLAS — Colliers International has arranged the sale of Bonita Gardens, a 138-unit apartment community located at 3410 Fordham Road on the south side of Dallas. The garden-style community was built on 3.7 acres in 1976 and renovated in 2011. Units range in size from 661 to 762 square feet. Mark Allen and Courtland Charles of Colliers represented the undisclosed seller in the transaction. A Dallas-based buyer acquired the asset in an all-cash transaction.
LEWISVILLE, TEXAS — Chicago-based Walz Capital has acquired an 11,792-square-foot medical office building in the northern Dallas suburb of Lewisville. The property is located two blocks from Medical City Lewisville and was fully occupied at the time of sale. Walz Capital acquired the property in a sale-leaseback transaction. Robert Chavez of Alta Vista Realty represented the tenant and seller, North Texas OBGYN & Associates, in the deal.