DALLAS — Locally based investment firm Mohr Capital has purchased a 200,000-square-foot office building located at 4851 LBJ Freeway in Dallas for $34.5 million The 12-story building was 90 percent leased at the time of sale. Rodrigo Godoi and Kyle Campbell represented Mohr Capital, which will implement $2 million in capital improvements to the property, on an internal basis. Gary Carr, John Alvarado and Robert Hill of Newmark Knight Frank represented the undisclosed seller.
NEW YORK CITY — Rosewood Realty Group has arranged the $5.4 million sale of a 17-unit multifamily building in Manhattan. The 7,986-square-foot property is located at 336 E. 82nd St. and was completed in 1920. At the time of sale, 15 of the 17 units were vacant. Ryan Lai of Rosewood represented the buyer, Bettina Equities, in the transaction. Jack Zalta, also of Rosewood, represented the seller, Townhouse Management.
WILKES-BARRE, PENN. — Marcus & Millichap has brokered the $2.6 million sale of Verizon & FedEx Strip Centers, a 9,306-square-foot retail strip center in Wilkes-Barre, a city in northeastern Pennsylvania. The strip is located at 940-46 Schechter Drive and was 100 percent leased at the time of sale. Derrick Dougherty and Mark Krantz of Marcus & Millichap represented the seller and secured the buyer. Both parties were limited liability companies that requested anonymity.
TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of West Sixth, a core-plus, condo-quality student housing community located steps from Arizona State University in Tempe. An undisclosed buyer acquired the asset for $123 million. Peter Katz, Steve Gebing and Cliff David of IPA represented the undisclosed seller and procured the buyer in the transaction. Completed in 2011, the two-tower West Sixth features 375 units, totaling 625 beds, with floor-to-ceiling windows and resort-style amenities. The property has reached at or near full occupancy every year since its 2011 opening. Currently, the asset is 98 percent occupied and 88 percent pre-leased for the upcoming school year.
WESTERVILLE, OHIO — Arch Street Capital Advisors and VEREIT (NYSE: VER) have acquired DHL Supply Chain’s North American headquarters in Westerville, a northeastern suburb of Columbus. The purchase price was undisclosed. The newly completed, build-to-suit office building spans 145,000 square feet and is located within Westar Place Business Park. The acquisition is part of Arch Street and VEREIT’s partnership focused on the acquisition of long-term leased, single-tenant office assets.
ELKHART, IND. — SVN Chicago Commercial has brokered the sale of Concord Shopping Center in Elkhart for $8 million. The 601,205-square-foot property is located at 3701 S. Main St. and is 54 percent occupied. Some of the tenants include Chase, Claire’s, GNC, Hobby Lobby, JC Penney, Jo-Ann Fabrics and Spencer’s Gifts. Tim Franz and Matt McParland of SVN represented the undisclosed seller.
COLORADO SPRINGS, COLO. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has completed the disposition of Watermark on Union, a Class A apartment property located in the master-planned community of Briargate in northern Colorado Springs. California-based NALS Apartment Homes purchased the asset for an undisclosed price. Located at 9915 N. Union Blvd., Watermark on Union features 244 apartments with nine- to 12-foot ceilings, walk-in closets, full-size washers and dryers, stainless steel appliances, granite countertops, personal balconies or patios, and detached garages in select units. Community amenities include a resort-style pool with cabanas, fully equipped clubhouse, outdoor fire pit area, dog park and 24-hour fitness center. Kevin McKenna and Saul Levy of Newmark Knight Frank Multifamily represented the seller in the deal.
GOODYEAR, ARIZ. — A fund sponsored by CBRE Global Investors has purchased a fully leased, built-to-suit distribution facility located at 14000 W. Grant St. in Goodyear, a suburb west of Phoenix. Terms of the transaction, including the name of the seller and acquisition price, were not released. Completed in 2019, the last-mile asset features 115,280 square feet of industrial space, 32-foot clear heights, private office space, 135-foot truck courts, 52-foot by 55-foot column spacing, LED lighting, an air-conditioned warehouse and ESFR sprinklers. As part of this transaction, the fund also acquired a fully leased, 115,280-square-foot industrial asset located at 1224 S. Orange Blossom Trail in Orlando.
PLEASANTON, CALIF. — JLL Capital Markets has arranged the $248 million sale of Park Hacienda, a 540-unit apartment community within the Hacienda Business Park in Pleasanton, about 30 miles north of San Jose. Equity Residential (NYSE: EQR) sold the property to Acacia Capital Corp. The garden-style community is situated on 24 acres at 5650 Owens Drive. Originally completed in 2000, the property has been partially renovated and features one-, two- and three-bedroom floor plans averaging 998 square feet. Renovated units feature stainless-steel appliances, full-size washers and dryers, and personal patios with storage. Community amenities include two swimming pools, a fitness center, covered parking and direct public park access. Scott Bales, Peter Yorck, Nolan Moore and Max Machiorlette of JLL represented the seller. The sales price of $459,000 per unit makes it one of the largest single-asset, value-add, multifamily sales in Bay Area history, according to JLL. Chicago-based Equity Residential is a publicly traded real estate investment trust focused on the acquisition, development and management of rental apartment properties. The company owns or has investments in 309 properties consisting of 79,962 units, primarily located in Boston, New York, Washington D.C., Seattle, San Francisco, Southern California and Denver. Equity’s stock price closed …
DOUGLASVILLE AND AUSTELL, GA. — FCP has acquired a 652-unit multifamily portfolio comprising Place at Midway and Stewart’s Mill in Douglasville and Forest Glen in Austell for $71.7 million. The 200-unit Place at Midway is located at 2281 Midway Road, 21 miles west of downtown Atlanta. The 188-unit Stewart’s Mill is situated at 3421 W. Stewart Mill Road, about six miles from Place at Midway. Forest Glen offers 264 units at 4236 Austell Road, 18 miles northwest of downtown Atlanta. FCP has hired Pinnacle to manage the three communities, bringing the total FCP-owned units that Pinnacle manages to 8,566 units. FCP owns 14 properties comprising 2,810 units in metro Atlanta. Nathan Swenson of Cushman & Wakefield represented the undisclosed seller in the transaction. FCP will assume the existing Fannie Mae loans at each property.