SPRING, TEXAS — The J. Beard Real Estate Co. has arranged the sale of Legends Sports Complex, a 100,000-square-foot commercial property located at 602 Pruitt Road in the northern Houston suburb of Spring. The asset was built in 2007 on 14.8 acres. Jeff Beard of The J. Beard Real Estate Co. represented the seller, Caduceus Management, in the transaction. Kevin Barr of Mohr Partners represented the buyer, Church Project, which will use the property as its new headquarters.
ARLINGTON, TEXAS — SkyWalker Property Partners has acquired a 67,161-square-foot office and warehouse asset located at 14211 Industry St. in Arlington in a sale-leaseback deal. The seller and tenant, AMACS Process Tower Internals, a provider of process towers and vessels for the industrial and energy sectors, has signed a 15-year lease. The property was built in 1968 and has been expanded over the years. Clint Holland and Gary Walker of SkyWalker handled the acquisition on an internal basis. Zane Marcell of JLL represented AMACS.
MESA, ARIZ. — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of Country Club Verandas, a multifamily property located along Country Club Drive in Mesa. Weidner Apartment Homes sold the asset to Bridge Investment Group for $49.6 million, or $142,529 per unit. Constructed in 1985, Country Club Verandas features 348 apartments and a swimming pool on a 13-acre site. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.
SARASOTA, FLA. — A joint venture between Feldman Equities LLC, Tower Realty Partners and Equity Street has acquired Sarasota City Center, a two-building, 247,947-square-foot office complex located at 1819 Main St. in downtown Sarasota. The complex was 82 percent leased at the time of sale. The buyers plan to renovate and lease-up the property over the next two years. Equity Street will finance an undisclosed amount for the acquisition. Bryan Clark and Daniel Pinkus of JLL arranged financing through NXT Capital on behalf of the joint venture for the acquisition and renovation plans. The asset comprises the 13-story North Tower, the three-story South Tower and a six-story parking garage with 611 spaces. The property features green floor-to-ceiling reflective glass, a tenant lounge, onsite restaurant, fitness center, hair salon and spa, shoe repair and landscaped courtyard with tables and chairs. Sarasota City Center was delivered in 1989 and renovated most recently in 2018. Hermen Rodriguez, Ike Ojala and Matthew McCormack of JLL represented the seller, The Dilweg Cos., in the transaction.
LEXINGTON, KY. — Monument Capital Management has purchased Triple Crown at Tates Creek, a 228-unit multifamily community in Lexington. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, fitness center, playground, barbecues with outdoor dining and a dog walk area. The complex was built in 1974 and is situated at 3501 Pimlico Parkway, five miles south of downtown Lexington. The buyer, an affiliate of the Alex Rodriguez-led A-Rod Corp., plans to upgrade each unit. Brad Williamson and Wesley Moczul of Berkadia arranged a three-year, floating-rate, interest-only acquisition loan through an undisclosed life insurance company. The sales price and seller were not disclosed.
CHARLOTTE, N.C. — JLL has arranged the sale of a vacant, 67,949-square-foot office building in Charlotte’s Montclaire South neighborhood. Little Architecture occupied the space through 2019. Originally built in 1984 and renovated in 1996, the building is situated at 5815 Westpark Drive, seven miles south of downtown Charlotte. The buyer, Conshohocken, Pa.-based Exeter Property Group, plans to renovate the two-story building. Plans include outdoor common areas, building automation systems and a complete exterior reskin, offering expanded glass window lines and a modern curb-appeal. The project is expected to deliver and be ready for occupancy by the end of this year. Chris Lingerfelt, Zack Drozda and Ryan Clutter of JLL represented the undisclosed seller in the transaction. Fred Knapp internally represented the buyer. The sales price and expected costs for the renovation were not disclosed.
RICHMOND, VA. — SRS Real Estate Partners’ National Net Lease Group has negotiated the $4 million sale of a single-tenant building in Richmond net leased to 7-Eleven. The 2,956-square-foot building is situated on 1.2 acres at 5201 Chamberlayne Ave., five miles north of downtown Richmond. The seller, an undisclosed developer based in Richmond, delivered the asset in late 2019. There is a 15-year, corporate-guaranteed lease in place with 7-Eleven Inc. Frank Rogers and Michael Carter of SRS represented the seller in the transaction. Gardner King of Dominion Commercial represented the undisclosed buyer, which was completing a 1031 exchange.
WHITE PLAINS, N.Y. — A joint venture between Jack Sitt Real Estate LLC and GII LLC, a UAE-based financial service firm, has acquired Grand Street Plaza, an office property located northeast of New York City in White Plains. The sales price for the 217,628-square-foot, two-building property was $42.5 million. Located at 140 and 150 Grand St., the Class A property was 90 percent leased at the time of sale, primarily to government- and law-related tenants. Jeffrey Dunne, Steven Bardsley and Jeremy Neuer led a CBRE team that represented the seller, an a fund managed by Westport Capital Partners LLC, in the transaction. The team also procured the the joint venture as the buyer.
MONROE, WIS. — SRS Real Estate Partners has arranged the $2.1 million sale of a 6,804-square-foot property occupied by Fresenius Kidney Care in Monroe in southern Wisconsin. The facility is located at 120 W. 7th St. Fresenius is a national provider of dialysis treatment and resources. Frank Rogers and Michael Carter of SRS represented the seller, a Midwest-based developer. The team also represented the buyer, a California-based investor completing a 1031 tax-deferred exchange.
WEST BERLIN, N.J. — Colliers International has negotiated the $16 million sale of a 21-building industrial portfolio in West Berlin, a southeastern suburb of Philadelphia. The portfolio totals 241,410 square feet and includes the 16-building Bloomfield Business Park and five buildings in Commerce Lane Business Park. The Bloom Organization developed Bloomfield Business Park in the late 1980s and early 90s in several phases. The portfolio housed 55 tenants and was 98 percent leased at the time of sale. Tenants included United Refrigeration, Cooper Electric and Ewing Irrigation & Landscape Supply. Ian Richman and Marc Isdaner of Colliers represented the undisclosed seller(s) in the transaction. Michael Brown Sr. represented the buyer, Industrial Investments Inc., on an internal basis.