NORTHLAKE, TEXAS — Henry S. Miller Brokerage has arranged the sale of a 14,023-square-foot office and warehouse property located at 4325 Dale Earnhardt Way in Northlake, a suburb of Fort Worth. The property was built on four acres in 2016. Chad Montgomery and Dan Spika of Henry S. Miller represented the buyer, investor Bruce Long, in the transaction. Chuck Horton of The Michael Group Real Estate represented the seller, 13415 Cleveland Gibbs LLC.
PHILADELPHIA — Rittenhouse Realty Advisors has sold a nine-property student housing portfolio near Temple University in North Philadelphia for $23.7 million. The portfolio comprises 92 units totaling 253 beds. All of the properties in the portfolio were constructed within the last five years, and the majority are two- or three-bedroom units. At the time of sale, the portfolio was 100 percent occupied for the 2019 to 2020 school year. The buyer was undisclosed.
SANTA FE SPRINGS, CALIF. — SRS Real Estate Partners has arranged the sale of Santa Fe Springs Promenade, a shopping center in Santa Fe Springs. An Orange County, Calif.-based private partnership sold the property to a Los Angeles-based private investor for $32 million. Situated on 8.2 acres at 11452-11568 Telegraph Road, the 111,925-square-foot shopping center was built in phases from 1953 to 1986. At the time of sale, Santa Fe Springs Promenade was 80 percent occupied by a variety of tenants, including 99 Cents Only, AutoZone, Bank of America, Starbucks Coffee and Jersey Mike’s Subs. Chris Tramontano and John Redfield of SRS’ Investment Properties Group, along with WindWater Real Estate, represented the seller. Tanel Harunzade of Kidder Mathews represented the 1031 exchange buyer.
TOLEDO, OHIO — Welltower (NYSE: WELL) has agreed to sell a portfolio of seniors housing properties in California, Nevada and Washington for more than $740 million. The announcement was made on the company’s fourth-quarter earnings call on Wednesday, Feb. 12. Very few details have been released, however, with Welltower not disclosing the names, locations, buyers or number of properties. The portfolio was 97 percent occupied with a net operating income of $36.7 million in 2019.
SEATTLE — Digital Realty, a global provider of data center, colocation and interconnection solutions, has reached an agreement with Clise Properties to purchase 49 percent ownership interest in the Westin Building Exchange in Seattle. Terms of the transaction were not released. The Westin Building Exchange serves as an interconnection hub for the Pacific Northwest, linking Canada, Alaska and Asia along the Pacific Rim. The 34-story tower is home to global cloud, content and interconnection providers, housing more than 150 carriers and over 10,000 cross-connects. The property is adjacent to Amazon’s 4.1 million-square-foot urban campus and overlooks Elliott Bay, as well as the downtown Seattle skyline. The transaction is subject to customary closing conditions and is expected to close in the first half of 2020. Upon closing, Digital Realty will assume management and operational oversight for the facility.
RANCHO CUCAMONGA, CALIF. — Chavez & Associates has arranged the sale of Cartilla Avenue, an industrial/flex building located at 7945 Cartilla Ave. in Rancho Cucamonga. Amir Jacoby acquired the property from West Covina, Calif.-based TDS Kids for a total consideration of $4.7 million, or $197.92 per square foot. Built in 1973 and upgraded in 2016, the property features 24,000 square feet of medical, retail, service, office and R&D space. Zoned industrial park, the building is designed to allow for single or multi-tenant use. The property features 18-foot ceilings, four drive-in doors and abundant parking. At the time of sale, two tenants fully occupied the property. Jumping Jacks occupies 20,000 square feet, and Lexxiom Inc. occupies 4,000 square feet. Eric Chavez of Chavez & Associates REBF represented the seller, while Spectrum Commercial Real Estate represented the buyer in the deal.
SANTA CLARA, CALIF. — Shorenstein Properties LLC, an investment firm with offices in New York and San Francisco, has sold Santa Clara Towers, a 445,000-square-foot office complex. An affiliate of Hines purchased the property for approximately $195 million, according to The Mercury News, which covers the Bay Area. Santa Clara Towers comprises two 11-story buildings that are situated along U.S. Highway 101 in the Golden Triangle submarket of Santa Clara. The properties were built in 1986 and 1998. Shorenstein acquired the assets through a deed in lieu of a foreclosure transaction in 2010. Following the acquisition, Shorenstein introduced a number of capital improvements, including a full lobby renovation in Tower II. Amenities at Santa Clara Towers now include a fitness center, indoor pool and onsite restaurant. The property also offers proximity to a number of hotels, universities and the San Jose International Airport. Both buildings are LEED Gold certified. “I am confident that under new ownership, Santa Clara Towers will continue to attract a diverse mix of tenants who seek a Class A office experience in the heart of Silicon Valley,” said Jed Brush, senior vice president at Shorenstein. Russell Ingrum, Joe Moriarty, Scott Prosser and Jack DePuy of CBRE brokered the sale on behalf …
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Right Move Storage, a 1,070-unit, climate-controlled self-storage facility in Fort Worth. The site previously housed a two-story retail property occupied by Macy’s within Ridgmar Mall and was converted in 2019 into a self-storage facility spanning 126,985 square feet. Dave Knobler, Charles LeClaire, Danny Cunningham and Brandon Karr of Marcus & Millichap represented the undisclosed seller in the transaction. The team also procured the buyer, Colorado-based Spartan Investment Group.
UVALDE, TEXAS — Berkadia has arranged the sale of Brownstone Uvalde, a 152-unit apartment community located in the South Texas city of Uvalde. Built in 2012, the property features one-, two- and three-bedroom units with hardwood floors, walk-in closets, breakfast bars and private patios or balconies. Amenities include a pool, fitness center, business center, media lounge, clubhouse and dog park. Will Caruth and Cody Courtney of Berkadia represented the seller, Colorado-based Interurban Cos., in the transaction. The buyer was 3CM Multifamily.
WINSTON-SALEM, N.C. — Magnolia Partners has acquired 370 and 380 Knollwood, a two-building, 250,049-square-foot office building campus in Winston-Salem. Krispy Kreme Doughnut Corp. fully occupies 370 Knollwood, while tenants such as Bank of America/Merrill Lynch, Allman Spry Davis Leggett & Crumpler and Nelson Mullins law firm occupy 380 Knollwood. Onsite amenities include ground-level retail, full-service restaurants, an attached parking deck, vending services, security patrol and an energy management system. The CBRE|Raleigh and CBRE|Triad team of Ben Kilgore, Greg Wilson, Will Henderson, Chandler Hawkins and Leslie Holmes represented the undisclosed seller in the transaction. Winston-Salem-based Magnolia Partners purchased the portfolio for an undisclosed price.