COLUMBUS, OHIO — Brad Kitchen of Alterra Real Estate Advisors has acquired a five-story, 86,524-square-foot office building known as 3 Easton Oval in Columbus for $6.5 million. M/I Homes sold the property and had owned and operated it since 1995. M/I plans to vacate the building this spring. Alterra plans to undertake a renovation of the property that will include an update of the lobby and tenant spaces. Kevin Serna of Liberty National Bank originated acquisition financing.
GRAIN VALLEY, MO. — Newmark Grubb Zimmer has arranged the sale of a 36-unit multifamily property in Grain Valley, an eastern suburb of Kansas City. The sales price was undisclosed. The property, located on Barr Road, was fully occupied at the time of sale. Chris Robertson and Trenton Wahl of Newmark Grubb Zimmer brokered the transaction. T&T Real Estate LLC sold the asset to a Utah-based investor.
ARLINGTON, TEXAS — Berkadia has provided an $18.5 million acquisition loan for Mercer Park Apartments, a garden-style apartment community located at 2014 Remington Drive in Arlington. The 12-year Freddie Mac loan features a 30-year amortization schedule and four years of interest-only payments. Josh Finley of Berkadia’s Atlanta office originated the loan on behalf of the borrower, Texas-based Mercer Park Apartments EB LP. The previous owner was not disclosed. Mercer Park Apartments features one- and two-bedroom floor plans, as well as a swimming pool, playground, laundry facilities, outdoor grilling area, clubhouse and assigned parking.
AUSTIN, TEXAS — ECR has arranged the sale of a 117,000-square-foot office property located on 27 acres at 7211 Circle S. Road in south Austin. David Dawkins of ECR represented the seller, Commemorative Brands Inc., parent company of class ring manufacturer Balfour, in the transaction. David Stojanik of The Kucera Cos. also represented Commemorative Brands in the sale. Dani Tristan of McAllister & Associates represented the undisclosed buyer.
RICHARDSON, TEXAS — BH Properties has purchased a vacant, four-story office building in Richardson, the second investment in the Dallas-Fort Worth market in the past 24 months for the Los Angeles-based company. Built in 1991, the property is located at 2021 Lakeside Blvd. and spans 60,000 square feet. Mac Morse of Citadel Partners, along with BH’s Scott Henry, represented the buyer in the transaction. Jeff Wood of JLL represented the undisclosed seller. Chuck Sellers of Avison Young will handle the property’s leasing assignment. BH Properties specializes in the acquisition and repositioning of distressed office, industrial and retail assets in California, Arizona and Texas. The firm’s Texas portfolio totals more than 2 million square feet.
PHOENIX — A local private investor has completed the disposition of Revival on Thomas, a multifamily property located in Phoenix. An out-of-state buyer acquired the property for $21 million, or $135,484 per unit. Located at 5008 E. Thomas Road, Revival on Thomas features 155 units in a mix of studio, one- and two-bedroom layouts with updated electric kitchens, individual water heaters, air conditioning, ceiling fans and walk-in closets. Built in 1979, the property was renovated in 2018. Community amenities include a new security gate, covered parking, a leasing office with adjoining fitness center and a resort-style pool and spa. Rich Butler of Marcus & Millichap’s Phoenix office represented the seller in the transaction.
TEMPE, ARIZ. — Jabbel Holdings has purchased The Groves, a shopping center in Tempe, for $18.5 million. The name of the seller was not released. Situated at the northeast corner of Priest Drive and Elliot Road, the 169,606-square-foot property was 91 percent leased at the time of sale. Current tenants include Walmart, Ross Dress for Less, PetSmart, Staples, Bob’s Discount Furniture, Beall’s Outlet and Dollar Tree. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office represented the seller in the transaction.
ESCONDIDO, Calif. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Las Villas Del Norte, a 185-unit assisted living and memory care community in Escondido. A publicly traded REIT sold the property for an undisclosed price. The buyer was a locally based and privately held real estate investment firm with experience repurposing senior care properties. Constructed in 1986 with an expansion completed in 2006, Las Villas Del Norte is situated in an affluent submarket north of San Diego. The community had initially offered a wider spectrum of senior care including independent living and a dedicated wing for skilled nursing and long-term care. Following the campus addition of the independent living building, it was eventually converted to house high-acuity assisted living residents. As community management underwent several corporate-level changes, operational performance suffered, leading to the closure of the skilled nursing wing as new management focused on a lower acuity product. During the marketing process, Blueprint highlighted the value-add proposition of repurposing specific areas of the community to reset Las Villas Del Norte’s care levels to a mix of independent living, assisted living and memory care. By strategically reconverting the former high acuity assisted living building back to independent living …
BELLEVUE, WASH. — Invesco Real Estate has acquired Bravern Office Commons, two Class A office buildings within the Bravern mixed-use development in Bellevue, about 10 miles east of Seattle. A joint venture between Principal Real Estate and PNC Realty sold the office properties, which are fully leased to Microsoft Corp. The purchase price was $585 million, according to several media reports. The office component of Bravern includes 749,694 square feet of space and a seven-level, subterranean parking garage with 3,134 stalls. Bravern Office Commons sits atop 305,000 square feet of retail space, which is adjacent to 455 luxury apartments. Built in 2009, the office asset includes a 12-story, 255,171-square-foot building located at 688 NE 110th Ave. and a 23-story, 494,523-square-foot building located at 11025 NE Eighth St. “The Bellevue central business district is a well-established and highly amenitized office submarket, which has become one of the most sought-after locations for technology tenants in not only greater Seattle but the entire country,” says Chris Cole, senior director of transactions at Invesco Real Estate. Kevin Shannon, Nick Kucha, Michael Moll, Ken White, Rob Hannan, Tim O’Keefe and Alex Foshay of Newmark Knight Frank (NKF) represented the seller, while Invesco was self-represented in …
YORK, PA. — ROCK Commercial Real Estate has brokered the sale of a 14,138-square-foot industrial property in York, a southern suburb of Harrisburg. Located at 258 West Philadelphia St. at the site of a former steel fabrication facility, the single-tenant building was completed in 1953 and features a 12-foot ceiling height and close access to State Route 30. Ted Turnbull, Jason Turnbull and Kevin Hodge of ROCK Commercial represented the seller, Scott Real Estate Enterprises LLC. The team also procured the buyer, Trombo Enterprises LLC. The sales price was undisclosed.
