TWIN FALLS, IDAHO — Geronimo has completed the sale of Canyon Park East and Canyon Park West, a two-property retail asset located in Twin Falls. Wood Investments Cos. acquired the asset for $50.9 million. Located at 2068 Bridgeview Blvd. and 1945 Fillmore St., the properties were 100 percent leased at the time of sale. Current tenants include Ross Dress for Less, Ulta Beauty, Bed Bath & Beyond, Petco, Dick’s Sporting Goods, HomeGoods, TJ Maxx, Best Buy, Michaels, Sportsman’s Warehouse and Famous Footwear. Paul Sleeth, Billy Sleeth and Patrick Allen of Newmark Knight Frank represented the seller in the deal.
GOLETA, CALIF. — Agoura Hills, Calif.-based Majestic Asset Management has purchased two office and R&D buildings situated on adjacent parcels in Goleta. An undisclosed seller sold the asset for $24.2 million. Located at 125 and 175 Cremona Drive, the buildings offer a total of 133,299 square feet of space situated on 8.17 acres. Medtronic occupies 125 Cremona Drive, but will vacate the 82,132-square-foot building in February. Resonant, Surgical Eye Expeditions International and Ricardo Defense are tenants at the 51,167-square-foot property at 175 Cremona Drive. Francois DeJohn and Steve Hayes of Hayes Commercial Group represented all parties in the sale transaction.
REDMOND, WASH. — Bell Partners, on behalf of its Fund VII investors, has acquired Alexan Marymoor, an apartment community in Redmond, for an undisclosed price. The buyer plans to rename the property Bell Marymoor Park, as well as manage it. Built in 2019, Bell Marymoor Park features 222 apartments with stainless steel appliances, vinyl-plank flooring, quartz countertops, tile backsplashes and in-unit washers and dryers. Community amenities include a rooftop treehouse with grilling stations, a bar, fireplace and sun-nooks; an arboretum; a bike repair station and storage; a conference center; and a fitness center. This is Bell Partners’ second acquisition in the Seattle metro area, following the purchase of Bell Overlake in September 2019.
SUN CITY, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of The Woodmark at Sun City, a 132-unit assisted living and memory care community located Sun City, an unincorporated municipality in metro Phoenix. A publicly traded REIT sold the property to an undisclosed buyer, which plans to install a privately owned, Southern California-based operator. The price was not disclosed. Built in 2000, The Woodmark at Sun City is a two-building campus in a residential area of the Salt River Valley. Ben Firestone, Michael Segal, Alex Florea and Amy Sitzman of Blueprint handled the sale.
SAN ANTONIO — Dornin Investment Group has sold the Parkway Plaza office park in San Antonio’s North Central submarket. A private investor based in Texas purchased the single-story buildings for an undisclosed amount. Situated on 13.7 acres, the 189,390-square-foot property was 91 percent leased at the time of sale. Todd Mills of Cushman & Wakefield represented Dornin Investment Group in the sale.
IRVING, TEXAS — Marcus & Millichap has arranged the sale of Walnut Hill Business Park II, a 28,339-square-foot industrial building located at 1600 Corporate Court in Irving. Built in 1982, the property is situated on two acres about 13 miles west of Dallas. The buyer and seller were both private investors. Adam Abushagur of Marcus & Millichap represented the seller and procured the buyer in the transaction.
CONROE, TEXAS — American Furniture Warehouse (AFW) has purchased 30 acres of land at Interstate 45 and River Plantation Drive in Conroe, about 40 miles north of Houston. AFW plans to build a mega store at the site spanning 443,375 square feet. The store will include 150,000 square feet of showroom space and 293,375 square feet of warehouse/storage for merchandise. This will be the third AFW location in the metro Houston area, joining a recently opened store in Webster spanning 355,000 square feet and a 500,000-square-foot store coming to Katy in April. Ben Brown of Baker Katz, a partner firm of X Team International, represented AFW in the land acquisition. Mark Terpstra of Caldwell Cos. represented the seller, Gross Land Fund I LP.
PLANO, TEXAS — Cawley Partners, an office real estate investment and development firm based in Dallas, has purchased 5501 Headquarters, a three-story, 169,179-square-foot office building in Plano’s Legacy submarket. Situated near the Dallas North Tollway, the office serves as the corporate headquarters of Rent-A-Center, a rent-to-own furniture and electronics retailer. Rent-A-Center sold the asset to Cawley Partners for an undisclosed price and will remain in roughly 60 percent of the building on the east side. About 70,000 square feet of office space is coming available at 5501 Headquarters in April. Cawley Partners plans to modernize the 2007-era property for multiple tenants. Updates are planned for the lobby, restrooms, fitness center and conference rooms, and Cawley Partners plans to add an upscale convenience market and tenant lounge. Additionally the land off Headquarters Drive has future development opportunities, according to Cawley Partners.
AUSTIN, TEXAS — Stonelake Capital Partners has closed on the purchase of an 18-building industrial portfolio in Austin totaling nearly 530,000 square feet. The seller was the McWane Family of Cos., an iron products manufacturer based in Birmingham, Ala. Stonelake Capital purchased the portfolio for an undisclosed price in an off-market transaction via its Stonelake Opportunity Partners V LP fund. Stonelake Capital is now one of the largest industrial landlords in Austin, with a 25-building portfolio spanning more than 850,000 square feet. Travis Eickenhorst and Cole Wilson lead the company’s Austin investment strategy.
ROCKLEDGE, FLA. — Baltimore-based Continental Realty Corp. (CRC) has sold Polo Glen Apartments, a 252-unit multifamily community, to an undisclosed buyer for $55.3 million. Located at 3603 Middleburg Lane in Rockledge, Polo Glen is situated on the Space Coast near Cocoa Beach. Scott Ramey and Patrick Dufour of Newmark Knight Frank’s Multifamily Capital Markets team represented CRC in the transaction. Constructed in 2008, the complex offers one-, two- and three-bedroom floor plans. CRC acquired Polo Glen in 2016 for $38 million from Atlanta-based Pollack Shores Real Estate Group. CRC implemented capital improvements during its ownership, including painting the community exterior and renovating interior units, the clubhouse, leasing office, business center and fitness center, which now features a Peloton bike studio.