HOUSTON — LaSalle Investment Management has acquired an equity stake in CityWest, a four-building, 1.5 million-square-foot office campus in West Houston. The percentage was not disclosed. CityWest was purpose-built for BMC Software as a 39-acre corporate headquarters campus near the intersection of I-10 and Beltway 8 and was 98 percent leased at the time of the recapitalization. The property offers amenities such as a recently renovated fitness center, basketball court, multiple dining venues and outdoor gathering areas. LaSalle acquired the stake a joint venture with investment firm 3Edgewood.
KELLER, TEXAS — Lee & Associates has brokered the sale of a 22,000-square-foot industrial building in Keller, a northern suburb of Fort Worth. The two-building complex is located at 5758-5750 Park Vista Circle and includes office space. Jeremy Mojica of Lee & Associates represented the undisclosed seller in the transaction. The buyer was Sail Holdings.
PLANO, TEXAS — Local brokerage firm STRIVE has arranged the sale of a small-bay industrial property in Plano. According to LoopNet Inc., the building at 4400 Tradition Trail was completed in 2022 and features 24-foot clear heights. Bryan Meyer of STRIVE represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
LOUISVILLE, KY. — Kimco Realty has purchased two grocery-anchored shopping centers in Louisville’s East End neighborhood for a combined $295 million. The New York-based owner-operator acquired the properties, the 351,000-square-foot Paddock Shops and the 390,000-square-foot Shelbyville Road Plaza, using 1031 exchange proceeds from dispositions made earlier in the year. The sellers were not released, but Louisville Business First reported that Hagan Properties was the previous owner of Shelbyville Road Plaza and a joint venture between CBRE Strategic Partners U.S. Value 9 and Fairbourne Properties purchased Paddock Shops in 2023. Paddock Shops was 94 percent leased at the time of sale to tenants including The Fresh Market, REI, Total Wine & More, Pottery Barn and Ulta Beauty. Shelbyville Road Plaza was 92 percent leased at the time of sale to tenants including Trader Joe’s, Nordstrom Rack, Burlington, Ross Dress for Less and Old Navy. Kimco Realty now owns three grocery-anchored shopping centers in Louisville totaling 911,000 square feet. The company also owns Festival at Jefferson Court, a Kroger-anchored center near Jefferson Mall.
CHARLOTTE, N.C. — Comstock Holding Cos. has entered into a purchase agreement to acquire The Ascher, a 672-unit apartment property in Uptown Charlotte. The current owner and sales price were not released. Built in 2016, The Ascher comprises two 24-story towers housing studio, one-, two- and three-bedroom apartments. Amenities include 13,000 square feet of ground-floor retail space, a controlled-access parking garage with 900 spaces and a shared rooftop courtyard on the sixth level with pickleball courts, a fenced dog park, putting green, grilling area and café seating. Each tower also features its own clubhouse, rooftop pool, sky terrace and fitness center. Under the purchase agreement, Comstock and an unnamed institutional partner have completed transaction due diligence for The Ascher and entered into an expense sharing agreement, with each party covering transaction expenses on a pari passu basis (i.e. equal footing).
FRANKLIN, TENN. — Lincoln Property Co. has advised on the acquisition of Southside at McEwen, a 92,470-square-foot shopping center in Franklin, a southern suburb of Nashville. Built in 2012, Whole Foods Market anchors the center, which is situated in metro Nashville’s Cool Springs district. The store is the most trafficked Whole Foods in Tennessee and in the Southeast outside of Florida, according to Lincoln. Other tenants at Southside at McEwen include lululemon, BrickTop’s, Flower Child and Solidcore. Lincoln served as investment advisor to the buyer, a high-net-worth family office completing a 1031 exchange. The seller and sales price were also not disclosed.
EVERETT, WASH. — Seattle-based Timberlane Partners, in partnership with New York-based EOS Residential Investors, has purchased Canopy Apartments, a multifamily community located at 923 112th St. S.W. in Everett, for $82.7 million. The name of the seller was not released. Canopy is the sixth acquisition through Timberlane Acquisition Fund II and follows the firm’s $37 million purchase of Vista Ridge Apartments in Issaquah, Wash., in August. Built in two phases in 1989 and 1991, Canopy includes 20 residential buildings and two clubhouses across approximately 15.9 acres. The community’s 336 residences include 91 one-bedroom, 169 two-bedroom and 76 three-bedroom units, with an average size of 878 square feet. Of the residences, 245 units have been fully renovated with improvements including luxury vinyl plank flooring, quartz countertops, tile backsplashes, stainless steel appliances and new cabinetry. Additionally, another 90 units have received renovated kitchens. Community amenities include a renovated resort-style swimming pool, fitness center, community lounge and kitchen, a game room, outdoor gathering areas and a dog park. Avenue5 Residential will handle property management services for the asset. Timberlane will focus on staffing, leasing and operating efficiencies.
SALT CITY LAKE AND OGDEN, UTAH — Veritas Investments, alongside Refound Residential as capital partner, has purchased three mid-rise multifamily properties in Ogden and Salt Lake City. Terms of the transactions were not released. Northmarq’s Rawley Nielsen and Mark Jensen represented the sellers in all three transactions. Totaling 257 units, the properties include:
CENTENNIAL, COLO. — Continental Realty Corp. (CRC) has acquired Quebec Village Shopping Center, located at 8223 S. Quebec St. in Centennial, from Kensington Development Partners for $31 million. This adds to CRC’s regional portfolio, which includes the 266,000-square-foot Thornton Town Center that the company acquired earlier this year. Brad Lyons of CBRE represented the seller in the deal. Built in 1988, Quebec Village Shopping Center features 125,000 square feet, including a 43,000-square-foot space leased to Amazon Grocery that is currently dark. Current tenants include Chase Bank, GNC and Starbucks Coffee.
PEORIA, ARIZ. — CBRE has arranged the sale of Thunderbird 101, a two-building office park at 14050 and 14100 N. 83rd Ave. in Peoria. An undisclosed seller sold the asset to a buyer group including Holualoa Cos. and David Walter of DWRE. Geoffrey Turbow and Anthony DeLorenzo of CBRE represented the undisclosed seller in the transaction. Completed in 2005, Thunderbird 101 consists of two two-story multi-tenant office buildings on 10.9 acres. Totaling 143,597 square feet, the property offers a range of suite sizes for healthcare, financial services, real estate and other professional services users, as well as 718 parking spaces. CBRE’s Property Management will manage the property, and Ashley Brooks and Jasmina Bays of CBRE will lead leasing efforts for the asset.