TYSONS, VA. — American Real Estate Partners has purchased 1660 International Drive, an eight-story, 212,731-square-foot office building in Tysons. The property is situated 14 miles west of downtown Washington, D.C. The building was 99 percent leased at the time of sale. AREP plans to upgrade the main lobby and common areas, as well as improve the conference facilities, collaborative spaces and outdoor lounge areas. The seller and price were not disclosed.
STONE MOUNTAIN, GA. — Blue Magma Residential LLC has acquired Park at Hairston Apartments, a 360-unit multifamily community in Stone Mountain, for $22.3 million. The property offers one-, two- and three-bedroom floor plans and was 95 percent occupied at the time of sale. Blue Magma will invest $2.9 million in capital improvements to upgrade interiors and the community exteriors. The buyer will rebrand the property as The Park at Carrigan. Communal amenities include a swimming pool, children’s splash pool, playground, barbecue area, clubhouse, fitness center and a gazebo. Park at Hairston is located at 1038 S. Hairston Road, 12 miles east of downtown Atlanta. Paul Vetter of Berkadia represented the buyer in the transaction. Greystone provided acquisition financing.
GURNEE, ILL. — 33 Realty has brokered the deconversion sale of Deer Creek Condominiums in Gurnee for $18.5 million. Built in 1983, the 198-unit property features one- and two-bedroom units as well as three-bedroom penthouses. Amenities include a pool, fitness center, tennis courts, soccer fields and underground parking. Sean Connelly and John Meyer of 33 represented the seller, Deer Creek Condominium Association. Laramar Group purchased the property, which is 85 percent occupied. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement.
LAS VEGAS — Colliers International – Las Vegas has arranged the sale of Village at Desert Lakes, an apartment community in Las Vegas. MG Properties acquired the asset from Hamilton Zanze for $36.5 million. Located at 9155 W. Desert Inn Road, Village at Desert Lakes features 184 apartments in a mix of one-, two- and three-bedroom layouts with private patios or balconies. Community amenities include two swimming pools and a fitness center. Christopher Bentley, Jeff Swinger and Shalonda Hughes of Colliers represented the seller in the transaction.
TUSTIN, CALIF. — Newmark Knight Frank (NKF) has brokered the sale of 2642 Michelle Drive at Create Tustin, a creative office building located in Tustin. A joint venture between Harbor Associates and Stockbridge sold the asset to Excelsior Partners for $16.8 million. At the time of sale, the 50,832-square-foot property was fully leased to Avid Bioservices (formerly Peregrine Pharmaceuticals), Advantage Sales & Marketing and GPA Consultants. Built in 1980 and renovated in 2017, the two-story building is situated on 2.8 acres within the Irvine Business Complex. The asset features efficient rectangular floorplates, contemporary interior finishes and modern creative office build-outs, as well as approximately 200 parking spaces. Sean Fulp, Ryan Plummer, Mark Schuessler, Paul Jones, Blake Bokosky and Brandon White of NKF represented the seller, while the buyer was self-represented in the transaction.
SIGNAL HILL, CALIF. — JLL has facilitated the sale of Towne Center East, fully leased retail center in Signal Hill. BIG Shopping Centers USA sold the asset to an institutional buyer for an undisclosed price. Additionally, JLL placed the fixed-rate acquisition loan with a global investment bank. Situated on nearly 15 acres at 2172-2598 Cherry Ave., Towne Center East features 154,750 square feet of retail space. Tenants include The Home Depot, PetSmart, Supercuts, T-Mobile, Subway, GNC, Chinese Combo and Tutti Frutti Yogurt, among others. Patrick Toomey and Tom Lagos of JLL Capital Markets represented the seller in the deal. Matthew Stewart and Reid McGlamery of the JLL Capital Markets debt placement team secured the acquisition financing for the buyer.
PEORIA, ARIZ. — Scottsdale, Ariz.-based Cave Creek Capital Partners has completed the sale of 9494 Northern, a multi-tenant neighborhood retail center in Peoria. Scottsdale-based Shashikant Patel acquired the asset for $8.8 million. Located at 9494 W. Northern Ave., the 23,058-square-foot property was fully occupied at the time of sale. Current tenants include NextCare, ATI Physical Therapy, Navy Federal Credit Union, FedEx Office and Sprint. Jesse Goldsmith, Steve Julius and Chase Dorsett of CBRE’s Phoenix represented the seller in the deal.
AUSTIN, TEXAS — Landmark Properties has acquired The Nine at Rio and The Nine at West Campus, two student housing properties totaling 692 beds near the University of Texas at Austin. The Nine at West Campus totals 345 beds and features amenities such as a pool with a tanning shelf, courtyard grilling stations, fitness center, game room, media lounge and coffee bar. The Nine at Rio totals 347 beds and offers a similar amenity package. The seller was not disclosed.
FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Coventry at Cityview, a 360-unit apartment community located near the intersection of Interstate 20 and Chisholm Trail Parkway in Fort Worth. Built in 1996, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center and playground. Will Balthrope, Drew Kile, Joey Tumminello and Grant Raymond of IPA represented the seller Harbor Group International LLC, in the transaction. The team also procured the buyer, WAK Management Co.
HOUSTON — JLL has arranged the sale of Mark VI, a 144-unit multifamily property in the Bellaire submarket of Houston. The property was built in 1970 and features a pool with a lounge area, six landscaped courtyards with seating, onsite laundry facilities and covered parking. Joey Rippel, Chris Young and Bailey Crowell of JLL represented the seller, AK Interests, in the transaction. The buyer, Indus Management Group, will rebrand the community as The Atrium at 5606 and implement a value-add program.
