WORCESTER, MASS. — Capstone Apartment Partners (CAP) has brokered the $28.8 million sale of SkyMark Tower, a 206-unit apartment building in Worcester, located approximately 40 miles west of Boston. Completed in 1991, the property features one- and two-bedroom apartments and was 98 percent leased at the time of sale. Stasiu Geleszinski, Austin Green and A.J. Klenk of CAP represented the seller, VTT Management, in the transaction. The CAP team also represented the buyer, Benedict Canyon Equities.
HACKENSACK, N.J. — Marcus & Millichap has arranged the $4.6 million sale of a 37,465-square-foot industrial property in Hackensack, a northwestern suburb of New York City. Zaentz Hardware occupies the property, which is divided into storefront, warehouse and office space. Elsa Papanicolaou of Marcus & Millichap represented the seller, a limited liability company. Steve Lim of Marcus & Millichap represented the buyer, a private investor.
COMMERCE, GA. — Rooker has acquired 600 acres in the northeast Georgia city of Commerce to construct Bana 85 Commerce Center, a planned 6 million-square-foot business and logistics park. Road and utility construction are slated to begin in 2020, as will grading for an initial site to accommodate 1.5 million square feet. Bana 85 Commerce Center will have sites available in a range of sizes for build-to-suit or user sales in the warehousing, distribution and manufacturing sectors. The site is located 20 miles east of Georgia Ports Authority’s 104-acre inland port in Gainesville, which is slated for completion in 2021. Atlanta-based Rooker acquired the undeveloped land by assembling multiple properties within the area. The land acquisition included several industrial-zoned parcels and three commercial-zoned parcels. Brent Story of Avalon Real Estate Partners represented the sellers in the land acquisition.
WASHINGTON, D.C. — Drawbridge Realty has acquired 1331 L St., a 169,430-square-foot, 10-story office building in Washington, D.C., for $87 million. The building serves as the corporate headquarters for CoStar Group Inc., with approximately 850 employees on site. The building features a 2,940-square-foot roof terrace with views of downtown, a conference center with seating for 76 people and a 3,000-square-foot fitness center with showers and locker rooms. A three-level, below-grade parking garage offers 102 spaces with 12 electric vehicle charging stations. Built in 2008, 1331 L St. is located five blocks from The White House and two blocks from the McPherson Square Metro Station. Nicholas Pappas and Tim McDonald of Eastdil Secured represented the undisclosed seller in the transaction.
WASHINGTON, D.C. — JLL has negotiated the $69.8 million sale of 1120 G St., a 10-story, 134,964-square-foot office building located three blocks from The White House. The building was 75 percent leased at the time of sale to 13 tenants. Jim Meisel, Matt Nicholson, Andrew Weir, Stephen Conley and Dave Baker of JLL represented the undisclosed seller in the transaction. A fund sponsored by Global Real Estate of Credit Suisse Asset Management acquired the property.
PUNTA GORDA, FLA. AND WILLIAMSBURG, VA. — Branch Properties LLC has acquired two grocery-anchored shopping centers in the Southeast for $47 million. The two properties are Burnt Store Marketplace in Punta Gorda and Lightfoot Marketplace in Williamsburg. Branch Properties acquired the 95,625-square-foot Burnt Store Marketplace for $17 million. A 46,500-square-foot Publix anchors the center, which includes four undeveloped outparcels. The center was 88 percent leased at the time of sale to tenants including Anytime Fitness, Pet Supermarket and The Home Depot, which was not a part of the sale. Built in 1989, the center was fully renovated in 2017 as part of Publix’s store replacement and expansion. Lightfoot Marketplace spans 116,023 square feet and was 85 percent occupied at the time of sale to tenants including anchor Harris Teeter, Great Clips, SunTrust Bank, Pet Valu and Panera Bread. Atlanta-based Branch Properties bought the center for $30 million. The sellers were not disclosed.
HOUSTON — JLL has arranged the majority-interest sale of CityCentre Five, a 200,000-square-foot office building in Houston. The Class A, 15-story property is one of five office buildings in the CityCentre portfolio and was more than 95 percent leased at the time of sale. On behalf of a client, Lionstone Investments purchased the stake, the exact percentage of which was not disclosed, from Midway Cos. Kevin McConn, Rudy Hubbard, Rick Goings and Michael Zietsman of JLL represented Midway in the transaction.
HOUSTON — A joint venture between TriArc Real Estate Partners and Zeus Equity Group has acquired the Candlelight Portfolio, a 220-unit multifamily portfolio located in the Garden Oaks submarket of Houston. The portfolio consists of three properties on a combined 5.6 acres, all of which were built in the early 1970s. The new ownership will implement an $8 million capital improvement plan. The seller and property names were not disclosed.
RICHARDSON, TEXAS — Marcus & Millichap has arranged the sale of Hilton Garden Inn Dallas/Richardson, a 125-room hotel that was built in 2008. The property is located along the Telecom Corridor, a six-mile strip northeast of Dallas that houses some 600 technology companies and 25 million square feet of office space. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a Texas-based limited liability company, in the transaction. The buyer was not disclosed.
LAS VEGAS — Security Properties has purchased Lofts at 7100, a Class A wrap-style multifamily asset located in Las Vegas’ Northwest submarket. An undisclosed seller sold the property for $80 million. Originally developed in 2008, Lofts at 7100 features 379 apartments with at least 11-foot ceilings, fully appointed kitchens, full-size washers/dryers and either a private patio/balcony or sunroom. The community features two resort-style swimming pools with spa, a 24-hour fitness center, clubhouse, pet exercise park, business center, secured parcel room and garage parking. Security Properties plans to hold the property long term and upgrade unit interiors to uniform finishes and improve the asset’s amenity package, focusing on the leasing office/entryway, fitness center and outdoor pool area. Security Properties Residential, an affiliate of Security Properties, will manage the community. With this acquisition, Security Properties now owns 123 assets totaling approximately 24,500 units across its portfolio, including five properties and more than 1,500 units in the Las Vegas marketplace.
