BROWNSVILLE, TEXAS — Marcus & Millichap has brokered the sale of Plaza Viejo Shopping Center, a 17,900-square-foot retail center located in the South Texas city of Brownsville. The property was built on 2.3 acres in 2005. Philip Levy of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors.
HOUSTON — NAI Partners has arranged the sale of a 12,000-square-foot, freestanding industrial building located at 7311 Galveston Road in Houston. Nick Terry of NAI Partners represented the seller in the transaction. Hunter Brown and Nelson Ellis of Brown & Co. Realty represented the undisclosed buyer.
NAPERVILLE, ILL. — Marcus & Millichap has brokered the sale of Maple Court Apartments in Naperville for $4.6 million. The 48-unit multifamily property is located at 1135 W. Ogden Ave. Eric Bell of Marcus & Millichap marketed the property on behalf of the seller. Andrean Angelov and Ryan Engle of Marcus & Millichap secured and represented the buyer.
PHOENIX — Black Salmon, a national commercial real estate investment firm, has purchased U.S. Bank Center in Phoenix. Local news reports an acquisition price of $93 million, while Black Salmon claims a total capitalization of more than $107 million, inclusive of other costs. The buyer engaged in a joint venture with ScanlanKemperBard Cos., a privately held real estate merchant bank, for the transaction. Centrally located at 101 N. First Ave., the 375,862-square-foot, Class A office building is located in Phoenix’s downtown submarket. Currently, the high-rise building is 83 percent leased to a variety of tenants, including U.S. Bank, WeWork and Jacobs Engineering Group. The transaction also includes a separate, seven-story parking structure that sits in a designated Opportunity Zone. Additional terms of the transaction were not released.
LITCHFIELD PARK, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Remington Ranch, an apartment community in Litchfield Park, a western suburb of Phoenix. BRIO Investment Group sold the asset to JB Partners for $58.5 million, or $192,434 per unit. Remington Ranch is a two-story, low-density multifamily community featuring 304 apartments. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.
BELLEVUE, WASH. — A joint venture between Schnitzer West and RMA has completed the disposition of Bellevue 520 Corridor Office Portfolio, two multi-tenant office assets located in Bellevue. Swift Real Estate Partners acquired the portfolio for $59 million. Totaling 185,930 square feet, the assets are known as Bel-Kirk 520 and Centra Office Park. At the time of sale, the portfolio was 93 percent leased. Situated on 7.2 acres at 11120 and 11130 NE 33rd Place, Bel-Kirk 520 consists of two two-story buildings offering a total of 94,221 square feet. Built in 1988, the property underwent a renovation in 2016 and features indoor and outdoor work spaces and an Avanti Market. Located at 11808 and 11820 Northrup Way, Centra Office Park consists of two three-story office buildings totaling 91,709 square feet on 4.7 acres. Built in 1983 and renovated in 2016, the property features an Avanti Market, outdoor plaza with seating areas, new monument signage and a renovated lobby. Kevin Shannon, Nick Kucha, Michael Moll, Rob Hannan and Bill Delacy of Newmark Knight Frank (NKF) represented the seller, while the buyer was self-represented in the deal. David Milestone and Brett Green, also of NKF, represented the buyer in securing new acquisition …
NASHVILLE, TENN. — CBRE has arranged the sale of Hayes House, a 201-unit multifamily community in Nashville’s Hillsboro Village neighborhood. Hayes House was built in two phases in 1924 and 1997. Hayes House offers studio through three-bedroom floor plans and communal amenities such as a swimming pool, fitness center, business center and clubhouse. Russ Oldham, Brett Kingman and Steve Massey of CBRE represented the seller, Nicol Investment Co., in the transaction. An undisclosed buyer acquired the property. The sales price was not disclosed.
SALT LAKE CITY — CBRE has arranged the sale of The Zeller, a transit-oriented multifamily development in Salt Lake City. A joint venture partnership between Watt Investment Partners and certain funds managed by Westport Capital Partners sold the property for an undisclosed price. Completed in 2018, The Zeller features 293 apartment units, a 25-meter lap pool and rooftop lounge with a fire pit. Located at 2255 S. 300 East, the mid-rise community was 94 percent occupied at the time of sale. Eli Mills and Patrick Bodnar of CBRE’s Salt Lake City office represented the seller in the transaction. The buyer was not disclosed.
TAMPA, FLA. — RealOp Investments has purchased Grand Plaza Office Center, a twin, two-story office center totaling 134,843 square feet in Tampa. The purchase price was $15.1 million. The property was 83 percent leased at the time of sale and is located at 14497-14499 N. Dale Mabry Highway, 13 miles north of downtown Tampa. RealOp plans to invest in capital improvements across the two buildings, including cosmetic and mechanical renovations to the lobbies, common areas and exterior of the buildings to create modern spaces. The seller was not disclosed.
PORT ST. LUCIE AND TALLAHASSEE, FLA. — Waramaug Hospitality has acquired two hotels totaling 213 rooms in Port St. Lucie and Tallahassee. The sales prices were not disclosed. The company bought the four-story, 88-room SpringHill Suites by Marriott Tallahassee Center. The hotel offers a 24-hour business center, 24-hour fitness center, outdoor pool with grilling area and 635 square feet of meeting space. Waramaug also acquired Residence Inn by Marriott Port St. Lucie, a six-story, 125-room hotel which features studio and one-bedroom suites. The hotel is located near PGA Golf Club, The Landings, First Data Field (home to the St. Lucie Mets, training field for Major League Baseball’s New York Mets) and Super Play. Waramaug is planning a comprehensive renovation of the Residence Inn and a refresh of the SpringHill Suites. Interstate Hotels & Resorts will manage both properties. The seller(s) was not disclosed.