Acquisitions

SWBC Buys 248-Unit Apartment Community in Austin

by Taylor Williams August 1, 2019

AUSTIN, TEXAS — SWBC Real Estate, a Dallas-based multifamily development and investment firm, has purchased Falconhead Apartments, a 248-unit community in Austin. Built in 2003, the property is located near Lake Travis and was 94 percent occupied at the time of sale. Floor plans consist of one-, two- and three-bedroom apartments, and amenities include a pool, fitness center, clubhouse, outdoor pavilion, playground and a dog park. Kelly Witherspoon, Ryan Epstein and Justin Cole of Berkadia represented the seller, Connell Real Estate & Development Co., which invested roughly $4 million in capital improvements to the property over the last several years.

August 1, 2019

Acquisitions Office Texas

Harwood International Acquires 226,344 SF Office Building in Dallas

by Taylor Williams August 1, 2019

DALLAS — Harwood International, a locally based investment and development firm, has acquired Citymark on the Katy Trail, a 226,344-square-foot office building located at 3100 McKinnon St. in Uptown Dallas. According to LoopNet Inc., the Class A property was built in 1987 and features a food court and a fitness center. Creighton Stark and Chris Boyd of Colliers, along with internal representatives Morgan Staub and Rob Steinwedell represented Harwood in the transaction. The seller was Bradford Cos. The building is situated just off the Katy Trail, a jogging and biking path that runs through the Uptown and Oak Lawn areas.

August 1, 2019

Acquisitions Multifamily Oklahoma Texas

Marcus & Millichap Arranges $8.7M Sale of Apartment Property in Oklahoma City

by Taylor Williams August 1, 2019

OKLAHOMA CITY — Marcus & Millichap has arranged the sale of Chelsea Manor, a 187-unit apartment community in Oklahoma City. The sales price was approximately $8.7 million. Built on 7.2 acres in 1971, the property offers several different floor plans and amenities such as a pool, clubhouse and onsite laundry facilities. Derek Wilson of Marcus & Millichap represented the seller, a partnership that recently implemented a $500,000 renovation program, in the transaction. Wilson also procured the buyer, a limited liability company.

August 1, 2019

Acquisitions Office Texas

NKF Negotiates Sale of 118,905 SF Office Building in Houston

by Taylor Williams August 1, 2019

HOUSTON — Newmark Knight Frank (NKF) has negotiated the sale of a 118,905- square-foot office building located at 12700 Northborough Drive in Houston. According to LoopNet Inc., the property was built in 1981. Eva Horton, Greg Marconi and Albert Spiers of NKF represented the seller, Veritex Community Bank, in the transaction. The buyer was Cepideh Investments LLC.

August 1, 2019

Acquisitions Healthcare Retail Texas

TIG Real Estate Sells 75,000 SF Retail, Medical Office Property in Metro Houston

by Taylor Williams August 1, 2019

PEARLAND, TEXAS — TIG Real Estate Services has sold Sunrise Lake, a 74,612-square-foot retail and medical office property located in the southern Houston suburb of Pearland. Sunrise Lake offers roughly 50,000 square feet of office/medical office space and approximately 24,500 square feet of retail space, which was a combined 86 percent leased at the time of sale. Dan Miller, John Indelli and Bryan Strode of JLL represented TIG in the transaction and procured the undisclosed buyer.

August 1, 2019

Acquisitions Florida Multifamily Southeast

Marcus & Millichap Brokers $22.5M Sale of Multifamily Community in Miami

by Alex Tostado August 1, 2019

MIAMI — Marcus & Millichap has arranged the sale of Summer Grove Apartments, a 116-unit multifamily community in Miami. The property sold for $22.5 million, or $193,534 per unit. The community comprises 12 two-story buildings spanning five acres. Joseph Thomas, Adam Duncan, Brett McMahon and Elliot Blasser of Marcus & Millichap represented the seller, a personal trust, in the transaction. Jonathan De La Rosa, Eduardo Toledo, and Jorge Ruiz, also with Marcus & Millichap, represented the buyer, which is also a personal trust.

August 1, 2019

Acquisitions Florida Loans Office Southeast

Cushman & Wakefield Arranges Sale, Financing of Office Building in West Palm Beach

by Alex Tostado August 1, 2019

WEST PALM BEACH, FLA. — Cushman & Wakefield has arranged the $19.4 million sale of 1700 Palm Beach Lakes, a 113,964-square-foot office building in West Palm Beach. Located at 1700 Palm Beach Lakes Blvd., the building was delivered in 1988 and features structured parking and a covered entrance. The seller, 1700 PBL LLC, an affiliate of Breakers Capital, recently completed a $2 million renovation that included a complete elevator modernization, clobby and garage restorations and a full-building generator replacement. Capstone acquired the property. Scott O’Donnell, Dominic Montazemi, Greg Miller, Miguel Alcivar, Michael Ciadella and Anthony Librizzi of Cushman & Wakefield represented the seller in the transaction. Jason Hochman of Cushman & Wakefield represented the buyer in arranging an $18.4 million acquisition loan from Blue Vista Finance.

August 1, 2019

Acquisitions Indiana Midwest Multifamily

Berkadia Brokers 192-Unit Multifamily Property in Evansville, Indiana

by Kristin Harlow August 1, 2019

EVANSVILLE, IND. — Berkadia has brokered the sale of Woodbridge Place in Evansville for an undisclosed price. The 192-unit multifamily property, built in 1985, is located at 3550 Woodbridge Drive. The community was 97 percent occupied at the time of sale. Chris Bruzas and Alex Blagojevich of Berkadia’s Chicago office brokered the sale. Josh Finley of Berkadia’s Atlanta office secured acquisition financing on behalf of the buyer, Atlanta-based 4M Capital. The 12-year, fixed-rate loan features a 75 percent loan-to-value ratio. The seller was not disclosed.

August 1, 2019

Acquisitions Michigan Midwest Multifamily

Greystone Bel Arranges $1.3M Sale of Apartment Property in Clinton, Michigan

by Kristin Harlow August 1, 2019

CLINTON, MICH. — Greystone Bel Real Estate Advisors has arranged the sale of Pheasant Brook Apartments for $1.3 million. The 28-unit apartment property, built in 1986, is located at 820 Tecumseh Road in Clinton, about 21 miles southwest of Ann Arbor. The property features 14 one-bedroom units and 14 two-bedroom units. The sales price equates to $48,250 per unit. Buyer and seller information was not disclosed.

August 1, 2019

Acquisitions California Restaurant Retail Western

Weingarten Realty Sells Jess Ranch Marketplace in the Inland Empire for $89M

by Amy Works August 1, 2019

APPLE VALLEY, CALIF. — Houston-based Weingarten Realty has completed the sale of Jess Ranch Marketplace, a community shopping center located in Apple Valley. A Newport Beach, Calif.-based, privately held investment, development and management company acquired the asset for $89 million. The sale included the grocery, lifestyle and entertainment portions of Jess Ranch Marketplace, a 704,927-square-foot community shopping center. Anchor tenants include Target, Winco Foods, Burlington, 24 Hour Fitness, Cinemark, Best Buy, Bed Bath & Beyond, PetSmart, Rite Aid, Big 5 Sporting Goods, Staples, 99 Cents Only Stores and ULTA Beauty. Target, Winco Foods, Staples and 99 Cents Only Stores were not included in the sale. At the time of sale, the property was more than 98 percent leased, with more than 90 percent of the leased gross leasable area occupied by regional and national tenants. Additional tenants include Famous Footwear, Kirkland’s Home, Buffalo Wild Wings, Bank of America, Red Robin Gourmet Burgers and Brews, Western Dental, CareMore, Banner Mattress, rue21, Carter’s, Denny’s, Verizon Wireless, Massage Envy, Sprint, OshKosh B’gosh, Jack in the Box, Chipotle, CareMore’s Nifty After Fifty, AT&T, GNC, Golden Chopstix, Jersey Mike’s Subs, The Flame Broiler and MetroPCS. Lucescu Realty represented the seller and procured the buyer in …

August 1, 2019

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