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Acquisitions

Skyline-Canyon-Apts-Reno-NV
AcquisitionsMultifamilyNevadaWestern

Elan Multifamily Investments Buys Skyline Canyon Apartments in Reno for $37.5M

by Amy Works

RENO, NEV. — Campbell, Calif.-based Elan Multifamily Investments has acquired Skyline Canyon Apartments, a multifamily property located on four acres off the McCarran Loop in Reno. Oakmont Properties sold the asset for $37.5 million, or $184,069 per unit. Kenneth Blomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap represented the seller and procured the buyer in the deal. Built in 1973, the property features 204 apartments, with downtown Reno and the Reno Riverwalk District approximately four miles away.

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Five89-Apts-Las-Vegas-NV
AcquisitionsMultifamilyNevadaWestern

Tower 16 Capital, Henley Investments Acquires Five89 Apartments in Las Vegas for $32.5M

by Amy Works

LAS VEGAS — A joint venture between Tower 16 Capital and Henley Investments has purchased Five89 Apartments, a multifamily property located at 4801 E. Sahara Ave. in Las Vegas. A private seller sold the asset for $32.5 million in an off-market transaction. The buyers plan to renovate the 312-unit apartment complex. The property consists of mostly two- and three-bedroom apartments with covered parking and private balconies or patios. Community amenities include two swimming pools, a fitness center, playground and leasing office. Tower 16 will oversee the $4 million renovation and upgrade program that will include new outdoor amenities, an upgraded leasing office and interior renovations. Pinnacle will serve as property manager for the asset.

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12100-N-Dysart-Rd-Surprise-AZ
AcquisitionsArizonaRetailWestern

LevRose Commercial Real Estate Arranges $2.6M Sale of Retail Center in Arizona

by Amy Works

SURPRISE, ARIZ. — Scottsdale, Ariz.-based LevRose Commercial Real Estate has arranged the sale of a multi-tenant retail center in Surprise. Houston-based KM Skyway Commons LLC acquired the property from Denver-based Surprise Retail LLC c/o Northstar Commercial Partners for $2.6 million. Located at 12100 N. Dysart Road, the property features approximately 17,560 square feet of retail space for multiple tenants. Current tenants include Burn Boot Camp and Federico’s Mexican Food. Mark Cassell and Trenton McCullough of LevRose Commercial Real Estate represented the seller in the deal.

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AcquisitionsIndianaIndustrialMidwest

Monmouth Acquires 350,000 SF Industrial Building in Lafayette, Indiana for $25.5M

by Kristin Harlow

LAFAYETTE, IND. — Monmouth Real Estate Investment Corp. has acquired a 350,000-square-foot industrial building in Lafayette for $25.5 million. The property is situated on 45 acres at 5440 Haggerty Lane. Toyota Tshusho America Inc. occupies the property on a net-lease basis for 10 years. The facility serves the 3.3 million-square-foot Subaru auto assembly plant, which is situated directly across from the building. The seller was not disclosed.

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AcquisitionsMultifamilyTexas

Excelsa, Goldcor Acquire 392-Unit Apartment Community in Houston

by Taylor Williams

HOUSTON — A joint venture between Excelsa Properties and Goldcor Capital Partners has acquired Bayou Parc at Oak Forest, a 392-unit multifamily community in Houston. Built in 1974, the property consists of 36 two-story buildings with studio, one-, two- and three-bedroom apartments ranging in size from 480 to 1,210 square feet. Amenities include a pool, fitness center, business center, picnic area, a playground and two dog parks. Bayou Parc at Oak Forest was 94 percent occupied at the time of sale. The seller was not disclosed.

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AcquisitionsHealthcareTexas

CBRE Negotiates Sale of 120,596 SF Medical Office Building in Metro Houston

by Taylor Williams

SUGAR LAND, TEXAS — CBRE has negotiated the sale of CHI St. Luke’s Health Sugar Land Medical Plaza, a 120,596-square-foot medical office building located in the southwestern Houston suburb of Sugar Land. The five-story building is situated within the CHI St. Luke’s hospital campus. Shane Seitz, Chris Bodnar, Lee Asher, Ryan Lindsley, Sabrina Solomiany and Nelson Udstuen of CBRE represented the seller in the transaction. The buyer and other terms of sale were not disclosed.

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AcquisitionsNorth CarolinaOfficeSoutheast

KBS Sells 300,389 SF Office Tower in Raleigh to Preferred Office Properties

by Alex Tostado

RALEIGH, N.C. — KBS has sold CapTrust Tower, a 300,389-square-foot office tower in Midtown Raleigh, to Preferred Office Properties. KBS originally bought the tower in 2013 in a joint venture with Kane Realty Corp, which will stay on as a partner with Preferred Office Properties, a subsidiary of Atlanta-based Preferred Apartment Communities. Kane Realty built the tower, which was fully leased at the time of sale to tenants including CapTrust, Wells Fargo, PWC, Wasserman, Insight Global and Kilpatrick Townsend. CapTrust Tower offers nine floors of office space atop a six-story parking garage with a restaurant on the ground level. Patrick Gildea, Will Yowell, Ben Kilgore and Chandler Hawkins of CBRE represented the sellers in the transaction. The sales price was not disclosed.

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AcquisitionsFloridaOfficeSoutheast

Harbor Group Acquires Office Building in Fort Lauderdale for $32.5M

by Alex Tostado

FORT LAUDERDALE, FLA. — Harbor Group International has acquired 1340 Concord, a 100,710-square-foot, single-tenant office building in Fort Lauderdale, for $32.5 million. The buyer is planning for the property to undergo renovations, though details were not disclosed. The building, which technology firm Ultimate Software Group Inc. fully occupies, features three stories with flexible single-floor or whole-building floorplans. The seller was not disclosed.

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AcquisitionsHospitalityTexas

Waramaug Hospitality Acquires 279-Room Embassy Suites Hotel in Dallas

by Taylor Williams

DALLAS — Florida-based private investment firm Waramaug Hospitality has acquired the Embassy Suites by Hilton Dallas Central Park, a 279-room hotel located near the Galleria area of Dallas. The hotel offers amenities such as an indoor pool, fitness center, business center and 7,800 square feet of flexible meeting space. Waramaug plans to renovate the property’s guest rooms and public space. The seller was not disclosed.

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AcquisitionsIndustrialTexas

Marcus & Millichap Arranges Sale of 53,548 SF Industrial Building in Metro Houston

by Taylor Williams

SPRING, TEXAS — Marcus & Millichap has arranged the sale of a 53,548-square-foot industrial building located at 3315 Spring Cypress Road in the northern Houston suburb of Spring. According to LoopNet Inc., the property was built on four acres in 2001. Thomas Costello of Marcus & Millichap represented the seller, a partnership, in the transaction. Other terms of sale were not released.

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