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Acquisitions

Sienna-Apartment-Homes-Beaumont
AcquisitionsMultifamilyTexas

Marcus & Millichap Arranges Sale of 176-Unit Apartment Community in Beaumont

by Taylor Williams

BEAUMONT, TEXAS — Marcus & Millichap has arranged the sale of Sienna Apartment Homes, a 176-unit multifamily community located in the East Texas city of Beaumont. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, business center, resident clubhouse and a conference room. Kent Myers of Marcus & Millichap represented the seller, a regional developer, in the transaction. Myers also procured the buyer, a limited liability company. Both parties requested anonymity.

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Gleco-Plating-McAllen-Texas
AcquisitionsIndustrialTexas

Gleco Plating Acquires 54,000 SF Industrial Building in McAllen

by Taylor Williams

MCALLEN, TEXAS — Gleco Plating Inc. has acquired a 54,000-square-foot industrial building located at 3800 W. Ursula Ave. in the South Texas city of McAllen. The Rowlett, Texas-based company will occupy 34,000 square feet of the building. Carlos Telles of CBRE represented Gleco in the acquisition and is marketing the remaining 20,000 square feet for lease. Daniel Galvan of Coldwell Banker represented the seller, Goldman Family Management Trust.

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AcquisitionsOfficeTexas

EDGE Realty Brokers Sale of 22,423 SF Office Building in Houston

by Taylor Williams

HOUSTON — EDGE Realty Capital Markets has brokered the sale of a 22,423-square-foot office building located at 3808 World Houston Parkway in Houston 8. The property was built in 1999 on 2.8 acres and is located near several major thoroughfares, including Interstate 45 and Beltway 8. Micha Van Marcke and Chace Henke of EDGE represented the seller in the transaction. Other terms of sale were not released.

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Bristol-Place-Attleboro-Massachusetts
AcquisitionsMassachusettsNortheastRetail

Unison Realty, Argosy Acquire 421,680 SF Shopping Center in Southern Massachusetts

by Taylor Williams

ATTLEBORO, MASS. — A joint venture between Unison Realty Partners and Argosy Real Estate Partners has acquired Bristol Place, a 421,680-square-foot shopping center in Attleboro. Anchored by Market Basket, Bristol Place is situated at the interchange of I-95 and Route 1A, eight miles north of downtown Providence. Built in 1993 and renovated in 2013, Bristol Place is home to a number of other tenants, including Home Depot, Party City, Bob’s Discount Furniture, Hobby Lobby and TJ Maxx. The joint venture tapped The Wilder Cos. as the property manager and leasing agent for the center. This assignment marks the seventh retail property in the Northeast that Wilder manages on behalf of Unison. The seller and sales price were not disclosed.

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Glen-Portfolio-Moorestown-New-Jersey
AcquisitionsIndustrialNew JerseyNortheast

CBRE Arranges Sale of 187,569 SF Light Industrial Portfolio in Moorestown, New Jersey

by Taylor Williams

MOORESTOWN, N.J. — CBRE has arranged the sale of 550 Glen Avenue and 600 Glen Court, a 187,569-square-foot light industrial portfolio in Moorestown, located east of Philadelphia across the Delaware River. The two properties were built in the late 1970s and include warehousing and distribution capacities. The buildings’ location near I-295 and the New Jersey Turnpike puts them in close proximity to both the Philadelphia and New York City areas. Michael Hines, Brad Ruppel and Brian Fiumara of CBRE represented the seller, an affiliate of Endurance Real Estate Group LLC. The trio also procured the undisclosed buyer in the transaction.

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AcquisitionsNew JerseyNortheastOffice

Newmark Knight Frank Negotiates $32M Sale of Office, R&D Building in New Jersey

by Taylor Williams

EATONTON, N.J. — Newmark Knight Frank (NKF) has negotiated the $32 million sale of a commercial property located at 250 Industrial Way in the eastern New Jersey city of Eatonton. The property houses 138,163 square feet of office and research-and-development space. The property was fully leased at the time of sale to communications systems supplier SubCom on a triple-net basis through 2024. Steven Schultz, Tony Georgiev, Adam Silver and Ben Greazel of NKF represented the seller in the transaction.

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Aventura-Avondale-AZ
AcquisitionsArizonaMultifamilyWestern

IPA Negotiates $65.4M Sale of Aventura Multifamily Asset in Suburban Phoenix

by Amy Works

AVONDALE, ARIZ. — Institutional Property Advisors (IPA) has arranged the sale of Aventura, a multifamily property located at 10350 W. McDowell Road in Avondale, a western suburb of Phoenix. Boston Capital sold the property to an institutional investment manager for $65.4 million, or $160,294 per unit. Situated on 18.4 acres, Aventura features 408 apartments, a resort-style pool and 24-hour fitness center. Originally built in 2000, the property has undergone major improvements to its common areas and apartment interiors since 2016. Steve Gebing and Cliff David of IPA, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

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4222-E-Thomas-Rd-Phoenix-AZ
AcquisitionsArizonaOfficeWestern

MIG Real Estate Sells Arcadia Gateway Center Office Building in Phoenix for $17.2M

by Amy Works

PHOENIX — MIG Real Estate has completed the sale of Arcadia Gateway Center, a Class A office building located at 4222 E. Thomas Road in Phoenix. Clayton A. Varga, trustee of the Varga Revocable Trust, acquired the property for $17.2 million, or approximately $191 per square foot. Constructed in 1999, the four-story property features 90,225 square feet of office space, a three-story parking structure, building signage and large floorplans. At the time of sale, the multi-tenant property was 96 percent occupied. Eric Wichterman, Mike Coover and Tim Whittemore of Cushman & Wakefield Phoenix represented the seller, while McAlister Cleary and Kelly O’Dea of Marcus & Millichap represented the buyer in the deal.

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AcquisitionsCaliforniaLeasing ActivityRestaurantRetailWestern

Bolour Associates Acquires Quick-Serve Restaurant Site in Los Angeles for $7.4M

by Amy Works

LOS ANGELES — Beverly Hills, Calif.-based Bolour Associates has purchased 0.69 acres, located at 163-179 S. Vermont St. in Los Angeles’ Koreatown, for $7.4 million. Simultaneous to the acquisition, Bolour signed long-term ground lease with an undisclosed quick-serve restaurant for the site. The site’s new tenant signed a 15-year, triple-net lease and is expected to complete tenant improvements on a standalone 3,209-square-foot building, located on the property, before opening for business. Alex Sachs and Brian Peterson of WESTMAC Commercial Brokerage Co. represented the buyer and undisclosed seller. Michael Pakravan of Matthews Real Estate Investment Services represented Bolour in the lease transaction.

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Starbucks-Monrovia-CA
AcquisitionsCaliforniaRestaurantRetailWestern

Locker Realty Corp. Arranges $6.2M Acquisition of Starbucks-Occupied Building in California

by Amy Works

MONROVIA, CALIF. — Locker Realty Corp. has arranged the purchase of a restaurant and drive-thru property located West Huntington Drive in Monrovia. An undisclosed buyer acquired the property for $6.2 million. Starbucks Coffee occupies the recently completed, 2,200-square-foot building, which is situated on 27,975 square feet of land. The tenant relocated to the new location, which includes a drive-thru and outdoor patio, from 621 W. Huntington Drive. The lease is a corporate signature Starbucks net lease with approximately 20 years remaining. Paul Locker and Kristine Locker of Locker Realty represented the buyer, while Pat Wade and Alex Kozakov of CBRE represented the undisclosed seller in the transaction.

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