HOUSTON — NAI Partners has arranged the sale of a 14-building, 341,252-square-foot industrial portfolio located at 2700 Greens Road in Houston. The property is located near Interstates 45 and 69, as well as George Bush Intercontinental Airport. Joshua Lass-Sughrue, Chris Kugle and John Ferruzzo of NAI Partners represented the seller, Aero Greensmor LP, in the transaction. The buyer and sales price were not disclosed.
TYSONS, VA. — Washington Property Co. (WPC) has acquired 5.2 acres of land in Tysons with plans to construct a 700-unit Solaire-branded multifamily community. An undisclosed global private equity firm sold the land to WPC for $21 million, according to someone with knowledge of the transaction. John Sheridan of CBRE represented the seller in the transaction. The parcel is part of the 19-acre Arbor Row neighborhood, a mixed-use development situated on Westpark Drive, 15 miles west of downtown Washington, D.C. WPC plans to break ground on the twin mid-rise buildings in the next 12 to 24 months. Plans for unit interiors include quartz countertops, stainless steel appliances, wood flooring, large windows and private balconies. The property will also include 8,000 square feet of retail space. WPC has not yet selected a design team for the project.
ROYAL PALM BEACH, FLA. — InvesTrust Properties Corp. has purchased Southern Palm Crossing, a Costco-anchored, 346,200-square-foot shopping center in Royal Palm Beach, for $97 million. Other tenants include Marshalls, HomeGoods and 24 Hour Fitness. The center is situated at 11001 Southern Blvd., 12 miles west of downtown West Palm Beach. The seller was not disclosed.
RALEIGH, N.C. — A partnership between M&J Wilkow and Bailard Inc. has bought two retail centers totaling 323,000 square feet in Raleigh for $43.6 million. Midtown Commons is a 138,756-square-foot power center with tenants including Starbucks Coffee, T.J. Maxx and Dick’s Sporting Goods. Shoppes at Midway Plantation, a neighboring 184,244-square-foot power center, has tenants including Michael’s, Ross Dress for Less, Kay Jewelers, Saltgrass Steak House and Rack Room Shoes. The partners plan to implement a new leasing strategy to bring new-to-market retailers to the centers, as well as upgrade the centers’ amenities. The seller(s) was not disclosed.
MADISON, MISS. — CBL Properties has sold The Forum at Grandview, a 216,000-square-foot retail center in Madison, for $31.8 million. Hendon Properties acquired the center in an all-cash deal. CBL developed the property in a 75-25 joint venture with Mattiace Development in 2010. CBL received all of the profits from the sale. Tenants at The Forum include Best Buy, Dick’s Sporting Goods, HomeGoods, Michaels, Stein Mart, Petco and Ulta Beauty. The property is situated along Grandview Boulevard, 15 miles north of downtown Jackson.
PARAMUS, N.J. — JLL has negotiated the sale of a 373,420-square-foot office building located at 650 From Road in Paramus. Built in 1978, the property is situated on a 12-acre site about 12 miles from Manhattan that also has the potential for future development. The property also houses the headquarters of watchmaker Movado. José Cruz, Kevin O’Hearn, Andrew Scandalios, Stephen Simonelli, Michael Oliver and Mark Mahasky of JLL represented the seller, Mack-Cali Corp., in the transaction. A joint venture between Onyx Equities, LLC and Garrison Investment Group purchased the asset for an undisclosed price.
PROVIDENCE, R.I. — Northeast Private Client Group (NPCG) has brokered the $7.3 million sale of Ambassador Apartments, a residential building in Providence that consists of 33 apartments and three single-family homes. The property is located near Brown University as well as the shops and restaurants of nearby Thayer Street. Tim McGeary of NPCG represented the seller, DiPrete Realty Investment, and procured the buyer, S.M.H. Grandview, both of which are based in Rhode Island. The deal closed at a capitalization rate of 5.91 percent.
TUCSON, ARIZ. — Investors Capital Group has purchased Domain 3201, a multifamily property located within the Casas Adobes area of Tucson. Aspen Square Management sold the property for $37.7 million. Situated on more than 12 acres, Domain 3201 features 298 apartments, three resort-style swimming pools, spas, poolside cabanas, picnic areas and a full-size tennis court. The property was constructed between 1985 and 1990. Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.
ILLINOIS — MK Asset Investment has acquired industrial properties in Franklin Park and Waukegan and sold a retail center in Round Lake Beach. The aggregated value of the transactions exceeded $10 million. The Franklin Park industrial property spans 87,500 square feet and is situated on 5.9 acres at 11608 Copenhagen Drive. MK Asset will add new docks, upgrade the lighting and provide a fresh coat of paint. The Waukegan building spans 35,500 square feet and is located at 1850 S. Lakeside Drive within Amhurst Industrial Park. A private investor acquired the 61,685-square-foot Eagle Creek Shopping Center, which is anchored by Big Lots.
CHICAGO — Colliers International has brokered the sale of a two-building apartment portfolio that contains 24 units in Chicago’s Hyde Park neighborhood for $3.9 million. The buildings are located at 5427-29 and 5430-32 S. University Ave. Both properties rise three stories and were built in the early 1900s. Tyler Hague of Colliers represented the seller, The Lutheran School of Theology at Chicago. RDG Funds LLC purchased the portfolio.