FORT WORTH, TEXAS — Stream Realty Partners has arranged the sale of a 217,565-square-foot industrial property located at 10705 North Freeway in Fort Worth. According to Commercial Real Estate Exchange Inc., the property, which fronts Interstate 35, spans six buildings across 54.9 acres that feature 14- to 25-foot clear heights. Seth Koschak and Forrest Cook of Stream Realty Partners represented the buyer, M2G Ventures, in the transaction. Michael Newsome and Todd Hubbard of NAI Robert Lynn represented the seller, KLM Partners.
NAPLES, FLA. — A joint venture between Creekside West Inc., GC Partnership Ltd. and FoxRock Newgate 5150 Realty LLC has sold Newgate Center and Park North, a pair of adjacent office campuses in Naples. Newgate Center is a three-building, 80,000-square-foot office campus situated at 5200 Tamiami Trail N., and Park North is a two-building, 19,450-square-foot office property situated at 5125 Castello Drive. David Stevens of Investment Properties Corp. represented the sellers in the transaction. Rainer Filthaut of International Realty Corp. represented the buyer, a private European investment group doing business as Tamiami Newgate LLC.
LAFAYETTE, LA. — Alpha Capital Partners has acquired University Place, a 342-bed student housing community located near the University of Louisiana at Lafayette. The acquisition is the second of five identified projects in the company’s Opportunity Zone Fund, which was launched last October in an effort to take part in the opportunity zone program implemented by the Tax Cuts and Jobs Act of 2017. University Place offers access to campus through a private pedestrian bridge, alongside shared amenities including a 24-hour fitness center, swimming pool and cyber café. The new ownership plans to invest capital to reposition the property, details of which have yet to be announced. The seller and terms of the transaction were not disclosed.
MESA, ARIZ. — CVG Properties has purchased Verde Dimora, an apartment community located on the corner of Power and McKellips roads in Mesa. Western Wealth Capital sold property for $27 million, or $176,470 per unit. Verde Dimora features 153 apartment units in one- and two-bedroom layouts, a seasonally heated resort-style pool and spa, fitness center, clubhouse, barbecue and picnic area, community garden plots, community-wide recycling program, dog wash station, electric vehicle charging stations, fire pit, and solar-panel technology. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and buyer in the deal.
PHILADELPHIA — Agree Realty Corp., a Michigan-based publicly traded REIT, has acquired the 11,500-square-foot flagship store of Wawa’s, a chain of gas stations and convenience stores serving the East Coast, for approximately $15 million. The store is situated within the 13-story Public Ledger Building, located adjacent to Independence Hall in the Center City area of Philadelphia. The store is the largest of the Wawa’s chain and includes a bakery, merchandise and an expanded selection of the company’s reserve coffee products. The seller was not disclosed.
SAYREVILLE, N.J. — AMS Acquisitions LLC, a New York City-based investment firm, has purchased a two-building, age-restricted housing community in Sayreville, located in northern New Jersey. AMS acquired the property from New Jersey-based development firm Gillette for $13 million. The property includes an 80-unit building, known as Gillette Towers, with one-bedroom floor plans reserved for persons age 55 or older. AMS will break ground on a 56-unit building later this spring. Amenities include a library/media room, outdoor gazebos and bocce and shuffleboard courts., and rents range from $1,400 to $1,550 per month. New York-based Castellan Real Estate Partners provided an undisclosed amount of acquisition financing for the deal, with AMS using its own equity to complete the transaction.
DURANGO, COLO. — Colliers International Multifamily Advisory Group has arranged the sale of Hillcrest Apartments, located at 1000 Goeglien Gulch Road in Durango. San Francisco-based Virtu Investments sold the property to Denver-based Blueline Equity Partner for an undisclosed price. Situated next to Fort Lewis College, Hillcrest Apartments features 112 units and was built in 2002. Craig Stack and Bill Morkes of Colliers International represented the seller in the deal.
CORONA, CALIF. — Progressive Real Estate Partners has arranged the sale of Corona Freeway Center in Corona. An Orange County, Calif.-based private investor sold the property to Orange County-based PRES Cos. for $11 million. The 67,690-square-foot retail center was built in 1991 and was recently renovated, including a new roof, new HVAC, updated landscaping, painting, major renovations to the parking lot, and the addition of a 60-foot high digital freeway pylon sign and a 400-square-foot digital screen. Tenants include Express Scripts, Jenson USA Bicycles and LA Carpet & Flooring. Frank Vora of Progressive Real Estate Partners represented the seller, while Greg Ozimec of Industrial Brokers represented the buyer in the deal.
GRANITE CITY AND GODFREY, ILL. — Triloma Seniors Housing, an affiliate of Triloma Financial Group, has acquired The Fountains at Granite City and The Fountains at Godfrey, both located in Illinois just across the Mississippi River from St. Louis. The communities offer a combined 135 assisted living units. Cedarhurst Living will take over operations. Regions Bank provided acquisition financing through its healthcare real estate group. The amount of the financing and the sales price of the communities were not disclosed. The Fountains at Granite City, which was built in 2000 and expanded in 2006, features 72 assisted living units. The Fountains at Godfrey was built in 2006 and includes 63 assisted living units. The communities have been rebranded to Cedarhurst of Granite City and Cedarhurst of Godfrey. Triloma and Cedarhurst expect to spend approximately $1.8 million to renovate the communities, including improvements to the common areas.
WAYNE, MICH. — Dominion Real Estate Advisors has brokered the sale of an 11,050-square-foot industrial building in Wayne for an undisclosed price. The property is situated at 39115 Maple Road. BTS Logistics Inc., a Michigan-based trucking company, purchased the building. Andrew Boncore and Ralph Steinbrink of Dominion represented the seller, BKG Dominion Maple LLC.