HOUSTON — New York City-based Axiom Capital Management has acquired a 60,000-square-foot office building located at 13111 Westheimer Road in Houston. Comerica Bank serves as the major tenant at the four-story, Class B property. Bill McGrath and Peter Wall of LandPark Advisors represented Axiom Capital Management, which will upgrade the building’s common areas, in the transaction. The seller was not disclosed.
MISSOURI CITY, TEXAS — Marcus & Millichap has brokered the sale of Knights Court, a 40,882-square-foot retail property in Missouri City, a southwestern suburb of Houston. James Bell and Watt Harrison of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity.
CHAMPAIGN, ILL. — Berkadia has arranged the sale of the Mattis portfolio, a four-property multifamily portfolio in Champaign, for $9.1 million. The properties are located within a few blocks of each other along Mattis Avenue and total 194 units. Developed in the late 1960s and mid-1970s, the assets offer a variety of floor plans. Properties include Stonleigh Court, Colonial South, Colonial Village and Continental Plaza. Parker Stewart, Ralph DePasquale and Alex Blagojevich of Berkadia marketed the properties on behalf of the seller, Royse & Brinkmeyer. New York-based Everest Equities was the buyer.
CHESTERFIELD, MO. — Mid-America Real Estate Corp. and Pace Properties have negotiated the sale of Chesterfield Valley Square in Chesterfield, about 20 miles west of St. Louis, for an undisclosed price. The 53,928-square-foot retail center is fully occupied. Tenants include Sherwin Williams, U.S. Bank, Bar Louie, Athletico and Oishi Sushi & Steakhouse. Ben Wineman of Mid-America and Scott Seyfried of Pace represented the seller, a St. Louis-based private investor. The Staenberg Group purchased the asset.
OXFORD, MICH. — Dominion Real Estate Advisors (DRA) has brokered the sale of a 20,000-square-foot industrial building in Oxford, about 40 miles north of Detroit. The sales price was not disclosed. The property is located at 675 S. Glaspie St. Barry Landau of DRA represented the seller, Village Building Rental LLC. North Oakland Transportation Authority Inc. purchased the building. The company is a transportation service for senior, disabled and low-income residents of Northern Oakland.
EL SEGUNDO, CALIF. — TA Realty has acquired 101 Continental, a soon-to-be-vacant office tower in El Segundo, for $138.5 million or $400 per-square-foot. VEREIT Inc. (NYSE: VER) sold the property. Developed by Continental Airlines in 1972, the 340,000-square-foot property was upgraded in 2008. The building is fully leased to Northrop Grumman and features floor-to-ceiling glass on every floor and unobstructed ocean views. TA Realty plans to begin a comprehensive building renovation at the end of May when Northrop Grumman’s lease expires. A timeline for the completion of the renovation was not disclosed. The property is located at 101 Continental Blvd., 18 miles southwest of downtown Los Angles and two miles south of Los Angeles International Airport. Selling 101 Continental decreases VEREIT’s office exposure and strengthens its overall portfolio, according to Thomas Roberts, chief investment officer of the company. As of Dec. 31, 2018, VEREIT managed and owned a 4,000-property, 95 million-square-foot portfolio that spanned across retail, office, restaurant and industrial space in 49 states. When Phoenix-based VEREIT purchased the property in 2014 for $98 million, it was fully leased to Northrop Grumman. VEREIT engaged Newmark Knight Frank (NKF) to market the property as a redevelopment opportunity. “The opportunity to acquire …
HOUSTON — Colliers International has brokered the sale of Center One, a 218,312-square-foot office building located at 9800 Centre Parkway in Houston. Built in 1983, the Class A property is located just south of Chinatown on the city’s southwest side, affording it proximity to Beltway 8 and Westpark Tollway. David Carter of Colliers represented the undisclosed seller in the transaction. Bill Oates of Captex Commercial Properties represented the buyer, Hrise LLC. The sale included a 3.5-acre surface parking lot located across the street.
BURLESON, TEXAS — Venture Commercial has negotiated the sale of McAlister Square, a 169,378-square-foot shopping center located at 12700 South Freeway in Burleson, a southern suburb of Fort Worth. Anchored by Academy Sports + Outdoors, the property’s tenant roster includes national retailers like FedEx Office, Verizon Wireless and Firehouse Subs. Jonathan Cooper, John Zikos and Don Miller of Venture Commercial represented the seller in the transaction. Kevin McIntosh of KMAC Group Inc. represented the buyer. Both parties requested anonymity.
CHAPEL HILL, N.C. — Grubb Properties has acquired a mixed-use property spanning two buildings in downtown Chapel Hill for $23.5 million. Grubb Properties is planning a $12 million renovation to transform the connected buildings into an entrepreneurial hub to attract companies with modern amenities and access to technology. The buildings, located at 137 E. Franklin St. and 136 E. Rosemary St., were 30 percent leased at the time of sale. The buildings span 118,517 square feet of commercial space and include an adjacent 276-stall parking deck. The two buildings and parking deck span one city block and are situated within an opportunity zone directly across from the University of North Carolina at Chapel Hill. A timeline for the renovations was not disclosed. Dunn Mileham, David Morris and Mark Alviano of Trinity Partners represented the undisclosed seller in the transaction.
WASHINGTON, D.C. — Greysteel has arranged the $21.8 million receivership sale of a multifamily portfolio in Washington, D.C., on behalf of the receiver, E&G Group. E&G Group received Elsinore Courtyard and Fitch Apartments in June 2017 when lender Wilmington Trust asked the Superior Court of the District of Columbia to empower E&G Group to market and sell the properties after previous owner Sanford Capital defaulted on its loans, according to Street Sense Media. Elsinore Courtyard was built between 1960 and 1966 at 5311-5330 E St., 5108-5112 Call Place and 5109-5117 C St. SE. The 15 -units average 894 square feet. Fitch Apartments was built between 1969 and 1971 and is situated at 351 53rd St. SE, 5033 Call Place SE, 5040 & 5216 D St. SE and 5218–5220 F St. SE. The 75 units average 728 square feet. Both properties are situated near Benning Road Metro Station, providing access to WMATA’s Blue/Silver Line trains. Ari Firoozabadi, Kyle Tangney, Herbert Schwat, Christian Alves and Dutch Seitz of Greysteel represented E&G Group in the transaction. The Washington, D.C.-based team also procured the undisclosed buyer.
