CAMBRIDGE, MASS. — Chicago-based investment management firm Harrison Street has acquired Osborn Triangle, a 676,917-square-foot life sciences property situated adjacent to the Massachusetts Institute of Technology (MIT) campus in Cambridge. The complex encompasses three buildings, all of which were either recently built or renovated. The sale included a 650-space parking garage. Harrison Street partnered with Bulfinch Cos., a subsidiary of MIT that retains a partial interest in the property, for the acquisition. Osborn Triangle was fully leased at the time of sale to seven tenants, including anchors Pfizer, Novartis International AG and LabCentral, an incubator for life science and biotech startups. MIT will retain long-term ownership of the land. The sales price was not disclosed.
ST. CHARLES, MO. — Cushman & Wakefield has brokered the sale of Mark Twain Village in St. Charles for an undisclosed price. The shopping center spans 306,367 square feet and is anchored by a free-standing Bass Pro Shops. At the time of sale, the property was 98 percent occupied. Tenants include Aldi, Duluth Trading Co., Buffalo Wild Wings, Gordman’s and a free-standing Texas Roadhouse. Evan Halkias, Michael Marks, Mark Gilbert, Kyle Pershing and David Wirth of Cushman & Wakefield represented the seller. Buyer and seller information was not disclosed.
SIOUX CITY, IOWA — Hanley Investment Group Real Estate Advisors has arranged the sale of a two-tenant retail building in Sioux City for an undisclosed price. Starbucks and Qdoba Mexican Eats occupy the property. The 5,002-square-foot building sits on a one-acre lot. Jeff Lefko and Bill Asher of Hanley represented the seller, N3 Real Estate. A family trust based in Orange County, Calif. purchased the asset. The cap rate was 6.3 percent.
MUFREESBORO, TENN. — Montecito Medical Real Estate has acquired Murfreesboro Medical Partners LLC, a Murfreesboro-based medical office building (MOB) owner. The acquisition includes a three-story, 221,000-square-foot MOB that was fully leased to Murfreesboro Medical Clinic (MMC) at the time of sale. MMC houses more than 80 physicians and 600 employees and offers more than 20 specialties, including an ambulatory surgery center and radiology department. The terms of the acquisition were not disclosed. MMC is situated adjacent to St. Thomas Rutherford Hospital, which operates 305 beds and is the largest healthcare facility in the Murfreesboro market. Anthony Lunceford, Joe Massa and Woody Widenhofer of Colliers International Healthcare Investment Services advised both the seller and the buyer in the transaction.
HOUSTON — Fort Worth-based Olympus Property Group has sold The Tradewinds at Willowbrook, a 374-unit multifamily community in northwest Houston. The property was built in 2007 and consists of 14 three-story buildings. Floor plans comprise one-, two- and three-bedroom units averaging 920 square feet, with select units offering wood floors, patios and fireplaces. Amenities include a resort-style pool, jogging trails, a business center, fitness center and outdoor picnic area with gas grills and lake views. Ryan Epstein and Jennifer Ray of Berkadia handled the sale on behalf of Olympus. The buyer was Cortland, an Atlanta-based multifamily owner-operator, which purchased the community for an undisclosed price.
ROUND ROCK, TEXAS — Newmark Knight Frank (NKF) has brokered the sale of The Ace, a 330-unit multifamily community located in the northern Austin suburb of Round Rock. The Class A property is located near the corporate campuses of Dell, Apple and Samsung, as well as The Domain, a shopping and dining destination. Units at the property, which was built in 2018, average 918 square feet and offer wood-style flooring, stainless steel appliances and granite countertops. Amenities include a pool, multiple outdoor recreation areas, 24-hour fitness center and coworking facility with private offices and collaborative space. Patton Jones of NKF represented the seller, Birmingham-based LIV Development, which sold the property to Virginia-based Weinstein Properties for an undisclosed price. The Ace was 95 percent occupied at the time of sale.
WARREN, OHIO — Industrial Commercial Properties LLC (ICP) has acquired a 1.4 million-square-foot former Kmart distribution center in Warren in northeastern Ohio. The purchase price was not disclosed. The property is located at 541 Perkins Jones Road. ICP is working with three tenants to take occupancy of a portion of the building, according to Chris Salata, COO. This is ICP’s fifth acquisition of a Sears or Kmart facility. The company most recently acquired a former Sears distribution center in Groveport, Ohio.
BECKER, MINN. — Marcus & Millichap has brokered the $1.4 million sale of Martin Estates in Becker, which is 46 miles northwest of Minneapolis. The 24-unit apartment building is located at 12051 Hancock St. Built in 1977, the property features a mix of one- and two-bedroom units. Chris Collins, Evan Miller, Abe Roberts and Ryan Spengler of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Collins and Miller procured the buyer, a private investor.
PFLUGERVILLE, TEXAS — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Heatherwilde Assisted Living, located in the Austin suburb of Pflugerville. A local partnership looking to exit the seniors housing industry sold the property to a Fort Worth-based owner-operator for an undisclosed price. Heatherwilde features 40 units on a 2.6-acre lot. The community is situated adjacent to Pflugerville Health Care Center and Pflugerville Middle School. Matthew Alley of SLIB arranged the sale as a value-add opportunity for the buyer.
HENDERSON, NEV. — MAXX Properties has purchased Villas at Green Valley, a multifamily property located in Henderson, for an undisclosed price. The name of the seller was not released. Developed in 1984 and 1986, Villas at Green Valley features 609 apartments spread across 38 buildings. The community offers one-, two- and three-bedroom floor plans with an average unit size of 781 square feet. Community amenities include two swimming pools, a spa, fitness center, playground, sports court, two dog parks, picnic pavilions with barbecue grills, parcel lockers, business center and resident lounge with game room. MAXX plans to complete a modernization program at the property, including improvements to the clubhouse, all common areas and unit interiors. The acquisition was partially capitalized through the sale of Cedar Run Apartments in Denver. Additionally, MAXX entered into a long-term, fixed-rate mortgage loan with Fannie Mae. KeyBank served as the originator and placement agent for the transaction.