DALLAS — Fort Capital, an investment firm based in Fort Worth, has purchased the Valwood Portfolio, which consists of five light industrial properties in Dallas, totaling 157,000 square feet. The properties are located throughout the north and northwest parts of the city. The seller was not disclosed. With this acquisition, Fort Capital’s industrial portfolio now spans approximately 1.7 million square feet, putting the company on track to hit its goal of owning 2 million square feet by the third quarter of 2019.
FORT WORTH, TEXAS — Cushman & Wakefield has brokered the sale of a 35,000-square-foot office building in Fort Worth that will serve as the new North American headquarters for Point of Rental Software. Charlie Beck and Cribb Altman of Cushman & Wakefield represented Point of Rental in the property search and purchase, while Sam Franklin of Peak CRE represented the seller, Corporate Statler Ltd. Point of Rental, which offers four software platforms and operates three international offices, expects to move the 100-plus employees in its DFW office into the new space some time this summer.
GROVEPORT, OHIO — Industrial Commercial Properties LLC (ICP) has acquired a former Sears distribution center in Groveport, a southern suburb of Columbus, for an undisclosed price. The 570,000-square-foot facility is situated on 42.8 acres at 4400 S. Hamilton Road. ICP intends to lease up the vacant property, likely with two tenants. The company has acquired four properties from Sears since 2014.
NAPERVILLE, ILL. — Phillips Edison & Co. Inc. (PECO) has purchased Naperville Crossings, a 146,591-square-foot shopping center in Naperville. The purchase price was $49.9 million, according to Crain’s Chicago Business. A newly constructed, 21,820-square-foot Aldi grocery store anchors the property. Other tenants at the retail center, which is 92 percent leased, include AT&T, Biaggi’s Ristorante Italiano, Massage Envy, Nothing Bundt Cakes, Orangetheory Fitness, Panera Bread and Starbucks. Evan Halkias and Michael Marks of Cushman & Wakefield represented the undisclosed seller in the transaction.
BLOOMINGTON, MINN. — KW Commercial has brokered the sale of Amsden Ridge Shopping Center in Bloomington for $3.9 million. The two-building, 27,559-square-foot retail center is located on Ensign Avenue South. The shopping center includes retail, restaurant and office tenants. Matthew Klein of KW Commercial represented the seller, Amsden LLC, and secured the buyer, Hoss Bros. LLC.
EATONTON, N.J. — A joint venture between New York-based investment firm Devli Group and Connecticut-based Aspen Realty has acquired a two-building office complex totaling 129,632 square feet in Eatonton. The property, which comprises a 100,272-square-foot building and a 29,360-square-foot building, is situated on eight acres at 260 and 270 Industrial Way near the oceanfront city of Long Branch. The property was fully leased at the time of sale. The seller and sales price were not disclosed. The joint venture officially acquired the note on the property in November 2018 at a foreclosure auction and has now officially taken title of the property.
NEW YORK CITY — CBRE has brokered the $8.7 million sale of a 4,340-square-foot multifamily building located at 66 Clinton St. on the Lower East Side. The sale included an adjacent lot. The buyer, a partnership between Vault Development and TLM Equities, plans to redevelop the existing building and adjacent parcel into a new, 16,348-square-foot residential building. Daniel Kaplan and Justin Arzi of CBRE represented the seller, New Life of New York City, a nonprofit youth enrichment organization, in the transaction.
REDONDO BEACH, CALIF. — Stockbridge Capital Group has completed the sale of Novella Redondo, a multifamily community located at 616 Esplanade St. in Redondo Beach. A joint venture between Clovis, Calif.-based IDEAL Capital Group and Aegon Real Assets US, a division of Aegon NV, sold the property for an undisclosed price. CBRE’s Dean Zander, Stewart Weston and John Montakab represented the seller and buyer in the transaction. The 82,203-square-foot property features 105 apartment units. On-site amenities include a swimming pool, outdoor fireplace, pool-side fitness center, two laundry facilities, community-wide Wi-Fi, a dog wash station and subterranean parking. The buyer plans to make extensive renovations and upgrades to unit interiors and common areas. The asset experienced extensive water damage last year and received a full roof replacement and common area waterproofing upgrades. Prior to the water damage, the property had undergone a $16 million renovation.
ARLINGTON, VA. — HFF has arranged the $228 million sale of Meridian at Pentagon City, a two-tower, 534-unit multifamily property in Arlington. A joint venture between Paradigm and a fund advised by the UBS Asset Management Real Estate & Private Markets-U.S. sold the asset. A joint venture between Polinger Development Co. and an unidentified institutional investor acquired the community. Meridian at Pentagon City is located at 1221 and 1331 S. Eads St., adjacent to Amazon’s forthcoming 4.1 million-square-foot office headquarters. The community offers studio, one- and two-bedroom floor plans averaging 846 square feet. Amenities include two rooftop pools, two outdoor terraces with grilling areas, an 18th-floor clubroom with views of the Capitol, a fitness facility, dog park, clubroom with gaming area, business center, guest suite accommodations, concierge services and a 24-hour front desk. Jamie Leachman of HFF worked on behalf of the buyer to secure $126.9 million in acquisition financing through MetLife Investment Management. Walter Coker, Brian Crivella, Stephen Conley and Matthew Lawton of HFF represented the seller in the transaction.
SAN MARCOS, TEXAS — Illinois-based Senior Living Investment Brokerage (SLIB) has negotiated the sale of the 174-bed Regent Care Center of San Marcos in Central Texas. The property was built in 2008. A Texas-based owner-operator sold the asset to a regional operating group for $7.6 million. Matthew Alley of SLIB brokered the deal.