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Acquisitions

Retreat-at-Shadow-Creek-Ranch-Pearland
AcquisitionsMultifamilyTexas

Goldman Sachs Acquires 370-Unit Apartment Community in Metro Houston

by Taylor Williams

PEARLAND, TEXAS — Goldman Sachs Asset Management (GSAM) Private Real Estate has acquired Retreat at Shadow Creek Ranch, a 370-unit multifamily community located in the southwestern Houston suburb of Pearland. Built in 2013, the property is situated near Texas Medical Center and features one-, two- and three-bedroom units. Amenities include a pool, fitness center, game room, media room, dog park and a playground. GSAM plans to implement a value-add program to upgrade unit interior’s kitchens and bathrooms, as well as the property’s common areas. Ryan Epstein and Jennifer Ray of Berkadia represented the seller, Inland Private Capital Corp., in the transaction.

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AcquisitionsMultifamilyTexas

TriArc Properties Buys 112-Unit Apartment Property in North Houston

by Taylor Williams

HOUSTON — Local investment firm TriArc Properties has purchased Smart Living at Stuebner Airline, a 112-unit apartment property in north Houston. Built in 2015, the community features one- and two-bedroom units and amenities such as a fitness center, resident clubhouse, business center and an outdoor grilling area. Cortney Cole of HFF placed a five-year, floating-rate acquisition loan through Veritex Community Bank on behalf of TriArc Properties.

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AcquisitionsRetailTexas

EDGE Realty Negotiates Sale of 15,605 SF Retail Center in Houston

by Taylor Williams

HOUSTON — EDGE Realty Capital Markets has negotiated the sale of I-10 & Haden Shopping Center, a 15,605-square-foot retail center located at 13740 East Freeway in Houston. The center was fully leased at the time of sale to tenants such as Verizon Wireless and Batteries + Bulbs. Burdette Huffman and Josh Jacobs of EDGE Realty represented the seller, I-10 & Haden Ltd., in the transaction. Nathan Wang of Citadel Venture Holdings represented the buyer, SBTC Properties LLC.

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AcquisitionsFloridaIndustrialNorth CarolinaSouth CarolinaSoutheastTop Stories

Graham Commercial Properties Acquires 16 Distribution Centers in Southeast for $194M

by Alex Tostado

BIRMINGHAM, ALA. — Graham Commercial Properties (GCP) has acquired a distribution center portfolio that encompasses 16 facilities, 2.7 million square feet and three states in the Southeast for $194 million. The assets are located in Spartanburg, S.C.; Charlotte and Winston-Salem, N.C.; and Tampa and Orlando, Fla. The exact locations were not disclosed, but a press release stated the properties average 170,000 square feet and are situated near interstates, airports, rail and both inland and sea ports. The portfolio was 98 percent leased at the time of the sale and the portfolio has a combined 1.5 million square feet of expansion and development capabilities, according to Birmingham, Ala.-based GCP. “The Southeast distribution portfolio improves GCP’s overall portfolio in every category: quality of tenants, building metrics, geography and lease rollover,” says Taylor Graham, vice president of investments for GCP. “We are excited to increase our holdings in the Carolinas to over 30 percent of the total portfolio.” CBRE represented the privately owned buyer in the transaction. The seller was not disclosed. Wells Fargo provided acquisition financing. GCP’s portfolio now spans 11.7 million square feet across Alabama, Georgia, Florida and North and South Carolina. — Alex Tostado

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Bank-of-America-San-Antonio
AcquisitionsRetailTexas

SRS Arranges $3.2M Sale of San Antonio Retail Property Leased to Bank of America

by Taylor Williams

SAN ANTONIO — SRS Real Estate Partners has arranged the $3.2 million sale of a 17,633-square-foot freestanding retail property in San Antonio. The property was built in 1980 and is leased to Bank of America, which recently extended its triple-net lease term by seven years. Patrick Luther, Matthew Mousavi and Chris Edwards of SRS represented the seller, an affiliate of New York-based The Feil Organization. The buyer, a private investor, acquired the property at a 6.4 percent cap rate. 

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AcquisitionsRetailTexas

Baker Katz Brokers Sale of 3,700 SF Retail Asset in Metro Houston

by Taylor Williams

SUGAR LAND, TEXAS — Houston-based Baker Katz has brokered the sale of a 3,700-square-foot retail asset in Sugar Land, a southwestern suburb of Houston. Lunden McGill of Baker Katz represented the seller and former occupant of the building, Amegy Bank. Barkley Peschel of Colliers International represented the buyer, a private investor. Other terms of sale were not disclosed.

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16815-Main-St-Hesperia-CA
AcquisitionsCaliforniaRetailWestern

Progressive Real Estate Brokers $4.6M Sale of Gas Station, Convenience Store in California

by Amy Works

HESPERIA, CALIF. — Progressive Real Estate Partners has directed the sale of a free-standing gas station and convenience store, located at 16815 Main St. in Hesperia. An Orange County, Calif.-based private investor sold the property to a Nevada-based private investor for $4.6 million. Encompassing a 1-acre site, the transaction included an eight-pump ARCO Gas Station and a 2,500-square-foot AM/PM Convenience Store. The building was built in the late 1980s. Victor Buendia of Progressive Real Estate Partners represented the seller and buyer in the deal.

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AcquisitionsIndustrialLoansNew JerseyNortheastUncategorized

Cushman & Wakefield Secures $41M Acquisition Financing for Industrial Portfolio in New Jersey

by David Cohen

WARREN AND SOMERSET, N.J. — Cushman & Wakefield has arranged a $41 million acquisition loan for a 768,244-square-foot industrial portfolio in Warren and Somerset. The seven-property portfolio is comprised of three industrial buildings, two flex buildings and two office buildings. The properties include 7 Powder Horn Drive, 30 Technology Drive, 40 Technology Drive and 45 Technology Drive in Warren as well as 1 Riverview Drive, 50 Randolph Road and 100 Randolph Road in Somerset. John Alascio, Sridhar Vankayala and Zachary Kraft of Cushman & Wakefield represented the borrower, Ivy Realty, in the transaction. BBVA Compass provided the loan. 

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AcquisitionsMassachusettsNortheastOffice

CBRE Brokers Sale of 78,717 SF Office Building in Massachusetts

by David Cohen

LEXINGTON, MASS. — CBRE has brokered the sale of a 78,717-square-foot office building in Lexington for an undisclosed price. Located at 131 Hartwell Ave., the three-story building is located on more than five acres in the heart of the Route 128 Technology Corridor in Lexington. The property was renovated in 2014 and is currently 80 percent leased to six tenants. Roy Sandeman, Chris Skeffington and Jason Levendusky of CBRE represented the seller, Griffith Properties, in the transaction. The buyer was Azad Legacy Partners. 

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AcquisitionsMixed-UseNew JerseyNortheast

Marcus & Millichap Negotiates $1.3M Sale of Mixed-Use Building in New Jersey

by David Cohen

SOMERVILLE, N.J. — Marcus & Millichap has negotiated the $1.3 million sale of a mixed-use building in Somerville. Located at 6 W. Main St., the 5,100-square-foot property consists of six apartments and one ground-floor retail space. The property is currently fully occupied. Alan Cafiero, Ben Sgambati and Brent Hyldahl of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was a personal trust. 

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