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Acquisitions

AcquisitionsMultifamilyTexas

Preserve Partners Buys 165-Unit O’Connor Oaks Apartments in Northeast San Antonio

by Taylor Williams

SAN ANTONIO — Salt Lake City-based investment firm Preserve Partners has purchased O’Connor Oaks, a 165-unit apartment complex in northeast San Antonio. Built in 1983, the garden-style community offers one-, two- and three-bedroom floor plans with an average unit size of 900 square feet. Amenities include two pools with sundecks, outdoor grilling and picnic areas, a business center and a dog park. The site also features four acres for additional expansion. Jim Young and Chase Easley of Newmark represented the seller, Austin-based JMB Group, in the transaction.

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AcquisitionsHospitalitySouth CarolinaSoutheast

Marcus & Millichap Brokers Sale of 77-Room Hotel in Charleston

by John Nelson

CHARLESTON, S.C. — Marcus & Millichap has brokered the sale of Clarion Pointe Charleston-West Ashley, a 77-room hotel located at 2455 Savannah Highway in Charleston. The out-of-state buyer purchased the Choice Hotels-branded hotel for an undisclosed price. The seller was also not disclosed. Jack Davis, Chase Dewese, Joce Messinger and Joseph Simpson of Marcus & Millichap represented the seller in the transaction. Robert Hunter and McLean Hicklin, also with Marcus & Millichap, procured the buyer. Built in 2005, the four-story hotel features an indoor swimming pool, fitness center and a breakfast bar.

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AcquisitionsHealthcareRetailSoutheastTennessee

Boulder Group Negotiates $2.7M Sale of Retail Property in Bartlett, Tennessee Leased to Fast Pace Health

by John Nelson

BARTLETT, TENN. — The Boulder Group has negotiated the $2.7 million sale of a retail property in Bartlett leased to Fast Pace Health. The medical services provider operates more than 235 healthcare clinics in the Southeast and Midwest and has more than 14 years remaining on its lease for the Bartlett location. The 3,700-square-foot, freestanding clinic was built in late 2023 at 3082 Kirby Whitten Road, about 15 miles northeast of Memphis. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a private real estate investor, in the transaction. The undisclosed buyer purchased the property in a 1031 exchange.

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AcquisitionsMassachusettsNortheastOfficeRetailTop Stories

Azora Acquires Office, Retail Building in Boston’s Back Bay Neighborhood for $101M

by Kristin Harlow

BOSTON — Azora has acquired an office and retail building located at 149 Newbury St. in Boston for $101 million. The property offers 45,495 rentable square feet across five floors. Certified LEED Gold, the building is situated along the Newbury Street commercial corridor, surrounded by luxury shops and restaurants in the city’s Back Bay neighborhood. The asset was 81 percent leased at the time of sale. The ground floor is fully occupied by two tenants: Google, which operates its first high-tech store in New England; and Alo, an athletic apparel retailer. The third floor offers 9,586 square feet available for lease. Azora plans to convert this space into “ready to move in” offices, citing demand for this type of product in the area. Ignacio Gil-Casares, managing partner of Azora Exan, says the acquisition aligns with a strategy that the company began implementing in the U.S. last year. “We continue to believe in the value of trophy office assets in major U.S. cities, and 149 Newbury is the perfect example, combining an excellent location, high occupancy by top-tier tenants and the potential to achieve higher returns by leasing the remaining space through the creation of speculative spaces,” he says. “We are …

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AcquisitionsIndustrialTexas

MDH Partners Acquires 996,482 SF Distribution Center Leased to IKEA Near Port Houston

by Taylor Williams

BAYTOWN, TEXAS — Atlanta-based investment firm MDH Partners has acquired a 996,482-square-foot distribution center near Port Houston that is fully leased to Swedish furniture retailer IKEA. Completed in 2017, Cedar Port IKEA is a two-building complex located within Cedar Port Industrial Park, a 15,000-acre, master-planned development in Baytown. Building features include 32-foot clear heights, 190-foot truck court depths, ESFR sprinkler systems and ample car and trailer parking. Trent Agnew, Charlie Strauss and Lance Young of JLL represented the undisclosed seller in the transaction.

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Eastpark-Denton
AcquisitionsMultifamilyTexas

Price Brothers Buys 333-Unit Eastpark Apartments in Denton, Texas

by Taylor Williams

DENTON, TEXAS — An affiliate of Kansas City-based Price Brothers has purchased Eastpark, a 333-unit apartment community located in the North Texas city of Denton. Built on 11 acres in 2022, the property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops and washer/dryer connections. Amenities include a pool, fitness center, outdoor lounge and game area and a community coffee lounge. Drew Kile, Michael Ware, Joey Tumminello, Taylor Hill, Cameron Purse and Will Balthrope of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the undisclosed seller in the deal. The team also procured the buyer.

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AcquisitionsIndustrialTexas

Newmark Brokers Sale of 310,900 SF Industrial Property in Mesquite, Texas Leased to Vehicle Accessories

by Taylor Williams

MESQUITE, TEXAS — Newmark has brokered the sale of Alcott Logistics Station, a 310,900-square-foot industrial property located in the eastern Dallas suburb of Mesquite. The property was developed between 2022 and 2023 as a build-to-suit corporate headquarters for automotive parts manufacturer Vehicle Accessories Inc. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Caroline Wilson of Newmark represented the seller, North Texas-based developer Jackson-Shaw, in the transaction. The buyer was New York-based Sterling Investors.

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AcquisitionsRetailTexas

JLL Negotiates Sale of 114,982 SF Shopping Center in North Houston

by Taylor Williams

HOUSTON — JLL has negotiated the sale of Little York Plaza, a 114,982-square-foot shopping center in North Houston. Anchored by Hispanic grocer Sellers Bros., the center was built on 11.4 acres in 1987. Other tenants include Dollar Tree, Melrose Family Fashions and Aaron’s Appliances. Ryan West and John Indelli of JLL represented the undisclosed seller in the transaction. The buyer was The Criterion Fund, a retail investment firm with offices in Fort Worth and Owasso, Okla.

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Gortikov-Samo-Collection-Santa-Monica-CA
AcquisitionsAffordable HousingCaliforniaMultifamilyWestern

Gortikov Capital Buys Affordable Housing Portfolio in Santa Monica for $120M

by Amy Works

SANTA MONICA, CALIF. — Gortikov Capital has acquired Samo Collection, a portfolio of income- and rent-restricted affordable housing units in Santa Monica, for $120 million. Spanning 11 buildings, the portfolio offers a total of 399 units. Built between 1997 and 2009, Samo Collection features studio, one-, two- and three-bedroom units with stainless steel appliances, hardwood-style flooring and central heating and air conditioning. The name of the seller was not released.

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AcquisitionsCaliforniaRetailWestern

Faris Lee Investments Brokers $5.3M Presale of Single-Tenant Retail Property in Fresno, California

by Amy Works

FRESNO, CALIF. — Faris Lee Investments has arranged the $5.3 million presale of a newly constructed, single-tenant retail property in Fresno. The Learning Experience daycare occupies the property on a long-term 20-year net-lease basis. Scott DeYoung, Jeff Conover and Greg Lukosky of Faris Lee represented the seller in the transaction. The names of the buyer and seller were not released.

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