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Acquisitions

Flagstone-Apt-Homes-Tempe-AZ
AcquisitionsArizonaMultifamilyWestern

Greystar Acquires 376-Unit Flagstone Apartment Homes in Tempe, Arizona

by Amy Works

TEMPE, ARIZ. — Greystar has purchased Flagstone Apartment Homes, a multifamily asset located 30 W. Carter Drive in Tempe. RedHill Realty Investors and its joint-venture partner sold the asset for an undisclosed price. Situated on nearly 18 acres, the property features 376 units in a mix of studio, one- and two-bedroom layouts. The 248,912-square-foot asset was built in 1985. Cliff David of Marcus & Millichap and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in deal.

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Angelo-Place-San-Angelo-Texas
AcquisitionsMultifamilyStudent HousingTexas

FourPoint Brokers Sale of 480-Bed Student Housing Community in San Angelo, Texas

by Taylor Williams

SAN ANGELO, TEXAS — Austin-based FourPoint Student Housing Investments has brokered the sale of Angelo Place, a 480-bed student housing community located adjacent to Angelo State University in San Angelo, roughly midway between Lubbock and San Antonio. Built in 2007, the 120-unit property features amenities such as a pool, fitness center, clubhouse and a full-sized basketball court. Chris Epp, Chris Bancroft, Meredith Wolff and Craig Miller of FourPoint led the sales effort on behalf of the seller, Atlas Real Estate Partners. The buyer was not disclosed.

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Greenway-Crossings-Surprise-AZ
AcquisitionsArizonaRetailWestern

Colliers Brokers Sale of 66,516 SF Retail Center in Metro Phoenix

by Amy Works

SURPRISE, ARIZ. — Colliers International has arranged the sale of Greenway Crossings, a lifestyle retail center located at 16572-16630 W. Greenway Road in Surprise. Cedar Rapids, Iowa-based Transamerica Life Insurance Co. (Aegon USA Realty Advisors) sold the property to Phoenix-based Rose Garden III PL for an undisclosed price. Mindy Korth, Kirk Kuller and John Jackson of Colliers represented the seller, while Jim Edwards of Scottsdale-based Rein and Grossoehme Commercial Real Estate represented the buyer in the transaction. Built in 2006, the property features 66,516 square feet of retail space. The sale included three retail buildings and three undeveloped retail parcels. At the time of sale, the property was 85 percent leased.

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AcquisitionsMultifamilyNortheastPennsylvania

Marcus & Millichap Brokers $1.8M Sale of Multifamily Property in York, Pennsylvania

by David Cohen

YORK, PA. — Marcus & Millichap has brokered the sale of the Country View Townhomes in York. The 12-unit property, which is located at 2-14 Tate Way, sold for $1.8 million. Will Riter, Andrew Townsend, Clarke Talone, and Ridge MacLaren of Marcus & Millichap represented the buyer, a limited liability company, in the transaction. The seller was undisclosed. Country View Townhomes was constructed in 2007 and is comprised of 12 three-bedroom units.  

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AcquisitionsIllinoisIndustrialMidwest

Conor Commercial, Globe Corp. Sell Industrial Building in Elgin, Illinois for $29.8M

by Kristin Harlow

ELGIN, ILL. — Conor Commercial Real Estate and Globe Corp. have sold Northwest Pointe II in Elgin for $29.8 million. Cabot Properties purchased the 385,372-square-foot industrial building. The property, which is fully leased to Box Partners, is situated on a 22-acre parcel within the Northwest Corporate Park. Construction on a third building at the park is expected to begin in spring 2019. John Huguenard and Ed Halaburt of JLL and Ken Franzese and John Cassidy of Lee & Associates represented the seller in the transaction.

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AcquisitionsHospitalityIowaMidwest

CBRE Arranges Sale of Two Hotels in Coralville, Iowa

by Kristin Harlow

CORALVILLE, IOWA — In two separate transactions, CBRE has arranged the sales of a Comfort Inn & Suites and a Quality Inn in Coralville, a suburb of Iowa City. The sales prices were not disclosed. The 62-room Comfort Inn & Suites is located at 214 W. 9th St., while the 55-room Quality Inn is located at 209 W. 9th St. Douglas Johnson of CBRE represented the undisclosed sellers. Two different investment groups purchased the assets.

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AcquisitionsIllinoisIndustrialMidwest

Brown Commercial Brokers $2.6M Sale of Industrial Property in Lake Barrington, Illinois

by Kristin Harlow

LAKE BARRINGTON, ILL. — Brown Commercial Group has brokered the $2.6 million sale of a 32,000-square-foot industrial property in Lake Barrington, about 40 miles northwest of Chicago. The buyer, PEGA LLC, will use 10,000 square feet of the building for its own industrial business while an existing tenant will lease the remaining 22,000 square feet. Freund Properties LLC was the seller. Jim Pietrarosso represented both the buyer and the seller in the transaction. The fully leased building features four docks and drive-in doors as well as 9,100 square feet of office space.

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AcquisitionsMidwestMultifamilyOhioSeniors Housing

SLIB Negotiates $2M Sale of Skilled Nursing Community in Fremont, Ohio

by Kristin Harlow

FREMONT, OHIO — Senior Living Investment Brokerage has negotiated the sale of Pristine Senior Living and Post-Acute Care of Fremont, an 82-bed skilled nursing facility, for $2 million. The three-story community is located in Fremont, approximately 40 miles southeast of Toledo. Constructed in 1965 and expanded in 1989, the 73,515-square-foot property sits on 6.8 acres. The seller was Sandusky County, which previously leased the community to Pristine Senior Living. The lease term ended and Pristine exited the Ohio market. The buyer was a New-Jersey based company with 11 other communities in Ohio. The transaction was positioned as a value-add play, as the community’s occupancy was below 50 percent at the time of sale. The new owner plans to make capital improvements to the building. The price equates to a price per bed of $24,390 and a capitalization rate of 7.04 percent.

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Fasken-Center-Midland-Texas
AcquisitionsOfficeTexas

Colliers Arranges Sale of Two Office Assets Totaling Nearly 600,000 SF in Midland

by Taylor Williams

MIDLAND, TEXAS — Colliers International has arranged the sale of two Class A office properties totaling nearly 600,000 square feet in the West Texas city of Midland. Fasken Center is a 421,546-square-foot property that was built in phases in 1974 and 1982, according to Wikipedia. Frost Bank Tower is a 12-story, 177,952-square-foot building. David Carter and Patrick Duffy of Colliers International brokered the deal. Other terms of sale were not disclosed.  

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8203-Market-Street-Houston
AcquisitionsIndustrialTexas

NAI Partners Negotiates Sale of 125,000 SF Industrial Property in Houston

by Taylor Williams

HOUSTON — NAI Partners has negotiated the sale of a 125,000-square-foot industrial property located at 8203 Market St. in Houston. According to LoopNet Inc., the property was built in 1985 and is zoned for manufacturing. John Ferruzzo and Clay Pritchett of NAI Partners represented the seller, 8203 Market Street Road LLC, in the transaction. Matthew Goldsby of Belvoir Real Estate Group represented the buyer, 8203 MSR Properties LLC.

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