HAVERHILL, MASS. — Yannios RE Investment Sales has brokered the sale of Highland Maple Apartments, a 39-unit apartment community in Haverhill. Haverhill is located 35 miles north of Boston. Built in 1850, the masonry-style property includes two, three-story buildings. Yannios RE Investment Sales represented the seller, who was undisclosed. The buyer was also undisclosed.
IRVINE, CALIF. — Kelemen Co. has purchased The Atrium, an office property located at 19100 and 19200 Von Karman Ave. in Irvine. Barings Real Estate, part of Barings LLC and acting on behalf of institutional investors, sold the building for $106.7 million. Kevin Shannon, Paul Jones, Ken White, Brunson Howard and Blake Bokosky of NKF Capital Markets represented the seller, while the buyer was self-represented in the transaction. Situated on 6.1 acres, the 10-story building was constructed in 1986 and underwent an extensive renovation in 2015. The $5.3 million capital improvement program included upgrades to the atrium lobby, common areas, exterior courtyards, restrooms, elevator cabs and lobbies. At the time of sale, the 302,877-square-foot property was 90 percent leased to a variety of tenants, including Premier Business Centers and Severson & Werson. The building features a 10-story atrium with interior and exterior balconies, 24/7 security and access, a café and ample surface and structured parking. Additionally, Bistango, a well-known restaurant, has occupied the ground-floor space since 1988.
MONTVILLE, CONN. — Lyman Real Estate has orchestrated the sale of a 20-acre land parcel located at 90 Maple Ave. in Montville. The sales price was undisclosed. Ron Lyman of Lyman Real Estate represented the buyer, Horace Lindo of Lindo Construction, a local general contractor, in the transaction. The seller was Lawrence Legg of Salem. No development plans have been announced for the parcel.
CHANDLER, ARIZ. — VanTrust Real Estate has purchased 20 acres of land, located at Chandler Boulevard and the Loop 101 in Chandler. The Rockefeller Group, New York City, sold the land parcel for $12.2 million. VanTrust plans to build a mixed-use development with office, hotel and retail space on the site. This transaction continues the company’s development pipeline in the Arizona market, which consists of projects for industrial, multifamily and office space. The company recently completed Chandler Corporate Center, a 117,000-square-foot office asset located at 350. N. McClintock Drive in Chandler, and it plans to break ground on the second phase of the development soon.
GOLETA, CALIF. — Majestic Asset Management has acquired a flex industrial/office park, located at 839-879 Ward Drive in Goleta, for $16.5 million. The buyer plans to improve and reposition the 124,754-square-foot asset to improve the warehouse, R&D and office space. Consisting of three buildings situated on 5.6 acres, the property was vacated in 2016 by Channel Industries, which had occupied the site since its original construction in the 1960s. Recent leases by Gavial Holdings, Sonatech and Reaction35 have backfilled a portion of the property, with approximately half of the rentable space remaining vacant. Francois DeJohn, Steve Hayes and Liam Murphy of Hayes Commercial represented the undisclosed seller and buyer in the deal.
PALM SPRINGS, CALIF. — Faris Lee Investments has arranged the sale of a restaurant property located in Palm Springs. An undisclosed buyer acquired the asset for $3.9 million. IHOP occupies the 4,600-square-foot freestanding building on a triple-net lease. The restaurant has occupied the building for more than 26 years, with a recent 10-year lease extension. Nick Coo, Matt Brooks, Tom Chichester and Joe Chichester of Faris Lee represented the undisclosed seller in the deal.
FORT MYERS, FLA. — Coastal Ridge Real Estate and M Group have purchased The Reef, a 924-bed student housing community located adjacent to Florida Gulf Coast University in Fort Myers. Progressive Capital Group sold the asset to the partnership for $78.8 million. Kevin Larimer, Greg Gonzalez and Cole Whitaker of Berkadia arranged the transaction on behalf of Progressive. Constructed in two phases in 2016 and 2017, The Reef is a garden-style community featuring two resort-style pools with cabanas, outdoor billiards, fire pit, ping pong, bocce ball, sand volleyball court, fitness center, cyber café, resident club lounge and private study rooms. The community’s fully furnished units feature bed-to-bath parity. The transaction marks the second student housing acquisition near Florida Gulf Coast University for Coastal Ridge in the past two months. In July, the Ohio-based company acquired the adjacent Coastal Village Apartments for $44 million.
ATLANTA — Innovatus Capital Partners LLC has acquired 3400 Overton, a 172,756-square-foot office building located in Atlanta’s Cumberland/Galleria office submarket. TPA Group and USAA Real Estate delivered the seven-story project in October 2017. The all-glass building is situated at the southeast corner of the Interstate 75 and I-285 interchange at the intersection of Akers Mill Road and Cumberland Boulevard. The sales price was not disclosed. The building is 80 percent leased to tenants including Synovus Financial Corp. and McGriff, Seibels & Williams Inc. Lincoln Property Co. is handling the property’s leasing assignment and management services. Onsite amenities at 3400 Overton include a modern lobby, fitness center, Synovus bank branch, café, grab-and-go coffee bar, indoor/outdoor Wi-Fi, covered parking and an open courtyard overlooking the Chattahoochee National Forest. A 140-room hotel planned by Intercontinental Hotels Group is scheduled to open adjacent to the property in 2019.
FRISCO, TEXAS — California-based private equity firm The Bascom Group has acquired Jefferson Stonebriar, a 424-unit multifamily community in Frisco. The newly built, Class A property consists of one-, two- and three-bedroom units and offers amenities such as a pool, fitness center, business center, conference room and pet park. The seller was Irving, Texas-based multifamily developer JPI. Brian Murphy and Richard Furr of ARA Newmark represented JPI in the transaction. Tip Strickland and Braden Harmon of Berkeley Point Capital secured debt for the transaction, which marks Bascom’s 35th multifamily property closed in Texas. James D’Argenio and Chang Liu sourced and managed the acquisition for Bascom.
FORT WORTH, TEXAS — Ridge, the industrial development arm of Transwestern Development Co., has sold a 362,000-square-foot speculative warehouse in Fort Worth. The property is located within Railhead Industrial Park, a 633-acre, rail-served development. The building, which was completed in June, features 32-foot clear heights, 60 trailer parking spaces and 160 car parking spaces. An undisclosed institutional investor purchased the property after acquiring the adjacent, 299,810-square-foot property last year.