Acquisitions

Bridgeside-Professional-Building-Parker-CO

Trevey Negotiates $2.1M Sale Office Property in Parker, Colorado

by Amy Works July 10, 2018

PARKER, COLO. — Trevey Land and Commercial has arranged the sale of Bridgeside Professional Building, located at 11031 Pikes Peak Drive in Parker. Pikes Peak Properties sold the building to an undisclosed buyer for $2.1 million. With more than 10,500 square feet of leasable space, the two-story property features a brick façade and a basement. At the time of sale, several tenants, including a dental office, occupied the property. Nick Nickerson and Mitch Trevey of Trevey Land and Commercial represented the seller, while Tom Ethington of Pinnacle Real Estate Advisors represented the buyer in the deal.

July 10, 2018

Acquisitions Multifamily Utah Western

29th Street Capital Acquires 43-Unit Multifamily Property in Layton, Utah

by Amy Works July 10, 2018

LAYTON, UTAH — 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has purchased Twin Trees Apartments, a 43-unti multifamily property in Layton. The buyer plans to invest approximately $10,000 per unit in capital improvements, including upgraded countertops, cabinets, floors, appliances, lighting and fixtures. Exterior renovations include upgraded landscaping, new heating and air conditioning units, and curb appeal enhancements. The name of the seller and the acquisition price were not released.

July 10, 2018

Acquisitions Multifamily Texas

JoCo, ValCap Acquire Two Apartment Communities Totaling 316 Units in Austin

by Taylor Williams July 10, 2018

AUSTIN, TEXAS — A partnership between two private equity firms, Pittsburgh-based JoCo Partners and Dallas-based The ValCap Group, has acquired two adjacent multifamily communities totaling 316 units in Austin. Westwood Apartments was built in 1983 and totals 152 units, and Audubon Square was built in 1986 and totals 164 units. The partnership plans to combine the properties into one community called The Lantern that features amenities such as a clubhouse, fitness center, pool areas, outdoor grilling stations and a dog park. The community opened recently and its first units are currently being renovated.

July 10, 2018

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Arranges Sale of 321-Unit Self-Storage Facility in Orange, Texas

by Taylor Williams July 10, 2018

ORANGE, TEXAS — Marcus & Millichap has arranged the sale of Bear Storage, a 321-unit self-storage facility located in Orange, about 30 miles east of Beaumont. The property features 35,830 net rentable square feet, as well as climate-controlled units, RV and boat storage spaces and a truck rental service. Dave Knobler of Marcus & Millichap brokered the sale on behalf of the seller, a limited liability company, and the buyer, a partnership that operates six facilities in the Houston area. Other terms of sale were not released.

July 10, 2018

Acquisitions Industrial Texas

NAI Partners Purchases 73,105 SF Retail Center in San Marcos

by Taylor Williams July 10, 2018

SAN MARCOS, TEXAS — NAI Partners Investment Fund II, the private equity arm of Houston-based NAI Partners, has purchased San Marcos Place, a 73,105-square-foot office and retail center in San Marcos, located roughly midway between Austin and San Antonio. The four-building property was 84 percent leased at the time of purchase to retail tenants such as Pizza Hut and Nationwide Insurance. Andrew Pappas and Adam Hawkins of NAI Partners internally negotiated the sale for the fund. Cathy Nabours of HFF represented the undisclosed seller.

July 10, 2018

Acquisitions Development Mixed-Use New York Northeast Office Top Stories

Walt Disney Co. Strikes $650M Deal to Develop New Downtown Manhattan Headquarters

by John Nelson July 10, 2018

NEW YORK — The Walt Disney Co. (NYSE: DIS) has acquired development rights in downtown Manhattan’s Hudson Square neighborhood for $650 million. The 4 Hudson Square site covers a full city block bordered by Hudson, Varick, Vandam and Spring streets. The global media firm plans to move its New York operations to the new site, including 1.2 million square feet of office and production space for WABC-TV, ABC News, Live with Kelly and Ryan and The View. According to ABC-7, Good Morning America will continue to broadcast from Times Square and Disney Streaming Services will relocate from Chelsea Market to the Hudson Square site. “We’re announcing plans to build an incredible new state-of-the-art facility at 4 Hudson Square in downtown Manhattan that will ensure our employees have everything they need to do their best work and lead the way forward,” said Robert Iger, chairman and CEO of Disney. “This move represents a historic step forward toward our long-term vision for our New York operations. The Hudson Square district is rapidly becoming a dynamic, innovative hub for media, technology and other creative businesses. We are pleased and proud to be joining this exciting community.” According to Iger, the new facility will …

July 10, 2018

Acquisitions Retail Texas

STRIVE Arranges Sale of 111,374 SF Retail Center in Fort Worth

by Taylor Williams July 9, 2018

FORT WORTH, TEXAS — Dallas-based retail brokerage firm STRIVE has arranged the sale of Westover Village, a 111,374-square-foot retail center in Fort Worth. The property, which houses tenants such as AT&T, Firehouse Subs and SportClips, was close to full occupancy at the time of sale. The site includes additional land for development. Jennifer Pierson of STRIVE represented the seller, a St. Louis-based developer, in the transaction. A Texas-based investor purchased the asset for an undisclosed price.

July 9, 2018

Acquisitions Multifamily Texas

TH Real Estate Purchases 246-Unit Apartment Community in Austin

by Taylor Williams July 9, 2018

AUSTIN, TEXAS — TH Real Estate, an affiliate of Chicago-based asset manager Nuveen, has purchased Tacara Steiner Ranch, a 246-unit apartment community in northwest Austin. The property, which was built in 2017 and was 98 percent occupied at the time of sale, offers one-, two- and three-bedroom units averaging 959 square feet per unit. Amenities include a pool, fitness and massage studios, media and game rooms and a dog park. Scott LaMontagne of JLL handled the sale on behalf of the seller and developer, San Antonio-based Casey Development Ltd.

July 9, 2018

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Brokers Sale of 76,202 SF Warehouse in Metro Houston

by Taylor Williams July 9, 2018

HUMBLE, TEXAS — Lee & Associates has brokered the sale of a 76,202-square-foot warehouse situated on 30 acres at 6750 Bender Road in Humble, a northern suburb of Houston. Mike Spears and Robert McGee of Lee & Associates represented the buyer, 6750 Bender Road Ltd., in the transaction. Houston-based RBIP Transportation LLC purchased the property for an undisclosed price.

July 9, 2018

Acquisitions Multifamily Seniors Housing Texas

Griffin-American Acquires Assisted Living Facility in Beaumont for $19.5M

by Taylor Williams July 9, 2018

BEAUMONT, TEXAS — Griffin-American, a partnership between American Healthcare Investors LLC and Griffin Capital Company LLC, has acquired Pinnacle Beaumont Assisted Living Facility in Beaumont for $19.5 million. Situated on 4.4 acres, the property features 79 units and consists of approximately 61,000 square feet of assisted living and memory care space. The acquisition was completed in a joint venture with an affiliate of Meridian Senior Living LLC, which will manage the property.

July 9, 2018

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