SAN ANTONIO — REEP Equity, a San Antonio-based multifamily investment firm, has acquired two apartment communities totaling 537 units in San Antonio. The properties are 4000 Horizon Hill, a 273-unit community featuring two pools and a fitness center, and Northgate Village, a 264-unit property featuring a pool and a picnic area. Mark Brandenburg and C.W. Sheehan of JLL arranged acquisition financing for the transaction through NXT Capital.
DALLAS — San Francisco-based investment firm Berkeley Partners has sold seven industrial properties in the Dallas-Fort Worth (DFW) area totaling approximately 1 million square feet. The warehouse and light industrial assets encompass 28 buildings and are part of an 11-property portfolio that was 87 percent leased at the time of sale. Adam Herrin, Stephen Bailey, Chris Norvell and Ralph Smalley of HFF represented Berkeley Partners in the sale. A partnership between California-based private equity firm Circle Industrial and international investment firm FREO Group purchased the properties for an undisclosed price.
STERLING, MASS. — Kelleher & Sadowsky has negotiated the sale of 16 Chocksett Road, an industrial facility in Sterling. The asset traded for $5.1 million. Donald Mancini and Jim Egan of Kelleher & Sadowsky represented the seller, The Cycles 2003 Realty Trust, in the transaction. The Stubblebine Company/CORFAC International represented the buyer, Biomedical Polymers, a global manufacturer of plastic products for research and medical diagnostic laboratories. The property includes four loading docks and 7,000 square feet of office space on 7.7 acres.
NEW YORK CITY — Cushman & Wakefield has brokered an 8,307-square-foot medical building in the Far Rockaway neighborhood of Queens. The property, 29-15 Far Rockaway Blvd., sold for $1.4 million, or $168.50 per square foot. Dan Abbondandolo of Cushman & Wakefield represented the seller, The Jobel LLC, in the transaction. The buyer was Rockaway Partners. The building sits on a half-acre lot and includes a 27-car parking lot. It is currently occupied on a triple-net lease basis by Rockaway Medical Officewith a lease that runs through December 2018.
ATLANTA — PCCP LLC has acquired Cumberland Center II, a 419,000-square-foot office building located at 3100 Cumberland Blvd. in Atlanta’s Cumberland/Galleria submarket. The Atlanta Business Chronicle reports the 17-story tower sold for $68 million. The name of the seller was not disclosed. Constructed in 1989, the building is currently 94 percent leased but 67 percent occupied following the departure of HD Supply to a new build-to-suit office building within the submarket. The seller has invested more than $5.4 million in capital improvements since 2007, including a renovated conference center and café. Cumberland Center II is situated adjacent to a Courtyard Marriott hotel and the 1.4 million-square-foot Cumberland Mall, and less than a mile from Cobb Galleria. In addition, the property is located less than two miles from SunTrust Park, home ballpark of the Atlanta Braves.
ODESSA, FLA. — Lantower Residential has acquired Lantower Asturia, a 322-unit apartment community located at 15175 Integra Junction in the Tampa Bay community of Odessa, for $57.7 million. Constructed in 2017, the property was originally known as Integra Junction and was rebranded upon acquisition. Lantower Asturia is located within Asturia, Hines’ 300-acre, master-planned mixed-use community. The apartment community offers a mix of one- to three-bedroom units and features granite countertops, stainless steel appliances, crown molding, USB outlets, wood-style floors, tile backsplash, and screened balconies or patios. Community amenities include a saltwater pool, outdoor lounge area with fire pits and grills, package lockers, fitness center with a CrossFit box and spin bikes and a virtual PGA golf simulator. Patrick Dufour of ARA Newmark arranged the transaction on behalf of the seller, Panther Residential. The acquisition brings Lantower Residential’s portfolio to 19 multifamily properties totaling 6,260 units.
KENNESAW, GA. — Avison Young has brokered the $9 million sale of 3075 Chastain Meadows Parkway, a 130,250-square-foot warehouse in the northwest Atlanta suburb of Kennesaw. Brent Weitnauer, Chip Watson and Ben Parker of Avison Young arranged the transaction on behalf of the seller, Suzuki. Exeter 3075 Chastain Meadows LLC, an affiliate of Exeter Property Group, acquired the asset. The building has the capability to expand by an additional 2.9 acres.
HOUSTON — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of two apartment communities totaling 412 units in southwest Houston. The sold properties include Airport Landing, a 240-unit property that was built in 1983, and Airport Gardens, a 172-unit property that was built in 1982. Jennifer Campbell and Will Balthrope of IPA represented the undisclosed seller and procured the buyer, Florida-based One Real Estate Investment LLC.
HOUSTON AND SUGAR LAND, TEXAS — Fifth Corner, a Houston-based investment firm, has acquired two retail properties totaling 39,000 square feet in the greater Houston area. One property is located in the Washington corridor area of Houston and the other is located in the southwestern suburb of Sugar Land. Tenants at the centers include Memorial Hermann, Five Guys Burgers & Fries and Buffalo Wild Wings.
CHICAGO — Marcus & Millichap has brokered the $10.3 million sale of 227 East Walton Place in Chicago’s Streeterville neighborhood. The buyers, a group of California-based private investors, plan to convert the property’s 25 condos into rental units. Built in 1956, the property is located at 227 E. Walton St. Kyle Stengle, Austin Weisenbeck, Sean Sharko and Brewster Hague of Marcus & Millichap brokered the transaction. The sale price equates to $412,000 per unit. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.
