PHOENIX — Biltmore RE, a net-leased investment group, has purchased an office building located at 2701 E. Camelback Road in Phoenix, for $3.1 million. The sale was an absolute triple-net leaseback to the seller, Arciterra Cos., a real estate investment and development company. The property features 8,501 square feet of Class A office space. Jenette Bennett of Kidder Mathews represented the buyer in the transaction.
DURHAM, N.C. — Phoenix Realty Group (PRG) has acquired Beech Lake Apartments, a 345-unit multifamily community located at 4800 University Drive in Durham, for $37.2 million. The name of the seller was not disclosed. Constructed in 1987, the property includes 30 three-story buildings and is situated on 37 acres. PRG will update and modernize the community, renaming it Alvista Durham. Planned unit upgrades include faux wood flooring in common areas, new laminate countertops, new kitchen cabinet doors and hardware and faux stainless steel appliances. Planned common area improvements include the addition of a dog park, dog wash station, outdoor kitchen and fire pit, upgrades to the pool area and the conversion of the lakeside trail to an outdoor fitness trail.
CHARLOTTE, N.C. — The Dilweg Cos. has acquired Vanguard Center, a 14-building office park in Charlotte, in two separate transactions. The sales price was not disclosed, but the Charlotte Business Journal reports the Durham-based company acquired the assets from True North Management Group for $45.6 million. Dilweg plans to invest significant capital to improve the park, which was constructed between 1975 and 1997. Planned renovations include exterior improvements, updates to mechanical systems and common area and tenant amenity upgrades. Perkins + Will, an architectural firm, will assist with the renovations. Vanguard Center totals 563,504 square feet and was 65 percent leased at the time of sale to tenants including MapAnything, National Welders, MI Home and The Home Depot. Patrick Gildea and Matt Smith of CBRE arranged the transaction on behalf of the seller. Dilweg has retained CBRE’s Joe Franco, Ralph Oldham, Stephanie Spivey and Katherine Richey to handle the park’s leasing assignment. The purchase of Vanguard Center brings Dilweg’s Charlotte office portfolio to more than 1.7 million square feet and its Southeast office holdings to more than 6.4 million square feet.
COLUMBIA, MD. — Finmarc Management Inc. has acquired a two-building office/flex portfolio in Columbia for $10.9 million. The sold portfolio includes a single-story, 49,000-square-foot flex building at 9151 Rumsey Road and a single-story, 61,000-square-foot flex/office building at 9130 Red Branch Road. Jay Wellschlager of JLL arranged the transaction on behalf of the seller, Greenfield Partners. The portfolio was 90 percent leased at the time of sale. With this acquisition, Finmarc currently owns and manages more than 100 commercial office, flex, industrial and retail properties in the Mid-Atlantic area, as well as several residential projects. The company’s assets total just under 6 million square feet of space.
DALLAS, SAN ANTONIO AND LUBBOCK, TEXAS — Fort Worth-based Mitchell Asset Group Inc. has acquired a 320,852-square-foot industrial portfolio from private equity firm Pacific Avenue Capital Partners. The properties include a 136,882-square-foot facility located at 11100 Plano Road in Dallas; a 104,000-square-foot asset located at 3101 Aniol St. in San Antonio; and a 79,790-square-foot building located at 1919 Avenue E in Lubbock. The properties were acquired in a sale-leaseback transaction for an undisclosed price. Walker & Dunlop arranged debt for the acquisition through UBS.
DALLAS — Greysteel has arranged the sale of Artisan Ridge, a 264-unit multifamily community in Dallas. Built in 2004 on 14.7 acres, the property offers amenities such as a pool, clubhouse with a business center, playground, fitness center and storage units. Ari Firoozabadi, Doug Banerjee, Boyan Radic, Andrew Mueller, John Marshall Doss and Andrew Hanson of Greysteel represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of a portfolio of three retail properties totaling 143,963 square feet in Austin. The single-tenant properties span a total of 21.3 acres and are leased to JC Penney, Frost Bank and Gold’s Gym. Vincent Knipp and Ryan Wolf of Marcus & Millichap represented the seller, a private developer, in the transaction. Bill Rose, also of Marcus & Millichap, procured the buyer, a private investor. Both parties requested anonymity.
MARION, ILL. — Binswanger has brokered the sale of a 1 million-square-foot distribution center in Marion in southern Illinois. The sales price was not disclosed. The Class A facility is located on 72 acres at 1100 Glen Clarida Drive. The building, originally constructed in 1999, underwent an expansion in 2004 and a renovation in 2013. Clear heights range from 32 to 37 feet. Zach Binswanger of Binswanger represented the seller in the transaction. Neither the buyer nor the seller was disclosed.
PLANO, TEXAS — JLL Income Property Trust has acquired Villas at Legacy, a 328-unit multifamily community in Plano. The property is located within Legacy Business Park, a 2,665-acre master-planned community. Amenities include a pool, fitness center, business center, picnic areas and a coffee bar. This transaction, the seller in which was not disclosed, raises the size of the trust’s multifamily portfolio to more than 2,500 units.
CARROLLTON, TEXAS — Carter Validus Mission Critical REIT II Inc., a Tampa-based healthcare investment corporation, has purchased Carrollton Healthcare Facility in metro Dallas. The sale price was approximately $8.5 million. The property totals 21,990 square feet and is 100 percent leased to two tenants: family medicine practice USMD PPM LLC and dermatology practice PDP of Texas PLLC.
