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Acquisitions

Redmond-East-Redmond-WA
AcquisitionsIndustrialLoansOfficeWashingtonWestern

CBRE Arranges Sale, Financing of Eight-Building Flex Portfolio in Redmond, Washington

by Amy Works

REDMOND, WASH. — CBRE Capital Markets has brokered the sale of Redmond East Business Campus, an eight-building office and flex portfolio located near downtown Redmond. A closed-end fund managed by Kennedy Wilson acquired the asset for an undisclosed price. Thomas Pehl and Lou Senini of CBRE’s Seattle office represented the undisclosed seller in the deal. Brad Zampa, Mike Walker and Megan Woodring of CBRE’s San Francisco office arranged $34.5 million in balance-sheet bank financing for the buyer. A national financial services company provided the seven-year, non-recourse, full-term, interest-only, floating-rate acquisition financing. Located at 6724-6565 185th Ave. NE and 18758-18640 NE 67th Court, Redmond East is a 292,100-square-foot, institutional quality property currently 98 percent leased to nine tenants.

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AcquisitionsIndianaMidwestMultifamily

Emma Capital Purchases Three Apartment Properties in Indianapolis for $63.8M

by Kristin Harlow

INDIANAPOLIS — Emma Capital Investments Inc. has purchased three apartment properties totaling 849 units in Indianapolis for $63.8 million. The properties include the 336-unit Retreat Northwest, the 388-unit M Club Apartments and the 125-unit Aura Apartments. All three properties were built in the 1970s. The seller was not disclosed. To date, Emma Capital’s U.S. portfolio totals 7,500 apartment units, mostly located in the Sun Belt states.

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AcquisitionsArizonaRetailWestern

LevRose Commercial Negotiates $7.2M Acquisition of Shopping Center in Phoenix

by Amy Works

PHOENIX — LevRose Commercial Real Estate/TCN Worldwide has arranged the acquisition of Bell Park Plaza, a shopping center located at the northeast corner of 43rd Avenue and Bell Road in Phoenix. Canada-based Triumph Real Estate Investment Fund from Hanley V Properties purchased the retail property for $7.2 million. At the time of closing, the 33,480-square-foot property was 93 percent occupied. Tenants include Subway, Hobby Bench, Banner Health Urgent Care and Papa John’s Pizza. Jon Rosenberg and Keri Davies of LevRose represented the buyer, while Greg Abbot of CBRE represented the undisclosed seller in the deal.

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AcquisitionsMidwestNet LeaseOhioRetail

Marcus & Millichap Brokers $1.1M Sale of Property Net Leased to Advance Auto Parts in Ohio

by Kristin Harlow

LONDON, OHIO — Marcus & Millichap has brokered the $1.1 million sale of a 6,790-square-foot property net leased to Advance Auto Parts in London, about 25 miles southwest of Columbus. The property is located at 246 Lafayette St. The tenant recently exercised an early lease extension. Nathan Coe and Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The buyer was not disclosed.

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The-Reserve-Apartments-Tyler-Texas
AcquisitionsMultifamilyStudent HousingTexas

Marcus & Millichap Brokers Sale of 324-Bed Student Housing Asset in Tyler, Texas

by Taylor Williams

TYLER, TEXAS — Marcus & Millichap has brokered the sale of The Reserve Apartments, a 324-bed student housing asset in Tyler, about 100 miles east of Dallas. The property is located approximately one mile from the University of Texas at Tyler and features amenities such as a pool, fitness center and study rooms. Evan Burke, Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller, an out-of-state private investor, in the transaction. The trio also procured the buyer, an undisclosed higher education system.

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Oak-Cliff-Bargain-Storage-Dallas-Texas
AcquisitionsIndustrialSelf-StorageTexas

Karr Self-Storage Arranges Sale of 297-Unit Facility in South Dallas

by Taylor Williams

DALLAS — Karr Self-Storage, a division of Marcus & Millichap, has arranged the sale of Oak Cliff Bargain Storage, a 297-unit facility in South Dallas. The property was built in 1973 and underwent renovations in 2015. Features include an on-site manager’s residence, modern office and showroom, perimeter fencing, gated entry and 16 surveillance cameras. Brandon Karr and Danny Cunningham of Karr Self-Storage represented the seller, a national operator headquartered in the Pacific Northwest. The duo also procured the buyer, a private investor.

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13827-W.-Hardy-Road-Houston
AcquisitionsIndustrialLee & AssociatesTexas

Lee & Associates Negotiates Sale of 113,000 SF Industrial Property in Houston

by Taylor Williams

HOUSTON — Lee & Associates has negotiated the sale of a 113,000-square-foot industrial property located at 13827 W. Hardy Road on Houston’s north side. The two-building, crane-served property was built in 1981 and includes roughly 5,700 square feet of office space between the two buildings. Mike Spears and Robert McGee of Lee & Associates represented the undisclosed seller in the transaction. Clay Pritchett of NAI Partners represented the buyer, Houston-based Quasar GP LLC.

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AcquisitionsIndustrialTexas

NAI Partners Closes Sale of 89,914 SF Manufacturing Facility in Houston

by Taylor Williams

HOUSTON — NAI Partners has closed the sale of an 89,914-square-foot manufacturing facility located at 6100 Cunningham Road in northwest Houston. An affiliate of United Equities Inc., a Bellaire, Texas-based real estate development and management firm, purchased the facility for an undisclosed price. The buyer will lease the space back to the seller, engineering firm KMEC. Travis Land and Michael Keegan of NAI Partners brokered the deal.

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Student-Housing-Rexburg-Idaho
AcquisitionsIdahoMultifamilyStudent HousingWestern

Marcus & Millichap Negotiates Sale of 1,546-Bed Student Housing Portfolio in Idaho

by Amy Works

REXBURG, IDAHO — Marcus & Millichap has arranged the sale of an eight-property student housing portfolio located in Rexburg. A Seattle-based firm sold the 1,546-bed portfolio to a Utah-based company for an undisclosed price. The portfolio includes the 288-bed Somerset; the 252-unit Alpine Chalet; the 146-bed Brookside Village; the 238-unit Rockland; the 120-bed Autumn Winds; the 72-bed Georgetown; the 24-bed Birchwood; and the 406-bed Birch Plaza. Although the affiliated school was not named, the small city of Rexburg is home to Brigham Young University Idaho. Danny Shin and Brock Zylstra of Marcus & Millichap represented the seller and procured the buyer in the deal.

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AcquisitionsCaliforniaCompany NewsWestern

DivcoWest, CalSTRS Enter into $300M Acquisition Venture

by Amy Works

SAN FRANCISCO — DivcoWest Real Estate Services has entered into a new $300 million venture with the California State Teachers’ Retirement System (CalSTRS). The joint venture will focus on acquiring core and core-plus commercial real estate assets in growth-oriented markets throughout the United States. The partnership will concentrate its activities on commercial real estate opportunities in targeted markets, including San Francisco, Los Angeles, San Diego, Seattle, Boston, New York City, Washington, D.C. and Austin, Texas. These markets have been identified for their strong local economics and highly qualified workforces, as well as substantial tenant bases in new economy industries. DivcoWest and CalSTRS have a 15-year history of investing together, with DivcoWest putting the more than $1.5 billion that CalSTRS committed into various DivcoWest-sponsored investment vehicles.

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