CARROLLTON, TEXAS — CCG Valwood, a Dallas-based investment firm, has acquired a 22,506-square-foot warehouse located at 1208 Tappan Circle in Carrollton. The property, which offers convenient access to Interstates 635 and 35 East and the George Bush Turnpike, was 60 percent leased at the time of sale. Richmond Collinsworth of Bradford Commercial represented the buyer in the transaction. Scott Gregory of Caddo Holdings represented the seller.
PHOENIX — L5 Investments, in partnership with MLA Properties and BH Equities, has acquired Cielo Apartments, a multifamily community located at 8222 N. 19th Ave. in Phoenix, for $27.2 million. Built in 1981, Cielo features 360 residences in a mix of studio, one- and two-bedroom units, ranging in size form 455 square feet to 879 square feet. At the time of acquisition, the property was 91 percent occupied. The buyers plan to execute an $4.2 million capital improvement plan to increase occupancy and attract and retain residents. The renovation plan will update unit interiors, including flooring, cabinets, lighting, appliances, and adding in-unit washers and dryers in select units. On-site amenities include two pools, a newly renovated clubhouse and fitness center, a picnic and barbecue area, and covered parking. Brett Polachek and Jim Crews of Cushman & Wakefield represented the buyer and undisclosed seller in the off-market transaction.
CHANDLER, ARIZ. — Orion Investment Real Estate has arranged the sale of a portion of Valle Del Sol, a multi-building retail property located at the corner of Dobson and Warner roads in Chandler. AVD Land 2 LLC acquired the property located at 2090 N. Dobson Road for $2.1 million, or $268 per square foot, and the property at 2080 N. Dobson Road for $1.2 million, or $305 per square foot. LA Fitness and Lee Lee International Market occupy the buildings. Judi Butterworth and Lacey Eyman of Orion Investment Real Estate represented the seller, Arizona-based BCB-WB Partners LLC, in the transaction.
RIDGELAND, MISS. — Concord Capital LLC has acquired the 600 Concourse Building, a 73,000-square-foot, Class A office building located at 1076 Highland Colony Parkway in Ridgeland, roughly 11 miles north of Jackson. Constructed in 2007, the building is home to tenants such as law firm Copeland Cook Taylor & Bush, Feild Cooperative Association, First Commercial Bank and Carroll Bufkin Law Firm. Duckworth Realty Inc. — which is operated by Concord Capital principals — will manage the property and handle the building’s leasing assignment. Robert Hutchinson of Butler Snow LLP arranged the transaction on behalf of Concord, and Copeland Cook Taylor & Bush advised the undisclosed seller. The sales price was not disclosed. Origin Bank provided acquisition financing for the transaction.
NOBLESVILLE, IND. — Rainier Realty Investments LP, in a joint venture with institutional investor CIL2 REIT LLC, has acquired Stony Creek Marketplace, a 204,800-square-foot shopping center in Noblesville, about 25 miles north of Indianapolis. The purchase price was not disclosed. CIL2 has institutional support from publicly traded South African REIT Emira Property Fund, and is managed by Continuum Investments LLC. Stony Creek Marketplace was 99 percent leased at the time of sale to tenants such as Best Buy, T.J. Maxx, HomeGoods, Barnes & Noble, PetSmart, Party City and Pier 1 Imports. Metropolitan Capital Advisors arranged acquisition financing for the asset. Neither the name of the seller nor the sales price was disclosed.
The Boulder Group Arranges $12.7M Sale of Property Net Leased to Jewel-Osco in Orland Park, Illinois
ORLAND PARK, ILL. — The Boulder Group has arranged the sale of a 63,400-square-foot property occupied by Jewel-Osco on a net-lease basis in Orland Park for $12.7 million. The property is located at 17930 Wolf Road. Renovated in 2009, the asset features a drive-thru pharmacy. Jewel-Osco has 20 years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private real estate investment company based in the Southwest. A West Coast-based investor was the buyer.
CRYSTAL LAKE, ILL. — Essex Realty Group Inc. has brokered the $7.2 million sale of two apartment properties in Crystal Lake, about 45 miles northwest of Chicago. One of the properties, located at 431-455 Brandy Drive, is an 18-unit townhome property that consists of six buildings. The asset sold for $2.4 million. The other, located at 223-265 Uteg St., is a 48-unit garden-style complex comprised of six buildings. The property sold for $4.8 million. Doug Fisher and Brian Kochendorfer of Essex brokered the transaction. Neither the buyers nor the sellers were disclosed.
WESTMONT, ILL. — 29th Street Capital (29SC) has purchased Warwick Apartments in Westmont, a western suburb of Chicago, for an undisclosed price. The company plans to make approximately $500,000 in capital improvements to the 32-unit apartment property. Planned interior upgrades include stainless steel appliances, new paint, countertops and cabinets. Exterior improvements will include roof repairs, window replacement, paint and new lighting. The seller was not disclosed.
SAN FRANCISCO AND DENVER — San Francisco-based Prologis Inc. (NYSE: PLD) and Denver-based DCT Industrial Trust Inc. (NYSE: DCT) have entered into a definitive merger agreement wherein Prologis will acquire DCT Industrial Trust for $8.4 billion. The sale will be structured as an all-stock transaction. DCT shareholders will receive 1.02 shares of Prologis stock for each share of DCT stock they own. Under the terms of the transaction, which is expected to close during the third quarter, Prologis will assume all of DCT’s outstanding debt. During a conference call on the morning of April 30, the leaders of both companies pointed to the similarities in their operating strategies as key incentives behind the merger. “For some time, we have considered DCT’s realigned portfolio to be the most complementary to our own in terms of product quality, market position and growth potential,” said Hamid Moghadam, Prologis’ chairman and CEO. “This high level of strategic fit will allow us to capture significant economies of scale immediately.” “We competed against Prologis for many years and it has always been apparent that their approach to developing and operating is very similar to ours,” said Phil Hawkins, president and CEO of DCT. “This merger represents …
AUSTIN, TEXAS — Valor Capital Partners (VCP) has acquired The Overlook at Rob Roy, a 100,000-square-foot, Class A office building in southwest Austin. Built in 2002, the property is located just off Bee Cave Road. This is the fifth acquisition in the Austin area for VCP, which will build an additional two-story parking structure at the property. Equitable Commercial Realty (ECR) represented the seller in the transaction. Other terms of sale were not disclosed.