HOUSTON — Newmark has brokered the sale of One & Two Westway, a 193,854-square-foot office campus in West Houston. Developed by Wolff Cos., the 15-acre complex is located within the 150-acre Westway master-planned development and was 95 percent leased at the time of sale to four tenants in the healthcare, education, energy and homebuilding sectors. Gary Carr, Robert Hill and Chris Murphy of Newmark represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
DALLAS — Maryland-based investment firm Excelsa Properties has purchased Pear Ridge, a 168-unit apartment complex in North Dallas that was originally built in 1986. According to Apartments.com, the property exclusively offers one-bedroom units and amenities such as a pool, fitness center, business center, clubhouse and outdoor grilling and dining stations. Excelsa plans to invest more than $4 million in capital improvements to unit interiors, building exteriors and amenity spaces. The seller and sales price were not disclosed.
HOUSTON — Locally based brokerage firm Oxford Partners has arranged the sale of an 84,651-square-foot industrial building located at 10610 Wyman Gordon Drive in Houston. According to Crexi, the building is part of Union Crossing Business Park, a six-building, 623,585-square-foot development on the city’s northwest side. Jeffery Arnaud and Matt Rogers of Oxford Partners represented the buyer, FJS Investments, in the transaction. Stephen Schneidau of Cushman & Wakefield represented the undisclosed seller.
NEW YORK CITY — Global Net Lease (NYSE: GNL), a New York City-based REIT, has sold a national portfolio of nine cold storage properties for $170 million. The properties, the locations of which were not disclosed, are all leased to subsidiaries of operator Americold Realty Trust (NYSE: COLD), with a weighted average of 3.3 years of remaining term on the leases. The deal traded at a cap rate of 7.88 percent. The buyer was not disclosed.
HARTFORD, CONN. — Regional owner-operator WinnCos. has purchased Bedford Gardens Apartments, an 84-unit affordable housing complex in Hartford, with plans to implement an $18.7 million renovation. The 10-building complex was built in the 1920s, and its residences are reserved for households earning 60 percent or less of the area median income. Two Massachusetts-based firms, The Architectural Team and Keith Construction, are providing design and general contracting services for the project, respectively.
SEATTLE — King County has purchased the Dexter Horton Building, an office building in downtown Seattle, for $36.6 million. The county worked with ING Group, a lender to the original property owner, to create a deal to transfer ownership. CIM Group acquired the asset in 2019 for $151 million. King County’s Department of Public Defense is one of nine tenants in the building and will now expand its presence at the property. The deal will save King County nearly $2 million per year in leasing costs and has the potential to be a future source of additional revenue to the county when new tenants fill the vacant space currently available in the building.
LAS VEGAS — Berkadia has arranged the sale of Prosper 89, a garden-style apartment community in Las Vegas. Nevada-based Turtle Bay 89 sold the asset to California-based Benedict Canyon Equities for $24.1 million, or $270,787 per unit. Located at 10750 El Camino Road, Prosper 89 features 89 units in a mix of one- and two-bedroom apartments with private garages. Community amenities include a pool, clubhouse, business center, fitness center and open grass areas. Jared Glover of Berkadia Las Vegas facilitated the transaction on behalf of the seller.
LONGMONT, COLO. — Capstone Apartment Partners has negotiated the sale of Eastglen Apartments, a 109,210-square-foot multifamily property in Longmont, approximately 35 miles north of Denver. Two Arrows Group acquired the asset for an undisclosed price. The seller was not disclosed. Located at 630 Lashley St., Eastglen Apartments features 102 units, with 20 percent designated as Low-Income Housing Tax Credit units. Sean Holamon, Adam Riddle and Jason Koch of Capstone Apartment Partners facilitated the transaction.
DOWNERS GROVE, ILL. — Inland Private Capital Corp. (IPC) has sold a 101,157-square-foot retail property occupied by Best Buy and Golf Galaxy in the southwest Chicago suburb of Downers Grove. IPC, through its subsidiary that serves as an asset manager, facilitated the sale of the property on behalf of Downers Grove Retail DST, one of IPC’s 1031 investment programs. The sale resulted in an equity multiple to investors of 1.75, according to IPC, which purchased the asset in 2013. Best Buy occupies 62,860 square feet, while Golf Galaxy leases 38,297 square feet. Chad Firsel and Daniel Waszak of Quantum Real Estate Advisors Inc. represented the seller. A Florida-based REIT purchased the asset for $14.6 million.
CAMAS, WASH. — Portland, Oregon-based WDC Properties has completed the disposition of Clara Flats, a mixed-use multifamily property in Camas, just across the Columbia River from Portland. An undisclosed, out-of-state buyer acquired the asset for $11.9 million. Located at 608 NE Birch St., the two-building Clara Flats features 30 apartments and two fully leased retail spaces. Completed in 2020, the property features mountain and river views. Jordan Carter, Clay Newton and Tyler Linn of Kidder Mathews represented the seller in the deal.