LUBBOCK, TEXAS — An affiliate of Houston-based development and investment firm Vista Cos. has acquired The Plazas on Ninth Street, a 21,000-square-foot retail strip center located in the West Texas city of Lubbock. The center is located across from the Texas Tech University campus and was fully leased at the time of sale to tenants such as Torchy’s Tacos and Barefoot Athletics. Chris Gainey of Marcus & Millichap represented Vista Cos. in the transaction. JLL arranged an undisclosed amount of acquisition financing through StanCorp Financial Group for the deal. The seller was not disclosed.
SACRAMENTO, CALIF. — Manulife US REIT has completed the disposition of 400 Capitol Mall, a 29-story Class A office tower in downtown Sacramento. PacWest Equities, an affiliate of Buzz Oates, acquired the asset for $117 million. The 501,308-square-foot property has maintained a nearly 90 percent historical occupancy over the past 25 years. Tenants include Wells Fargo, Morgan Stanley, PWC, Deloitte and Orrick. The tower features a five-story, 1,094-space parking garage, valet parking, car detailing, a fitness center with locker rooms and saunas, a private outdoor pool, conference center facility and a high-end ground-floor restaurant and café. Adam Lasoff, Rob Hielscher, Erik Hanson and Caroline Reynolds of JLL Capital Markets Investment Sales and Advisory team represented the seller in the deal.
PHOENIX — Santa Monica, Calif.-based Karney Properties has purchased a freestanding cross-dock industrial building in Phoenix for $69.5 million. Will Strong, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the undisclosed seller in the deal. The Home Depot fully occupies the 400,000-square-foot property as a return center. Located at 7200 W. Buckeye Road, the building features a fully air conditioned warehouse, high-speed fans, equipment on every door, a gated and security station-controlled yard area, approximately 4.5 percent of office space and four acres of excess trailer parking that was customized by and for the tenant.
SANTA ROSA, CALIF. — Interstate Equities Corp. (IEC) has acquired 888 Fourth St. Apartments, a multifamily property in downtown Santa Rosa, from a private individual for $38 million, or $350,000 per unit. At the time of sale, the 108-unit property was approximately 50 percent occupied. The IEC investment team and Philip Saglimbeni of Institutional Property Advisors handled the all-cash transaction.
CHICAGO — Glenstar has recapitalized Presidents Plaza in Chicago with a private investor. The two-tower office complex is situated near O’Hare International Airport at 8600-8700 W. Bryn Mawr Ave. In addition to purchasing the 831,442-square-foot complex for $62 million, Glenstar and its equity partner have set aside capital to fund tenant improvements. Additionally, Glenstar has allocated nearly $16 million to build spec suites along with upgrading amenities and common areas. Initial plans call for a golf simulator and common area improvements to round out the amenities added during the property’s recent $34 million renovation. Upgrades included a redevelopment of the three-story atrium lobby, three-level health club, fully renovated lounge, café with full seating and 6,300-square-foot conference center. Dan Deuter, Tom Sitz and Cody Hundertmark of Cushman & Wakefield represented the seller in the sales transaction, which closed Oct. 22. Glenstar has served as the property and asset manager of Presidents Plaza since 2006.
MOUND, MINN. — CBRE has arranged the sale of Grandview Terrace in Mound, a far west suburb of Minneapolis, for $9.8 million. Built in 1970, the 88-unit multifamily property is located at 5600 Grandview Blvd. The asset features one- and two-bedroom floor plans averaging 800 square feet. Ted Abramson, Abe Appert and Keith Collins of CBRE represented the seller, IPG. An entity related to Lion Rock Properties was the buyer.
NEW ALBANY, OHIO — Flagship Healthcare Properties has acquired a 14,416-square-foot ambulatory surgery center (ASC) in New Albany, about 15 miles northeast of Columbus. The purchase price was undisclosed. Built in 2003, the property at 6520 W. Campus Oval is fully leased to Central Ohio Surgical Institute, which is majority owned by nonprofit healthcare system OhioHealth. The ASC features five operating rooms and offers multiple surgical specialties, including ENT, plastics, orthopedics, gynecology, dentistry and gastroenterology. The property is situated within the 9,000-acre New Albany International Business Park. Flagship utilized its private real estate investment trust, Flagship Healthcare Trust, for the acquisition. Flagship will provide property management and asset management services for the ASC. Fifth Third Bank provided acquisition financing. Nick Myeres of Zeustra represented the undisclosed sellers.
SANDY SPRINGS, GA. — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $30.2 million acquisition loan for Aqua at Sandy Springs, a 219-unit apartment community located at 100 Greyfield Lane in Sandy Springs, a northern suburb of Atlanta. The borrower and buyer is New York-based T30 Capital. Blake Cohen and Reed McGarity of CBRE’s Atlanta office arranged the loan through Equitrust. Aqua at Sandy Springs was built in two phases in 1985 and 2000 and features one-, two- and three-bedroom apartments, as well as an outdoor pool.
JACKSONVILLE, FLA. — Redfearn Capital has secured an $18.7 million acquisition loan for a 363,000-square-foot industrial facility located at 12751 Gran Bay Parkway in south Jacksonville. South Point Capital Management provided the loan. Redfearn Capital acquired the property from Brookfield for $27.2 million. The property was fully leased at the time of financing to Saddle Creek Logistics, an omnichannel supply chain provider. Constructed in 1997, the facility features 24-foot clear heights and 30 dock doors.
MONTGOMERY, ALA. — Matthews Real Estate Investment Services has brokered the sale of Promenade North Shopping Center, a 57,441-square-foot retail center located at 2423 Eastern Blvd. in Montgomery. Pierce Mayson and Kyle Stonis of Matthews represented the seller, an affiliate of Hackney Real Estate Partners, in the transaction. The buyer and sales price were not disclosed. Promenade North was 97.3 percent leased at the time of sale to tenants such as Harbor Freight Tools, AutoZone and ArchWell Health. The Home Depot shadow-anchors the center.