TUCSON, ARIZ. — Mister Car Wash has purchased a property, located at 5523 E. Grant Road in Tucson, from Nam Nguyen Inc. for $1.2 million. The buyer plans to redevelop the property into a new car wash location, scheduled to open in late 2024. Aaron LaPrise of Cushman & Wakefield | PICOR represented the buyer and seller in the deal.
MECHANICSBURG, PA. — JLL has arranged the $78.5 million sale of an 812,425-square-foot distribution center in Mechanicsburg, located just outside of Harrisburg in the central part of the Keystone State. The facility was built on 44.3 acres in 2002 and offers 182 dock-high doors, two drive-in doors, 329 parking spaces, 109 trailer stalls and 195-foot truck court depths. John Plower and Ryan Cottone of JLL represented the undisclosed seller and procured the buyer, a joint venture between Lightstone and an affiliate of Cerberus Capital Management, in the transaction. Peter Rotchford, Andrew Scandalios, Michael Pagniucci and Tyler Peck of JLL arranged a $65 million acquisition loan through Argentic Investment Management on behalf of the new ownership.
SUFFERN, N.Y. — Regeneron Pharmaceuticals (NASDAQ: REGN) has purchased Avon Innovation Center, a 235,000-square-foot life sciences facility in Suffern, located just across the New York-New Jersey border. The seller, pharmaceutical company Avon, will be vacating the building in the near future. Larry Carroll, Shawn Straka, David Bernhaut, Frank DiTommaso and Seth Zuidema of Cushman & Wakefield, along with Michael Katz of Actio Corporate Advisors, represented Avon in the transaction. Dan Loughlin and Matt Loughlin of JLL represented Regeneron.
BECKER, MINN. — Marcus & Millichap has arranged the $1 million sale-leaseback of a 14,380-square-foot industrial facility in Becker, about 47 miles northwest of Minneapolis. The property is located at 14105 Commerce Drive. Brandon Houghtaling and Peter Doughty of Marcus & Millichap represented the seller, a private investor. The property was offered as a sale-leaseback with an initial five-year lease term. The buyer was undisclosed.
TEXARKANA, TEXAS — A joint venture between two investment firms, New Jersey-based Reynolds Asset Management and Dallas-based Newport Capital Advisors, has purchased two multifamily properties in Texarkana, located near the Texas-Arkansas border. The sales price was $23 million. The properties include Westridge Apartments (176 units) and Park at Summerhill (184 units). The seller was not disclosed. John Hamilton of Marcus & Millichap brokered the deal. Allan Edelson and Joe Tarantino of Walker & Dunlop originated an undisclosed amount of Fannie Mae acquisition financing on behalf of the joint venture, which plans to invest $3 million in capital improvements across both assets.
HUMBLE, TEXAS — Colliers has brokered the sale of Deer Springs Apartments, a 128-unit multifamily complex located in the northeastern Houston suburb of Humble that was built in 1984. According to Apartments.com, the age-restricted complex offers one-, two- and three-bedroom units, as well as a pool and onsite laundry facilities. Chip Nash, Bob Heard, Kitty Wallace and Jaleel Adatia of Colliers represented the seller, Alphil Investments, in the transaction. The undisclosed buyer plans to implement a value-add program.
DALLAS — Evans Senior Investments (ESI) has arranged the sale of Crystal Creek at Preston Hollow, a 119-bed seniors housing property located just north of downtown Dallas. Built in 2001 and renovated in 2018, the community offers assisted living, memory care and long-term care services. An undisclosed regional owner-operator sold the asset to Marcus Investments for an undisclosed price. Vitality Senior Living will take over as operator. The buyer plans to invest $9 million in additional renovations to the property.
HAMPTON, GA. — Marcus & Millichap has brokered the $9.8 million sale of Centre at Lovejoy, a 46,700-square-foot shopping center located at 11337 Tara Blvd. in Hampton, about 28 miles south of Atlanta. Eric Abbott and Zach Taylor of Marcus & Millichap’s Atlanta office represented the seller, Mount Pleasant, S.C.-based WRS Inc., in the transaction. The buyer was AGW Partners, a private investment firm based in New York. Centre at Lovejoy is shadow-anchored by Walmart and was leased to 17 tenants at the time of sale, including Bank of America, GameStop and Dollar Tree. The property sold as part of a two-property portfolio sale that included a neighboring retail center.
GLENDALE AND SUN VALLEY, CALIF. — Palatine Capital Partners has acquired two industrial parks in the San Fernando Valley. A private investor sold the multi-tenant assets for $30.6 million. The properties are a 46,335-square-foot building on 1.9 acres at 820 Thompson Ave. in Glendale and a 98,295-square-foot facility on 2.8 acres at 7764-7766 San Fernando Road in Sun Valley. Both industrial parks are currently 100 percent occupied, with some rents below market. The buyer plans to add value during future lease-ups as new tenants come in. Kelly Betpolice of Kidder Mathews represented the buyer in the transaction.
CULVER CITY, CALIF. — Newmark has arranged the sale of 5995 Sepulveda, a vacant office building in Culver City, just west of Los Angeles. A private investor acquired the site for an undisclosed price and plans to occupy the property. The newly renovated building offers 27,090 square feet of creative office space with 12,000-square-foot floor plates and column-free layouts. The property also features landscaped outdoor seating and 24/7 onsite security and access control. Kevin Shannon, Ken White, Rob Hannan, Laura Stumm, Michael Moll, Steve Kolsky and Greg Frankovich of Newmark represented the undisclosed seller.