Acquisitions

Wilks Development Buys 177,199 SF Office Building in West Fort Worth, Plans $9M Renovation

by Taylor Williams December 12, 2024

FORT WORTH, TEXAS — Wilks Development, the firm behind the Firefly Park mixed-use development in Frisco, has purchased One Ridgmar Centre, a 177,199-square-foot office building in West Fort Worth. The company plans to implement a $9 million renovation program over the next five years. Initial improvements will focus on the roof and HVAC systems, followed by enhancements to the common areas. The 10-story building was originally constructed in 1986 and was most recently owned by Holt Lunsford Commercial Investments. Wilks simultaneously secured 30,000 square feet of new leases at closing, bringing the building’s occupancy to 68 percent.

December 12, 2024

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $10.1M Sale of Retail Center in West Palm Beach

by John Nelson December 12, 2024

WEST PALM BEACH, FLA. — Marcus & Millichap has brokered the $10.1 million sale of the nearly 50,000-square-foot Cross County Plaza retail center in West Palm Beach. Located at 1922-1948 N. Military Trail, Cross County Plaza is fully occupied and anchored by national retailers including dd’s Discounts and K&G Fashion Superstore. The property is an outparcel to the larger Cross County Plaza shopping mall, which is situated near I-95 and Florida’s Turnpike. Tenants at the larger center include Presidente Supermarket, Ross Dress for Less, YouFit Gyms and Ollie’s Bargain Outlet. Douglas Mandel, Zach Levine and Josh Gilbert of Marcus & Millichap’s Fort Lauderdale office represented the seller in the transaction. Pliskin Realty was the buyer.

December 12, 2024

Acquisitions Multifamily Washington Western

CEP Multifamily Sells 126-Unit Cedardale Multifamily Community in Federal Way, Washington

by Amy Works December 12, 2024

FEDERAL WAY, WASH. — CEP Multifamily has completed the disposition of Cedardale, an apartment property in Federal Way. Pathfinder Partners acquired the asset for $31.1 million, or $247,024 per unit. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggerio and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Constructed in 1981, Cedardale offers 126 one- and two-bedroom apartments, averaging 746 square feet, with wood-burning fireplaces, washers, dryers and private decks or patios. Situated on seven acres, the property offers a recently renovated clubhouse, a covered picnic area, playground, sport court, dog park and car vacuum station.

December 12, 2024

Acquisitions Industrial Nevada Western

Dalfen Industrial Sells Two-Building Sunset 215 West Industrial Portfolio in Southwest Las Vegas

by Amy Works December 12, 2024

LAS VEGAS — Dalfen Industrial has completed the sale of Sunset 215 West, a two-building industrial portfolio in Southwest Las Vegas, to Southern California-based GF Properties for an undisclosed price. Located at 6475 and 6485 W. Sunset Road, the 80,000-square-foot property offers corporate office and industrial warehouse space. Michael Kendall, Gian Bruno, Kenny Patricia and Kylie Jones of Colliers’ West Industrial Capital Markets team marketed the portfolio and led the disposition and acquisition process. Dan Doherty, Paul Sweetland, Jerry Doty and Chris Lane of Colliers provided local market expertise. Completed in 2017, Building 1 (6475) is 35,000 square feet and fully leased to a single tenant, and Building 2 (6485) is 45,000 square feet and fully leased to two tenants. UFC, an organization that promotes mixed martial arts events, occupies approximately 70 percent of the project.

December 12, 2024

Acquisitions California Retail Western

Marcus & Millichap Brokers Sale of 24,370 SF Big Lots-Occupied Building in Chico, California

by Amy Works December 12, 2024

CHICO, CALIF. — Marcus & Millichap has arranged the sale of a retail property located at 1927 E. 20th St. in Chino. A private investor sold the asset to a private investor for $2.3 million. Big Lots occupies the 24,370-square-foot building on a net-lease basis. Teodor Vacev of Marcus & Millichap represented the seller and procured the buyer in the deal.

December 12, 2024

Acquisitions Office Texas

Brandywine Realty Trust Sells Two Southwest Austin Office Buildings for $107.6M

by Taylor Williams December 11, 2024

AUSTIN, TEXAS — Brandywine Realty Trust (NYSE: BDN), a Philadelphia-based REIT, has sold One & Two Barton Skyway, a pair of office buildings totaling 386,000 square feet in southwest Austin, for $107.6 million. The buildings are located at 1501 and 1601 S. MoPac Expressway within Barton Skyway, an office park that consists of four buildings on a 35-acre site. The City of Austin purchased the properties with plans to utilize them as a consolidated public safety headquarters. Brandywine retains ownership of Four Barton Skyway, which is currently 94 percent leased.

December 11, 2024

Acquisitions Multifamily Student Housing Texas

Investcorp Buys Three Student Housing Properties Totaling 1,962 Beds in Central Texas, Oklahoma

by Taylor Williams December 11, 2024

NEW YORK CITY — Investcorp has purchased three student housing properties totaling 1,962 beds in Central Texas and Oklahoma. The unnamed assets include a 792-bed community that serves students at Texas A&M University in College Station; a 486-bed complex for students at Texas State University in San Marcos; and a 684-bed property that houses students at the University of Oklahoma in Norman. Investcorp acquired the properties, all of which were nearly fully occupied at the time of sale, as part of a portfolio deal that included a 699-bed community for students at the University of Kentucky in Lexington. The seller and sales price were not disclosed.

December 11, 2024

Acquisitions California Multifamily Western

Mesirow Acquires Preserve at Melrose Multifamily Community in San Diego for $185M

by Amy Works December 11, 2024

SAN DIEGO — Chicago-based financial services firm Mesirow has purchased Preserve at Melrose, a 410-unit multifamily property located in the Vista neighborhood of San Diego, for $185 million. Built in 2015, Preserve at Melrose offers one-, two- and three-bedroom floor plans. According to Apartments.com, the garden-style community features amenities such as a business center, clubhouse, lounge, fitness center, pool, playground and courtyard. Hunter Combs of Walker & Dunlop represented the seller, a locally based group, and the buyer in the deal.

December 11, 2024

Acquisitions Industrial Nevada Western

Panattoni Development Completes 182,184 SF Simmons Airpark in North Las Vegas

by Amy Works December 11, 2024

NORTH LAS VEGAS, NEV. — Panattoni Development Co. has completed Simmons Airpark at 2880 Simmons St. in North Las Vegas. The 182,184-square-foot industrial building features a clear height of 36 feet, full concrete drive aisles and truck court, rear loading configuration, 1,895 square feet of build-to-suit office areas, 50-foot by 52-foot column spacing and an ESFR sprinkler system. The four-tenant building is located adjacent to North Las Vegas Airport and is three miles to the Cheyenne Interchange. The project is listed with Larkin Industrial Group and is owned by Panattoni Development.

December 11, 2024

Acquisitions Retail Texas

JLL Negotiates Sale of 24,188 SF Retail Center in Fulshear, Texas

by Taylor Williams December 11, 2024

FULSHEAR, TEXAS — JLL has negotiated the sale of Shops at Cross Creek, a 24,188-square-foot retail center in Fulshear, a western suburb of Houston. The center was built in 2015 and was fully leased at the time of sale to tenants such as Yen Fulshear, Rightway Dental, Marvelous Clinic, Firehouse Subs and Avis Budget Car. Ryan West, John Indelli and Gianna New of JLL represented the seller, Rycore Capital, in the transaction. The buyer was Cincinnati-based retail REIT Phillips Edison & Co.

December 11, 2024

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