MINNEAPOLIS — Minneapolis-based Kraus-Anderson Construction Co. (KA) has acquired Phoenix-based Sonoran Crest Construction, a 20-year-old firm with a focus on healthcare construction in the Southwest U.S. region. The transaction, financial terms of which were undisclosed, marks the first acquisition of another company in KA’s 126-year history. The acquisition will expand KA’s growth in the Southwest. Sonoran Crest has built projects for regional healthcare providers such as Banner Health, Abrazo Health, Honor-Health and Healthcare Trust of America. The company’s new name will be Sonoran Crest Construction — a division of Kraus-Anderson Construction Co. The office at 1401 N. 24th St. in Phoenix will be led by Jaki Scott, director of operations.
PORTLAND, ORE. — BKM Capital Partners has acquired Airport Way Corporate Park, a three-building industrial property in Portland, for $24.5 million. The name of the seller was not released. BKM plans to rename the property PDX Distribution Center. Located at 12021 NE Airport Way and 12055 and 12067 NE Glenn Widing Drive, the 140,693-square-foot property operates as a multi-tenant park. The three buildings offer 16 units ranging in size from 3,666 square feet to 32,533 square feet with office space accounting for 36 percent of the overall leaseable area. Built in phases between 1992 and 2008, the park features 19 dock-high and 22 grade-level loading doors, up to 26-foot clear heights, concrete truck courts and ample parking. At the time of sale, the asset was 97 percent leased to 15 tenants. BKM plans to invest more than $1.3 million into capital improvements. Plans include upgrades to the roof, parking lots and HVAC systems, as well as a modernized paint scheme, new signage and refreshed landscaping. The company also plans to convert a vacant unit into functional warehouse space. Paige Morgan, Brett Hartzell and Cara Nolan of CBRE represented the seller in the transaction.
CARMEL, IND. — Big V Property Group and Equity Street Capital have acquired Merchants Square shopping center in the Indianapolis suburb of Carmel. The purchase price and seller were undisclosed. The open-air retail property totals 232,284 square feet. Tenants include Planet Fitness, Flix Brewhouse, Cost Plus World Market, Petco and Dollar Tree. Harvest Market will shadow anchor the property when it opens this fall.
BROOKLYN PARK, MINN. — Hanley Investment Group Real Estate Advisors has arranged the $11.9 million sale of Edinburgh Festival Centre in the Minneapolis suburb of Brooklyn Park. The 91,563-square-foot shopping center was 96 percent occupied at the time of sale. A 54,476-square-foot Festival Foods store anchors the property, which is located on Edinburgh Centre Drive. Bill Asher and Jeff Lefko of Hanley, in association with ParaSell Inc., represented the seller, LS Capital Inc., and the buyer, a private investor from northern California.
RIVERSIDE, CALIF. — Marcus & Millichap has arranged the sale of a gas station property located at 2278 Main St. in the Inland Empire city of Riverside. The asset traded for $10.3 million. Rick Raymundo, Orbell Ovaness, Ara Rostamian and Aren Ohanian of Marcus & Millichap represented the undisclosed seller and undisclosed buyer in the deal. Totaling 52,707 square feet, the property features a gas station, convenience store, express car wash and large plot of vacant land.
TRAVERSE CITY, MICH. — Marcus & Millichap has brokered the sale of Empire Self Storage, a 71,350-square-foot self-storage facility in Traverse City. The sales price was undisclosed. Built in 2015, the property consists of 500 non-climate-controlled units. Approvals are in place to build an additional six buildings totaling 300 units. Brian Kelly, Brett Hatcher, Gabriel Coe and Nathan Coe of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies.
HOUSTON — Locally based developer Sueba USA has completed San Palmas, a 370-unit apartment community in West Houston. The four-story building houses studio, one-, two- and three-bedroom units that range in size from 480 to 2,196 square feet and are furnished with stainless steel appliances, tile backsplashes and nickel hardware. Amenities include a pool, fitness center, outdoor grilling and dining stations, a pickleball court, catering kitchen, coffee bar, lounges and a conference center. Rents start at $1,075 per month for a studio apartment.
BIRMINGHAM, ALA. — Zach Taylor of Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $17.6 million sale of Eastwood Village, a 130,056-square-foot shopping center in Birmingham. Situated near a new Amazon facility, the center is anchored by Walmart, which was not part of the transaction. Other tenants of Eastwood Village include Ross Dress for Less, Office Depot, Michael’s and Party City. Taylor represented the seller, a partnership based in Louisiana, and sourced the buyer, a private syndicator based in California that paid all-cash. “The key to this transaction was selecting a buyer that was truly all-cash,” says Taylor. “This took the uncertainty of rising interest rates off the table and allowed us to trade at an aggressive cap rate.”
SAN ANTONIO — KW Commercial has arranged the sale of Buena Vida Apartments, a 28-unit apartment building located on the south side of San Antonio. According to Apartments.com, the property was built in 1968 and offers one- and two-bedroom units. Jaxton Hoelting of KW Commercial represented the California-based seller in the transaction. Jackie Oldbury of Keller Williams represented the Texas-based buyer.
HOLIDAY, FLA. — Maryland-based Graphite Real Estate has purchased Holiday Centre, a Publix-anchored shopping center located at 4637-4701 Sunray Drive in Holiday, a northern suburb of Tampa. The undisclosed seller sold the 67,035-square-foot retail property for $9.9 million. Ari Ravi of RIPCO Investment Sales represented the seller in the sale, and RGA Reinsurance Co. originated acquisition financing on behalf of Graphite. In addition to the Publix, Holiday Centre was 98 percent leased at the time of sale to tenants including Planet Fitness, Publix Liquors and Bright Now Dental.