LOS ANGELES — Los Angeles-based PCCP LLC has provided a $102 million acquisition loan to Stoltz Real Estate Partners, a real estate fund manager based in Bala Cynwyd, Pa., for a five-property industrial portfolio in the Southeastern United States. John Alascio, Alex Hernandez, Chris Meloni, T.J. Sullivan and Mitch Rothstein of Cushman & Wakefield arranged the financing on behalf of Stoltz. The 1.6 million-square-foot portfolio is located within the Atlanta, Charleston, Charlotte, Louisville and Nashville MSAs. The properties were fully leased at the time of financing to seven tenants that had a weighted average lease term (WALT) remaining of 4.6 years. All five properties were developed between 2018 and 2023 and range in size from 157,000 to 636,000 square feet. The seller and sales price were not disclosed.
DETROIT AND MILWAUKEE — Walker & Dunlop has arranged the sales of four Section 8 affordable housing communities in Detroit and Milwaukee. Sales prices were not provided. The Detroit properties total 81 units and include Aaron Apartments, Field Place Apartments and West Boston Apartments. All three communities underwent significant rehabilitation in 2007 facilitated by 9 percent Low-Income Housing Tax Credits (LIHTCs). In Milwaukee, Boulevard Apartments features 235 units. The property boasts a 100 percent LIHTC allocation and is further supported by 15 percent Section 811 Project Rental Assistance. Aaron Hargrove and Eric Taylor of Walker & Dunlop represented the undisclosed buyers and sellers in all four deals.
GREENWOOD, IND. — Marcus & Millichap has brokered the sale of Yorktowne Farms Apartments, a 264-unit multifamily property in the Indianapolis suburb of Greenwood. Built in 1982, the community features amenities such as a pool, playground, laundry facilities, and basketball and tennis courts. Aaron Kuroiwa and Tony Rogers of Marcus & Millichap represented the buyer, ICONIC Property Partners. The seller and sales price were undisclosed.
KANSAS CITY, MO. — Quantum Real Estate Advisors Inc. has negotiated the sale of a CVS-occupied retail property in Kansas City for $2.2 million. CVS has nine years remaining on its lease. Nick Hilgendorf of Quantum represented the seller, a Midwest-based investor, and the buyer, a Southeast-based investment firm completing a 1031 exchange. Quantum also assisted the seller throughout its loan defeasance process.
PLANO, TEXAS — Newmark has arranged the sale of Parkway Centre IV, a 153,238-square-foot office building in the northern Dallas suburb of Plano. The six-story building, which was constructed in 2006 and underwent a $2 million renovation in 2021, sits on a 6.6-acre site at 2701 Dallas Parkway. Chris Murphy, Robert Hill and Gary Carr of Newmark represented the seller, an affiliate of Goldman Sachs, in the disposition of the property to a California-based BH Properties. Both parties requested anonymity. Parkway Centre IV was 82 percent leased at the time of sale.
EL PASO, TEXAS — Marcus & Millichap has brokered the sale of a 5,798-square-foot retail building located at 12312 Eastlake Blvd. in El Paso that is leased to Firestone on a triple-net basis. The building was constructed on 1.3 acres in 2023. Don McMinn of Marcus & Millichap’s Taylor-McMinn Retail Group in Atlanta represented the seller in the all-cash transaction. The buyer was a California-based 1031 exchange investor. Both parties requested anonymity. McMinn commented, “This is our 13th Firestone closing and we just brought out two more in Orlando, Fla. and Lincoln, Neb. Despite the ample net lease inventory on the market and limited buyer pool, quality net lease inventory remains in short supply and high demand.”
RIVER EDGE, N.J. — Cushman & Wakefield has brokered the $3.1 million sale of River Edge Town Mall, a 21,537-square-foot retail property located about 15 miles northwest of Manhattan. The property sits on 1.5 acres and was fully leased to five tenants at the time of sale. Andy Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri of Cushman & Wakefield represented the seller, Kamack Associates LLC, and procured the undisclosed buyer in the transaction.
HOUSTON — Partners Real Estate has brokered the sale of a 16,000-square-foot industrial building in South Houston. According to LoopNet Inc., the building at 12311 Amelia Drive was built on three acres in 1965 and features 30-foot clear heights and two drive-in doors. Braedon Emde and Travis Land of Partners represented the buyer, an entity doing business as SMI Holdings LLC, in the transaction. Boomer White of CBRE represented the undisclosed seller.
DENVER — A partnership between Hyde Development and Mortenson Properties has acquired Peoria Business Center, an industrial portfolio in Denver, from Invesco for an undisclosed price. Totaling 592,573 square feet, Peoria Business Center includes three Class A buildings located at 12330 E. 46th Ave., 12360 E. 46th Ave. and 13100 E. Albrook Drive in Denver’s airport submarket. Built between 1999 and 2001, the buildings feature clear heights ranging from 24 feet to 30 feet, ESFR sprinklers, large truck courts, dock-high and drive-in loading, and LED lighting upgrades throughout. At the time of sale, the portfolio was 98 percent leased to 19 diversified tenants. Jeremy Ballenger, Tyler Carner, Jessica Ostermick and Jim Bolt of CBRE represented the seller in the deal.
SAN DIEGO — CBRE has arranged the sale of an office building located at 17075 Camino San Bernardo within Rancho Bernardo’s Tech Park in San Diego. Dominguez Channel LLC, an overseas private buyer undergoing a 1031 exchange, acquired the asset for $8 million, or $314 per square foot. Matt Pourcho, Anthony DeLorenzo, Matt Harris and Chris Williams of CBRE Investment Properties represented the San Diego-based private seller, while George Rehab represented the buyer in the transaction. The remodeled modern office building features 115 parking spaces and an outdoor patio on the corner of Rancho Bernardo Road and Camino San Bernardo. The building is fully gross leased with no pass-throughs. Situated on two acres, the two-story building offers 25,475 square feet of office space.