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Acquisitions

2197-Chestnut-St-San-Francisco-CA
AcquisitionsCaliforniaOfficeRetailWestern

City Center Realty Partners Purchases 4,500 SF Retail, Office Building in San Francisco

by Amy Works

SAN FRANCISCO — San Francisco-based City Center Realty Partners has acquired a freestanding, multi-tenant retail and office building in San Francisco’s Marina District for an undisclosed price. Tri Counties Bank currently occupies the ground-floor space of the two-story, 4,500-square-foot building, which is located at 2197 Chestnut St. and originally built in 1907. Kazuko Morgan and Heather Trimble of Cushman & Wakefield represented the buyer, while David Klein and Elijah Hodges of Lee & Associates represented the seller in the deal.

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3930-E-Watkins-St-Phoenix-AZ
AcquisitionsArizonaIndustrialWestern

Meritex Buys 101,932 SF Flex Industrial Building in Phoenix for $20.3M

by Amy Works

PHOENIX — Minneapolis-based The Meritex Co. has acquired a flex industrial building, located at 3930 E. Watkins St. in Phoenix. Simone Charitable Foundation sold the asset for $20.3 million. Built in 1999 on 7.9 acres, the 101,932-square-foot building was fully occupied at the time of sale. The property is located near Sky Harbor International Airport. Brian Ackerman of Colliers handled the sale transaction and assisted in structuring the financing for the seller.

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AcquisitionsKansasMidwestRetail

Mid-America Brokers Sale of 348,983 SF Oak Park Commons Shopping Center in Metro Kansas City

by Kristin Harlow

LENEXA, KAN. — Mid-America Real Estate Corp. has brokered the sale of Oak Park Commons, a 348,983-square-foot shopping center in Lenexa. The sales price was undisclosed. Tenants at the property include Ross Dress for Less, Hobby Lobby, Ulta, Verizon, Dollar Tree, Petco, K&G Fashion Superstore, Northern Tool + Equipment, Shoe Carnival, Chipotle, Panda Express and Aspen Dental. Oak Park Mall is situated across the street. Ben Wineman of Mid-America, in cooperation with Eric Gonsher of The R.H. Johnson Co., represented the seller, DRA Advisors. The asset sold to a joint venture between Lormax Stern and Time Equities Inc.

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Arranges Sale of 217-Unit Via Sol Apartment Complex in Suburban Minneapolis

by Kristin Harlow

ST. LOUIS PARK, MINN. — Marcus & Millichap has arranged the sale of Via Sol, a five-story, 217-unit apartment complex in the Minneapolis suburb of St. Louis Park. The sales price was undisclosed. Completed in 2022 and located along Minnesota State Highway 7, the property features amenities such as an urban art forest, rooftop terrace, fitness center and underground parking. The average unit size is 677 square feet. Abe Roberts, Will Balthrope and Drew Garza of Marcus & Millichap represented the seller, Place E-Generation One LLC. The team also procured the buyer, Bigos-Via Sol LLC, an entity under Bigos Management. The buyer plans to rebrand the community as Zelia on Seven.

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AcquisitionsIndustrialNortheastPennsylvania

Denholtz Properties Acquires 723,734 SF Industrial Portfolio in Lehigh Valley

by Taylor Williams

ALLENTOWN AND BETHLEHEM, PA. — New Jersey-based investment firm Denholtz Properties has acquired a portfolio of 18 industrial buildings totaling 723,734 square feet in the Lehigh Valley. Denholtz acquired the buildings, which are located in Allentown and Bethlehem, in a joint venture with an undisclosed partner. Brad Ruppel and Tristan Cade of CBRE represented the seller, PennCap Properties, in the transaction. The sales price was not disclosed.

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AcquisitionsKansasMidwestMultifamily

Archstone Capital Acquires 200-Unit Townhome Property in Overland Park, Kansas

by Kristin Harlow

OVERLAND PARK, KAN. — Archstone Capital has acquired The Louis Overland Park, a 200-unit townhome community in the Kansas City suburb of Overland Park. Archstone Construction, Archstone’s general contractor, will oversee the property’s upcoming improvements. The acquisition marks Archstone’s entry into the Kansas City market. The Louis Overland Park, formerly named Madison Overland Park, marks Archstone’s 13th acquisition in the Midwest. The property was acquired with equity from Archstone and affiliates in a partnership with Aspen Funds and 7Acre Investments. Planned improvements for the property include upgrades to amenity spaces, modernization of common areas and improvements to enhance curb appeal. Residents can expect state-of-the art appliances, modern flooring, upgraded light fixtures and hard surface countertops.

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AcquisitionsCaliforniaLife SciencesTop StoriesWestern

Breakthrough Properties Acquires Majority Stake in $236M Callan Ridge Life Sciences Campus in San Diego

by Jeff Shaw

SAN DIEGO — Breakthrough Properties Inc. has acquired a 65 percent stake in Callan Ridge, a 185,000-square-foot research campus in San Diego’s Torrey Pines scientific research area. Healthpeak Properties (NYSE: PEAK), the project’s developer, retains a 35 percent stake in the asset. The formation of the joint venture values Callan Ridge at $236 million. Healthpeak began construction of the Callan Ridge campus in 2021. The two-building asset is fully leased to Turning Point Therapeutics Inc., a subsidiary of Bristol-Myers Squibb Co., through April 2035. The lease on 105,000 square feet commenced in July 2023. The lease on the remaining 80,000 square feet will commence in July of this year. The three-story, two-building complex augments part of Healthpeak’s 20-acre Torrey Pines Science Park. Callan Ridge features numerous sustainable features, including a canopy with integrated solar panels; electrochromic windows that change color to control sunlight and heat throughout the day; recycled steel and concrete; and drought-tolerant landscaping. The joint venture plans to pursue LEED Gold certification for the campus. The property also offers amenities such as a fitness center, restaurant, roof deck and patio space, as well as 506 parking stalls. Ferguson Pape Baldwin Architects designed the development. According to Healthpeak, Callan …

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3555-Timmons-Lane-Houston
AcquisitionsOfficeTexas

Novel Office Acquires 225,895 SF Office Building in Houston

by Taylor Williams

HOUSTON — Dallas-based investment firm Novel Office has acquired 3555 Timmons, a 225,895-square-foot office building in Houston’s Greenway Plaza district. The 15-story building, which according to LoopNet Inc. was originally constructed in 1982, offers amenities such as a conference center, tenant lounge, training room and onsite food-and-beverage options. The seller and sales price were not disclosed. The new ownership has hired Transwestern to lease the building.

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AcquisitionsMultifamilyTexas

Pagewood Buys 152-Unit Costa Mesa Apartments in Northwest Houston

by Taylor Williams

HOUSTON — Locally based development and investment firm Pagewood has purchased Costa Mesa, a 152-unit apartment complex in northwest Houston. The property consists of 12 two-story buildings that house one- and two-bedroom units that range in size from 614 to 1,044 square feet. Amenities include a pool, clubhouse, playground, business center and onsite laundry facilities. Amegy Bank provided acquisition financing for the deal. The seller and sales price were not disclosed. Pagewood plans to implement a value-add program.

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AcquisitionsMultifamilyNorthmarqTexas

Northmarq Brokers Sale of 118-Unit Apartment Complex in Mission, Texas

by Taylor Williams

MISSION, TEXAS — Northmarq has brokered the sale of Las Misiones Apartments, a 118-unit multifamily complex located in the Rio Grande Valley city of Mission. Built in 2005, the property offers one-, two- and three-bedroom units that range in size from 751 to 1,359 square feet. Amenities include a pool, fitness center, business center, playground, clubhouse, basketball court and a lounge. McGuire Family Properties purchased the asset from a pair of private investors for an undisclosed price. Zar Haro, Moses Siller, Phil Grafe, Bryan VanCura and Brian Booth of Northmarq brokered the deal.

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