KANSAS CITY, MO. — PPR Capital Management (PPR) has acquired Infinity at Plaza West, a 224-unit multifamily property in Kansas City, for $33.6 million. The garden-style community is situated in close proximity to Country Club Plaza. The acquisition marks PPR’s second investment in metro Kansas City. The investment structure includes a total equity investment of $11.4 million, with PPR contributing $10.2 million as the primary equity partner. PPR worked alongside Aspen Funds as the general partner and Petra as co-general partner and onsite property manager. The financing includes a 3.9 percent loan assumption.
MIDLAND AND ODESSA, TEXAS — Dallas-based investment firm AVAD Capital has purchased a portfolio of nine self-storage facilities totaling 5,180 units in the West Texas cities of Midland and Odessa. Utah-based REIT Extra Space Storage sold the portfolio, which totals 782,998 net rentable square feet. Steve Mellon, Brian Somoza, Adam Roossien and Matthew Wheeler of JLL represented Extra Space Storage in the transaction. The sales price was not disclosed. Avid Storage, the buyer’s wholly owned subsidiary and operating brand, will operate the portfolio. John Bauman, Kris Lowe, Luke Rogers and Scott Cole, also with JLL, arranged an undisclosed amount of fixed-rate acquisition financing for the deal through 3650 Capital and Goldman Sachs.
CHARLOTTE, N.C. — Westwood Financial has acquired Eastway Square, a 130,156-square-foot, grocery-anchored shopping center located at the intersection of Eastway Drive and Central Avenue in Charlotte. The Los Angeles-based investor purchased the center for an undisclosed price. The seller was also not disclosed. Berkeley Capital Advisors brokered the sale. The property’s tenant roster includes Food Lion, Ross Dress for Less, America’s Best, Papa Johns Pizza, Subway, Wingstop, Rainbow, Dental Works, Hibbett Sports and Showmars. Eastway Square joins Westwood Financial’s existing portfolio of grocery-anchored shopping centers in Charlotte including Prosperity Village Square, Steele Creek Crossing, Steelecroft Shopping Center and The Arbors at Mallard Creek.
DALLAS — CBRE has brokered the sale of Villa Ladera, a 184-unit apartment complex in East Dallas. Built in 1972, Villa Ladera is a gated, pet-friendly community that offers one- and two-bedroom units as well as onsite laundry facilities. Chris Deuillet and Matthew Pastrano of CBRE represented the undisclosed seller in the transaction and procured the buyer, Blue Ocean Real Estate. Josh Berde, Andrew Woertendyke and Peyton Chur, also with CBRE, arranged an undisclosed amount of acquisition financing for the deal through an unnamed lender.
HOUSTON — Locally based brokerage firm Oxford Partners has arranged the sale of a 41,450-square-foot industrial building in northwest Houston. According to LoopNet Inc., the building at 14199 Westfair Drive E was constructed on 2.7 acres in 2008 and features 28-foot clear heights. Perry Mazzone and Matt Rogers of Oxford Partners represented the buyer, Immobile Industrial LLC, in the transaction. Wyatt Huff, Hunter Stockard and Gray Gilbert of Partners Real Estate represented the undisclosed seller.
ABINGDON, VA. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a newly built retail property in Abingdon, a city in southwest Virginia near the Tennessee border. Firestone occupies the 6,262-square-foot retail property on a 15-year triple-net lease. A developer based in Ohio sold the property to an out-of-state 1031 buyer for an undisclosed price. Don McMinn and Andrew Koriwchak of the Taylor McMinn Retail Group represented the seller in the transaction. Located on a 1.5-acre site at 127 Cook St., the Firestone property serves as an outparcel to a Food City grocery store off I-81. The Taylor-McMinn Retail Group is marketing two other retail properties in the Southeast leased to Firestone, a retail automobile maintenance concept owned by Nashville-based tire manufacturing giant Bridgestone Americas Inc. “We continue to see increased demand and aggressive pricing for Bridgestone assets due to the strong credit, limited supply and growing buyer pool,” says McMinn. “Bridgestone assets continue to command aggressive pricing due to the long-term, triple-net leases backed by investment-grade credit.”
SPOKANE, WASH. — Burlington Stores Inc. has completed the disposition of a 9.4-acre retail property located at 5830 N. Division St. in Spokane. Burlington North LLC, a local development group led by Ben Hawkins and Kevin Edwards, acquired the two-building asset for $10.2 million. Totaling 175,612 square feet, the property consists of a Burlington-occupied, two-story 157,307-square-foot building with three loading docks and high clear heights, and a 17,305-square-foot building that is leased to Rite Aid. The Burlington store will relocate to a smaller space at Franklin Park Shopping Center in Spokane allowing for redevelopment options at the current site. Yohar Renaud, Kyle Herting and Sydney Dixon of CBRE represented the seller in the deal.
DENVER — Cushman & Wakefield has arranged the sale of Virginia Village Shopping Center, a neighborhood shopping center located at South Holly Street and East Florida Avenue in southeast Denver. A Denver-based private partnership acquired the property from Denver-based Virginia Village Associates LTD for an undisclosed price. Originally built in 1957 and most recently renovated in 2020, Virginia Village Shopping Center offers 49,331 square feet of retail space. At the time of sale, the property was 80 percent leased to 11 tenants. Offering 265 parking spaces, the asset is situated on nearly 5 acres at 1417-1495 S. Holly St. and 5595 E. Florida Ave. Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield represented the seller in the transaction.
CASTLE PINES, COLO. — Marcus & Millichap has arranged the sale of a net-leased retail property located at 7282 Lagae Road in Castle Pines. An Arizona-based developer/limited liability company sold the asset to a Colorado-based private investor for $4 million. Service Street Auto Repair occupies the 4,488-square-foot building under a 20-year absolute triple-net lease. The property is situated near the Castle Rock Promenade & Outlets and a King Soopers Center. Drew Isaac and James Rassenfoss of Marcus & Millichap represented the seller in the deal.
PORTLAND, ORE. — Norris & Stevens has arranged the sale an industrial manufacturing/storage facility at 9348 N. Peninsular Ave. in Portland. Anlekus LLC acquired the asset from Miscoe Properties LLC for $2.3 million. Originally constructed in 1932 with additions in the 1950s and 1970s, the property consists of a main industrial building, a maintenance building and two separate outbuildings totaling 75,000 square feet. Formerly used for food production and storage, the asset features six loading docks, one drive-in door, 18- to 20-foot clear heights and a large office area. Greg Nesting of Portland-based Norris & Stevens represented the buyer and seller in the transaction.