HOUSTON — Colliers has brokered the sale of a 135,641-square-foot office building in the Uptown/Galleria area of Houston. According to LoopNet Inc., the eight-story building at 675 Bering Drive was originally constructed in 1982 and renovated in 1999. David Carter of Colliers represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The building was 76 percent leased at the time of sale. The sales price was also not disclosed.
LEWISVILLE, TEXAS — Marcus & Millichap has arranged the sale of a 96-room hotel in the northern Dallas suburb of Lewisville. The Homewood Suites by Hilton Dallas-Lewisville was built in 1995 and renovated in 2008. Amenities include a pool, fitness center and two meeting/event spaces. Chris Gomes and Skyler Cooper of Marcus & Millichap represented the seller, Brandy Lodging LLC, in the transaction. The duo, in conjunction with Allan Miller of Marcus & Millichap, also procured the buyer, Centerpoint Hospitality.
HOOVER, ALA. — Cushman & Wakefield and Greystone has arranged the sale of Ridge Crossings, a 720-unit apartment community located in the Birmingham suburb of Hoover. Canadian-based Avenue Living was the buyer. The sales price was not disclosed, but Birmingham Business Journal reports the property traded for $111 million. Originally completed in 1991, Ridge Crossings offers one-, two- and three-bedrooms ranging in size from 861 to 1,520 square feet. According to Apartments.com, amenities include a swimming pool, tennis and racquetball courts, fitness center, concierge services, dog park and a clubhouse. Andrew Brown, Craig Hey, Ben Thomas and Tommy Coleman of Cushman & Wakefield represented the undisclosed seller in the transaction. Additionally, Dan Sacks of Greystone originated a Fannie Mae loan of an undisclosed amount for the acquisition.
STALLINGS, N.C. — New Jersey-based Accordia has acquired a two-building industrial portfolio totaling 46,400 square feet in Stallings, roughly 15 miles outside of Charlotte. The purchase price was not disclosed. Foundry Commercial sourced the deal in the off-market transaction. Located at 135-141 Cupped Oak Drive, the shallow bay property was fully leased to five tenants at the time of sale. Constructed in 1999 and 2004, the property features 18-foot clear heights, 11 dock-high doors and nine drive-in doors, as well as suite sizes that range from 7,000 to 16,200 square feet. This transaction marks Accordia’s second acquisition in the Carolinas.
LAWRENCEVILLE, GA. — Marcus & Millichap has arranged the $3.7 million sale of a net-leased Walgreens retail property in Lawrenceville, roughly 30 miles northeast of downtown Atlanta. Built in 2004, the freestanding property is situated on 1.2 acres. Walgreens has just under 10 years remaining on its corporate-guaranteed, absolute-net lease with options to renew. Ashish Vakhariya, Darin Gross and Seth Haron of Marcus & Millichap’s Detroit office marketed the property on behalf of the undisclosed seller and procured the buyer, a local private investor, in the transaction. John Leonard is the firm’s broker of record in Georgia. Additionally, Luke Lamoreaux of Marcus & Millichap Capital Corp. (MMCC), a subsidiary of Marcus & Millichap, secured acquisition financing for the asset.
EAST STROUDSBURG, PA. — Marcus & Millichap has brokered the $12.6 million sale of a 40,000-square-foot healthcare building in East Stroudsburg, located about 100 miles north of Philadelphia. The building at 125 Smithfield Lane is an outpatient facility for St. Luke’s Health System and is located within the 120-acre Smithfield Gateway mixed-use development. The tenant has invested more than $3 million in the build-out of the space since taking occupancy, and the lease includes 13.5 years of remaining term with two five-year renewal options. Alan Cafiero of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
MILLBURN, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $4 million sale of a 15-unit apartment complex in the Northern New Jersey community of Millburn. The three-story building at 357 Millburn Ave. was originally constructed in 1927 and houses 11 one-bedroom units and four two-bedroom units that were fully occupied at the time of sale, as well as four retail spaces. Jeff Squires of Kislak represented the seller, P&D Partners LP, in the transaction and procured the buyer, an entity doing business as Walton Millburn LLC.
MESA, ARIZ. — SimonCRE has acquired 64 acres of land for a new mixed-use development dubbed Medina Station in Mesa, roughly 20 miles outside Phoenix. Plans for the roughly 305,335-square-foot project include a multi-tenant retail center, retail outparcels, a restaurant district and a multifamily complex. Tenants at Medina Station will include Boot Barn, Einstein Bros. Bagels, Zara Nails, Café Zupas, GoodVets, U.S. Bank and Hawaiian Bros Island Grill. A Target store and a two-story, 80,000-square-foot Dick’s Sporting Goods will anchor the development. SimonCRE plans to break ground on the project in 2025, with initial tenant openings expected for 2026.
GILBERT, ARIZ. — CBRE has brokered the sale of The Forum at Gilbert Ranch, a Class A, 97,000-square-foot office campus in Gilbert. A private, high-net-worth 1031 exchange investor acquired the asset from a private seller for $23.5 million. The Forum at Gilbert Ranch consists of a single-story building and four two-story buildings, with an average suite size of 4,500 square feet. Additionally, the property offers onsite amenities and covered parking. The asset is situated on 6.5 acres at 1475, 1482, 1528 and 1530 E. Williams Field Road and 2314 S. Val Vista Drive. At the time of sale, the property was 96 percent leased. Geoff Turbow, Anthony DeLorenzo, Matt Pourcho and Charlie von Arentschildt of CBRE represented the seller in the deal. The buyer was self-represented.
TEMPE, ARIZ. — Diversified Healthcare Trust has completed the $16.8 million disposition of an industrial building, located at 1415 W. Third St. in Tempe, to an undisclosed buyer. Evan Koplan and Charlie von Arenstchildt of CBRE represented the seller in the transaction. Situated on 5.3 acres, the 82,266-square-foot building features a floor plate divisible to 23,000 square feet, 18- to 20-foot clear heights, a double truck well, four grade-level doors, 100 percent air conditioning and 265 parking stalls. The facility was built in 1981. The asset includes 3 acres of excess land for heavy parking, yard use or future building expansion.