SAN ANTONIO — California-based investment firm KBS has sold Fountainhead Tower, a 179,932-square-foot office building in San Antonio. The building sits on a 5.6-acre site about 10 miles northwest of the downtown area. Amenities include a fitness center, conference facility, deli, outdoor gathering spaces and an onsite bank branch. Todd Mills of Cushman & Wakefield represented KBS, which implemented a multimillion-dollar capital improvement program at Fountainhead Tower in 2017, in the transaction. The buyer was a partnership led by Austin-based SynerMark Properties.
Acquisitions
HARLINGEN, TEXAS — Marcus & Millichap has brokered the sale-leaseback of a 105,000-square-foot industrial building in the Rio Grande Valley city of Harlingen. The building sits on 9.1 acres and features 10 dock-high doors and one grade-level door. Adam Abushagur, Ernesto Melgar Campos, Tyler Ranft and Davis Cagle of Marcus & Millichap represented the seller and occupant, packaging provider Bulk-Pack Inc., in the transaction. The team also procured the buyer, an undisclosed private investor.
HOUSTON — Locally based brokerage firm Oxford Partners has arranged the sale of a 16,074-square-foot industrial building in East Houston. According to LoopNet Inc., the facility at 5611 Clinton Drive was built in 1945. Perry Mazzone and Matt Rogers of Oxford Partners represented the buyer, healthcare services provider ASC Solutions, in the deal. Lorin Miner and Bobby Tyson of Eastwood Realty represented the undisclosed seller.
Halstatt Sells 644-Bed UnionWest at Creative Village Student Housing Tower in Downtown Orlando
by John Nelson
ORLANDO, FLA. — Halstatt Real Estate Partners has sold UnionWest at Creative Village, a 664-bed student housing property near the University of Central Florida’s (UCF) downtown Orlando campus. Halstatt developed the 15-story tower in partnership with Development Ventures Group and Ustler Development in August 2019. Provident Resources Group purchased UnionWest for an undisclosed price using bonds underwritten by BofA Securities. Located at the corner of West Livingston Street and North Terry Avenue, the student housing tower is a component of the $1.5 billion Creative Village mixed-use campus, which includes academic space for both UCF and Valencia College’s downtown campus. In addition to student housing, UnionWest offers more than 100,000 square feet of academic space, 11,000 square feet of street-level retail space and a 600-space parking garage.
MIAMI — Marcus & Millichap has negotiated the $8.4 million sale of Blue Grotto Plaza, an 11,890-square-foot retail strip center located in Miami. Built in 1973 and renovated in 2023, the multi-tenant property features a mix of service-oriented businesses and food-and-beverage tenants, including 10 retail spaces and 68 parking spaces. Jonathan De La Rosa and Matthew Albregts of Marcus & Millichap marketed the property on behalf of the seller, Minkin Enterprises Inc., and procured the buyer, OMAC Real Estate LLC, in the transaction.
GEORGETOWN, KY. — Home Invest has acquired Pine Tree Path, a 72-unit apartment community in Georgetown, about 70 miles east of Louisville, Ky. Longtime owner PAJ Properties Inc. sold the Class B property to Home Invest for approximately $7.8 million. Home Invest will be the property manager for Pine Tree Path, which was fully occupied at the time of sale. The firm will also replace roofs for seven buildings and make light renovations to unit interiors as the leases turn over.
SUGAR LAND, TEXAS — San Antonio-based Headwall Investments has purchased Old Mill Retail Center, a 15,182-square-foot retail strip center located in the southwestern Houston suburb of Sugar Land. Tenants at the property include Pepperoni’s Pizza, Primera Professional Pharmacy, MTea & Coffee and Floors for Living. The seller and sales price were not disclosed.
DENVER — John Propp Commercial Group has arranged the sale of an industrial property in Denver. River Rise Capital acquired the building from LG Investments for $5 million. Located at 4391 York St., the asset includes a 30,078-square-foot building situated on 1.7 acres. John Propp and Michael Honc of John Propp Commercial Group represented the seller in the deal. The new owner plans to hold the property as an investment after re-signing the tenant, United States Building Supply Co., to a new long-term lease.
NAPERVILLE, ILL. — Marcus & Millichap has brokered the nearly $7 million sale of a 59,935-square-foot retail center in the Chicago suburb of Naperville. Built in 1988, the property is anchored by Dollar Tree and Anytime Fitness. Some of the tenants have operated at the center since its construction. Sean Sharko, Austin Weisenbeck and Adrian Mendoza of Marcus & Millichap represented the seller, 1550 State RTE 59 LLC, and procured the buyer, an out-of-state professional ownership group that was expanding its Illinois portfolio. Dean Giannakopoulos of Marcus & Millichap Capital Corp. arranged $5.1 million in acquisition financing through a regional bank.
NEW HAVEN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Orange Gardens, a 175-unit apartment complex in New Haven. The property comprises 13 buildings that were constructed on a 6.2-acre site between 1963 and 1969. According to Apartments.com, units come in studio, one- and two-bedroom formats. Wes Klockner, Eric Pentore, Victor Nolletti and Ross Friedel of IPA represented the undisclosed seller in the transaction and procured the buyer. Both parties were limited liability companies that requested anonymity.