HUNTINGTON PARK, CALIF. — SRS Real Estate Partners has arranged the acquisition of a retail property located at 3111 E. Florence Ave. in Huntington Park. A Mexico-based private investor purchased the asset from a Los Angeles-based private investor for $11.3 million. Smart & Final occupies the 28,000-square-foot property, which was built in 2018 on 1.3 acres. The property offers ample onsite parking, including a rooftop parking area. Joe Chichester, John Redfield and Kyle Zimmer of SRS Capital Markets represented the buyer in the deal.
BEE CAVE, TEXAS — Velocis, a Dallas-based investment and development firm, has sold West Austin Business Park, a 270,000-square-foot industrial property in Bee Cave, a western suburb of Austin. Velocis developed the property, which consists of three buildings that were constructed on a speculative basis, in partnership with KBC Advisors. The buyer, locally based aerospace engineering firm CesiumAstro, plans to establish a manufacturing and research headquarters facility at West Austin Business Park.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Overton Park Professional Center, an 18,102-square-foot medical office complex in Fort Worth. The two-building property was built in 2000 and was fully leased at the time of sale. Chris Gainey and Philip Levy of Marcus & Millichap represented the seller, a local private partnership, in the transaction. Levy also procured the buyer, a New York-based 1031 exchange investor, in conjunction with Marcus & Millichap’s Zan Colin.
DURHAM, N.C. — Atlanta Property Group (APG) has acquired North 70 Distribution Center, a 250,000-square-foot, vacant distribution facility located at 224 N. Hoover Road in Durham. This acquisition marks APG’s first industrial investment in the Durham submarket. The seller was not disclosed. Situated in Research Triangle Park along the I-40 corridor, North 70 Distribution Center spans 16 acres and features 26 dock-high doors, two drive-in doors, 22-foot clear heights, tilt-wall construction, LED warehouse lighting, parking spaces for cars and trailers and more than 3 acres of secured outdoor storage. The existing walls and office build-outs allow for single-tenant or multi-tenant configurations, with the ability to accommodate users ranging from approximately 50,000 to 250,000 square feet. Approximately 40 percent of the facility is air-conditioned.
GERMANTOWN, TENN. — A joint venture between locally based Fogelman Properties and Dallas-based Thackeray Partners has acquired The Vineyards, a 200-unit luxury apartment complex located in Germantown, roughly 21 miles southeast of Memphis. The seller and sales price were not disclosed. This transaction marks the 18th acquisition for the Fogelman-Thackeray partnership, which comprises more than 4,000 units. Built in 1997, The Vineyards offers one-, two- and three-bedroom apartments ranging in size from 778 to 1,661 square feet, according to Apartments.com. Amenities at the property include a fitness center, business center, clubhouse, swimming pool, picnic area and onsite maintenance, as well as walking and biking trails. Fogelman plans to renovate unit interiors, build a new pickleball court and enhance the clubhouse, fitness center, grilling pavilion and pool areas. The property, which was 93 percent occupied at the time of sale, is managed by Fogelman.
NEW ROCHELLE, N.Y. AND WEST PALM BEACH, FLA. — Private equity firm New State Capital Partners has acquired West Palm Beach-based Vast Coworking Group, which operates more than 200 coworking offices across the world, spanning roughly 2.7 million square feet and serving 70,000 members. The coworking company’s brands include VentureX, Office Evolution and the Intelligent Office. Jason Anderson will continue to serve as CEO of Vast. Morgan, Lewis & Bockius LLP was New State Capital’s legal counsel, while Ice Miller LLP and Boxwood Partners represented the seller, United Franchise Group. Additional terms of the transaction were not disclosed. This purchase marks New State Capital’s second major investment from its fourth investment fund.
LINCOLN, NEB. — CBL Properties has acquired Gateway Mall in Lincoln for $43.5 million from Washington Prime Group. CBL financed the acquisition with a $21 million loan provided by Symetra Life Insurance Co. The five-year loan features a fixed interest rate of 6.46 percent. The property totals roughly 843,000 square feet. Anchor tenants include Dillard’s, JC Penney, Dick’s Sporting Goods, Round 1, H&M, Ulta, Ross Dress for Less, Sierra, Tesla and Total Wine & More. In a separate transaction, CBL has entered into a contract for the sale of an open-air center at an approximately 8 percent capitalization rate. The transaction is expected to generate net proceeds after debt repayment of $25 million and is anticipated to close in April.
CARMEL, IND. — CBRE has brokered the sale of Village Park Plaza, a 290,016-square-foot shopping center in the Indianapolis suburb of Carmel. CBRE’s National Retail Partners Midwest team represented Washington Prime Group in the sale of the property to Pine Tree, which acquired the asset in partnership with a state pension fund. Tenants include Kohl’s, Hobby Lobby, Ross Dress for Less, Ulta and Dollar Tree. The property was 99 percent leased at the time of sale.
PLAINVILLE, CONN. — Locally based brokerage firm O,R&L Commercial has negotiated the $2.7 million sale of a 36,000-square-foot industrial building in Plainville, located southwest of Hartford. The building at 7 Johnson Ave. was fully leased at the time of sale to two tenants: M&S Building Systems and World Fulfillment. Jay Morris of O,R&L represented the seller in the transaction, and David Murdock of Sentry Commercial represented the buyer. Both parties were limited liability companies that requested anonymity.
VAN NUYS, CALIF. — CIRE Equity has purchased Roscoe Woodley North LA Industrial Campus, a fully leased industrial property in Van Nuys. Terms of the transaction were not disclosed. Located at 8201-8221 Woodley Ave. and 16200 Roscoe Blvd., the campus offers 307,883 square feet of industrial space spread across two buildings and a 7.4-acre M2-zoned yard on 19 acres. The property features 16 dock-high doors, six ground-level doors and a clear height of 28 feet in the main warehouse, as well as abundant parking, modern power infrastructure and flexible industrial configurations. Michael Longo, Eric Cox and Bennett Robinson of CBRE represented the confidential seller in the transaction.