BROWNWOOD, TEXAS — KW Commercial, a division of national brokerage firm Keller Williams Realty, has arranged the sale of the 26-unit Casa Grande Apartments in Brownwood, located roughly 160 miles southwest of Dallas and 140 miles northwest of Austin. Built in 1979, the property offers one- and two-bedroom units as well as a courtyard and onsite laundry facilities. Ryan Franckhauser of KW Commercial represented the seller, a Dallas-based private investor, in the all-cash transaction. The name of the Wyoming-based buyer was not disclosed.
TUSTIN, CALIF. — World Premier Investments has purchased Newport and Walnut Center, a retail strip center in the Orange County city of Tustin. A private family trust sold the asset for $6.2 million. Daniel Tyner, Gleb Lvovich and Geoff Tranchina of JLL Capital Markets represented the seller and buyer in the deal. Located at 13812 Newport Ave., Newport and Walnut Center features 9,624 square feet of retail space. The center is fully occupied by eight tenants, including HiroNori Craft Ramen, Crown Beauty, Studio 18 Nail Bar and Moon Lash Beauty.
FULLERTON, CALIF. — Voit Real Estate Services has arranged the purchase of a freestanding industrial warehouse situated on 2.2. acres in Fullerton, a city in northern Orange County. Anaheim-based 1450 Manhattan LLC acquired the asset from Salher LLC for $13.3 million. Located at 1450-1456 S. Manhattan Ave., the property features 48,235 square feet of industrial space. Garrett McClelland and Erik Sikes of Voit Real Estate Services’ Irvine office represented the buyer, while Byron Foss, Wade Tift and Nick Carey of JLL represented the seller in the deal.
ST. LOUIS — Berkadia has brokered the sale of Crossing at Northpointe, a 334-unit, garden-style multifamily property in St. Louis. The sales price was undisclosed. Located at 3144 Sunswept Park Drive, the community was built in 1972 and renovated in 2021. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia represented the seller, Utah-based Sundance Bay. A New Jersey-based buyer purchased the asset, which was 94 percent occupied at the time of sale.
NEW YORK CITY — San Francisco-based Terreno Realty Corp. (NYSE: TRE) has acquired a 24,000-square-foot industrial building in the East Williamsburg neighborhood of Brooklyn for $12 million. The site at 181 Lombardy St. spans about three-quarters of an acre, and the facility, which is currently vacant, features one dock-high door, one grade-level loading position and parking for 10 cars. The seller was not disclosed.
NEW YORK CITY — Locally based brokerage firm GFI Realty has arranged the $4.8 million sale of a 48-unit apartment building in the Crown Heights neighborhood of Brooklyn. The six-story building was constructed in 1930 and consists of 20 one-bedroom units, 22 two-bedroom apartments, five three-bedroom residences and one four-bedroom unit. Matthew Sparks of GFI Realty represented the seller, a limited liability company, in the transaction. Josh Orlander, also with GFI, represented the buyer, a private investor.
LOS ANGELES — Blackstone Real Estate has sold a portfolio of industrial properties in Southern California to Rexford Industrial Realty Inc. (NYSE: REXR) for a total of $1 billion. The portfolio comprises 48 properties and approximately 3 million square feet, for a sales price of $332 per square foot. At the time of the sale, the portfolio was 98 percent leased. Almost all of the properties are located within infill submarkets in Los Angeles and Orange counties. A list of the properties was not released. Rexford Industrial, headquartered in Los Angeles, financed the transaction using proceeds from its recent exchangeable senior note offerings and cash on hand. According to Michael Frankel and Howard Schwimmer, co-CEOs of Rexford Industrial, the REIT’s current acquisition pipeline also includes $300 million of investments under contract or accepted offer. “Infill Southern California is the nation’s highest-barrier and lowest supply industrial market,” said Frankel and Schwimmer via a press release. “These strategic investments in exceptionally well-located, high-quality assets represent a significant opportunity to drive accretive cash flow growth, increased operating margins and long-term value creation.” Rexford is already a major industrial investor, with its entire 422-property, 49.1 million-square-foot portfolio located in Southern California. The company’s stock price closed at $50.30 per share …
GEORGETOWN, TEXAS — Philadelphia-based investment firm EQT Exeter has acquired a 449,642-square-foot industrial building in the northern Austin suburb of Georgetown that is fully leased on a long-term basis to solar panel manufacturer CAF Energy. The sales price was $60.9 million. Located at 110 SE Inner Loop Road, the building was completed in 2023 and features 106 loading doors, 36-foot clear heights and parking for 123 trailers and more than 500 cars. At full operation, CAF Energy expects to employ more than 240 people at the facility.
AUSTIN, TEXAS — Shorenstein Properties, an investment firm with offices in San Francisco and New York City, has sold a 248,000-square-foot office building in Austin’s Mueller district. The Teacher Retirement System of Texas (TRS) purchased the six-story complex, which is known as The Bravo Building, with plans to relocate its headquarters to the facility. The sale included an 845-space parking garage. TRS sold its former headquarters building at 1000 Red River St. in downtown Austin in fall 2022.
DALLAS — Bradford Cos. has purchased Bent Tree Green, a 139,069-square-foot office building in North Dallas, with plans to invest about $9.6 million in capital improvements. Bent Tree Green is a three-story building that overlooks the 190-acre country club of the same name. Bradford plans to add a fitness center, outdoor tenant lounge, putting green and speculative suites to the property. JLL represented the seller, Silver Star Properties REIT, in the transaction.