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Acquisitions

AcquisitionsLoansMultifamilySoutheastVirginia

Berkadia Negotiates $38.5M Sale of Woodmere Trace Apartments in Norfolk

by John Nelson

NORFOLK, VA. — Berkadia has negotiated the $38.5 million sale of Woodmere Trace, a 300-unit apartment community located at 6741 E. Tanners Creek Drive in Norfolk. Raleigh-based Fulton Peak Capital purchased the garden-style property from Enterprise Community Development, a nonprofit owner and developer of affordable housing in the Mid-Atlantic. Drew White, Carter Wood and Cole Carns of Berkadia represented the seller in the transaction. Additionally, Patrick McGlohn, Brian Gould, Miles Drinkwalter and Hunter Wood of Berkadia arranged a $25.5 million Fannie Mae acquisition loan on behalf of the buyer. Built in 1974, Woodmere Trace was renovated in 2014 and features one- and two-bedroom floor plans. Amenities include a swimming pool, laundry facility, fitness center, picnic pavilion with grilling stations, playground and a dog park.

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AcquisitionsMultifamilyTexas

Eastham Capital, Mosaic Residential Acquire 318-Unit Sola Westchase Apartments in Houston

by Taylor Williams

HOUSTON — Eastham Capital and Mosaic Residential have acquired a 318-unit apartment community in Houston’s Westchase neighborhood. Sola Westchase was built in 1999 and offers one-, two- and three-bedroom units that range in size from 626 to 1,436 square feet. Amenities include a pool, outdoor BBQ pavilion, fitness center, clubhouse lounge and a business center. Sola Westchase was 95 percent occupied at the time of sale. The seller and sales price were not disclosed.

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AcquisitionsRetailTexas

SRS Real Estate Brokers $10.3M Sale of Retail Building Leased to Academy Sports in Brenham, Texas

by Taylor Williams

BRENHAM, TEXAS — SRS Real Estate Partners has brokered the $10.3 million sale of a 63,224-square-foot retail building in Brenham, about 75 miles northeast of Houston, that is leased to Academy Sports + Outdoors. The newly constructed building sits on a six-acre site at 1041 Nolan St. Matthew Mousavi and Patrick Luther of SRS represented the seller, a Texas-based developer, in the transaction and procured the buyer, a San Antonio-based private investor. Both parties requested anonymity.

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715-W-Julian-St-San-Jose-CA
AcquisitionsCaliforniaMultifamilyWestern

HGIT Acquires 249-Unit Hanover Diridon Apartments in San Jose, California

by Amy Works

SAN JOSE, CALIF. — Hines Global Income Trust (HCIT) has purchased Hanover Diridon, a Class A multifamily property in San Jose. The buyer plans to rebrand the asset at Diridon West. Located at 715 W. Julian St., the seven-story property features 249 apartments in a mix of studios, one-bedroom and two-bedroom layouts with luxury finishes. Community amenities include a pool with cabanas, rooftop sky deck with cityscape views, fitness center, dog spa, an indoor/outdoor clubhouse and below-grade parking. Developed in 2021, the property is currently 95 percent leased. Terms of the transaction were not released.

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AcquisitionsCaliforniaRetailWestern

Unilev Capital Sells 151,709 SF Tri-City Retail Center in San Bernardino, California for $24.3M

by Amy Works

SAN BERNARDINO, CALIF. — Unilev Capital has completed the sale of Tri-City Center, a shopping center in San Bernardino, to DPI Retail for $24.3 million. Built in 1987, the 151,709-square-foot property was fully occupied at the time of sale. Current tenants include 24 Hour Fitness, Curacao, Pollo Campero, Poke Bar, Barber, Cantos Jewelers and Pet World. Bryan Ley and Tim Kuruzar of JLL Retail Capital Markets represented the seller in the transaction.

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AcquisitionsHospitalityUtahWestern

Marcus & Millichap Brokers Sale of Two-Property Marriott Hotel Portfolio in Orem, Utah

by Amy Works

OREM, UTAH — Marcus & Millichap has negotiated the sale of a two-property Marriott portfolio in Orem, just north of Provo. A limited liability company acquired the asset. The name of the seller and acquisition price were not released. The sale included TownePlace Suites Provo Orem and Fairfield Inn & Suites Orem, two four-story hotels sharing a total of 190 guest rooms. Located at 879 N. 120 West, the TownePlace Suites Provo Orem offers 100 guest rooms, and Fairfield Inn & Suites Provo Orem, located at 901 N. 1200 West, features 90 guest rooms. Adam Lewis of Marcus & Millichap handled the transaction.

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AcquisitionsMultifamilySeniors HousingTexas

Blueprint Arranges Sale of 93-Unit Seniors Housing Complex in Dallas

by Taylor Williams

DALLAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 93-unit seniors housing complex in Dallas. The unnamed property is located in the Preston Hollow area and offers assisted living and memory care services. The buyer was the existing operator, Juniper Communities, and the seller was undisclosed. Alex Florea, Giancarlo Riso and Amy Sitzman handled the transaction for Blueprint.

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1215-W-Walnut-St-Compton-CA
AcquisitionsCaliforniaIndustrialWestern

BLP Acquires 57,671 SF Logistics Facility in Compton, California

by Amy Works

COMPTON, CALIF. — Bridge Logistics Properties (BLP) has purchased an infill, last-mile logistics facility in Compton, just south of Los Angeles. Terms of the transaction were not released. Located at 1215 W. Walnut St., the 57,671-square-foot, rear-load warehouse features 25-foot clear heights, eight dock-high positions, a secured truck court and 83 parking spaces. The property is fully leased through June 2025. The asset is located adjacent to the 91 Freeway in Compton, with connectivity to the ports of Los Angeles and Long Beach, Los Angeles International Airport and downtown Los Angeles. Rob Flores and Brian Held of CBRE represented BLP in the deal.

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AcquisitionsIndustrialNortheastPennsylvania

Prologis Acquires 449,500 SF Warehouse in Bath, Pennsylvania

by Taylor Williams

BATH, PA. — San Francisco-based Prologis has acquired a 449,500-square-foot speculative warehouse in Bath, located north of Allentown in the Lehigh Valley. The building is located within the 40-acre Cubes at Lehigh Valley development and features a clear height of 40 feet, 42 dock-high doors, four grade-level doors, an ESFR sprinkler system and parking for 111 trailers and 237 cars. CRG, a development and investment firm with eight offices around the country, developed and sold the building, which was fully leased to Smart Warehousing at the time of sale.

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AcquisitionsIndianaIndustrialMidwest

CBRE Brokers $24.5M Sale of Suburban Indianapolis Industrial Building

by Kristin Harlow

WHITESTOWN, IND. — CBRE has brokered the $24.5 million sale of Park 130 at Whitestown Building 2, a 356,900-square-foot industrial building in the Indianapolis suburb of Whitestown. The property at 5828 Commerce Drive is triple net leased to Maxxis Tires, a global manufacturer of high-quality tires. Completed in 2019, the building is situated on nearly 22 acres within the larger Park 130 at Whitestown. The property features a clear height of 32 feet, 42 insulated dock doors and two drive-in doors. Kevin Foley, Anthony DeLorenzo, Andrew Morris and Jeremy Woods of CBRE Investment Properties represented the private seller. A private, high-net-worth buyer purchased the asset at a cap rate of 5.6 percent.

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