Acquisitions

North-Dallas-Infill-Portfolio

DALLAS — Locally based investment firm Forefront Commercial Real Estate has purchased the North Dallas Infill Portfolio, a collection of four industrial buildings totaling 627,303 square feet in the Dallas area. The portfolio’s buildings, which are located in Addison, Farmers Branch and Carrollton, were fully leased to 13 tenants at the time of sale. Building features include 22- to 24-foot clear heights, front- and side-load configurations, 76 total dock high doors and over 77,000 total square feet of office space. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe, Taylor Hare and Chloie Mercer of Newmark represented the seller, AEW Capital Management, in the transaction.

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PLEASANTON, TEXAS — Colliers has brokered the sale of a 10,203-square-foot industrial building in Pleasanton, a southern suburb of San Antonio. The building sits on 9.6 acres at 495 Shale Road, and according to LoopNet Inc. was constructed in 2018 and features 22-foot clear heights. Todd Moore, Barkley Peschel and Connor Duffy of Colliers represented the undisclosed seller in the transaction. The buyer was also not disclosed. The building was fully leased to energy firm Baker Hughes at the time of sale.

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HOUSTON — Locally based brokerage firm Oxford Partners has negotiated the sale of a 10,000-square-foot industrial building in southwest Houston. According to propertyshark.com, the building at 9306 Summerbell Lane features 14-foot clear heights, five dock-high doors and 500 square feet of office space. Jeffery Arnaud and Ryley Caton of Oxford Partners represented the seller in the transaction. Rigoberto Juarez of Global Investment Realty represented the undisclosed buyer. 

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California-Villas-Concord-CA

CONCORD, CALIF. — CBRE has brokered the sale of California Villas, an apartment community in Concord. A private buyer acquired the asset from a local private investor for $9.1 million. Located at 1621 Detroit Ave., California Villas features 23 one-bedroom units and 12 two-bedroom units, all of which have air conditioning with private balconies or patios. Built in 1966, the 24,958-square-foot property is situated on 0.91 acres. Community amenities include a pool, coin-operated laundry facility and a gated access. Nearly 70 percent of the units received significant interior upgrades, including new cabinets, vinyl plank flooring, granite countertops and stainless steel appliances. Recent exterior improvements include repair/replacement of all balconies, rebuilt patios, new paint/light fixtures and a renovated parking area. Keith Manson, Zachary Greenwood and Mac Watson of CBRE represented the seller in the transaction.

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NORTH LAS VEGAS, NEV. — Northcap Commercial has brokered the $1.8 million sale of 2131 Statz Street Apartments, a multifamily asset located at 2131 Statz St. in North Las Vegas. The asset traded for $1.8 million, or $118,000 per unit. Built in 1963, the property features 15 units. Jerad Roberts, Robin Willett and Devin Lee of Northcap Commercial arranged the off-market transaction.

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BOSTON — Marcus & Millichap has brokered the $5.3 million sale of a 20-unit workforce housing building in the Dorchester area of Boston. The four-story building at 820-828 Blue Hill Ave. offers one-, two- and three-bedroom units across 21,410 square feet of space. Information on specific income restrictions was not disclosed. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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DES PERES, MO. — AXSYS Capital has sold a 17,190-square-foot office and retail property in Des Peres, a western suburb of St. Louis, for $3.4 million. Built in 1986, the two-story building is located at 11780 Manchester Road. John Shuff of Pace Properties and Ted Green of Avison Young represented the buyer, CommunityAmerica Credit Union (CACU). Mark Dorsey of Avison Young, along with Luke Grant and Jason Riegelsberger of Skyline Missouri Realty, represented the seller, Des Peres Plaza Partners LLC on behalf of AXSYS Capital. The seller had purchased the asset in late 2016 for $2.1 million with a cap rate of approximately 8 percent financed by Carrollton Bank. CACU is evaluating plans to redevelop the property for a new CACU location, according to the seller.

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WESTFORD, MASS. — Locally based investment firm Empire Management has purchased a 28,000-square-foot industrial flex building in Acton, a northwestern suburb of Boston, for $5.1 million. The building at 364 Littleton Road, which according to LoopNet Inc. was constructed in 1998, was fully leased at the time of sale to tenants such as Alpha Graphics, National Roofing Co. and ADVG Digital. The seller was Ryan Development. Bernard Gibbons of ABG Commercial Realty brokered the deal.

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WESTPORT, CONN. — Locally based brokerage firm Choyce Peterson has negotiated the sale of a 32,000-square-foot industrial building in the southern coastal Connecticut city of Westport. According to LoopNet Inc., the building at 315 Post Road W rises three stories and was constructed in 1978. Scott Peterson and Charlene O’Connell represented the seller, a local family partnership, in the transaction. The buyer was an affiliate of Stamford-based investment firm American Bailey Corp.

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Hyatt-Regency-San-Antonio-Riverwalk

SAN ANTONIO — Sunstone Hotel Investors Inc. (NYSE: SHO) has agreed to acquire the 630-room Hyatt Regency San Antonio Riverwalk in San Antonio. An affiliate of Hyatt Hotels Corp. is selling the asset for $230 million.  The hotel is located centrally on San Antonio’s River Walk, a 15-mile pedestrian street that runs alongside the San Antonio River and is lined by restaurants, shops, museums and theaters. The site is adjacent to the $500 million Alamo Visitor Center and Museum development, which is currently under construction. The hotel recently underwent $37 million in guest room renovations and offers amenities including a fitness center, swimming pool, spa and a 40,000-square-foot event space. The property is also home to a number of onsite restaurants, bars and shops.   The acquisition includes nearly two acres of riverfront land and a 516-space parking garage. The buyer expects to complete the transaction in late April. Sunstone is funding the transaction through cash on hand, using a portion of the proceeds from the company’s $370 million disposition of the Boston Park Plaza hotel last October.  Hyatt will continue to manage the hotel under its Hyatt Regency banner and will pay approximately $8 million in advance to secure …

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