ALLEN, TEXAS — Lee & Associates has negotiated the sale of a 29,979-square-foot office building in the northeastern Dallas suburb of Allen. According to LoopNet Inc., the two-story building at 100 Allentown Parkway was constructed in 1985 and includes 142 parking spaces. Jessica Reinhardt and George Tanghongs of Lee & Associates brokered the deal. The buyer and seller were not disclosed.
EUGENE, ORE. — A joint venture between Core Spaces and Harrison Street has acquired Identity Eugene, a 686-bed student housing community located near the University of Oregon campus in Eugene. The property has been rebranded The Rive Eugene and offers 209 units in studio through five-bedroom configurations. Shared amenities at the community include a resort-style, rooftop swimming pool and hot tub; state-of-the-art fitness center; roof deck with fire pits and outdoor grilling space; and a clubroom with games and private workspaces. Accounts managed by KKR provided financing for the transaction. The seller and price were not disclosed. “The University of Oregon fits well within our strategy and The Rive Eugene checks all the boxes in terms of location, quality, amenities and leasing performance,” says Brendan Miller, chief investment officer of student housing at Core Spaces.
SAN FRANCISCO — Harbert Management Corp. has completed the disposition of Concord Corporate Centre, an office campus in San Francisco’s East Bay area. Sierra Pacific acquired the asset for an undisclosed price. Located at 1320 and 1390 Willow Pass Road, the 346,731-square-foot, two-building campus was 73 percent leased at the time of sale. The property also includes a 1,167-stall parking garage. The buyer plans to add updated amenities and renovate the common areas of the property. Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak of Newmark represented the seller in the deal.
PHOENIX — Cushman & Wakefield has brokered the sale of a freestanding flex industrial building, located at 2655 E. Magnolia St. in Phoenix. MHS Magnolia LLC acquired the asset for $7.1 million. Constructed in 1984 and renovated in 2021, the 35,385-square-foot property is fully leased to a major local HVAC company on a triple-net-lease basis. The property features a training center, warehouse/showroom with 16-foot clear heights and 145 parking spaces. Chris Hollenbeck, Shane Carter, Tracy Cartledge and Bob Buckley of Cushman & Wakefield represented the undisclosed seller in the deal.
INGLEWOOD, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $4.2 million sale of a retail center located in Inglewood. Dollar General anchors the 12,750-square-foot property, which was built in 1961 and renovated in 2004. Kevin Fryman, Carlos Lopez, Sean Cox and Alexander Moore of Hanley represented the seller, a Los Angeles-based private investor. Robert Toofer of Exclusive Realty represented the buyer.
CHICAGO — Interra Realty has brokered the $9.6 million sale of a 28-unit apartment building in Chicago’s Lincoln Park neighborhood. Located at 1900-16 N. Lincoln Ave., the property features a mix of studio, one- and two-bedroom units. The building, constructed in 1906, underwent a capital improvement program for new appliances, countertops, cabinets and floors. Joe Smazal of Interra represented the buyer, Chicago-based ICM Properties. He also represented the local private seller. The property was fully occupied at the time of sale.
TUPELO, MISS. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Avonlea Assisted Living, a 68-unit seniors housing property in Tupelo. The community was built in 1999 and renovated in 2005. The seller is a publicly traded REIT. The buyer is a regional owner-operator based in Mississippi that intends to renovate the asset and make significant upgrades to improve occupancy, revenue and overall bottom-line performance. The sales price was not disclosed. Bradley Clousing and Daniel Geraghty of SLIB brokered the transaction.
AUSTIN, TEXAS — Newmark has brokered the sale of Water Oak, a 292-unit apartment community in South Austin. Built in 2022, Water Oak offers studio, one-, two- and three-bedroom units. Amenities include a pool, outdoor grilling and dining stations, a dog park and pet spa, clubhouse, entertainment kitchen, movie theater, business center with conference rooms and a fitness center. Austin-based JCI Residential sold the property to Chicago-based Sherman Residential for an undisclosed amount. Patton Jones and Andrew Dickson of Newmark brokered the deal.
WARRENSVILLE HEIGHTS, OHIO — Industrial Commercial Properties (ICP) has acquired the research and development (R&D) campus of The Sherwin-Williams Co. in Warrensville Heights, an eastern suburb of Cleveland. The purchase price was undisclosed. The 105-acre property includes several buildings. Sherwin-Williams has entered into a short-term sale-leaseback agreement with ICP, which plans to repurpose some of the smaller commercial structures on the site while it finalizes redevelopment plans for the R&D building and adjacent acreage. The property will soon be vacated by Sherwin-Williams, which is building a new R&D center in Brecksville and a new headquarters in downtown Cleveland.
CHICAGO — Chicago-based real estate investor and operator Northpond Partners has partnered with a southeast U.S. pension fund to form Northpond Retail Partners, a $200 million investment vehicle. The fund will target the acquisition of unanchored neighborhood retail centers with an initial focus across the Southeast and select Sunbelt markets. As an all-cash buyer, the partnership will target properties housing convenience, necessity and service-oriented tenants. Categories typically include food and beverage, medical, fitness, and health and beauty. Northpond says the multi-tenant properties ideally contain smaller spaces ranging from 1,000 to 5,000 square feet per tenant.