NORFOLK, VA. — Cleveland-based Legacy Capital Partners and Raleigh-based Fulton Peak Capital have purchased Water’s Edge Apartments, a 190-unit multifamily community in Norfolk. Built in 1986, the property will undergo capital improvements under the new ownership, including the addition of vinyl plank flooring, granite countertops, new fixtures, stainless steel appliances, lighting and vanities and washer/dryer units. The joint venture also plans to make environmentally friendly upgrades including LED lighting, smart thermostats and new showerheads and faucets. The seller and sales price were not disclosed.
SAN ANTONIO — Dallas-based investment firm Mohr Capital has acquired Foster Ridge II, a 439,809-square-foot industrial property in San Antonio that is fully leased to electric car giant Tesla. The cross-dock facility was constructed in 2022 and features 36-foot clear heights, 84 dock doors, an ESFR sprinkler system and 2,500 square feet of office space. Dustin Volz, Dom Espinosa and Trent Agnew of JLL represented the seller, Indiana-based Becknell Industrial, in the transaction. Rodrigo Godoi represented Mohr Capital on an internal basis.
HOUSTON — Excel Commercial Real Estate has acquired Eric & Jay’s RV Resort, a 114-site property in southeast Houston. The park sits on a 10-acre site with a stocked lake and offers both back-in and luxury pull-through slips. Amenities include a pool, fitness center, game room, outdoor grilling and dining stations and onsite laundry facilities. The seller and sales price were not disclosed. Jetstream Communities, an affiliate of CityStreet Residential Partners, will manage the property.
ROUND ROCK, TEXAS — Partners Real Estate, the Houston-based investment and brokerage firm formerly known as NAI Partners, has arranged sale of a 5,302-square-foot retail property in the northern Austin suburb of Round Rock that is leased to Mister Car Wash. Landan Dory and Jason Chtay of Partners represented the buyer, an entity doing business as AJH Williamsburg Ltd., in the transaction. Spencer Henderson and Jim Ceresnak from B&E CRE represented the undisclosed seller.
HARTFORD, CONN. — Marcus & Millichap has brokered the sale of a 28-unit apartment building located at 385 Main St. in downtown Hartford. The five-story building houses 25 one-bedroom residences and three two-bedroom units. Eric Pentore, Ross Friedel and Wes Klockner of Marcus & Millichap represented the seller, a Connecticut-based private investor, in the transaction. The trio also procured the buyer. Both parties requested anonymity.
TREVOSE, PA. — NAI Mertz has negotiated the sale of a 25,080-square-foot industrial building that sits on a 1.3-acre parcel in Trevose, a northeastern suburb of Philadelphia. Fraser Optics, which manufactures binoculars and associated products, occupies the entirety of the facility at 210 Andrews Road. Jeff Licht and Jared Licht of NAI Mertz represented the seller, a limited liability company, in the transaction.
PELLA, IOWA — Northmarq has brokered the $11.1 million sale of Highpoint at Pella, a 100-unit apartment community in Pella, about 45 miles east of Des Moines. Built in 1999, the property features a fitness facility, pool and grilling areas. The community is situated near Lake Red Rock, the largest lake in Iowa. Parker Stewart, Dominic Martinez and Anthony Martinez of Northmarq represented the seller, Axiom Equities. Local investor HighPoint Apartments LLC was the buyer.
STURGEON BAY, WIS. — Marcus & Millichap has arranged the $1.1 million sale-leaseback of a 1,650-square-foot property occupied by Jimmy John’s in Sturgeon Bay, a city in eastern Wisconsin. The single-tenant, net-leased building is located at 845 Egg Harbor Road. The property was originally built in 1995 and reconfigured for Jimmy John’s in 2017. Damien Yoder and Madison Harman of Marcus & Millichap represented the seller, a private investor. Tom Gommels of Marcus & Millichap secured and represented the buyer, an out-of-state private investor. Todd Lindblom assisted in closing the transaction as the Wisconsin broker of record.
LAKEWOOD, COLO. — Essex Financial Group has arranged $17 million in bridge financing for the acquisition of 143 Union, a 191,564-square-foot, 10-story office property in the Union Boulevard Corridor of Lakewood. Essex worked on behalf of the buyer, Legacy Real Estate Investments, to source the five-year, fixed-rate loan that an insurance company provided. The Class A landmark building is just over 70 percent occupied.
BELL, CALIF. — NAI Capital Commercial has arranged the purchase of Atlantic Center Mini Mall, a 20,909-square-foot retail center located in Bell, just south of Los Angeles. Steven Weiss and Sam Kangavari of NAI represented the buyer, a private investor, in the transaction. The buyer plans to redevelop the property, converting it to a single-tenant retail building. The NAI team also negotiated a new lease with a national tenant.