FORT WORTH, TEXAS — A partnership between two Chicago-based investment firms, 3L Real Estate and Syndicated Equities, has purchased The Oncor, a 314,514-square-foot office building in downtown Fort Worth. The new ownership plans to convert the building into a 330-unit multifamily community with Class A amenities, including a pool, fitness center, rooftop deck and a business center. The seller and sales price were not disclosed. A construction timeline was also not released.
ARLINGTON, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Villas at the Parks, a 103-unit multifamily property in Arlington. The property was built in 1983 and houses one- and two-bedroom units that are furnished with quartz countertops, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center and onsite laundry facilities. Trey Caldwell of TMG represented the seller in the transaction, and Jon Krebbs of TMG procured the out-of-state buyer. Both parties requested anonymity
RICHMOND, TEXAS — Locally based brokerage firm NewQuest Properties has arranged the sale of a 15,750-square-foot retail property in Richmond, a southwestern suburb of Houston. The property, which was fully leased at the time of sale, represents Phase II of a larger project known as Commons at Harvest Green. Rick Ragan of NewQuest represented the buyer in the deal. Matt Berry, Drew Reinking and Robbie Kilcrease of CBRE represented the seller. Both parties were limited liability companies that requested anonymity.
NASHVILLE, TENN. — Nashville-based Matthews Real Estate Investment Services has arranged the $16.1 million portfolio sale of eight stores leased to the combo Family Dollar-Dollar Tree discount retail concept. The stores are located in Blountsville and Clayton, Ala.; Pauls Valley, Warner and Maud, Okla.; Edison, Ga.; Lincoln, Ark.; and Coldiron, Ky. Josh Bishop of Matthews represented the seller, an unnamed developer that built the stores. The undisclosed institutional buyer purchased the assets at a cap rate of 6.4 percent.
CHARLESTON, S.C. — NAI Charleston has brokered the $12 million sale of two retail buildings located at 585 and 587 King St. in Charleston’s Upper King Street district. These buildings, which span approximately 13,700 square feet, were leased to Fuji Sushi Bar and Uptown Social at the time of sale. Thomas Boulware of NAI Charleston represented the undisclosed buyer in the transaction. Tim Weldon of Colony Commercial Real Estate represented the locally based seller, Vanderking Properties.
VERNON TOWNSHIP, N.J. — Marcus & Millichap has brokered the sale of Vernon Valley Plaza, a 93,029-square-foot shopping center in Northern New Jersey’s Sussex County. An ACME grocery store anchors the property, which was built between 2001 and 2004. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller, a developer, and procured the buyer, a private investor, in the transaction. Both parties were New Jersey-based entities that requested anonymity. Joseph Belgiovine of Marcus & Millichap Capital Corp. arranged a $13.3 million acquisition loan for the deal that carried a five-year term, fixed interest rate and a 30-year amortization schedule.
SHELTON, CONN. — Locally based brokerage firm Vidal/Wettenstein has arranged the sale of a 32,325-square-foot office complex in Shelton, located outside of New Haven in southern Connecticut. According to LoopNet Inc., the property was built on 3.1 acres in 1967 and renovated in 1987. Bruce Wettenstein of Vidal/Wettenstein represented the undisclosed seller in the transaction. Wettenstein also procured the buyer, an affiliate of New York-based investment firm Kirchhoff, which plans to redevelop the property into a self-storage facility.
CHICAGO — CBRE has negotiated the sale of a 20,000-square-foot office building in Chicago’s West Loop for an undisclosed price. Located at 1218 W. Adams St., the property served as the Chicago headquarters of the Boy Scouts of America’s Pathway to Adventure Council since 1995. Tom Svoboda and Phil DeBoer of CBRE represented the seller, the Boy Scouts of America’s Pathway to Adventure Council. The buyer, Kensington School, plans to redevelop the building. Svoboda also represented the Boy Scouts in purchasing an 8,200-square-foot office suite at 1100 W. Washington Blvd. in Chicago’s West Loop.
FISHERS, IND. — The Klink Group of Marcus & Millichap has brokered the sale of Pine Creek Shoppes in the Indianapolis suburb of Fishers for $3.3 million. Constructed in 2000, the retail center is located at 8958 E. 96th St. Tenants include H&R Block, Nail Bar, Bailey & Wood Mortgage and Moon Face & Body Studio. Jordan Klink of the brokerage represented the seller, Vamoz LTD, a private investor based in New York. Matthew Ferguson and Pete Alveal of Premier Commercial procured the buyer, NOC Pine Creek LLC, an Indianapolis-based limited liability company.
VANCOUVER, WASH. — HFO Investment Real Estate has arranged the sale of Meadow Brook Place Apartments, a multifamily community located at 2231 NE Bridgecreek Ave. in Vancouver. California-based Aukum Group acquired the asset from Meadowbrook Place LLC, an entity associated with an Oregon family investor group, for $38.5 million. Built in 1996, Meadow Brook Place Apartments features 154 one-, two- and three-bedroom residences spread across 17 buildings, ample off-street parking, storage space, a rental office, pool and basketball court. Greg Frick, Tyler Johnson and Rob Marton of HFO facilitated the transaction.