AUSTIN, TEXAS — JLL has negotiated the sale of Southpark Meadows, a 938,103-square-foot retail power center in Austin. Built in phases between 2004 and 2008, the center was 95 percent leased at the time of sale to tenants such as HomeGoods, Marshalls, Ross Dress for Less, Hobby Lobby, Burlington, Dave & Busters, Best Buy, Five Below and Rooms To Go. Chris Gerard, Barry Brown, Ryan Shore, Robby Westerfield and Cole Sutter of JLL represented the undisclosed seller in the transaction. Chris McColpin and Chris Drew, also with JLL, arranged an undisclosed amount of acquisition financing on behalf of the buyer, Charlotte-based Big V Property Group.
ARLINGTON, TEXAS — Fort Worth-based investment firm Trademark Property Co. has acquired Lincoln Square, a 470,000-square-foot regional shopping center in Arlington, with plans to redevelop the 45-acre site into a mixed-use destination with office and multifamily components. To that end, Trademark has entered into a 30-year public-private partnership agreement with the City of Arlington to invest $150 million into the property over the next six years, with the city committing $14.2 million under the terms of the agreement. Current tenants at Lincoln Square include Studio Movie Grill, Ulta Beauty, Michaels and PetSmart. The seller and sales price were not disclosed. Chris Harden and Kris Von Hohn of Cushman & Wakefield brokered the deal. Beth Lambert, also with Cushman & Wakefield, arranged acquisition financing on behalf of Trademark Property Co.
GARLAND, TEXAS — Locally based brokerage firm Bill Foose Co. has negotiated the sale of a 7.4-acre multifamily development site on Bobtown Road in Garland, a northeastern suburb of Dallas. Bill Foose of Bill Foose Co. represented the undisclosed seller in the transaction. Tom Youngblood of Youngblood Realty represented the buyer, Dallas-based Stonehawk Capital, which plans to develop a 232-unit project on the site.
TUCSON, ARIZ. — Vesper Holdings has acquired Sol y Luna, a 972-bed student housing community located near the University of Arizona in Tucson, for $203 million. The acquisition ranks among the five largest single-asset purchases in student housing history and is the largest not involving institutional capital, according to Vesper. Brad Cooke of Colliers represented the seller, Nelson Partners Student Housing, in the transaction. Tim Bradley of TSB Capital Advisors provided guidance to Vesper on the acquisition. The property comprises a 15-story tower and a 13-story tower, which were developed in 2014. The community offers 340 units in studio to five-bedroom configurations across 344,760 square feet of rentable space. The property also includes 7,640 square feet of ground-floor retail and a 200-stall parking garage. Campus Life & Style, Vesper’s in-house management arm, will operate the property following the acquisition.
COLORADO SPRINGS, COLO. — An affiliate of Boston-based Albany Road Real Estate Partners has purchased Epic One, a Class A office building in Colorado Springs. Terms of the transaction were not released. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield represented the undisclosed seller in the deal. Located at 10807 New Allegiance Drive, Epic One features 146,099 square feet of office space. Constructed in 2009, the multi-tenant office building features LEED Silver design; flexible, efficient floor plates; high-end finishes throughout; an on-site fitness facility; and a 5/1,000 parking ratio.
PINAL COUNTY, ARIZ. — Scottsdale-based Empire Group has acquired a 27-acre land parcel in Pinal County from Galeb Cos. and Borgata Ventures for $13.8 million. The company plans to develop Village at Borgata, a build-to-rent community on the site, which is situated at the southwest corner of Hunt Highway and Thompson Road near the foothills of the San Tan mountains. The gated community will feature 287 one-, two- and three-bedroom homes for rent, ranging in size from 680 square feet to 1,300 square feet. The single-story homes will offer modern designs and finishes and include private landscaped backyards with doggie door access, smart technology packages and security. Community amenities will include a resort-style pool and hot tub, walking paths, a community clubhouse with kitchen, a fitness center, barbecue area and fire pits areas. Empire Group plans to break ground on the project in spring 2023, with leasing slated to start by fall 2024. Village at Bortaga is part of the larger master-planned Borgata at San Tan, a 100-acre development with mixed-use commercial space, apartments, condominiums and single-family residences. Brett Rinehart of Land Advisors Organization represented Empire Group in the land acquisition.
TEMPE, ARIZ. — Austin, Texas-based Pennybacker Capital Management has acquired Tempe Industrial Center, a freestanding industrial facility located at 6720 S. Clementine Road in Tempe. An undisclosed seller sold the asset for $11.5 million. At the time of sale, the 71,142-square-foot building was fully leased and serves as headquarters to a high-end bike manufacturing company. Phil Haenel, Mike Haenel, Will Strong and Andy Markham of Cushman & Wakefield represented the seller and buyer in the deal.
BRUNSWICK, OHIO — A joint venture between Remedy Medical Properties and Kayne Anderson Real Estate has acquired a 34,519-square-foot medical office building in the Cleveland suburb of Brunswick for $10.7 million. Named Atrium of Brunswick, the two-story property is located at 1299 Industrial Parkway North. The facility is fully occupied by two tenants. One GI is a gastroenterology group that recently acquired the building’s original tenant and seller, Digestive Disease Consultants (DDC). Shortly after One GI acquired DDC, it signed a new 12-year lease. The other tenant is MetroHealth, which operates four hospitals and other healthcare facilities throughout the Cleveland area. MetroHealth operates a primary care and pediatrics practice at the building with a lease that expires in 2025. Capital One provided acquisition financing.
PHILADELPHIA — Locally based brokerage firm Starkman Realty Group has negotiated the $29 million sale of Carlton Park Apartments, a 117-unit multifamily property in Philadelphia’s East Falls neighborhood. New Jersey-based AJH Management sold the garden-style property, which was originally built in 1958 and offers one-, two- and three-bedroom units, to an undisclosed buyer. Jason Starkman of Starkman Realty Group brokered the deal.
EAST RUTHERFORD, N.J. — Maryland-based industrial investment firm Realterm has acquired two buildings totaling 41,500 square feet in the Northern New Jersey community of East Rutherford. The adjacent buildings at 880 and 890 Paterson Plank Road sit on a combined 4.4 acres and respectively total 5,000 and 36,500 square feet. Scott Perkins, Chris Todd and William Ericksen of NAI James E. Hanson represented Realterm in the transaction. The seller was not disclosed.