LANCASTER, DALLAS AND FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of three multifamily properties totaling 411 units that are located throughout the Dallas-Fort Worth (DFW) metroplex for a combined price of $58.9 million. The properties include The Meadows, a 120-unit asset in the southern Dallas suburb of Lancaster that was built in 1981; Newport Landing, a 185-unit property in the Lake Highlands area of Dallas that was constructed in 1971; and Monterrey, a 106-unit complex in Fort Worth that was completed in 1969. Al Silva and Ford Braly of Marcus & Millichap represented the buyers and sellers, all of which requested anonymity, in the three separate transactions.
AUSTIN, TEXAS — National investment firm GID has acquired a 62,496-square-foot warehouse located at 4201 Supply Court, about one mile west of Austin-Bergstrom International Airport. The rear-load facility features 28-foot clear heights, 10 dock-high doors, two drive-in doors and three suites averaging 20,000 square feet. The seller and sales price were not disclosed.
LOMBARD, ILL. — Edgemark Commercial Real Estate Services LLC has brokered the sale of a 217,887-square-foot retail building formerly occupied by Carson Pirie Scott in Lombard, a western suburb of Chicago. The sales price was undisclosed. The three-story property is part of the Yorktown Center Shopping Mall. Mike Wesley and Joanne Sutryk of Edgemark represented the seller, an entity doing business as GMAC 2004-C1 Yorktown Mall LLC. A joint venture between Pacific Retail Capital Partners and Synergy Construction Group LLC purchased the building with plans to redevelop it into multifamily, retail and green space. Construction on the two-phase project is slated to begin in spring 2023 with completion of Phase I anticipated for spring 2025. The project is subject to final planning review by the Village of Lombard.
HOUSTON — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Glenwood Apartment Homes, a 60-unit multifamily property in Houston. Built in 1981, the property features one- and two-bedroom units with an average size of 971 square feet that are furnished with granite countertops, walk-in closets and washer/dryer connections. Communal amenities include a pool and onsite laundry facilities. Bryce Smith of TMG represented the buyer and seller, both of which requested anonymity, in the transaction.
GREENVILLE, S.C. — The retail division of SVN | Blackstream, dubbed Reedy River Retail, has negotiated the $10.7 million sale of Woodruff Village Shopping Center in Greenville. Located at 1810-1848 Woodruff Road, Woodruff Village’s tenant roster includes Planet Fitness, Social Latitude and Habitat for Humanity’s Restore. Daniel Holloway and Dustin Tenney of Reedy River Retail represented the seller, an entity doing business as Woodruff Investment National Exchange LLC, in the transaction. Rox Pollard of Colliers represented the buyer, Greensboro, N.C.-based MarBro Realty LLC.
STRONGSVILLE, OHIO — Marcus & Millichap has negotiated the $15.9 million sale of the Cleveland Clinic Southpark Center in Strongsville, a southern suburb of Cleveland. The medical office building, located at 16761 Southpark Center, spans 166,524 square feet. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, a limited liability company. An Ohio-based real estate investment trust purchased the medical office building. The property sold above list price at a cap rate of 4.95 percent.
DUBLIN, OHIO — Hanley Investment Group Real Estate Advisors has arranged the sale of Perimeter Center in Dublin for $35 million. Giant Eagle Market District anchors the 139,486-square-foot shopping center, which is fully leased. Additional tenants include Chipotle, Edward Jones, Enterprise Rent-A-Car, Sport Clips, UPS Store and Jersey Mike’s Subs. The property was built in 1995. Kevin Fryman and Ed Hanley of Hanley Investment Group, in association with ParaSell Inc., represented the 1031 exchange buyer, an affiliate of California-based Orton Development Inc. Clinton Mitchell, Amy Sands and Michael Nieder of JLL represented the seller, an institutional owner. Chris Knight of JLL arranged a 10-year, fixed-rate acquisition loan through Mutual of Omaha Insurance Co. on behalf of the buyer.
SOUTH PLAINFIELD, N.J. — Lee & Associates has brokered the $36.5 million sale of a 200,000-square-foot industrial property located at 18-20 Harmrich Road in South Plainfield, about 40 miles south of Manhattan. The two-building property sits on 18 acres and features clear heights of 28 feet, multiple loading docks and additional outdoor storage space. Rick Marchisio, Crista Governara and Drew Maffey of Lee & Associates represented the undisclosed seller and the buyer, Boston-based investment firm Marcus Partners, in the off-market transaction.
NEW YORK CITY — Locally based brokerage firm TerraCRG has negotiated the $8 million sale of a 17,900-square-foot vacant industrial building in Brooklyn’s Red Hook neighborhood. Dan Marks, Daniel Lebor and Jackson O’Neill of TerraCRG represented the seller, an entity doing business as Buttermilk Warehouse LLC, in the transaction. The name of the locally based buyer was not disclosed.
DURHAM, N.C. – CBRE Investment Management, on behalf of a separate account client, has acquired Park Point, a 662,607-square-foot life sciences campus located within Research Triangle Park in Durham. Although the seller and price were not disclosed, Triangle Business Journal reports that Starwood Capital sold the asset for $288 million. Starwood, along with Trinity Capital and Vanderbilt, acquired Park Point in 2019 as a vacant, single-tenant industrial building, implementing a $190 million adaptive reuse project at the 95-acre site. The property now offers flexible space solutions for office, life sciences and manufacturing tenants. Located at 4001 NC Highway 54, campus amenities include a fitness center, cafe, indoor/outdoor common areas, athletic fields, walking trails, 2,546 parking spaces and a conference and training center. Park Point also has new, efficient systems that reduce energy and water consumption and enhance indoor air quality. Electric vehicle charging stations are slated to be installed at the property. “Today’s life sciences end-users have very specific and sophisticated needs for lab and research spaces,” said Sondra Wenger, head of Americas commercial operator division for CBRE Investment Management. “We believe that Park Point meets those needs and fits well with our investment strategy. This uniquely amenitized asset benefits …