MAGNOLIA, TEXAS — SVN | J. Beard Real Estate — Greater Houston has arranged the sale of Renaissance Center, a 92,724-square-foot shopping center located in Magnolia, roughly 44 miles northwest of Houston. Tenants at the property, which is anchored by Brookshire Brothers and was 95 percent leased at the time of sale, include Woodforest National Bank, Petsense and Anytime Fitness. An undisclosed buyer purchased the center from a private seller. Matt Knagg and Brittany Jameson of SVN | J. Beard Real Estate represented the seller and buyer, respectively, in the transaction.
SHAWNEE, OKLA. — Marcus & Millichap has brokered the sale of Belfair of Shawnee, a 60-bed seniors housing property located on the eastern outskirts of Oklahoma City. The 31,000-square-foot property was built in 2013 and offers memory care services. Rod Llanos of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction. Steve Greer of Marcus & Millichap assisted in closing the deal as the broker of record .
SAN ANTONIO — Partners Capital, the investment arm of Houston-based Partners Real Estate, has sold Blanco Crossing, a 22,606-square-foot shopping center in San Antonio. The center was built in 2002 and houses tenants such as Sake Cafe Sushi Bar & Grill, Kennedy’s Bar, Blanco Crossing Veterinary and The Mailing Spot. Philip Levy and Jack Newman of Marcus & Millichap represented Partners Capital, which originally acquired the asset in 2022, in the transasction. The buyer was an undisclosed, locally based private investor.
PORTAGE, IND. — Quantum Real Estate Advisors Inc. has brokered the $4 million sale of a 26,500-square-foot retail center in Portage, a city in Northwest Indiana. Built in the mid-2000s, the property was 89 percent leased at the time of sale to tenants such as Rush Physical Therapy, Indiana Farm Bureau and Edible Arrangements. Chad Firsel of Quantum represented the seller, an Illinois-based developer. A Colorado-based private investor completing a 1031 exchange was the buyer.
PORTLAND, ORE. — BKM Capital Partners has purchased Airport Business Center in Portland for $37.3 million. The 11-building light industrial portfolio is located at 6756 NE Alderwood Road and 6620-7040 NE 79th Court in Portland’s Columbia industrial corridor. The 228,518-square-foot business park contains 41 units with an average size of 5,600 square feet. The spaces were 92 percent occupied at the time of the sale. BKM acquired the asset through a joint venture partnership with TerraCore Capital.
LOS ANGELES — Selective Eton Nordhoff LLC has acquired a 48,550-square-foot industrial property in the Chatsworth and Canoga Park communities of Los Angeles. Though the purchase price was not disclosed, the asset was listed at nearly $10.5 million and sold for above asking price. The multi-tenant industrial property was built in 1977. It has largely remained the same since that time, save for cosmetic updates over the years. Arthur Pfefferman of Coldwell Commercial Quality Properties represented both the buyer and the seller.
CARLSBAD, CALIF. — PSRS has arranged $5.9 million in financing for the acquisition of a 32,000-square-foot industrial property in Carlsbad. The deal closed in 35 days to meet the borrower’s 1031 exchange deadline. The non-recourse loan features a five-year term with a 5.55 percent interest rate and a 30-year amortization. Ryan Frankman and Ari Zeen of PSRS arranged the financing through an insurance company.
PRINCETON, N.J. — Rhode Island-based Gilbane Development Co. has sold Crossroads Corporate Center, a 100,925-square-foot office building in Princeton. The three-story building was constructed on 45 acres in 1991 and has been renovated multiple times over the ensuing years. Jeremy Neuer, Jose Cruz, Kevin O’Hearn, Thomas Romano, J.B. Bruno and Jason Lundy of JLL represented Gilbane in the transaction. A joint venture led by Simone Realty purchased Crossroads Corporate Center for an undisclosed price.
WASHINGTON TOWNSHIP, N.J. — Avison Young has arranged the $14 million sale of a 70,140-square-foot medical office building located in the Southern New Jersey community of Washington Township. The two-story building sits directly across from the Jefferson Hospital Washington Township campus. Gordon MAB Associates sold the building to New Jersey-based Atkins Cos., which plans to implement a capital improvement program. Scott Martin, Jim Kornick, Michael Wilson and Erik Foster of Avison Young represented both parties in the transaction.
ALEXANDRIA, VA. — A private REIT affiliated with Alexandria, Va.-based Bonaventure has acquired three multifamily communities totaling 601 units in Florida and Virginia in separate UPREIT transactions. (UPREIT, or Umbrella Partnership Real Estate Investment Trust, is a type of transaction where a seller trades to a REIT in exchange for an ownership stake in the REIT.) The Virginia assets include Cedar Broad Apartments in Richmond and East Beach Marina Apartments in Norfolk, which comprise 204 and 137 units, respectively. Cedar Broad features homes in one-, two- and three-bedroom layouts, with amenities including a breakfast/coffee concierge, rooftop terrace with full kitchen, electric vehicle charging station, covered parking and a gym. East Beach Marina offers apartments in one- and two-bedroom layouts. The Florida property is Shadetree Apartments in Ruskin. The property comprises 260 units in one-, two- and three-bedroom layouts. Amenities include private cabanas for entertaining, a clubhouse, swimming pool and a sauna.