HENDERSON, NEV. — MIG Real Estate has sold Pecos Plaza, a 124,000-square-foot medical and office campus in Henderson, to Woodside Health for $26.7 million. The Class B medical and office campus is located at 9005-9089 South Pecos Road. It includes a two-story building complemented by seven single-story medical/professional office buildings situated on a 7.6-acre parcel. The assets are 93 percent occupied with a tenant roster that includes Belle Medical, Las Vegas Urology, Serenity Dental, and Innovative Pain Care Center, among others. Cushman & Wakefield and JLL represented MIG in the transaction.
KIRKLAND, WASH. — Waterton has re-entered the Seattle market with its purchase of the 123-unit 128 on State apartment community in Kirkland. The property is situated at the crossroads of NE 85th Street and Interstate 405. The buyer plans to execute a value-add renovation at the 1.5-acre community. The property provides an opportunity for an impactful value-add renovation scope, according to Waterton. This would include upgrading residences (all of which are in original condition) to a modern finish level with quartz countertops, tile backsplashes and refinished cabinetry in kitchens; new tile and tub surrounds in bathrooms; new carpeting in bedrooms; and updated lighting and plumbing fixtures throughout. Common areas will also be updated with modern furniture and finishes, including a new yoga studio in the fitness center.
PEORIA, ARIZ. — Gantry has arranged $12.9 million of permanent financing for the acquisition of a newly constructed, 157,000-square-foot warehouse facility in the Phoenix suburb of Peoria. The space is fully leased to a single credit tenant. The modern facility is the first building completed within Peoria Logistics Park, a 150-acre, master-planned industrial development two miles east of Loop 101. The acquired property includes a dedicated vehicle maintenance building. Tim Storey and Chad Metzger of Gantry’s Phoenix production office secured the loan for the buyer, a private real estate entity. One of Gantry’s correspondent life company lenders provided the fixed-rate, 11-year loan.
ORINDA, CALIF. — Volwood Management has acquired a Class A office building in the East Bay submarket of Orinda for $12.8 million. The boutique asset is situated northeast of Oakland. It was built in 1974 and renovated in 2018. The space is currently 91 percent leased and features exposed brick and timber, as well as upgraded HVAC and lighting. The JLL Capital Markets team of Erik Hanson, Rob Hielscher, David Dokko, Adam Lasoff, Mike Matera and Caroline Reynolds represented the seller, Long Market Property Partners, in the transaction. Knute Bucklew, head of agency leasing for JLL’s East Bay region, oversaw leasing advisory services.
COLONIAL HEIGHTS AND ASHLAND, VA. — A joint venture between Lingerfelt and Partners Group has purchased a nearly 1.2 million-square-foot industrial portfolio in metro Richmond for $105.6 million. The seller was not disclosed. The portfolio includes Walthall Distribution Center, a three-building property in Colonial Heights spanning 868,601 square feet, and Northlake Distribution Center, a 293,115-square-foot facility in Ashland. Developed between 2000 and 2003, the facilities include cross-dock and rear-load configurations, 32-foot clear heights, a high ratio of dock positions, ESFR fire protection and ample auto parking spaces. The portfolio was fully leased at the time of sale to 18 separate tenants. Matt Anderson and Harrison McVey of Colliers will handle the marketing and leasing of the portfolio on behalf of the new ownership. Colliers will also provide property and facility management services for the properties and tenants.
WALDORF, MD. — First National Realty Partners (FNRP) has purchased Waldorf Marketplace, a 359,484-square-foot, grocery-anchored shopping center in Waldorf, about 28 miles south of Washington, D.C. The seller and sales price were not disclosed. The center is anchored by a 58,092-square-foot Safeway grocery store, which has been a tenant at Waldorf Marketplace since 2005. Other tenants include Hobby Lobby, Jared, Petco, Starbucks Coffee, Wells Fargo, Red Robin, TGI Fridays, Bath & Body Works and Famous Dave’s. FNRP’s other acquisitions in the Mid-Atlantic region include Brandywine Crossing in Maryland and Haymarket Village Center and Promenade at Manassas in Virginia.
MCDONOUGH AND STOCKBRIDGE, GA. — The RADCO Cos. has sold two apartment communities in metro Atlanta to Viking Capital in two transactions totaling $96.5 million. The properties include Crossings at McDonough in McDonough and Crossings at Eagle’s Landing in Stockbridge and total 419 one-, two- and three-bedroom apartments. Shea Campbell, Colleen Hendrix and Ashish Cholia of CBRE represented RADCO in both transactions. The Atlanta-based owner and operator has completed over 100 deals in the last decade totaling more than $3.3 billion, according to RADCO CEO Norman Radow.
SAN ANTONIO — Newmark has arranged the sale of The Redland, a 276-unit apartment community in San Antonio’s Stone Oak neighborhood. Built on 17.1 acres in 2007, The Redland features one-, two- and three-bedroom units with an average size of 1,044 square feet. Amenities include a pool, fitness center, resident clubhouse and two dog parks. Patton Jones, Matt Michelson and Andrew Dickson of Newmark represented the seller, California-based investment firm Bascom Group, in the transaction. Houston-based Ilan Investments purchased the property for an undisclosed price. The Redland was 93 percent occupied at the time of sale.
FORT WORTH, TEXAS — New York City-based Emerald Creek Capital has acquired a 57,000-square-foot industrial property located at 4701 Pylon St. in Fort Worth. The property, which consists of two buildings that feature 31 loading docks and 13 drive-in doors, is situated on a 9.5-acre site with additional outdoor storage space. Tom Hollins and Christian Gallanti internally negotiated the deal for Emerald Creek, which acquired the single-tenant property via a sale-leaseback with an undisclosed tenant.
CHICAGO — Pebblebrook Hotel Trust (NYSE: PEB) has sold 909 N. Michigan Ave., a 5,860-square-foot retail property in Chicago, for $27.3 million. The asset is fully occupied by three tenants and is situated adjacent to Pebblebrook’s Westin Michigan Avenue Chicago hotel. The sales price reflected a cap rate of 7.7 percent. Proceeds from the sale will be used for general corporate purposes, which may include reducing the company’s outstanding debt and repurchasing the company’s common and preferred shares. A venture of Los Angeles-based Blatteis & Schnur was the buyer, according to Crain’s Chicago Business.