Property Type

Toibb Enterprises Sells Grocery-Anchored Shopping Center in Simi Valley, California for $19.5M

by Amy Works January 10, 2023

SIMI VALLEY, CALIF. — Woodland Hills, Calif.-based Toibb Enterprises has completed the disposition of Simi Valley Promenade, a retail center located at 5105-5197 E. Los Angeles Ave. in Simi Valley. A Chino Hills-based private investor acquired the asset for $19.5 million. Smart & Final, Goodwill, Del Taco, Denny’s, Baskin Robbins, Chi Chi’s Pizza and H&R Block are tenants at the 82,366-square-foot Simi Valley Promenade, which was built in 1981 and most recently renovated in 2002. At the time of sale, the property was 92 percent occupied. Bill Ashe, Jeff Lefko and Ed Hanley of Hanley Investment Group represented the buyer, while Avi Narang of Beverly Hills-based BRC Advisors represented the seller in the deal.

January 10, 2023

Acquisitions Colorado Office Western

Marcus & Millichap Brokers Sale of 22,424 SF Concorde Place Office Building in Centennial, Colorado

by Amy Works January 10, 2023

CENTENNIAL, COLO. — Marcus & Millichap has arranged the sale of Concorde Place, a Class B office property in Centennial. A limited liability company sold the asset to an undisclosed buyer for $2.4 million. Situated on a 1.38-acre site at 7208 S. Tucson Way, Concorde Place features 22,424 square feet of office space. Brandon Kramer and Chadd Nelson of Marcus & Millichap’s Denver office represented the seller in the deal.

January 10, 2023

Loans Multifamily Oklahoma Texas

Bellwether Enterprise Provides Agency Credit Facility for 256-Unit Affordable Housing Complex in Houston

by Taylor Williams January 10, 2023

HOUSTON — Bellwether Enterprise Real Estate Capital has provided a Freddie Mac Transitional Line of Credit for Aspen Park, a 256-unit affordable housing complex in Houston. The amount was not disclosed, but the financing is part of a $150 million credit facility for a quartet of properties in Texas and Oklahoma. The borrower, Alabama-based Envolve Communities, will use the proceeds to refinance existing debt, preserve affordability and fund capital improvements. Jon Killough and John Roberts of Bellwether Enterprise originated the financing. Aspen Park houses one-, two- and three-bedroom units, the majority of which are reserved for renters earning 60 percent or less of the area median income.

January 10, 2023

Development Multifamily Texas

KWA Construction Completes 217-Unit Multifamily Project in Burleson, Texas

by Taylor Williams January 10, 2023

BURLESON, TEXAS — Locally based general contractor KWA Construction has completed Atlantica at Burleson, a 217-unit multifamily project located on the southern outskirts of Fort Worth. Designed by Womack + Hampton Architects and developed by Sovereign Properties, the community offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, dog park, resident clubhouse and outdoor grilling and dining areas. Rents start at $1,300 per month for a one-bedroom apartment. Jacobson Equities purchased the property in August 2022.

January 10, 2023

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 188-Room Hotel Portfolio in Port Arthur, Texas

by Taylor Williams January 10, 2023

PORT ARTHUR, TEXAS — Marcus & Millichap has brokered the sale of a 188-room hotel portfolio in the East Texas city of Port Arthur. The 92-room Holiday Inn Express & Suites Port Arthur was constructed in 2010 and renovated in 2019, and the 96-room TownePlace Suites Beaumont Port Arthur was originally constructed in 2014. Both hotels are part of the Intercontinental Hotels Group (IHG) family of brands. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, Texas-based Daugherty Property Group, in the transaction. The duo also procured the buyer, an out-of-state, 1031 exchange investor.

January 10, 2023

Acquisitions Retail Texas

Faris Lee Arranges $8.7M Sale of Retail Building in Euless, Texas

by Taylor Williams January 10, 2023

EULESS, TEXAS — California-based brokerage firm Faris Lee Investments has arranged the sale of an 11,620-square-foot retail building located in the central metroplex city of Euless. The property, which is an outparcel building to the 194-acre Glade Parks Town Center mixed-use development, was fully leased at the time of sale to Sleep Number, Salata, Jersey Mike’s, LoveSac and Total Men’s Primary Care. Jeff Conover and Scott DeYoung of Faris Lee represented the buyer, a family office based in the Midwest that acquired the asset via a 1031 exchange, in the transaction. Venture CRE represented the undisclosed seller. The all-cash deal traded at a cap rate of 5.92 percent.

January 10, 2023

Leasing Activity Office Texas

Ecobat Signs 28,258 SF Office Sublease at PwC Tower in Dallas

by Taylor Williams January 10, 2023

DALLAS — Ecobat, a provider of battery recycling services, has signed a 28,258-square-foot office sublease at PwC Tower in Dallas. Rick Hughes and Joel Zandstra of Cushman & Wakefield represented Ecobat, which is subleasing the space from the namesake tenant, accounting giant PricewaterhouseCoopers (PwC), in the lease negotiations. Ben Davis and Harlan Davis of CBRE represented PwC. MetLife Investment & Management owns the 20-story, 500,000-square-foot building.

January 10, 2023

Development Multifamily New York Northeast Seniors Housing

FilBen Group, RSF Partners Break Ground on $54M Assisted Living Facility in Montebello, New York

by Taylor Williams January 10, 2023

MONTEBELLO, N.Y. — A partnership between owner-operator FilBen Group and Dallas-based private equity firm RSF Partners has broken ground on Braemar at Montebello, a $54 million assisted living facility in New York’s Lower Hudson Valley region. The site is located near Good Samaritan Hospital — Suffern, as well as numerous commercial establishments. The property will span 133,675 square feet and will feature one- and two-bedroom units with an average size of 500 square feet, as well as an array of entertainment- and wellness-based amenities. H2M Architects + Engineers designed the project, and McAlpine Contracting is handling construction. M&T Bank provided a $34.8 million construction loan for the project, a completion date for which was not disclosed.

January 10, 2023

Acquisitions Civic New York Northeast

OPEN Impact Arranges $52.6M Sale of Campus in Yonkers

by Taylor Williams January 10, 2023

YONKERS, N.Y. — Locally based brokerage firm OPEN Impact Real Estate has arranged the $52.6 million sale of a 265,000-square-foot campus in Yonkers. The campus, a portion of which extends into The Bronx, consists of 25 buildings on a 28-acre site. The property, which serves as the headquarters of social services agency Rising Ground, houses several recreational amenities, including indoor and outdoor pools, a baseball field and an indoor basketball court. Lindsay Ornstein, Stephen Powers, Arthur Skelskie and Alexander Smith of OPEN Impact represented Rising Ground in the transaction. The buyer, National Resources, plans to take occupancy of the campus at a future date, with Rising Ground retaining three acres for various programs.

January 10, 2023

Leasing Activity New Jersey Northeast Office

Avis Budget Group Signs 155,234 SF Office Headquarters Lease in Parsippany, New Jersey

by Taylor Williams January 10, 2023

PARSIPPANY, N.J. — Avis Budget Group has signed a 155,234-square-foot office headquarters lease in the Northern New Jersey community of Parsippany. The holding company of the car rental agency will occupy space at LATITUDE, a two-building, 35-acre campus. Jon Meisel and Joseph Sarno of CBRE represented Avis in the lease negotiations. David Simson and Jaime Drummond of Newmark represented the landlord, a joint venture between Rubenstein Partners and Vision Real Estate Partners, which acquired the property in 2018 and implemented a capital improvement program.

January 10, 2023

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