Property Type

MCA Realty Sells 127,132 SF Northport Business Center in North Las Vegas to Rising Realty Partners

by Amy Works August 30, 2023

NORTH LAS VEGAS, NEV. — MCA Realty has completed the disposition of Northport Business Center, a six-building industrial park in North Las Vegas, to Rising Realty Partners for $23 million. MCA Realty originally acquired the business park in September 2021 and spend approximately $2 million in capital improvements, converting functionally obsolete office space to warehouse space. Located at 3825-2985 Cheyene Ave., Northport Business Center offers 127,132 square feet of industrial space. At the time of sale, the property was fully leased to a variety of tenants. The industrial park was built in 2000. Dan Doherty, Jerry Doty and Chase Pavlov of Colliers represented MCA Realty and the buyer in the transaction. Northport Business Center is the fourth property sold within the MCA Realty Industrial Growth Fund.

August 30, 2023

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers $19.5M Sale of Via Alamos Apartments in Green Valley, Arizona

by Amy Works August 30, 2023

GREEN VALLEY, ARIZ. — ABI Multifamily has arranged the sale of Via Alamos Apartments, a 160-unit multifamily property located on West Via Alamos Drive in Green Valley. The property traded for $19.5 million, or $121,875 per unit. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group, in collaboration with Desiree Palmer, Ryan Kippes and Nathaniel McAdoo of ABI Multifamily’s Tucson Apartment Team, represented the buyer and seller in the transaction. The names of the parties were not disclosed. Built in 1984, Via Alamos Apartments features 88 one-bedroom/one-bath units, 56 two-bedroom/one-bath units and 16 two-bedroom/two-bathroom units with individual metered electricity and hot water heaters, air conditioning/heating, refrigerators, oven ranges, linen closets, high-speed internet access and cable access. Select units offer a balcony, dishwasher, garbage disposal and additional storage. Community amenities include a swimming pool, spa, fitness center, basketball court, dog park, children’s playground, leasing office, laundry room, additional storage and on-site covered and open parking.

August 30, 2023

Colorado Development Multifamily Seniors Housing Western

Realty Capital Partners Invests $11.7M in Active Adult Development in Basalt, Colorado

by Amy Works August 30, 2023

BASALT, COLO. — Realty Capital Partners, a Dallas-based equity investor, has invested $11.7 million in the development of 72 residential rental units tailored for active adults (age 55 and over) in Basalt. Developer Realty Capital Residential has acquired the land and secured all necessary entitlements, permits and approved plans. The project will encompass a modern living concept and 2,600 square feet of ground-floor restaurant space. Groundbreaking is set for this month, with completion slated for August 2025. The community will feature one- and two-bedroom floor plans ranging from 675 square feet to 1,322 square feet.

August 30, 2023

Acquisitions Arizona Industrial Western

Western American Investments Acquires 10,963 SF Industrial Space in Tucson, Arizona

by Amy Works August 30, 2023

TUCSON, ARIZ. — Western American Investments has purchased an industrial space at 2425 W. Curtis Road in Tucson. Kassaboo LLC, Stefiboo LLC and Vegaboo LLC sold the asset for $2.2 million. The property features 10,963 square feet of industrial space. Paul Hooker of Cushman & Wakefield | PICOR represented the buyer in the deal.

August 30, 2023

Acquisitions Colorado Hospitality Northeast Pennsylvania Top Stories Western

KSL Capital Partners Agrees to Acquire Hersha Hospitality Trust for $1.4B

by Kristin Harlow August 30, 2023

DENVER AND PHILADELPHIA — Hersha Hospitality Trust (NYSE: HT) and KSL Capital Partners LLC have entered a definitive merger agreement under which affiliates of KSL will acquire all the outstanding common shares of Hersha for $10 per share in an all-cash transaction valued at approximately $1.4 billion. Philadelphia-based Hersha is a self-advised real estate investment trust in the hospitality sector, owning and operating luxury and lifestyle hotels in coastal gateway and resort markets. The company’s 25 hotels total 3,811 rooms and are located in New York, Washington, D.C., Boston, Philadelphia, South Florida and California. KSL is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. In addition to its Denver headquarters, the firm also maintains offices in New York City, Stamford, Conn., and London. The purchase price represents a premium of approximately 60 percent over Hersha’s closing share price on Friday, Aug. 25, the last full trading day prior to the announcement. Upon completion, Hersha will no longer be publicly traded. “Hersha and its team have built an impressive, curated portfolio of experiential luxury and lifestyle hotels and resorts in strategic markets,” says Marty Newburger, partner at …

August 30, 2023

Development Industrial Texas

Tradition Holdings Breaks Ground on 343,371 SF Industrial Project in Belton, Texas

by Taylor Williams August 29, 2023

BELTON, TEXAS — Dallas-based developer Tradition Holdings has broken ground on 14/35 Belton Crossing, a 343,371-square-foot industrial project in Belton, located outside of Temple in Central Texas. The development will consist of four buildings ranging in size from 70,000 to 115,000 square feet on a 27.5-acre site. Building features will include 32- to 36-foot clear heights, 180-foot truck court depths and parking for 74 trailers and roughly 400 cars. KBC Advisors will market the project for lease. Powers Brown Architecture is designing the project, and ARCO/Murray is the general contractor. Completion is slated for the second quarter of 2024.

August 29, 2023

Acquisitions Retail Texas

JLL Arranges Sale of 211,971 SF Shopping Center in Metro Dallas

by Taylor Williams August 29, 2023

ROCKWALL, TEXAS — JLL has arranged the sale of Rockwall Market, a 211,971-square-foot shopping center located in the eastern Dallas suburb of Rockwall. Built in 1999, the property was fully leased at the time of sale to tenants such as Ross Dress for Less, Burkes Outlet, Michaels, Old Navy and Petco. Adam Howells, Ryan Shore and Megan Babovec of JLL represented the undisclosed seller in the transaction. Dunhill Partners acquired the property for an undisclosed price.

August 29, 2023

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 63-Unit Self-Storage Facility in Rockport, Texas

by Taylor Williams August 29, 2023

ROCKPORT, TEXAS — Marcus & Millichap has brokered the sale of Affordable Mini Storage, a 63-unit self-storage facility in Rockport, located just north of Corpus Christi. The three-building facility was constructed in 2018. Jon Danklefs of Marcus & Millichap represented the seller in the transaction, and Sean Delaney, also with Marcus & Millichap, represented the buyer. Both parties were limited liability companies that requested anonymity.

August 29, 2023

Development Retail Texas

Foremark Development Nears Completion of 28,000 SF Retail Project in Sachse, Texas

by Taylor Williams August 29, 2023

SACHSE, TEXAS — Locally based firm Foremark Development is nearing full completion of The Shops at Sachse, a 28,000-square-foot retail project located on the eastern outskirts of Dallas. The center’s two multi-tenant buildings totaling roughly 18,000 square feet are now complete, and construction of a 10,000-square-foot build-to-suit for The Learning Center is underway and slated for a mid-2024 delivery. Other tenants include Starbucks, Jake’s Burgers & Beer and Tropical Smoothie Café.

August 29, 2023

Industrial Leasing Activity Texas

G2 Automated Technologies Signs 15,109 SF Industrial Lease Renewal in Northeast Dallas

by Taylor Williams August 29, 2023

DALLAS — G2 Automated Technologies, a manufacturer that serves the healthcare, energy and food processing industries, has signed a 15,109-square-foot industrial lease renewal at Park Forest Business Center in northeast Dallas. Jason Finch of Bradford Commercial Real Estate Services represented the landlord, Tyler Family Real Estate Investments LLC, in the lease negotiations. Dave Peterson of NAI Robert Lynn represented the tenant. The deal keeps the 200,500-square-foot industrial flex property at full occupancy.

August 29, 2023

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