KNOXVILLE, TENN. — MZ Capital Partners has purchased the Residences at Devanshire, a community comprising 87 single-family rental homes in Knoxville. Built in 2006, the property features units with three bedrooms and two full bathrooms. Homes also feature back porches or patios, attached garage parking and grass backyards. The sales price and seller were not disclosed.
RICHMOND, VA. — Cushman & Wakefield|Thalhimer’s Capital Markets Group has brokered the $7.3 million sale of Wistar Center in Richmond. Located at 8101-8157 Staples Mill Road, the portfolio comprises 49,092 square feet of industrial and retail space. Fully leased to 20 tenants, the retail property features 20,436 square feet. Totaling 28,656 square feet across two buildings, the industrial space was also fully leased at the time of sale. Bo McKown, Catharine Spangler and Eric Robison of Cushman & Wakefield|Thalhimer arranged the sale on behalf of the seller, Fernau LeBlanc Investment Partners. Prudent Growth Partners was the buyer.
FORT WORTH, TEXAS — San Diego-based investment firm Westcore has acquired three industrial buildings totaling 485,330 square feet in Fort Worth. Buildings 1, 2 and 4 within North Quarter 35, a development by M2G Ventures, were all fully leased at the time of sale. Seth Koschak and Matteson Hamilton represented the seller in the transaction. Westcore was self-represented. North Quarter 35 features a mix of shallow-bay, read-load and cross-dock buildings totaling 645,000 square feet.
PRINCETON, TEXAS — Core Spaces, a developer with offices in Chicago and Austin, is underway on construction of Oxenfree at Princeton, a 408-unit build-to-rent residential community located on the northeastern outskirts of Dallas. The site spans 50 acres, and the development will feature a mix of single-family and townhome-style residences with three distinct architectural styles. Oxenfree at Princeton will also offer a central amenity center with a coworking space, health club, market, lounge, pool and a children’s play area. Completion is scheduled for April 2024.
DALLAS — A partnership between Orlando-based developer ZOM Living and Dallas-based investment firm Civitas Capital Group has sold Mezzo, a 378-unit apartment community in North Dallas. Completed last summer, the garden-style property consists of 13 buildings on a 15-acre site. Units come in one-, two- and three-bedroom formats and range in size from 700 to 1,560 square feet. Amenities include a pool, fitness center, lounge, coworking spaces, game room and a dog park. Harbor Group International purchased Mezzo, which was 85 percent occupied at the time of sale, for an undisclosed price.
ST. LOUIS — Berkadia has arranged the sales of two multifamily properties and one multifamily development site in St. Louis for a combined $100 million. The first transaction includes Southfield Apartments, a 429-unit, garden-style community located at 5549 Southfield Drive. The second deal is an unnamed high-rise property. The third transaction includes 15 acres of land that will be utilized to develop a townhome-style community with 160 units. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia brokered the sales. Buyer and seller information was not provided.
Trident Capital Group, O’Connor Group Complete Phase I of Rickenbacker Industrial Center in Columbus
COLUMBUS, OHIO — Trident Capital Group and The O’Connor Group have completed development of the first phase of Rickenbacker Industrial Center in Columbus. The first phase includes a 1 million-square-foot speculative building on 60 acres. The property features a clear height of 40 feet, 104 docks, four drive-in doors, 347 parking spaces and 9,827 square feet of office space. The project offers convenient access to Rickenbacker International Airport and Norfolk Southern Intermodal Yard. Upon full build-out, Rickenbacker Industrial Center will consist of 3.7 million square feet across 230 acres. Jeff Lyons and Michael Mullady of CBRE are the leasing agents.
WARSAW, IND. — JLL Capital Markets has brokered the sale of Warsaw Commons, an 87,858-square-foot shopping center in Warsaw, about 40 miles northwest of Fort Wayne. The sales price was undisclosed. Built in 2012, the fully occupied property is home to tenants such as TJ Maxx, PetSmart, Ulta, Dollar Tree and Shoe Carnival. Michael Nieder of JLL represented the seller, IRC Retail Centers. Nate Monson and Brandon Goodman of Colliers represented the buyer, The Lofts at 5 Points LLC.
CHICAGO — Kiser Group has negotiated the sale of a three-property multifamily portfolio in Chicago’s East Woodlawn and Bronzeville neighborhoods for $8.6 million. The buildings, which feature a combined 70 units, are located at 6625 S. Drexel Ave., 4901 S. Michigan Ave. and 4725 S. Michigan Ave. The units have updated kitchens and bathrooms, but current rents are about 30 percent below market rents, according to Kiser. The brokerage firm’s Birk | Sklar team brokered the transaction. Buyer and seller information was not provided.
VERMILLION, S.D. — Marcus & Millichap has arranged the $2.1 million sale of a 2,365-square-foot retail property occupied by Starbucks in Vermillion, home of the University of South Dakota. The net-leased building has a new 10-year lease with Starbucks that features 7.5 percent rental increases every five years. Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.