NEWPORT BEACH, CALIF. — CrownPoint Partners, a California-based brokerage firm, has arranged the sale-leaseback of a portfolio of five gas stations in Texas. The locations were not disclosed, but the sites are situated within “high-growth” markets, according to CrownPoint. Julius Swolsky and Don Bingham III of CrownPoint represented the seller in the all-cash transaction and procured the buyer, a Delaware-based investment firm. Both parties requested anonymity.
AZUSA, CALIF. — A joint venture between Legacy Partners and PGIM has purchased University Village, a student housing property in Azusa, from Azusa Pacific University for $92 million. The community will be rebranded as Citrus Place Apartments and will be available for leasing by the end of September. Built in 1985, the property was previously used as student housing by Azusa Pacific University until the end of spring semester 2025. Located at 801 E. Alosta Ave., the 14-acre property consists of 20 two-story garden-style residential buildings offering a mix of 320 one- and two-bedroom apartments. Units include washers/dryers, kitchen appliances, dishwashers, central heating, air conditioning and individual hot water heaters. Community amenities include two outdoor swimming pools, a hot tub, a recreational room, two tennis courts, a basketball court and 600 parking spaces. In addition to the rebranding, Legacy Partners and PGIM plan to create a new leasing office and fitness center and make value-add improvements such as interior renovations, exterior paint and landscaping upgrades.
PHOENIX — Pennrose is currently underway on the second phase of Garfield Terrace, a $57 million affordable seniors housing development in downtown Phoenix. Pennrose recently opened Phase I of the development and commenced construction on Phase II. Project partners include Butler Housing Co., CBC Financial Corp., the City of Phoenix and the Arizona Department of Housing (ADOH). Garfield Terrace I totals 60 studio and one-bedroom apartments for residents age 55 and older. Twelve units are reserved for seniors earning at or below 30 percent of the area median income (AMI), with six units reserved for residents earning at or below 40 percent of the AMI and 24 available for residents earning at or below 50 percent of the AMI. The remainder of the apartments are set aside for seniors earning at or below 60 percent of the AMI. Upon completion, Garfield Terrace II will deliver an additional 60 units for seniors earning at or below 60 percent of the AMI, with 12 apartments reserved for formerly homeless residents. Completion is scheduled for fall 2026. Amenities at the property will include a fitness center, outdoor courtyard and recreation area, community room and parking. The Greater Phoenix Urban League and Central Arizona Shelter Services …
DALLAS — California-based healthcare investment firm HPA Exchange has acquired the Nexus Dallas Children’s Hospital, a 86,880-square-foot facility located at 9525 Greenville Ave. on the city’s north side. Nexus Health Systems operates the facility, which was renovated in 2022 as a build-to-suit for the provider. The pediatric hospital features 30 beds (expandable to 60) and offers seven care programs across 10 specialized services. The seller and sales price were not disclosed.
NORTH LAS VEGAS, NEV. — Rockefeller Group has completed the sale of a 104,440-square-foot industrial building within Cheyenne Industrial Park at 3130 N. Lamb Blvd. in North Las Vegas to an undisclosed buyer for $23.5 million. The distribution facility features a clear height of 32 feet, 18 dock-high doors, two grade-level doors, a 135-foot gated truck court, 105 auto parking stalls, 2,000 amps of power and 2,528 square feet of office space. The two-building Cheyenne Industrial Park was designed by HPA Architecture with Martin Harris Construction as general contractor. Both buildings feature six-inch floor slab thickness, LED lighting, TPO roofing, ESFR sprinklers and evaporative coolers. Jason Simon, Rob Lujan and Danny Leanos of JLL represented the seller in the deal.
LOS ANGELES — Insomniac Entertainment has acquired the Avalon Theatre in Los Angeles’ Hollywood submarket from Ligny LLC for $15.7 million. Located at 1735 Vine St., the two-story, 33,400-square-foot Avalon Theatre was built in 1927. Jason Lamoreaux of Coldwell Banker Commercial Real Estate Solutions represented the seller and buyer in the deal, which is the first time the property has traded hands in 50 years.
TUCSON, ARIZ. — Union Hospitality Group has purchased a 6,208-square-foot retail space at 2465 N. Campbell Ave. in Tucson. JPMorgan Chase Bank NA sold the asset for $2.4 million. Greg Furrier and Natalie Furrier of Cushman & Wakefield | PICOR represented the buyer, while Dave Hammack of Cushman & Wakefield | PICOR represented the seller in the deal.
HOUSTON — Locally based brokerage firm Finial Group has negotiated an 18,812-square-foot industrial lease expansion and renewal in West Houston. According to LoopNet Inc., the property at 16670-16700 Park Row Drive was built in 1999 and totals 42,070 square feet. Jason Gibbons and Andrew Bischoff of Finial Group represented the undisclosed landlord in the transaction. The tenant is The Bayou City Hemp Co. Inc.
FORT WORTH, TEXAS — Three food-and-beverage operators will open new restaurants in downtown Fort Worth. The restaurants — Polanco, Reata and Bella Genta — will be located within 500 Throckmorton, a 37-story condo tower, and 500 Taylor, an 111,000-square-foot office project. Both buildings are part of a mixed-use development that is owned by SADA Capital Partners. Opening dates were not announced.
NEW YORK CITY — A partnership between Slate Property Group and Evenhar Development Corp. has broken ground on a medical office and civic facility at 1578 Lexington Ave. in Upper Manhattan’s Carnegie Hill neighborhood. Designed by Kutnicki Bernstein Architects, the 13-story building will feature 150,000 square feet of medical office space that will be occupied by providers within the Mount Sinai Health System. In addition, the facility will feature an employee daycare center, an 18,978-square-foot community hub that will be operated by Children’s Aid and a new facility for Life Changers Church. Financing for the project includes a $119 million construction loan from J.P. Morgan and a $40 million preferred equity investment by GoldenTree Asset Management. Occupancy is slated for spring 2028.