Property Type

PENSACOLA, FLA. — Development firm Daniel has delivered Porte at Pathstone, a 336-unit apartment community in Pensacola. The $60 million property is situated within the Pathstone development across Nine Mile Road from Navy Federal Credit Union’s office campus. The design-build team includes general contractor Doster Construction and design firm Nelson Architects. Community amenities include a resort-style swimming pool, outdoor grilling area and game lawn, fitness center, yoga lawn, coworking space with private conference rooms, coffee bar, pet spa and a dog park. Rental rates range from $1,649 to $2,599, according to the property website.

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LEWISVILLE, TEXAS — CBRE has negotiated the sale of Bison Grove Business Park, a 900,000-square-foot industrial complex located in the northern Dallas suburb of Lewisville. The development consists of four buildings on a 62-acre site that were 78 percent leased at the time of sale. Building features include 32-foot clear heights and ESFR sprinkler systems. The buyer, Chicago-based investment and development firm CenterPoint Properties, also plans to add speculative office space. Randy Baird led the transaction for CBRE. The seller was not disclosed.

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Alta-Cypress-Springs-Houston

CYPRESS, TEXAS — Atlanta-based multifamily developer Wood Partners has broken ground on Alta Cypress Springs, a 330-unit project that will be located on the northwestern outskirts of Houston. Alta Cypress Springs will feature one-, two- and three-bedroom apartments that will be furnished with stainless steel appliances, granite countertops, tile backsplashes and full-size washers and dryers. Amenities will include a pool, fitness center, dog park, business center, clubroom and an outdoor kitchen. Completion is slated for August 2023.

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DFW-Financial-Services-Office

DALLAS — California-based investment firm Vertical Ventures has acquired the DFW Financial Services Office Portfolio, a duo of buildings totaling 233,110 square feet in Dallas. The buildings are located at 4950 Amon Carter Blvd. and 14800 Trinity Blvd. in the CentrePort submarket. Mike Hardage, Brooks Creech and Angela Heidman of Transwestern brokered the deal. The seller was not disclosed.

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NEW YORK CITY — Legacy Realty Group Advisors LLC has arranged the sale of a portfolio comprising 37 Dollar General-occupied stores located in the Southeast. An undisclosed net-lease REIT acquired the properties from a privately held real estate developer for $53 million. Jacob Baruch and Daniel Baruch of Legacy Realty represented both parties in the transaction. Legacy Realty is a commercial real estate advisory firm based out of New York that specializes in off-market transactions across the United States.

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MICHIGAN, NEBRASKA AND GEORGIA — In a sale-leaseback transaction, MAG Capital Partners LLC has acquired three industrial properties in three states for an undisclosed price. Applegate Greenfiber, a manufacturer of insulation products for commercial and residential use, occupies the properties. The first building spans 30,000 square feet and is located at 1000 Highview Drive in Webberville, Mich. The second totals 104,930 square feet at 3421 Old Highway 8 in Norfolk, Neb. Lastly, the portfolio includes a 110,000-square-foot property at 1241 Meadowbrook Drive in Eastanollee, Ga. Earlier this year, Industrial Opportunity Partners, a Chicago-based industrial investment firm, acquired both Applegate Holdings LLC and the assets of Greenfiber Holdings LLC to form Applegate Greenfiber Holdings LLC, which is based in Charlotte, N.C. Daniel Macks of STREAM Capital Partners represented the seller. Led by Dax Mitchell and Andrew Gi, MAG Capital Partners is based in Fort Worth, Texas.

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LUBBOCK, TEXAS — Fort Worth-based investment firm MAG Capital Partners has purchased a quartet of industrial buildings totaling 66,680 square feet in Lubbock in a sale-leaseback. The undisclosed seller had concurrently purchased the operations of the occupant, Lubbock Electric Co., which will remain onsite. Scott Briggs and David Read of Northmarq brokered the deal.

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NOVI, MICH. — Burlington has signed a 25,755-square-foot retail lease to open a new store at West Oaks shopping center in Novi. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, RPT Realty. Brad Gersham of GP Rep Services represented the tenant. Anchor tenants at West Oaks include Kohl’s, Bob’s Furniture and Gardner White.

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CHICAGO — Quantum Real Estate Advisors Inc. has arranged the sale of an apartment and retail building located at 1909 W. Division St. in Chicago’s Wicker Park for $1.9 million. The property is comprised of three apartment units and one retail space, which is home to Independence, a local men’s shop specializing in American-made clothing and accessories. Clayton Maxfield of Quantum represented the seller, a local investor. The property sold to a local investor. The sales price of $478,000 per unit marks a record price per unit in the Wicker Park neighborhood, according to Quantum.

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ELK GROVE VILLAGE, ILL. — Brown Commercial Group has negotiated the sale-leaseback of a 22,550-square-foot industrial building in the Chicago suburb of Elk Grove Village. The sales price was undisclosed. Located on Martin Lane and constructed in 1974, the property features two dock doors and four drive-in doors. Mason Hezner of Brown represented the seller, Etymotic Research, a manufacturer of earphone and hearing enhancement products. ProSource Wholesale, a flooring distributor, was the buyer. ProSource plans to use the building as a showroom and warehouse for its products. Etymotic Research will lease back a small portion of the building from the new owner.

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