WEBSTER, TEXAS — CBRE has brokered the sale of The Webster Medical Office & Life Sciences Campus, a two-building, 94,506-square-foot facility located in the southeastern Houston suburb of Webster. The campus was built between 2006 and 2008 and was fully leased at the time of sale. Biomedical conglomerate Catalent anchors the roster of 11 tenants with a 32,000-square-foot space, and other users include Centre for Neuro Skills (CNS), Texas Skin Center, Texas ENT, Arthritis Relief Centers and ProActive Physical Therapy Centers. Lee Asher, Chris Bodnar, Jordan Selbiger, Ryan Lindsley, Sabrina Solomiany, Zack Holderman and Brandy Bellow Spinks of CBRE represented the seller, a joint venture between Virtus Real Estate Capital and Lincoln Property Co., in the transaction. The buyer and sales price were not disclosed.
Property Type
HOUSTON — NAI Partners has negotiated a 7,454-square-foot office lease at Marathon Oil Tower, a 41-story building located at 5555 San Felipe St. in West Houston. Dan Boyles, Chris Haro and John Simons of NAI Partners represented the tenant, software developer Datagration, in the lease negotiations. Elliott Hirshfeld with CBRE represented the landlord, an entity doing business as MMP 5555 San Felipe LLC.
Marcus & Millichap Arranges $302.5M Sale of Eight-Property Multifamily Portfolio in Reno
by Amy Works
RENO, NEV. — Marcus & Millichap has arranged the sale of The ERGS Portfolio, an eight-property apartment portfolio in Reno. The 1,077 units traded for $302.5 million, or $280,872 per unit. Kenneth Blomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap’s Reno office represented the undisclosed seller and procured the undisclosed buyer in the deal. Built between 1958 and 2021, the portfolio includes: North Peak Apartments, 352 units Silver Lake Apartments, 352 units Sierra Sage Apartments, 232 units Vale Apartments, 40 units Vale Townhomes, 16 units Peavine Peaks, 30 units Oak Manor, 47 units Angel Street Apartments, eight units
AMHERST, MASS. — CBRE has brokered the sale of North 116 Flats, a 404-bed student housing community serving students at the University of Massachusetts at Amherst, located in the central part of the state. Built in 2020, North 116 Flats totals 150 units that were approximately 95 percent occupied at the time of sale. Georgia-based Landmark Properties acquired the property from Dallas-based Fountain Residential Partners for an undisclosed price. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Biria St. John and Simon Butler of CBRE brokered the deal.
PALO ALTO AND MOUNTAIN VIEW, CALIF. — Nuveen Real Estate has completed the disposition of Charleston Plaza, a five-building retail center in Palo Alto and Mountain View. San Francisco-based Presidio Bay acquired the asset for $71.8 million. Situated on 10.9 acres at 2400-2470 Charleston Road, Charleston Plaza features 132,590 square feet of retail space. Completed in 2006, the property features four big box retail buildings and one pad site. Key tenants include PetSmart, Starbucks Coffee and Chipotle. Will Connors, Daniel Renz and Michael Manas of the JLL Capital Markets team represented the seller and procured the buyer in the deal.
Phoenix Commercial Advisors Negotiates Sale of 69,755 SF The Shops at Dynamite Creek Near Phoenix
by Amy Works
CAVE CREEK, ARIZ. — Phoenix Commercial Advisors has arranged the sale of The Shops at Dynamite Creek, a neighborhood retail center located at the entrance of Tatum Ranch master-planned community in Cave Creek. David Malin of Scottsdale Development Partners sold the asset to an undisclosed buyer for $21.9 million, or $315 per square foot. Located at 28242 N. Tatum Blvd., The Shops at Dynamite Creek features 69,755 square feet of retail space. At the time of sale, the property was 96 percent leased. Current tenants include Ace Hardware, RE/MAX, F45, State Farm Insurance, Honor Health and OrthoArizona. John Schweikert and Chad Tiedeman of Phoenix Commercial Advisors represented the seller in the transaction. Cameron Warren and Nick DeDona of Phoenix Commercial Advisors handled leasing at the property.
LOS ANGELES — CBRE has arranged the sale of Studio 11024, a 160-bed student housing property serving students attending the University of California, Los Angeles (UCLA). The 31-unit community was built in 2015 in the Westwood neighborhood of Los Angeles. The property offers shared amenities including a fitness center; yoga studio; study center with both private and group study spaces; a community room with a kitchenette; courtyard; grilling station; and two rooftop decks. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Laurie Lustig-Bower and Kadie Presley Wilson of CBRE represented the seller, Phoenix Property Co., in the disposition of the property to an undisclosed company based in the Los Angeles area.
NAMPA, CALDWELL AND BOISE, IDAHO — CommCap Advisors has arranged a $2.3 million loan for an apartment portfolio in Nampa, Caldwell and Boise. Totaling 20,070 square feet, the portfolio includes 820 and 824 17th Avenue South and 1615 2nd Street in Nampa, 1022 Main Street in Caldwell and 512 Warm Springs in Boise. Stephen Huelsman of CommCap Advisors arranged the 25-year loan, which features a 25-year amortization schedule, through a life insurance company.
YORK, PA. — National developer CRG has sold The Cubes at Emig Road, a 311,920-square-foot speculative industrial facility in York. The newly built, cross-dock warehouse sits on 29 acres and features a clear height of 36 feet, high-efficiency LED lighting, 29 dock doors, 149 car parking spaces and 27 trailer stalls. Approximately 125,000 square feet of the building is leased to DCL Logistics, a third-party logistics company based in Fremont, Calif. JLL is marketing the remainder of the space for lease. CRG’s parent company, Clayco, served as design-builder on the project, and its subsidiary, Lamar Johnson Collaborative, was the architect. The buyer was not disclosed.
NEW YORK CITY — Locally based brokerage firm TerraCRG has negotiated the $41.8 million sale of a portfolio of four rent-stabilized multifamily buildings totaling 246 units in Brooklyn’s Midwood neighborhood that were built in the 1940s. The unit mix consists of four studios, 77 one-bedroom apartments, 100 two-bedroom residences and 25 three-bedroom units. Ofer Cohen, Matt Cosentino, Daniel Lebor, Isaiah Thomas and Ben Robbins of TerraCRG represented the undisclosed seller in the transaction. The buyer was also not disclosed. The deal traded at a sub-5 percent cap rate.