DENVER — Marcus & Millichap has negotiated the sale of a multi-tenant industrial property located at 1221 E. 56th Ave. in Denver. The sales price was undisclosed. Alyssa Tomback of Marcus & MIlichap’s Denver office represented the seller and buyer, both of which were private investors who requested anonymity, in the transaction. At the time of sale, the 36,300-square-foot property was fully occupied by multiple tenants.
HOUSTON — JLL has negotiated the sale of One Park 10 Plaza, a 162,919-square-foot office building in Houston’s Energy Corridor area. The eight-story building is located within the 550-acre Park 10 master-planned development and was 76 percent leased at the time of sale. The property includes a 560-space parking garage. Marty Hogan and Kevin McConn of JLL represented the seller, Florida-based investment firm Accesso Partners, in the transaction. Houston-based private equity firm Interra Capital Group purchased the building, which has received more than $ 1 million in capital improvements over the last decade, for an undisclosed price.
AUSTIN, TEXAS — San Antonio-based investment firm Embrey has acquired Arboretum Oaks, a 252-unit apartment community in northwest Austin. Embrey acquired the property in partnership with Black Salmon Capital from an undisclosed seller. The property features one- and two-bedroom units and amenities such as a pool, fitness center, pet park, business center, clubroom, laundry facilities and a package handling system. Matt Pohl and Spencer Roy of Walker & Dunlop brokered the sale. Patrick Short and Tom Toland, also with Walker & Dunlop, arranged acquisition financing for the deal through global investment management firm Heitman LLC. The new ownership plans to implement a value-add program.
HIALEAH, FLA. — Aztec Group has arranged an $81 million construction-to-perm loan for the development of Residences and Shoppes of Highland, a mixed-use development underway in the Miami suburb of Hialeah. The developer/borrower is an affiliate of South Florida-based Dacar Management, a development firm led by Alberto Micha. An affiliate of New York Life Insurance Co. provided the non-recourse, fixed-rate loan, which has an initial three-year term and converts to a 27-year self-amortizing loan. Upon completion, Residences and Shoppes of Highland will feature 244 garden-style apartments in four- and five-story buildings and a shopping center spanning 190,000 square feet. The retail component will house a Publix grocery store and Publix Liquors, HomeGoods, dd’s Discounts, Burlington, Five Below, Famous Footwear and Taco Bell, among others. Sitework has already commenced on the 70-acre project, which is scheduled for completion in the third quarter of 2023.
RICHMOND, VA. — Crescent Communities and multifamily real estate investment firm ParkProperty Capital have plans to develop Novel Scott’s Addition, a new multifamily community in Richmond. The 275-unit property marks Crescent’s first investment in the Richmond area and was made possible through a partnership with Thalhimer Realty Partners. Construction is slated to begin immediately. Located at the former Wesco Distribution site at 2902 N. Arthur Ashe Blvd., Novel Scott’s Addition will sit at the northern edge of Richmond’s vibrant Scott’s Addition neighborhood. The location is also adjacent to The Diamond, home of the Double-A Richmond Flying Squirrels baseball team, and just 2.5 miles from the popular City Center neighborhood. The five-story wrap building with a seven-story corner pop-out will offer a mix of studio, one-, and two-bedroom apartments with a limited number of lofts on the top floor. First residences are scheduled for delivery in early 2024. Planned amenities include a resort-style pool with expansive pool deck, multiple dining and gathering spaces, including a fireside lounge, library, coworking rooms, dog park and spa, outdoor dining spaces, sky deck and a resident speakeasy. Partners for Novel Scott’s Addition include architecture firm KTGY, civil engineer Kimley-Horn, landscape architect LandDesign, interior designe CID …
HOUSTON — Patrinely Group, in a joint venture with USAA Reeal Estate and CDC Houston, has signed three new office tenants to leases at City Place 1, a 149,500-square-foot office building in Houston. Orion Engineered Carbons leased 10,589 square feet on the third floor. Chemicals provider Evonik Industries inked a deal for 9,617 square feet on the fifth floor, an educational design firm Huckabee & Associates committed to 6,503 square feet on the first floor. Brett Blanchard of CBRE represented Orion in the lease negotiations, while William Padon of CBRE represented Evonik Industries. Anya Marmuscak of JLL represented Huckabee & Associates. Chrissy Wilson and Matt Pruitt of JLL, along with Phillip Moore and Dennis Tarro of Patrinely Group, represented the landlord in each deal. All three users expect to move in before the end of the year.
SLIDELL, LA. — A partnership between The Woodmont Co. and The Criterion Fund has acquired Village at Northshore, a 144,638-square-foot shopping center located at 105-115 Northshore Blvd. in Slidell. The sales price was not disclosed. Situated adjacent to I-12, the property was developed in 1988 and renovated in 2020. The retail center’s tenant roster includes Marshalls, JoAnn’s, Ollie’s Bargain Outlet, Boot Barn and Dollar Tree. Shadow anchors include Walmart Supercenter, Sam’s Club, The Home Depot and Aldi. SRS Real Estate Partners represented the seller, Atlanta-based RCG Ventures, in the transaction. Woodmont was self-represented. Andy Thelen of Woodmont worked with Louisiana National Bank to secure a loan for the acquisition. David Adams and Jake McCoy will oversee leasing at Village at Northshore for Woodmont on an internal basis.
WHITEVILLE, N.C. — Walgreens Boots Alliance has purchased one of its stores in Whiteville, a town equidistant from coastal markets Myrtle Beach, S.C., and Wilmington, N.C. Located at 803 N. JK Powell Blvd., the 14,820-square-foot property sold for approximately $5 million. According to brokerage firm Newmark, the drug store retail giant exercised its right of first refusal in purchasing the store, which has 10.1 years remaining on its triple-net lease. Walgreens signed the 25-year lease at the store in 2006. Matt Berres, Samer Khalil and Karick Brown of Newmark represented the seller, an undisclosed institutional investment firm based in Phoenix, in the transaction. Other single-tenant transactions this Newmark team has brokered recently include a $2.3 million sale of a medical office property in Cartersville, Ga., leased to Northwest ENT and Allergy Center and a $1.4 million sale of a store in Morgantown, Ky., leased to Advance Auto Parts. Deerfield, Ill.-based Walgreens operates approximately 18,500 retail locations worldwide, more than half of which are in the United States.
MCKINNEY, TEXAS — Dallas-based brokerage firm SHOP Cos. has arranged the sale of Custer Village, a 17,740-square-foot retail center located in the northern Dallas suburb of McKinney. The center was fully leased at the time of sale to tenants such as Original ChopShop, Clarity Eye Care, PetBar and YogaSix. Tim Axilrod of SHOP Cos. represented the seller, a locally based limited liability company, in the transaction. CoSol Commercial Real Estate represented the undisclosed, California-based buyer.
DALLAS — Locally based financial intermediary Terrydale Capital has arranged a pair of loans totaling $5.1 million for the acquisition of two Dallas multifamily properties comprising 12 units. The properties are located at 5931 Ross Ave. and 6035-6059 La Vista Drive in the city’s Greenville area. Chris Formichella of Terrydale Capital arranged the loans through a correspondent agency lender on behalf of the undisclosed borrower.