Property Type

Bitzero to Redevelop Cold War-Era Missile Defense Site in North Dakota into Secure Data Center for $500M

by Jeff Shaw July 29, 2022

NEKOMA, N.D. — Bitzero Blockchain Inc. has agreed to acquire the Stanley R. Mickelsen Safeguard Complex (SRMSC) in Nekoma, a tiny city of fewer than 50 residents approximately 130 miles south of Winnipeg, Canada. The Cavalier County Job Development Authority (CCJDA) is selling the property to Bitzero, which plans to redevelop the asset into a highly secure data center. The project costs, including the acquisition, are estimated at $500 million. Commonly referred to as “The Pyramid,” the SRMSC is a Cold War-era military installation which was built in 1970 to protect the nearby Grand Forks Air Force Base from potential attack from Soviet missiles. The Pyramid became operational in 1975, featured two different kinds of radar systems and data processing equipment, and controlled 30 anti-ballistic missiles that could be launched in case of attack. The main building features three-foot-thick concrete walls. The missile site was abandoned after just eight months in operation, when Congress voted to deactivate it. The missiles and equipment were removed, but the concrete structures remain on the landscape. The CCJDA has owned the site’s tactical area since 2017, but voted unanimously to accept Bitzero’s bid proposal after a presentation from CEO Akbar Shamji. Bitzero’s bid proposal for the site included a …

July 29, 2022

Acquisitions California Retail Western

Pine Tree Acquires Delta Shores Shopping Center in Sacramento for $122.5M

by Amy Works July 28, 2022

SACRAMENTO, CALIF. — Northbrook, Ill.-based Pine Tree, in partnership with a U.S. pension fund, has purchased Delta Shores, a shopping center in Sacramento, for $122.5 million. Completed in 2017, Delta Shores features 414,658 square feet of retail space. Current tenants include Dick’s Sporting Goods, Hobby Lobby, Ross Dress for Less, PetSmart and Ulta Beauty. The shopping center is part of the 800-acre Delta Shores master-planned development located 10 miles south of downtown Sacramento and immediately adjacent to Interstate 5. Eastdil Secured represented Pine Tree in the transaction. The sale represents Pine Tree’s second acquisition in the Sacramento MSA and contributes to the nearly $375 million in acquisitions for the company in the last 12 months.

July 28, 2022

Acquisitions California Industrial Western

RPG, CenterSquare Sell 175,367 SF Industrial Asset in Vista, California for $58M

by Amy Works July 28, 2022

VISTA, CALIF. — RPG, in partnership with CenterSquare, has completed the sale of 1 Viper. The recently redeveloped and fully leased Class A industrial property is situated on 11.7 acres at 1 Viper Way in Vista. Santa Monica-based BLT Enterprises acquired the asset for $58 million. Aric Starck and Drew Dodds of Cushman & Wakefield represented the sellers in the deal. Following its acquisition of the property in 2021, RPG speculatively redeveloped and improved the 175,367-square-foot asset, which is situated on a 482,644-square-foot site. The property features 20 dock-high doors, 16 grade-level doors and skylights to increase natural light and energy efficiency. At the time of sale, the property was fully leased to Cymer and Gnarlywood.

July 28, 2022

Acquisitions Office Texas

JLL Brokers $145M Sale of 200 Park Place Office Building in Houston

by Taylor Williams July 28, 2022

HOUSTON — JLL has brokered the $145 million sale of 200 Park Place, a 206,943-square-foot office building in Houston’s River Oaks neighborhood. Completed in 2020, the 15-story building features a ninth-floor amenity level with a tenant lounge, conference center and 6,000-square-foot outdoor landscaped terrace. The building also houses an upscale sushi restaurant on the ground floor. Jeff Hollinden, Kevin McConn, Marty Hogan and Rick Goings of JLL represented the seller, Stonelake Capital Partners, a development and investment firm with offices in Texas and Atlanta, in the transaction. At the time of sale, 200 Park Place was fully leased, with JLL and Buckeye Partners serving as the anchor tenants.

July 28, 2022

Acquisitions Arizona Multifamily Western

IPA Brokers $21.3M Sale of Dolce Villagio Lofts in Tempe, Arizona

by Amy Works July 28, 2022

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Dolce Villagio Lofts, a multifamily townhome community in Tempe, for $21.3 million. IPA’s Steve Gebing and Cliff David represented the seller, Scottsdale-based Bascom Arizona Ventures LLC, and procured the undisclosed buyer. Built in 2007, Dolce Villagio Lofts comprises seven residential buildings and 37 two- and three-bedroom townhome units with two-car garages and an average unit size of 1,437 square feet. Community amenities include a swimming pool and spa.

July 28, 2022

Acquisitions California Retail Western

Faris Lee Arranges $17.3M Sale of La Verne Plaza in Metro Los Angeles

by Amy Works July 28, 2022

LA VERNE, CALIF. — Faris Lee Investments has arranged the $17.3 million sale of La Verne Plaza, a retail center located in the Los Angeles County community of La Verne. Shaun Riley and Nick Miller of Faris Lee represented the undisclosed seller and procured the San Gabriel Valley-based buyer in the all-cash transaction. The property is shadow-anchored by Stater Brothers and In-N-Out Burger.

July 28, 2022

Acquisitions California Retail Western

300 Venture Group Buys 155,920 SF Former JCPenney Site in Pleasanton, California

by Amy Works July 28, 2022

PLEASANTON, CALIF. — 300 Venture Group (3VG), along with its undisclosed capital partner, has purchased the former JCPenney site at 1500 Stoneridge Mall Road in Pleasanton. Terms of the acquisition were not released. The 155,920-square-foot building is located on 9.8 acres of prime real estate in a high-barrier-to-entry market. The acquisition is a consistent with 3VG’s mission of profitably repositioning assets to maximize their value and create vibrant communities. Nicholas Bicardo of Newmark represented the seller in the transaction.

July 28, 2022

Affordable Housing Development Multifamily Texas

Palladium USA Begins Construction on $55.8M Mixed-Income Community in Fort Worth

by Taylor Williams July 28, 2022

FORT WORTH, TEXAS — Palladium USA Inc. has begun construction on Palladium East Berry Street, a $55.8 million mixed-income residential community in Fort Worth. The three-story development will comprise 240 one-, two- and three-bedroom units and include amenities such as a pool, fitness center, conference center, dog park, computer lounge, children’s playroom and clubroom with a mini-kitchen. A portion of the units will be reserved for households earning 30 percent or less of the area median income. Cross Architects is designing the project, and Brownstone Construction is serving as the general contractor. The Texas Department of Housing & Community Affairs issued $26.1 million in tax-exempt bonds for the development that were purchased by Cedar Rapids Bank & Trust. Kim Parker of Dynamic Commercial Real Estate represented Palladium in its purchase of the land. Preleasing will begin next summer, with the first units and clubhouse set to be delivered soon thereafter.

July 28, 2022

Development Multifamily Texas

Mill Creek Residential Completes 216-Unit Multifamily Project in Uptown Dallas

by Taylor Williams July 28, 2022

DALLAS — Mill Creek Residential has completed construction of Modera Katy Trail, a 216-unit multifamily project in Uptown Dallas. Designed by BKV Group, the property is located at the nexus of McKinney Avenue and its eponymous network of surrounding walking and biking paths. Units at Modera Katy Trail come in studio, one-, two- and three-bedroom formats and include a collection of penthouses on the 14th floor. Residences are furnished with quartz countertops and custom cabinetry, and select units have private patios or balconies. Amenities include a pool, fitness center, outdoor grilling and dining areas, an outdoor lounge with a wet bar, pet spa, rideshare lounge, coworking spaces and a conference center. Rents start at roughly $2,400 per month.

July 28, 2022

Acquisitions Multifamily Texas

TMG Negotiates Sale of 171-Unit Apartment Complex in Waco

by Taylor Williams July 28, 2022

WACO, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of The 901, a 171-unit apartment complex in Waco. Built in 1973, the garden-style property offers one- and two-bedroom units ranging in size from 711 to 958 square feet. Amenities include two pools, a fitness center, outdoor grilling and dining areas and onsite laundry facilities. Paul Yazbeck and Jon Krebbs of TMG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

July 28, 2022

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