PLANO, TEXAS — Locally based investment and financial services firm Provident Realty Advisors has sold Plano Commerce Park, a 176,000-square-foot industrial development located on the northern outskirts of Dallas. Plano Commerce Park consists of two buildings that comprise about 132,000 square feet of manufacturing and warehouse space and 44,000 square feet of office space. Stephen Bailey, Dustin Volz and Zach Riebe of JLL brokered the deal. The buyer was not disclosed. Plano Commerce Park was 100 percent leased at the time of sale.
PHOENIX — Decron Properties has purchased Broadstone Grand, a multifamily property located at 1003 W. Washington St. in Phoenix. Developer Alliance Residential Co. and partner Appian Capital sold the community for $106.5 million. Built in 2020, Broadstone Grand features 300 apartments; a pool area with waterfall feature and indoor-outdoor pool house; fitness center with outdoor yoga lawn and Peloton bikes; resident club room with demonstration kitchen; lounge and fireplace; and outdoor gourmet grilling areas. Additionally, the community’s gaming lounge offers a pool table, shuffleboard table, arcade games and entertainment island for resident events. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the sellers in the transaction.
COLORADO SPRINGS, COLO. — Pinnacle Real Estate Advisors has arranged the sale of Thirteen 20 Apartments, a multifamily community located at 1320 Potter Drive in Colorado Springs. The property traded hands for $15.9 million in an off-market transaction. The asset features 132 apartments. The buyer and seller were not disclosed. Michael Krebsbach and Kenny Clarke of Krebsbach Investment Group and Andrew Monette of the Johnson Ritter team assisted both parties in the transaction.
LAS VEGAS — Northcap Commercial has brokered the sale of St. Louis Suites, an apartment community in Las Vegas. Balubhai Patel Revocable Trust sold the multifamily property for $8.3 million, or $90,217 per unit. Located at 525 E. St. Louis Ave., St. Louis Suites features 92 apartments. The property was built in 1963. Robin Willett, Devin Lee, Jerad Roberts and Jason Dittenber of Northcap Commercial handled the all-cash transaction.
Sterling Bay, J.P. Morgan Asset Management Sell Google-Occupied Office Building in Chicago for $169M
CHICAGO — Sterling Bay and institutional investors advised by J.P. Morgan Global Alternatives have sold 210 N. Carpenter, a 206,315-square-foot office and retail building in Chicago’s Fulton Market neighborhood. The sales price was $169 million. Google occupies 132,000 square feet to house its Chicago-based cloud division. Other tenants at the fully leased property include Leopardo Cos., rEvolution Marketing, S2G Ventures, CVS Pharmacy and uncooked. Completed in 2019, the 12-story building is LEED Gold certified and WELL Health Safety certified. Amenities include a rooftop pool, tenant lounge, fitness center, yoga room, conference facilities and onsite parking. Sterling Bay was the developer, Solomon Cordwell Buenz was the architect, IA Interior Architects was the interior designer and Leopardo Cos. was the general contractor. Tom Sitz, David Knapp, Cody Hundertmark, Dan Deuter and Paul Lundstedt of Cushman & Wakefield marketed the property for sale and procured the buyer, German investment firm Deka Immobilien.
OVERLAND PARK, KAN. — Global business-to-business payments company TreviPay has signed a 73,000-square-foot lease to relocate its corporate headquarters to Aspiria in Overland Park. TreviPay says the new office will enable its more than 400 Kansas City-area employees to be in one location. The company, which expects to begin occupying its new space in October, is moving from 8650 College Blvd. in Overland Park. Occidental Management owns Aspiria, which is the redevelopment of the former Sprint campus. Aspiria features walking and biking trails, a 68,000-square-foot fitness center, green spaces, three conference centers, coffee shops and a cafeteria. Occidental plans to develop an additional 60 acres surrounding the campus at the corner of 119th Street and Nall Avenue. Plans call for an additional 1 million square feet of Class A office space, 380,000 square feet of retail and restaurant space, a 120-room hotel and 600 multifamily units. Design planning on the long-term project is underway.
LENEXA, KAN. — Hunt Midwest has completed its fifth StorTropolis self-storage facility in the Kansas City area. The 110,670-square-foot facility is located in Lenexa and includes 760 climate-controlled units. Situated at 19585 W. 102nd St., the three-story property features drive-thru access to fully enclosed loading areas and elevators. The largest units can accommodate RV storage. Strickland Construction, a Kansas City-based construction company specializing in storage complexes, served as general contractor. Storage Asset Management, a privately owned, third-party management company specializing in self-storage, operates the facility. Hunt Midwest launched its StorTropolis brand in 2018.
ST. LOUIS PARK, MINN. — Kraus-Anderson has completed a $31.4 million renovation and expansion of St. Louis Park Middle School in the western Minneapolis suburb of St. Louis Park. The scope of the project, designed by Cuningham Group Architecture, features 46,243 square feet of additions and 44,732 square feet of renovations. The project includes a new auditorium with front offices for senior staff, a remodeled kitchen, new cafeteria, new classrooms, new gathering spaces, a second-floor hallway and a remodeled media center. St. Louis Park Middle School is one of the dozens of educational construction projects undertaken by Kraus-Anderson this summer.
ST. CHARLES, ILL. — In a sale-leaseback transaction, Venture One Real Estate has acquired a 29,898-square-foot industrial building in St. Charles, about 40 miles west of Chicago. Located on Stern Avenue and constructed in 1988, the property is divided into two units and features two docks, three drive-in doors and parking for 70 cars. John Hamilton of CBRE represented the seller, Enginuity Communications Corp., which will lease back roughly 15,428 square feet. The remaining 14,470 square feet is leased. Venture One acquired the facility through its acquisition fund VK Industrial V LP, which is a partnership between Venture One and Kovitz Investment Group.
WATERTOWN AND NEWTON, MASS. — PCCP LLC has provided a $39.8 million loan for the refinancing of a portfolio of three life sciences and creative office buildings totaling 124,946 square feet in Watertown and Newton, two western suburbs of Boston. The two Watertown properties were built in the 1940s and total 43,344 square feet. The Newton property was constructed in 1900, renovated in 2017 and consists of 81,602 square feet. The borrower, Massachusetts-based KS Partners LLC, will use a portion of the proceeds to fund capital improvements. The portfolio was 94 percent leased at the time of sale.