Thursday, June 26, 2025
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Marina-Center-Long-Beach-CA
AcquisitionsCaliforniaRetailWestern

Longtime Owner Sells Marina Center in Long Beach, California for $16.2M

by Amy Works

LONG BEACH, CALIF. — Tourmaline Capital has purchased Marina Center, a retail strip center located at 6200-6252 Pacific Coast Highway in Long Beach. A private investor, who owned the asset for more than 23 years, sold the property for $16.2 million. The 32,757-square-foot property was 84 percent leased at the time of sale. Current tenants include Ortho Mattress, Belmont Shore Veterinary Hospital, Subway, Image Rx, Audio Concepts, Lavender Nails, Golden State Tanning, Honey’s Cleaners, Enrique’s Mexican Restaurant and First Bank. Gleb Lvovich and Daniel Tyner of JLL Retail Capital Markets represented the seller in the deal.

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400-E-17th-St-Costa-Mesa-CA
AcquisitionsCaliforniaNet LeaseRetailWestern

Kidder Mathews Brokers $3.1M Sale of Net-Leased Retail Property in Costa Mesa, California

by Amy Works

COSTA MESA, CALIF. — Kidder Mathews has arranged the sale of a net-leased retail property located at 400 E. 17th St. in Costa Mesa. A Newport Beach-based investor sold the asset to Massachusetts-based Henley Enterprises (dba Valvoline) for $3.1 million, or $3,454 per square foot. Since 2000, Valvoline has occupied the 902-square-foot building. The property was triple-net leased to the tenant, which is now the owner-operator. Michael Walseth of Kidder Mathews Walseth Net Leased group represented the seller, while the buyer was self-represented in the transaction.

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Fountain-Parkway-Grand-Prairie
AcquisitionsIndustrialTexas

Westmount Realty Capital Sells 301,399 SF Industrial Property in Metro Dallas

by Taylor Williams

GRAND PRAIRIE, TEXAS — Locally based development and investment firm Westmount Realty Capital has sold Fountain Parkway, a 301,399-square-foot warehouse and manufacturing facility located in the central metroplex city of Grand Prairie. The warehouse features 16 dock doors, five drive-in doors and 17.5-foot clear heights, and the entire facility offers 219 parking spots with the capacity for expansion to 532 spaces. Westmount first purchased the property in 1988. Bollinger Industries, a manufacturer of fitness equipment, was a long-term lead tenant at Fountain Parkway for many years until the property became a multi-tenant facility in 2007. Reed Parker and Adam Graham of Lee & Associates represented Westmount in the sale. The buyer was not disclosed.

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Celeste-at-La-Cantera-San-Antonio
AcquisitionsMultifamilyTexas

IPA Arranges Sale of 300-Unit Celeste at La Cantera Apartments in San Antonio

by Taylor Williams

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Celeste at La Cantera, a 300-unit apartment community in San Antonio. Built in 2018 by USAA Real Estate and Cambridge Development Group, the property features one-, two- and three-bedroom units that are furnished with quartz countertops, stainless steel appliances and luxe plank flooring. Amenities include a rooftop pool, fitness center and a sky lounge. Will Balthrope and Drew Garza of IPA represented the seller/developer in the transaction and procured Churchill Forge Properties as the buyer. Nate Sittema, Kristen Reilley, Grant Harris and Elliot Voreis of CBRE arranged a 12-year, $39.9 million acquisition loan through a life insurance company on behalf of the new ownership.

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AcquisitionsIndustrialTexas

Marcus & Millichap Brokers Sale of 74,000 SF Industrial Building in Forest Hill, Texas

by Taylor Williams

FOREST HILL, TEXAS — Marcus & Millichap has brokered the sale of a 74,000-square-foot industrial building in Forest Hill, a southern suburb of Fort Worth. The property was built on 6.3 acres in 1985. Adam Abushagur and Faith Wilson of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

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Leasing ActivityOfficeTexas

Weaver Signs 60,000 SF Office Lease in Houston’s Galleria District

by Taylor Williams

HOUSTON — Accounting firm Weaver has signed a 60,000-square-foot office lease for its new headquarters at Five Post Oak Park, a 28-story building in Houston’s Galleria district. Weaver will relocate from a 43,000-square-foot space at Wesleyan Tower beginning in May 2022. CP Group, a developer and operator of mixed-use projects throughout the Southern United States, recently purchased the building in partnership with Miami-based Rialto Capital.

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Leasing ActivityRetailTexas

Weitzman Negotiates Three Leases at Retail Center in Metro Houston

by Taylor Williams

CYPRESS, TEXAS — Weitzman has negotiated a trio of leases at Fry Springs Plaza, a 14,112-square-foot neighborhood retail center in the northwestern Houston suburb of Cypress. Cavity Patrol Pediatric Dentistry leased 2,275 square feet; Bastion Martial Arts signed a deal for 2,830 square feet; and Oasis Nail Bar committed to 2,100 square feet. Kyle Knight with Weitzman handled negotiations as the leasing agent for Fry Springs Plaza.

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AcquisitionsIndustrialNortheastPennsylvania

JLL Negotiates $73M Sale of Logistics Facility in York, Pennsylvania

by Taylor Williams

YORK, PA. — JLL has negotiated the $73 million sale of York Logistics Hub, a 1.4 million-square-foot industrial and office development in southern Pennsylvania. The property consists of a 743,413-square-foot industrial facility anchored by Johnson Controls, a 548,632-square-foot warehouse with redevelopment potential and a 116,255-square-foot, multi-story office tower. York Logistics Hub was 72.5 percent leased at the time of sale to a roster of 13 tenants. John Plower, Ryan Cottone and Jeff Lockard of JLL represented the seller, Patriot Equities, in the transaction. Chad Orcutt and Michael Pagniucci, also with JLL, arranged a $48.2 million floating-rate acquisition loan through a regional bank on behalf of the buyer, SK Realty Management.

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DevelopmentIndianaMidwestMultifamily

Standard Real Estate Investments Launches Business, Provides Equity for Indianapolis Multifamily Project

by Kristin Harlow

INDIANAPOLIS — Standard Real Estate Investments LP, a minority-owned real estate private equity firm focused on providing joint venture equity to developers, formally launched its business on Wednesday, Aug. 25. The company closed a majority equity investment in a 244-unit multifamily project located at 75 W. 18th St. in downtown Indianapolis. Construction recently began on the development, but a timeline for completion was not disclosed. Standard, and its Indianapolis-based joint venture partner Arrow Street Development, will build Wesley Place Apartments on the two-acre site, which is located within walking distance of the Indiana University Health Methodist Hospital. Plans call for four stories of apartments above a single-level retail and parking podium. Robert Jue and Jerome Nichols, formerly with CBRE Global Investors, are leading the new company. Standard aims to have $200 million of assets under management within 12 months through investments in four development projects.

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Leasing ActivityMidwestOfficeWisconsin

Herzing University to Move National Headquarters to The Avenue in Milwaukee

by Kristin Harlow

MILWAUKEE — Herzing University has unveiled plans to move its national headquarters to The Avenue in downtown Milwaukee. Herzing expects to move from its current suburban location to The Avenue by the first quarter of 2022 and will occupy nearly 22,000 square feet. The Avenue is a 333,000-square-foot mixed-use project by Hempel Real Estate and Interstate Development Co. Herzing is a private nonprofit institution with 10 campuses across seven states as well as an online division. The university offers degrees in professions such as nursing, technology, business and healthcare. Colliers International represented Herzing in its new lease and will also market Herzing’s Menomonee Falls property for sale. Founders 3 Real Estate Services represented ownership of The Avenue.

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