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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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AcquisitionsIllinoisMidwestMultifamily

Kiser Group Brokers $16M Condo Deconversion Sale in Arlington Heights, Illinois

by Kristin Harlow

ARLINGTON HEIGHTS, ILL. — Kiser Group has brokered the condo deconversion sale of Timber Court in Arlington Heights for $16 million. A Chicago-based apartment investor acquired the 72-unit property, which is located at 3400 N. Old Arlington Heights Road. Ron Plonis, Lee Kiser and Jeff Leibovich of Kiser represented both the condo association and the buyer in the transaction. Ray Cahnman served as president of the board of directors for the condo association and was also one of the original developers of the project, which was built in 2007. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

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AcquisitionsIndustrialMidwestSouth Dakota

Marcus & Millichap Arranges Sale of 333,346 SF Industrial Building in South Dakota

by Kristin Harlow

ABERDEEN, S.D. — Marcus & Millichap has arranged the sale of a 333,346-square-foot single-tenant manufacturing facility in Aberdeen for an undisclosed price. Built in 2007, the property sits on 54 acres at 1401 Brown County 19 North. The tenant, Molded Fiber Glass Cos., announced it would not be renewing its lease during escrow. Adam Abushagur and Tyler Sharp of Marcus & Millichap represented the seller, a private REIT. The duo also procured the buyer, an out-of-state private investment group.

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AcquisitionsIndustrialMidwestOhio

Stull Woodworks Acquires 46,000 SF Industrial Facility in Troy, Ohio

by Kristin Harlow

TROY, OHIO — Stull Woodworks, a family-owned architectural millwork company, has acquired a 46,000-square-foot industrial facility in Troy, nearly 20 miles north of Dayton. The property, located at 155 Marybill Drive, is roughly three times the size of Stull’s current headquarters in Troy. Tim Echemann of Industrial Property Brokers represented both Stull and the undisclosed seller. Stull plans to be up and running in the new facility by the end of October. Stull produces architectural millwork for courthouse interiors, restaurants, retail spaces, large restoration projects and public venues across the country.

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