Property Type

Plantation Corporate Center

PLANTATION, FLA. — Marcus & Millichap has brokered the $12.7 million sale of Plantation Corporate Center, a 59,070-square-foot office property located in Plantation. Alex Zylberglait and Michael Crocchiola of Marcus & Millichap represented the seller, Germany-based Rüger Holding. Zylberglait and Crocchiola of Marcus & Millichap also represented the buyer, Coral Springs, Fla.-based MMB Commercial Properties Co. Inc. Plantation Corporate Center was built in 1985 and renovated in 2019. The property was 88 percent leased at the time of sale. Located at 2 S. University Drive on 3.2 acres, the property is situated on a signalized corner of West Broward Boulevard and South University Drive. The property is also located directly across from Westfield Broward Mall.

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Gateway-Scottsdale-AZ

SCOTTSDALE, ARIZ. — Phoenix-based Bear Holdings Group has completed the sale of Gateway Scottsdale, a multifamily property located at 5245 E. Thomas Road in Scottsdale. Washington-based EZ Real Estate acquired the asset for $18.2 million, or $491 per square foot. Situated on 2.3 acres, the two-story, 37,115-square-foot Gateway Scottsdale features 71 units in a mix of studio, one- and two-bedroom layouts, averaging 523 square feet. Community amenities include a gated entry, swimming pool with sundeck, dog park, central courtyard area with a water feature, barbecue grills and picnic areas. Constructed in 1968, the property was fully remodeled in 2021. Chris Roach, Brad Cooke, Matt Roach and Cindy Cooke of Colliers in Arizona handled the off-market transaction.

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Sprouts-Farmers-Market-Denver-CO.jpg

DENVER — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a newly constructed retail building located in Denver. Colorado-based Rustic Partners acquired the property from Evergreen DevCo for an undisclosed price. Evergreen developed the 23,300-square-foot asset as a build-to-suit for Sprouts Farmers Market. The grocery store anchors the new shopping center at the northeast corner of 56th Avenue and Tower Road. Ryan Bowlby and Drew Issac of IPA, along with James Rassenfoss of Marcus & Millichap, represented the seller and procured the buyer in the deal.

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41099-Boyce-Rd-Fremont-CA

FREMONT, CALIF. — DAUM Commercial Real Estate Services has arranged the purchase of two fully leased industrial properties in Fremont. CenterPoint Properties acquired the assets from an undisclosed seller for $86 million. Jordan Lara of DAUM represented the buyer in the deal. Situated on 13.7 acres at 41099 Boyce Road, the properties offer a total of 208,180 square feet of industrial space with 28-foot clear heights and a fully secured site.

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3377-S-Price-Rd-Chandler-AZ

CHANDLER, ARIZ. — Gantry has secured $15.5 million in financing for the acquisition of a three-story office building located at 3377 S. Price Road in Chandler. Workpliciti, a Chandler-based co-working space provider, anchors the 83,000-square-foot property. Craig Hoebing, Chad Metzger and Kevin Valenzuela of Gantry arranged the loan for the borrower, a private investor. Avana Cos. provided the five-year loan, which features a fixed rate and 25-year amortization schedule with no pre-payment penalties.

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LOS ANGELES — Ready Capital has closed $17.3 million in financing for the acquisition, renovation and stabilization of a 94-unit apartment community in Los Angeles’ Norwalk submarket. Upon acquisition, the undisclosed borrower plans to implement a capital improvement plan including taking care of deferred maintenance projects while renovating unit interiors, building exteriors and common areas. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.

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Ready Capital

JACKSONVILLE, FLA. — Ready Capital has closed on a $17 million acquisition loan for a 160-unit unnamed multifamily property in Jacksonville. Upon acquisition, the unnamed sponsor will implement a capital improvement plan. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures.

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ATLANTA — Atlanta-based brokerage firm Hodges Ward Elliott (HWE) has arranged the sale of a portfolio of three select-service hotels in Texas totaling 280 rooms. The portfolio comprises the 109-room Fairfield Inn & Suites Waco North; the 83-room Fairfield Inn & Suites Marshall; and the 88-room Holiday Inn Express & Suites Dallas South Desoto. The hotels were respectively built in 2004, 2005 and 2007. Austin Brooks led the HWE team that represented the seller, Avatar Hotel Group, in the transaction. Houston-based hospitality investment firm Wolfgramm Capital purchased the portfolio for an undisclosed price. Wolfgramm Capital also acquired Avatar’s management operations as part of the deal.

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The-Joseph-at-Huebner-San-Antonio

SAN ANTONIO — Newmark has brokered the sale of The Joseph at Huebner, a 192-unit apartment community in north-central San Antonio. Built in 1983, the 16-building complex features one- and two-bedroom units with an average size of 846 square feet. Amenities include a pool, fitness center, outdoor grilling areas and a dog wash station. Matt Michelson and Patton Jones of Newmark represented the seller, a partnership between RSN Property Group and Wildhorn Capital, in the transaction. The buyer, First Capital Advisors, an investment and management firm with offices in Austin and Chicago, plans to implement a value-add program.

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American-Canning-Park-183-Austin

AUSTIN, TEXAS — American Canning, which provides packaging services for the beverage industry, has signed a 154,786-square-foot, full-building industrial lease expansion at Park 183 in southeast Austin. American Canning plans to take occupancy of its larger space at Building 5 this spring when it relocates from its 45,309-square-foot space in Building 2. A partnership between Dallas-based Trammell Crow Co. and New York-based Clarion Partners is developing the 950,000-square-foot park in phases. John Barksdale and Joe Novek of CBRE represented the landlord in the lease negotiations. CBRE’s Darryl Dadon represented the tenant.

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