FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Meadow Ridge, a 484-unit apartment community in Fort Worth. Built on 24 acres in 1981, Meadow Ridge offers one-, two- and three-bedroom units with private balconies/patios, as well as two pools and a tennis court. Al Silva of Marcus & Millichap represented the seller, Lubbock-based Madera Residential, in the transaction and procured the buyer, a Dallas-based private investment company. The new ownership plans to implement a value-add program.
PFLUGERVILLE, TEXAS — Alabama-based LIV Development has acquired 30 acres in the northern Austin suburb of Pflugerville for the development of a 463-unit residential project that will include both single-family and multifamily residences. Ben Fuller and John Carr of Cushman & Wakefield represented the seller, Austin-Pecan Ventures LLC, in the sale of the land. Construction is scheduled to begin in the second quarter.
SAN ANTONIO — Cushman & Wakefield has brokered the sale of Sonterra Medical Park, a 117,597-square-foot healthcare property in San Antonio. The three-building complex is located adjacent to North Central Baptist Hospital on the city’s north side. Travis Ives, Gino Lollio, Todd Mills, Carrie Caesar and Hunter Mills of Cushman & Wakefield represented the seller, Stream Realty Partners, in the transaction. The buyer and sales price were not disclosed. At the time of sale, Sonterra Medical Park was 93 percent leased to tenants in the oncology, radiology and orthopedics sectors.
EDGEWOOD, FLA. — SRS Real Estate Partners’ Investment Properties Group has arranged the $7.5 million sale of Edgewood Isle, a 78,647-square-foot, multi-tenant neighborhood retail center located in Edgewood. Kevin Yaryan, Kyle Stonis and Pierce Mayson of SRS represented the seller, an entity doing business as Dundurn USA Inc. LLC, in the transaction. Salim Valiani of Marcus & Millichap represented the buyer, an Orlando-based entity managed by Marcus & Millichap. Edgewood Isle is anchored by Dollar Tree, and has tenants including Cornerstone Hospice, Pizza Hut and Pinch-A-Penny: Pool, Patio and Spa. The shopping center is situated roughly five miles south of the downtown area, four miles from Orlando International Airport and six miles from Universal Orlando Resort. The property also has proximity to major highways, such as the Florida Turnpike and the Beachline Expressway.
OMAHA, NEB. — R&R Realty Group has unveiled plans to build R&R Commerce Park South, an industrial park that will eventually consist of six buildings totaling more than 1.3 million square feet. The speculative development will be located on the southeastern corner of 156th Street and Schram Road in Omaha’s Sarpy County. The first two buildings are slated for completion by the end of this year. Plans call for a 286,000-square-foot warehouse and a 151,840-square-foot warehouse. Iowa-based R&R has also built R&R Commerce Park, a four-building development in Omaha that broke ground in 2018.
FORT WAYNE, IND. — JLL Capital Markets has brokered the sale of Apple Glen Crossing in Fort Wayne for an undisclosed price. The 150,163-square-foot property is an open-air power center anchored by Best Buy and Dick’s Sporting Goods. Apple Glen Crossing is 94 percent leased. Additional tenants include Shoe Carnival, PetSmart, Ulta Beauty, Cali Nails and Sports Clips. Built in 2000, the property sits on 17 acres along Apple Glen Boulevard. Amy Sands, Clinton Mitchell, Michael Nieder and Tim Murry of JLL represented the seller, Brixmor Property Group. Berengaria Development, the real estate arm of Marcus Investments LLC, was the buyer.
CLARENDON HILLS, ILL. — Interra Realty has negotiated the $19.3 million sale of 229 Park in Clarendon Hills, a southwest suburb of Chicago. The apartment building rises four stories with 43 units. Built in 2018, 229 Park is located at 229 Park Ave. and is fully leased. The property features one retail space that is occupied by Moda Eyecare. Craig Martin and Lucas Fryman of Interra represented the sellers, Hubbard Street Group, Centrum Realty & Development and Pine Grove Partners. The duo also represented the buyer, Chicago-based HP Ventures Group.
WAUWATOSA, WIS. — An affiliate of Next Realty has purchased Dolphin Square Apartments in Wauwatosa, a suburb of Milwaukee. The purchase price was undisclosed. Located at 10300 W. Bluemound Road, the multifamily property includes 64 units and 88 parking spaces. Next Realty plans to complete a renovation program that was started by the previous owner. Founders 3 Real Estate brokered the sale. Landmark Credit Union provided acquisition financing.
STREETSBORO, OHIO — NAI Pleasant Valley has arranged the $8.4 million sale of a 130,257-square-foot industrial building in Streetsboro, a southern suburb of Cleveland. The property sits on 8.5 acres at 675 Mondial Parkway. David Hexter and Jeffrey Calig of NAI Pleasant Valley represented the undisclosed seller. Exeter 675 Mondial LLC was the buyer. The transaction marks the first acquisition in the Northeast Ohio market for the buyer.
PHILADELPHIA — New York City-based Square Mile Capital Management has provided a $195 million acquisition loan for 1500 Locust, a 612-unit apartment tower located in Philadelphia’s Rittenhouse Square neighborhood. The 45-story building also houses 7,700 square feet of retail space and was 97 percent occupied at the time of sale. Amenities include a rooftop pool and lounge, fitness center, media room and outdoor grilling stations. Drew Anderman and Alan Blank of Meridian Capital Group arranged the debt. The borrower is a joint venture between Fairstead, a developer with offices along the East Coast, and its undisclosed institutional equity partner. A portion of the proceeds will be used to fund capital improvements. Lizann McGowan, Erin Miller, Marybeth Farris and Chris Koehler of Newmark represented the seller, Barings, in the transaction.