HOUSTON — Newmark has negotiated a 181,067-square-foot industrial lease extension at Building 11 within Central Green Business Park in Houston. John Luck, Griffin Rich, Chris Mason, John Beach, Reggie Beavan III, Andy Iversen, Joshua Brown and Trace Elrod of Newmark represented the tenant, GAC Energy & Marine Services, in the lease negotiations. Liberty Property Co. owns the facility.
LAS VEGAS — The Bascom Group has completed the disposition of Fifty101, a multifamily community located at 5101 O’Bannon Drive in Las Vegas. Apartment Ventures acquired the asset for $21.6 million. The 90-unit community consists of 16 one-bedroom apartments, 50 two-bedroom units and 24 three-bedroom/two-bath layouts in a variety of floor plans. The Bascom Group had completed property-wide renovations, including capital improvements in dual-pane windows and public update upgrades and select unit renovations. Taylor Sims, Carl Sims and Brady Cleary of Cushman & Wakefield’s Multifamily Advisory Group in Las Vegas represented the seller in the transaction.
SAN ANTONIO — JLL has brokered the sale-leaseback of a 166,000-square-foot industrial facility located at 5003 Stout Drive on San Antonio’s east side. The property was built in 1985 and renovated in 2019. Building features include 22.5-foot clear heights, 93 parking stalls and a 21 percent office finish. Dustin Volz, Stephen Bailey, Dom Espinosa, Joshua Villarreal and Matthew Barge of JLL represented the seller and occupant, graphic design and custom manufacturing firm Comet Signs, in the transaction. The buyer/landlord was not disclosed.
LAS VEGAS — DXD Capital has broken ground on a self-storage facility located on a 1.7-acre parcel at the corner of West Sahara Avenue and South Monte Cristo Way in Las Vegas. Designed by Studio Level I with Arco Murray serving as general contractor, the new property will feature 1,100 units, plus two interior loading bays with room for three trucks in a fully climate-controlled building with two freight elevators and a storefront with moving supplies. Public Storage will operate the facility, which is slated to open in third-quarter 2022. DXD acquired the property in January 2021 through its DXD Self Storage Fund I, which was launched in November 2020. The fund is raising $50 million to invest in ground-up development of Class A, multi-story, climate-controlled self-storage facilities.
NORTH HIGHLANDS, CALIF. — Exeter 4837 Watt LLC has acquired a flex industrial facility located at 4837 Watt Ave. in North Highlands. Stoneridge Watt Avenue LLC sold the asset for $12.4 million. Built in 1987 for Price Club, the property was renovated in 1997 for industrial and flex use. Situated on 12.8 acres, the 129,491-square-foot property is half a mile from Interstate 80. Alan Pekarcik and Chris Smith of Avison Young’s Irvine, Calif., office represented the buyer, while Cushman & Wakefield represented the seller in the deal.
TAYLOR, TEXAS — The Boulder Group, an Illinois-based retail brokerage firm, has arranged the $2.4 million sale of a 6,912-square-foot retail property that is net-leased to Advance Auto Parts in Taylor, located northeast of Austin. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private investor based in the Southwest, in the transaction. The undisclosed, West Coast-based buyer completed the deal via a 1031 exchange.
PHOENIX — Marcus & Millichap has brokered the sale of a retail property located at 5120 and 5110 W. Indian School Road in Phoenix. A limited liability company sold the property to a personal trust for $8.1 million. WSS Shoes and Habit Burger occupy the 13,100-square-foot shopping center, which is across the street from American Family Fields of Phoenix Baseball Park, spring training home to the Milwaukee Brewers. Mark Ruble and Chris Land of Marcus & Millichap’s Phoenix’s office represented the seller, while Peter James and Rob Narchi of Marcus & Millichap’s Los Angeles office represented the buyer in the deal.
OAKLAND, ORE. — Crystal Investment Property (CIP) has arranged the sale of Ranch Motel, a motel in Oakland, a tiny city approximately midway between Eugene and Medford. Joseph Kennedy of CIP represented the buyer and seller in the deal. The acquisition price was not released. The exterior corridor motel is located north of Oakland and features 25 A-frame-style rooms and limited service. The property’s updated lobby and cabins feature a mid-century peaked metal roof.
EAST ORANGE, N.J. — A joint venture between Boston-based investment firm The Davis Cos., New York City-based Spaxel and Atalaya Capital Management has acquired a 718-unit workforce housing portfolio in East Orange, about 15 miles west of Manhattan. The portfolio consists of 11 buildings that were 96 percent occupied at the time of sale. Steven Kohn, John Alascio, Brian Whitmer, Chuck Kohaut, Jessica Ke and T.J. Sullivan represented Spaxel and Atalaya Capital Management in structuring a joint venture with The Davis Cos. The new ownership will implement a value-add program.
DEDHAM, MASS. — RPT Realty (NYSE: RPT) is under contract to purchase a 510,000-square-foot, grocery-anchored shopping center in Dedham near Boston for $131.5 million. Stop & Shop is the anchor tenant. Other tenants at the property, which is nearly 92 percent occupied, include TJ Maxx, Dick’s Sporting Goods, Starbucks and Chipotle. The acquisition is expected to close in the fourth quarter. R2G Venture LLC, RPT’s joint venture platform focused on grocery-anchored assets, will be utilized to acquire the property.