Property Type

PRP Sells 350 Rhode Island Street Office Building in San Francisco for $182.5M

by Amy Works January 6, 2022

SAN FRANCISCO — PRP has completed the sale of 350 Rhode Island Street, an office property in San Francisco. PRP bifurcated the land and improvements, selling the fee simple position to Safehold (NYSE: SAFE) for $64.5 million and selling the leasehold to a venture of Lincoln Property Co. and Korea Asset Investment Management for $118 million, for a total consideration of $182.5 million, or $1,436 per square foot. The transactions occurred simultaneously. The City and County of San Francisco occupy the 127,100-square-foot building under a lease that goes through 2033. Originally built in 2002, the building was redeveloped in 2019 for the city’s tenancy. Adam Lasoff, Rob Hielscher, Michael Leggett, Miyeon Lee and Erik Hanson of JLL Capital Markets handled the transaction.

January 6, 2022

Acquisitions Multifamily Washington Western

Virtu Investments Purchases Cerasa Apartments in Bellevue for $109M

by Amy Works January 6, 2022

BELLEVUE, WASH. — Evergreen Point Development has completed the disposition of Cerasa, a multifamily property located at 10961 NE 2nd Place in Bellevue. Virtu Investments acquired the asset for $109 million, or $707,792 per unit. Completed in 2019, Cerasa features 154 apartments, including top-floor penthouses with 11-foot to 14-foot ceilings. Community amenities include a clubhouse, resident lounge with fireplace and gated underground parking garage with electric car charging stations. Philip Assouad and Giovanni Napoli of Intuitional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

January 6, 2022

Fallbrook-Mercantile-Center-Fallbrook-CA

Acquisitions California Retail Western

Gerrity Group Divests of Fallbrook Mercantile Center Near San Diego for $27.2M

by Amy Works January 6, 2022

FALLBROOK, CALIF. — Gerrity Group has completed the disposition of Fallbrook Mercantile Center, a 70,411-square-foot retail center in Fallbrook. A private investor acquired the asset for $27.2 million. Major Market anchors the property, which is situated on 6.5 acres at 713, 825, 833 and 835-855 S. Main Ave. At the time of sale, the property was 96.8 percent occupied. Other tenants include Anytime Fitness, Denny’s, Sherwin-Williams, H&R Block, Jersey Mike’s Subs, Burger King, United Studios of Self Defense, Bella Dental Group and Pho House and Grill. Gleb Lvovich, Bryan Ley and Daniel Tyner of JLL Retail Capital Markets represented the seller in the deal.

January 6, 2022

Acquisitions California Restaurant Retail Western

DJM, PGIM Real Estate Acquire Long Beach Exchange from Burham-Ward Properties

by Amy Works January 6, 2022

LONG BEACH, CALIF. — DJM, in partnership with PGIM Real Estate, has purchased Long Beach Exchange, an open-air lifestyle property in Long Beach, from Burnham-Ward Properties for an undisclosed price. Built in 2018, the 26-acre Long Beach Exchange features 246,500 square feet of retail space. Current tenants include Whole Foods Market, Handel’s, Orange Theory, Ra Yoga, Silverlake Ramen, Ulta and Nordstrom Rack. Eastdil brokered the transaction.

January 6, 2022

Acquisitions California Retail Western

Ethan Conrad Properties Buys Sacramento-Area Shopping Center for $16.7M

by Amy Works January 6, 2022

CITRUS HEIGHTS, CALIF. — Citivest Commercial Investments has completed the disposition of four parcels of SummerHills Plaza, an approximately 135,000-square-foot, grocery-anchored shopping center in Citrus Heights. Ethan Conrad Properties acquired the parcels for $16.7 million, or $155 per square foot. Originally constructed in 1967 and refurbished in 2020, the property is occupied by Raley’s, Dollar Tree, Round Table Pizza and Dutch Bros. Coffee. Bill Rose of Institutional Property Advisors, a division of Marcus & Millichap, and Edward Nelson and Wyatt Figeroa of Marcus & Millichap represented the seller and procured the buyer in the transaction.

January 6, 2022

Development Industrial Texas

Urban Logistics Realty to Develop 440,663 SF Industrial Park in Denton, Texas

by Taylor Williams January 6, 2022

DENTON, TEXAS — Dallas-based Urban Logistics Realty will develop Urban District 35, a four-building, 440,663-square-foot industrial park that will front Interstate 35 in Denton. Building features will include 28- to 32-foot clear heights, 60-foot speed bays and ample car and trailer parking. Construction is slated for a fourth-quarter completion. Dallas-based Holt Lunsford Commercial has been tapped to lease the development.

January 6, 2022

Acquisitions Multifamily Texas

Berkadia Brokers Sale of 1,556-Unit Workforce Housing Portfolio in Houston Area

by Taylor Williams January 6, 2022

HOUSTON AND PASADENA, TEXAS — Berkadia has brokered the sale of a portfolio of four workforce housing properties totaling 1,556 units in the Houston area. The portfolio consists of the 504-unit Mosaic in the eastern suburb of Pasadena; the 364-unit Huntington Glen in Houston; the 438-unit Onyx in Houston; and the 250-unit Avenue in Houston. Joey Rippel, Chris Young, Jeffrey Skipworth, Kyle Whitney, Todd Marix and Chris Curry of Berkadia represented the seller, Austin-based GVA Real Estate Group, in the transaction. The buyer was a joint venture between Houston-based Stonewall Associates and New York-based Nord Group.

January 6, 2022

Development Multifamily Texas

Thompson Realty, Trez Capital to Develop 504-Unit Multifamily Project in North Austin

by Taylor Williams January 6, 2022

AUSTIN, TEXAS — Locally based developer Thompson Realty Capital and its equity partner, Trez Capital, will develop Larkspur Liberty Hill, a 504-unit multifamily project in Austin. The garden-style property will be located on the city’s north side and will feature a pool, leasing office and amenity center. Units will come in one-, two- and three-bedroom floor plans and average 920 square feet. Construction will occur in two phases, with the initial groundbreaking scheduled for early this year and tentative completion slated for 2025.

January 6, 2022

San-Antonio-Community-Based-Outpatient-Clinic

Development Healthcare Texas

Newmark Negotiates Sale of 226,148 SF VA Outpatient Clinic in San Antonio

by Taylor Williams January 6, 2022

SAN ANTONIO — Newmark has negotiated the sale of the San Antonio Community Based Outpatient Clinic, a newly built, 226,148-square-foot healthcare property that is fully leased to the Department of Veterans Affairs (VA). Gary Carr, Robert Hill and Chris Murphy of Newmark represented the seller, U.S. Federal Properties Co., in the transaction. The buyer and sales price were not disclosed.

January 6, 2022

Acquisitions Multifamily Texas

Lloyd Jones Acquires 351-Unit Multifamily Community in Metro Houston

by Taylor Williams January 6, 2022

KATY, TEXAS — Miami-based investment firm Lloyd Jones has acquired Seville at Clay Crossing, a 351-unit apartment community located in the western Houston suburb of Katy that was built in 2020. Units at the property feature granite countertops, private garages and individual washers and dryers. Amenities include a pool, package lockers and a dog park. The seller and sales price were not disclosed.

January 6, 2022

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