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.
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.
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.
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.
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.
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.
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.
CHARLOTTE, N.C. — Manhattan Beach, Calif.-based Magma Equities, in a joint venture with funds managed by Franklin Templeton, has purchased Cameron SouthPark, a 309-unit apartment community in Charlotte. The sales price was $79.3 million. Arel Capital was the seller. Constructed in 1984 and renovated in 2016, Cameron SouthPark’s one- and two-bedroom apartments are housed in 26 three-story residential buildings on a 35-acre site. Community amenities include two swimming pools, a clubhouse, fitness center, sand volleyball court, basketball courts, tennis courts and a dog park. The property was 95 percent occupied at the time of sale. The two companies plan to upgrade the property with improved management operations and physical improvements that include upgrades to the property’s exterior, common areas and unit interiors. Located at 6316 Cameron Forest Lane, the property is close to the 1.6 million-square-foot SouthPark Mall, 8.2 miles from downtown Charlotte and 2.5 miles from Park Road Park, a recreational park with a basketball court, tennis court and baseball fields.
BOSTON — A Korean investment group led by Hana Financial and KTB Asset Management has purchased a 95 percent stake in Congress Square, a 371,996-square-foot office tower located at 40 Water St. in downtown Boston. The group purchased the stake from Related Fund Management, which will retain the remaining 5 percent interest and continue to manage the property. Paul Gillen, Anthony Ledesma, Daniel Parker and Allie Boyan of Atlanta-based Hodges Ward Elliott (HWE) arranged the recapitalization of Congress Square, which included refinancing of existing debt. Lawrence Britvan and Jordan Kirkbride of HWE placed that loan through global asset management firm KKR.
GREENCASTLE, PA. — Marcus & Millichap has brokered the sale of A-1 Greencastle Self Storage, a 378-unit facility located in Franklin County in the southern part of the state. The facility consists of 71,426 net rentable square feet across 365 non-climate-controlled units, 10 climate-controlled units and three commercial spaces. The property also features 17 parking spaces. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the undisclosed seller in the transaction. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record.
