Property Type

Marcus & Millichap Arranges Sale of Mixed-Use Building in Salem, Oregon for $5.65M

by Madison Pettway August 13, 2021

SALEM, ORE. — Marcus & Millichap has arranged the sale of The Metropolitan Building, a 29,000-square-foot mixed-use property in Salem. The property comprises 17 apartments and more than 9,500 square feet of ground- and basement-level office and retail space. The sales price was $5.65 million. Marcus & Millichap’s Georgie Christensen-Riley and Michael Kapnick represented the seller, an Oregon limited liability company. Christensen-Riley and Kapnick also represented the California-based buyer. Both the buyer and seller entered into the transaction as part of separate 1031 tax-deferred exchanges. Constructed in 1912 and completely remodeled in 2007, The Metropolitan Building is located in downtown Salem near the state capitol. The property underwent additional buildouts in 2019 and 2020. The development’s retail and creative office spaces experienced consistent leasing activity throughout the Covid-19 pandemic due in part to its prime location and finishes, according to Marcus & Millichap

August 13, 2021

California Industrial Western

Lee & Associates Brokers Sale of Industrial Building in San Marcos, California for Nearly $2.6M

by Madison Pettway August 13, 2021

SAN MARCOS, CALIF. — Lee & Associates has negotiated the sale of an 11,650-square-foot industrial building in San Marcos for $2.59 million, or $222 per square foot. The building is located at 2750 S. Santa Fe Ave., approximately 50 miles north of San Diego. Lee & Associates’ Michael Golden and Trent France represented the buyer, Vascan Tile, a tiling contractor based out of Escondido, Calif., in the transaction. Matt Calvet of Kidder Mathews represented the seller, Gill Gregory Trust. The recently remodeled building is situated one block from State Route 78 on South Santa Fe Avenue and is located blocks away from a blend of shops, services, restaurants, and eateries. The property had four competing offers within the first week of being listed.

August 13, 2021

Acquisitions Multifamily Texas

Newmark Brokers Sale of Four Multifamily Properties Totaling 1,103 Units in San Antonio, Houston

by Taylor Williams August 13, 2021

SAN ANTONIO AND HOUSTON — Newmark has negotiated the sale of four multifamily properties totaling 1,103 units that are located within the major medical centers of San Antonio and Houston. Broadstone Oak Hills and Hawthorne House are proximate to the South Texas Medical Center in San Antonio, and 5755 Hermann Park and Equinox are located within the Texas Medical Center in Houston. Alliance Residential sold Broadstone Oak Hills, Hawthorne House and Equinox, and M-M Properties sold 5755 Hermann Park. River Rock Capital purchased the San Antonio properties, and Sun Holdings bought the Houston communities. Patton Jones, Matt Michelson, Zach Springer, David Mitchell and Thomas Alleman of Newmark brokered the deals.

August 13, 2021

Industrial Leasing Activity Texas

Lee & Associates Negotiates 707,940 SF Industrial Lease in Fort Worth

by Taylor Williams August 13, 2021

FORT WORTH, TEXAS — Lee & Associates has negotiated a 707,940-square-foot industrial lease at 11501 N. Freeway in Fort Worth. According to commercialcafé.com, the property sits on 40.1 acres and includes 410 parking spaces. Becky Thompson of Lee & Associates represented the tenant, Woods Distribution Solutions, in the lease negotiations. The landlord, TCRG Properties, was self-represented.

August 13, 2021

Acquisitions Industrial Self-Storage Texas

Bellomy Arranges Sale of 300-Unit Self-Storage Facility in Corpus Christi

by Taylor Williams August 13, 2021

CORPUS CHRISTI, TEXAS — Bellomy & Co. has arranged the sale of Space Self Storage, a 300-unit facility in Corpus Christi. The property spans 40,948 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, an Austin-based entity doing business as Divisidero Property LLC. The duo also procured the buyer, New York-based Andover Properties.

August 13, 2021

Development Healthcare Office Southeast Virginia

Trammell Crow to Develop 383,000 SF Seniors Housing, Medical Office Property in Metro D.C.

by Julia Sanders August 13, 2021

ALEXANDRIA, VA. — Trammell Crow Co. (TCC) plans to develop a 383,000-square-foot mixed-use development in Alexandria. Located at 765 John Carlyle St., the Class A project will include a 268,000-square-foot seniors housing property and a 115,000-square-foot medical office building. The buildings will be constructed above a common podium offering a mix of retail uses and a 440-space parking garage. Construction is slated to begin in the third quarter of 2022 and will be completed by the end of 2024. The 18-story seniors housing building will include approximately 215 residences that will offer independent living, assisted living and memory care options. The medical office building will rise 10 stories and include 12,000 square feet of ground-floor retail space. The project will be located about 9.5 miles from downtown Washington, D.C., and 4.4 miles from Ronald Reagan Washington National Airport. JM Zell Partners and CBRE Global Investors will be co-developers on the project. The majority investor, TCC will team up with Senior Resource Group, a luxury senior living operator and developer, on the senior living component of the project. Remedy Medical Properties, a medical office real estate investment firm, will be a partner on the medical office component. Perkins Eastman is the …

August 13, 2021

Acquisitions Maryland Multifamily Southeast

Peak Management Acquires Ruxton Towers Apartments Near Baltimore for $35.6M

by Julia Sanders August 13, 2021

TOWSON, MD. — Peak Management LLC has acquired Ruxton Towers Apartments, a 144-unit multifamily community in Towson, for $35.6 million. The seller was not disclosed. CBRE represented the buyer and seller in the transaction. Located at 8415 Bellona Lane in Baltimore County, Ruxton Towers features one-, two- and three-bedroom apartments ranging in size from 700 to 1,235 square feet. The property was approximately 99 percent leased at the time of the sale. More than half of the residential units were recently renovated with stainless steel appliances, espresso or oak cabinetry, granite countertops and vinyl or ceramic tile flooring. Community amenities include a swimming pool and sundeck, recently renovated pool house, fitness center, resident lounge, business center, a new barbecue grilling area, tennis courts, dog park, bike storage facility and full concierge services. The community also includes 235 surface parking spaces and 29 garage spaces. Built in 1964, Ruxton Towers is a 10-story building and includes 33,000 square feet of commercial office space located on the ground floor. The office space is currently 98 percent leased to professional services groups such as attorneys, physical therapists, dentists and other medical and healthcare providers. The apartment community is located less than three miles …

August 13, 2021

Acquisitions Multifamily Texas

Thompson Realty, Trez Capital Sell 194-Unit Apartment Community in Metro Dallas

by Taylor Williams August 13, 2021

DESOTO, TEXAS — Thompson Realty Capital and equity partner Trez Capital have sold The Beacon on Westmoreland, a 194-unit apartment community that is situated on 10.4 acres in the southern Dallas suburb of DeSoto. The Class A property’s unit mix consists of 124 one-bedroom units, 58 two-bedroom units and 12 three-bedroom units that range in size from approximately 550 to 1,180 square feet. Amenities include a pool, fitness center, dog park, playground and a walking trail. Construction began in 2019. The buyer was not disclosed.

August 13, 2021

Company News District of Columbia Office Southeast

Merchants Capital Opens New Office in D.C., Fifth Location Nationwide

by Julia Sanders August 13, 2021

WASHINGTON, D.C. — Merchants Capital, a Carmel, Ind.-based affordable housing lender, has opened a new office in Washington, D.C., that will be the company’s fifth location nationwide. Located at 505 9th St. NW, Suite 800, the new office serves as a hub for a dozen team members and is part of the company’s strategy to expand its national lending footprint with a concentration on the East Coast. “We are excited to be positioned in downtown Washington, D.C., as it is a natural fit for the firm to be in close proximity to Fannie Mae, Freddie Mac, the Department of Housing and Urban Development (HUD) and other landmark institutions that support affordable multifamily housing across the nation,” says Dwayne George, the executive vice president and national head of production for Merchants Capital. The new office follows the announcement that Merchants Capital was named the No. 4 affordable multifamily lender nationwide in 2020 by the Mortgage Bankers Association. Last year, Merchants Capital closed $2.2 billion in affordable housing loans across 188 transactions, with an average transaction size of $11.8 million.

August 13, 2021

Development Healthcare Texas

Texas Oncology to Open 50,000 SF Cancer Care Center in Amarillo

by Taylor Williams August 13, 2021

AMARILLO, TEXAS — Texas Oncology will open a 50,000-square-foot cancer care center in Amarillo. The freestanding facility will offer medical oncology, hematology, gynecologic oncology, radiation oncology, breast radiology, surgical oncology and colon and rectal surgery services. Denver-based NexCore Group is the developer of the project, which will be situated on 4.8 acres. Construction will begin later this year. Once open, specialists at Texas Oncology’s other Amarillo offices will move to this location.

August 13, 2021

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