Property Type

Sterling Bay West, Harrison Street to Acquire Life Sciences Portfolio in Sorrento Mesa, Plan 1.1 MSF Development

by Amy Works September 8, 2021

SAN DIEGO — Sterling Bay West and Harrison Street have agreed to acquire an office and life sciences portfolio in San Diego’s Sorrento Mesa submarket. City Office REIT is selling the assets for an undisclosed price. Located at 10390-10445 Pacific Center Court, 5910 Pacific Center Blvd. and 9985 Pacific Heights, the portfolio comprises four life sciences lab buildings, an empty building ready for speculative office/lab space, two office buildings totaling 420,229 square feet and five acres of excess land. The buyers plan to develop up to 1.1 million square feet of ground-up, Class A life sciences campus facilities on the site. Construction is slated to begin in 2023 and will be completed in phases.

September 8, 2021

Acquisitions Industrial Self-Storage Texas

Bellomy Negotiates Sale of 256-Unit Self-Storage Facility in North Houston

by Taylor Williams September 8, 2021

HOUSTON — Bellomy & Co. has negotiated the sale of Houston Mini Storage, a 256-unit self-storage facility located about four miles north of downtown Houston. The property spans 34,660 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, a Utah-based limited liability company, in the transaction. The duo also procured the buyer, a locally based entity doing business as Houston Mini Storage LLC.

September 8, 2021

Acquisitions Arizona Multifamily Western

Bascom Arizona Ventures, Pacific Life Insurance Sell Two Apartment Communities in North Scottsdale for $312.5M

by Amy Works September 8, 2021

SCOTTSDALE, ARIZ. — A joint venture between Bascom Arizona Ventures and Pacific Life Insurance has completed the disposition of Ascend at Kierland and Elite North Scottsdale in Scottsdale. The Ezralow Co. acquired the assets for $312.5 million. Built in 1996 and 1998, the 364-unit Ascend at Kierland and the 360-unit Elite North Scottsdale are surrounded on three sides by the Westin Kierland Resort golf course. Unit interiors feature luxury finishes, including quartz countertops, new cabinets, kitchen backsplashes, undermount sinks, vinyl plank flooring, upgraded lighting and plumbing fixtures, tub-to-ceiling tile surround in master bath, ceiling fans, new baseboards, two-tone paint, new blinds and crown molding in the living and dining areas. The communities offer fitness centers with separate spin and yoga rooms, renovated resident clubhouses and heated swimming pools. Ascend at Kierland also features a putting green, dog park and electric car charging station, while Elite North Scottsdale features a new swimming pool, dog park and package locker system. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.

September 8, 2021

Acquisitions Industrial Office Texas

Provident Realty Advisors Sells 176,000 SF Plano Commerce Park

by Taylor Williams September 8, 2021

PLANO, TEXAS — Locally based investment and financial services firm Provident Realty Advisors has sold Plano Commerce Park, a 176,000-square-foot industrial development located on the northern outskirts of Dallas. Plano Commerce Park consists of two buildings that comprise about 132,000 square feet of manufacturing and warehouse space and 44,000 square feet of office space. Stephen Bailey, Dustin Volz and Zach Riebe of JLL brokered the deal. The buyer was not disclosed. Plano Commerce Park was 100 percent leased at the time of sale.

September 8, 2021

Acquisitions Arizona Multifamily Western

Decron Properties Buys Broadstone Grand Multifamily Community in Phoenix for $106.5M

by Amy Works September 8, 2021

PHOENIX — Decron Properties has purchased Broadstone Grand, a multifamily property located at 1003 W. Washington St. in Phoenix. Developer Alliance Residential Co. and partner Appian Capital sold the community for $106.5 million. Built in 2020, Broadstone Grand features 300 apartments; a pool area with waterfall feature and indoor-outdoor pool house; fitness center with outdoor yoga lawn and Peloton bikes; resident club room with demonstration kitchen; lounge and fireplace; and outdoor gourmet grilling areas. Additionally, the community’s gaming lounge offers a pool table, shuffleboard table, arcade games and entertainment island for resident events. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the sellers in the transaction.

September 8, 2021

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Advisors Negotiates $15.9M Sale of Thirteen 20 Apartments in Colorado Springs

by Amy Works September 8, 2021

COLORADO SPRINGS, COLO. — Pinnacle Real Estate Advisors has arranged the sale of Thirteen 20 Apartments, a multifamily community located at 1320 Potter Drive in Colorado Springs. The property traded hands for $15.9 million in an off-market transaction. The asset features 132 apartments. The buyer and seller were not disclosed. Michael Krebsbach and Kenny Clarke of Krebsbach Investment Group and Andrew Monette of the Johnson Ritter team assisted both parties in the transaction.

September 8, 2021

Acquisitions Multifamily Nevada Western

Northcap Commercial Brokers $8.3M Sale of St. Louis Suites in Las Vegas

by Amy Works September 8, 2021

LAS VEGAS — Northcap Commercial has brokered the sale of St. Louis Suites, an apartment community in Las Vegas. Balubhai Patel Revocable Trust sold the multifamily property for $8.3 million, or $90,217 per unit. Located at 525 E. St. Louis Ave., St. Louis Suites features 92 apartments. The property was built in 1963. Robin Willett, Devin Lee, Jerad Roberts and Jason Dittenber of Northcap Commercial handled the all-cash transaction.

September 8, 2021

Acquisitions Illinois Midwest Office

Sterling Bay, J.P. Morgan Asset Management Sell Google-Occupied Office Building in Chicago for $169M

by Kristin Harlow September 8, 2021

CHICAGO — Sterling Bay and institutional investors advised by J.P. Morgan Global Alternatives have sold 210 N. Carpenter, a 206,315-square-foot office and retail building in Chicago’s Fulton Market neighborhood. The sales price was $169 million. Google occupies 132,000 square feet to house its Chicago-based cloud division. Other tenants at the fully leased property include Leopardo Cos., rEvolution Marketing, S2G Ventures, CVS Pharmacy and uncooked. Completed in 2019, the 12-story building is LEED Gold certified and WELL Health Safety certified. Amenities include a rooftop pool, tenant lounge, fitness center, yoga room, conference facilities and onsite parking. Sterling Bay was the developer, Solomon Cordwell Buenz was the architect, IA Interior Architects was the interior designer and Leopardo Cos. was the general contractor. Tom Sitz, David Knapp, Cody Hundertmark, Dan Deuter and Paul Lundstedt of Cushman & Wakefield marketed the property for sale and procured the buyer, German investment firm Deka Immobilien.

September 8, 2021

Kansas Leasing Activity Midwest Office

TreviPay Signs 73,000 SF Office Lease at Aspiria in Overland Park, Kansas

by Kristin Harlow September 8, 2021

OVERLAND PARK, KAN. — Global business-to-business payments company TreviPay has signed a 73,000-square-foot lease to relocate its corporate headquarters to Aspiria in Overland Park. TreviPay says the new office will enable its more than 400 Kansas City-area employees to be in one location. The company, which expects to begin occupying its new space in October, is moving from 8650 College Blvd. in Overland Park. Occidental Management owns Aspiria, which is the redevelopment of the former Sprint campus. Aspiria features walking and biking trails, a 68,000-square-foot fitness center, green spaces, three conference centers, coffee shops and a cafeteria. Occidental plans to develop an additional 60 acres surrounding the campus at the corner of 119th Street and Nall Avenue. Plans call for an additional 1 million square feet of Class A office space, 380,000 square feet of retail and restaurant space, a 120-room hotel and 600 multifamily units. Design planning on the long-term project is underway.

September 8, 2021

Development Industrial Kansas Midwest Self-Storage

Hunt Midwest Builds Fifth Self-Storage Facility in Metro Kansas City

by Kristin Harlow September 8, 2021

LENEXA, KAN. — Hunt Midwest has completed its fifth StorTropolis self-storage facility in the Kansas City area. The 110,670-square-foot facility is located in Lenexa and includes 760 climate-controlled units. Situated at 19585 W. 102nd St., the three-story property features drive-thru access to fully enclosed loading areas and elevators. The largest units can accommodate RV storage. Strickland Construction, a Kansas City-based construction company specializing in storage complexes, served as general contractor. Storage Asset Management, a privately owned, third-party management company specializing in self-storage, operates the facility. Hunt Midwest launched its StorTropolis brand in 2018.

September 8, 2021

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