Property Type

IPA Negotiates Sale of 310-Unit Infinity at the Rim Apartments in San Antonio

by Taylor Williams August 2, 2021

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Infinity at the Rim, a 310-unit apartment community in San Antonio. Built in 2018, the mid-rise property is located on a five-acre site within The Rim, a 1.8 million-square-foot mixed-use development on the city’s northwest side. Units feature studio, one-, two- and three-bedroom floor plans with an average size of 997 square feet. Amenities include a rooftop terrace, infinity pool and an outdoor amphitheater. Will Balthrope and Drew Garza of IPA represented the seller, Florida-based DeBartolo Development, in the transaction and procured the Maryland-based buyer.

August 2, 2021

Development Office Texas

D’Agostino, TGS Cedar Port to Develop 132,000 SF Office Project in Metro Houston

by Taylor Williams August 2, 2021

BAYTOWN, TEXAS — A partnership between local developer D’Agostino Cos. and TGS Cedar Port Partners LP will develop Cedar Port Office Plaza, a 132,000-square-foot project in the eastern Houston suburb of Baytown. Situated near Port Houston, the complex will consist of a 79,200-square-foot building and a 52,800-square-foot building that will be located within the 15,000-acre Cedar Port Industrial Park. Construction is scheduled to begin in October and to be complete in the first quarter of 2023. NAI Partners is leasing the project. TGS Cedar Port also plans to relocate its office headquarters to Cedar Port Office Plaza.

August 2, 2021

Leasing Activity Office Texas

Aspen Technology Signs 79,867 SF Office Lease Renewal in Houston

by Taylor Williams August 2, 2021

HOUSTON — Aspen Technology Inc., a metro Boston-based software developer, has signed a 79,867-square-foot office lease renewal at 2500 CityWest Blvd. in Houston. Win Haggard Jr. and Vince Strake of Cushman & Wakefield, along with internal agent Dennis Tarro of Patrinely Group, which owns the property in partnership with USAA Real Estate, represented the landlord in the lease negotiations. The representative of the tenant was not disclosed.

August 2, 2021

Acquisitions California Multifamily Western

IPA Arranges $74.1M Sale of The Dylan Multifamily Property in Oceanside, California

by Amy Works August 2, 2021

OCEANSIDE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Dylan, a multifamily property located in Oceanside. 29th Street Capital sold the asset to 550 Los Arbolitos Owner LLC for $74.1 million, or $356,250 per unit. Built in 1973, The Dylan features 208 apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include two swimming pools, two spas, a gym and a business center. Christopher Zorbas, Alexander Garcia Jr. and Tyler Martin of IPA represented the seller and procured the buyer in the deal.

August 2, 2021

Arizona Development Industrial Leasing Activity Western

Mattress Manufacturer MLILY Leases 1.3 MSF Industrial Complex Near Phoenix

by Amy Works August 2, 2021

GLENDALE, ARIZ. — MLILY, a global mattress manufacturer, has signed a lease to occupy 1.3 million square feet at Glendale 303 (G303) in Glendale. The lease fills a just-completed, 569,520-square-foot industrial building and initiates an expansion of G303 to fulfill the tenant’s larger, single-building lease requirement. Hines, with funds managed by Oaktree Capital Management, developed the Class A industrial facility. At full buildout, G303 will be the largest single-building Hines development to date in the United States. The newly completed building features 40-foot clear heights, 60-foot speed bays, abundant dock-high loading doors and highly functional footprints, as well as the ability to accommodate more than 550 cars. Additionally, the project features a basketball court amenity for employees. Construction on the G303 building expansion will begin during fourth-quarter 2021 and reach completion by fourth-quarter 2022. Graycor Construction Co. is serving as the project’s general contractor. Bill Honsaker and John Lydon of JLL’s Phoenix office represented Hines, while Payson MacWilliam and Yang Chen of Colliers International represented the tenant in the lease transaction.

August 2, 2021

Acquisitions California Multifamily Western

Mogharebi Group Brokers $18M Sale of Country Club Apartments in San Bernardino, California

by Amy Works August 2, 2021

SAN BERNARDINO, CALIF. — The Mogharebi Group has arranged the sale of Country Club Apartments, a 79-unit seniors housing community in San Bernardino. The buyer and seller were both private investment groups based in Los Angeles. The property sold for $18 million, or $228,000 per unit. “Due to the proven value-add upside, and close proximity to San Bernardino’s largest employers, the buyer pool was large,” says Otto Ozen, executive vice president of TMG. Ozen and Alex Mogharebi of TMG represented the seller in the transaction. Built in 1986, Country Club Apartments is a two-story community comprising 71,428 square feet of rentable space. The complex is situated on a 5.4-acre site. Country Club Apartments features two-bedroom floor plans with an average size of 903 square feet.

August 2, 2021

Acquisitions Arizona Office Western

CBRE Negotiates Sale of 25,350 SF Office Building in Tucson

by Amy Works August 2, 2021

TUCSON, ARIZ. — CBRE has arranged the sale of an office building located at 222 E. Fifth St. in Tucson. 222 Building LLC sold the property to 222 Tucson LP for $8.9 million. Bryce Horner of CBRE represented the seller in the transaction. Originally constructed in 1952 and redeveloped in 2014, the three-story property features 25,350 square feet of Class A office space. Mister Car Wash (NYSE: MCW), which went public in June, utilizes the property as its corporate headquarters.

August 2, 2021

Acquisitions Arizona Multifamily Western

Cushman & Wakefield|PICOR Arranges Sale of 24-Unit Vida Nueva Apartments in Tucson

by Amy Works August 2, 2021

TUCSON, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of Vida Nueva Apartments, a multifamily property in Tucson. Equilibrium Villas Vida Blue LLC acquired the asset from Seajak Properties for $1.2 million. Located at 3525 N. Stone Ave., the 28,228-square-foot property features 24 apartments. Allan Mendelsberg and Conrad Martinez of Cushman & Wakefield|PICOR represented both parties in the transaction.

August 2, 2021

Loans New York Northeast Office

Paramount Group Receives $860M Loan for Refinancing of Manhattan Office Building

by Taylor Williams August 2, 2021

NEW YORK CITY — New York City-based Paramount Group Inc. (NYSE: PGRE) has received an $860 million loan for the refinancing of 1301 Avenue of the Americas, a 1.7 million-square-foot office building in Midtown Manhattan. An undisclosed lender provided the five-year, interest-only loan. Designed by Skidmore, Owings & Merrill, the 45-story tower is located between West 52nd and 53rd streets and provides lower-level access to Rockefeller Center. In addition, the property, which was 71.5 percent leased at the time of the loan closing, features 30,000 square feet of retail space. According to Wikipedia, Uris Buildings Corp. originally developed 1301 Avenue of the Americas in 1964. J.C. Penney purchased the building in 1977 to serve as its new headquarters, only to relocate to the Dallas area 11 years later.

August 2, 2021

Development Florida Industrial Southeast

Kroger, Ocado Open 338,000 SF Industrial Fulfillment Center in Central Florida

by John Nelson August 2, 2021

GROVELAND, FLA. — National supermarket chain Kroger and online grocer Ocado have opened Kroger Ocado Customer Fulfillment Center in Groveland, about 30 miles from Orlando. The high-tech facility spans 338,000 square feet and broke ground in January 2019. The four-story property includes a distribution center, office space, two-story break room and a mezzanine floor. Ryan Cos. is the developer of the asset, which is set to support the packaging and shipment of groceries for home deliveries this summer. The property is unique in that it’s not a store-support facility as Kroger does not currently operate any grocery stores in the region. Ryan Cos., which served as the lead architect, engineer, developer and construction team, has completed 40 automated warehouses exceeding 33 million square feet in 20 states for national brands such as Target, SuperValu and Nestle Purina. The firm also oversaw the Kroger-Ocado fulfillment center that opened near Cincinnati, as well as a Kroger-Ocado facility in suburban Atlanta that will open later this year.

August 2, 2021

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